# EDGAR Filing Document

**Accession Number:** 0002065397
**File Stem:** 0001104659-25-068429
**Filing Date:** 2025-7
**Character Count:** 1769727
**Document Hash:** 6e0c619847c695a11780dba21db72726
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-068429.hdr.sgml**: 20250717

**ACCESSION NUMBER**: 0001104659-25-068429

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

**PUBLIC DOCUMENT COUNT**: 20

**FILED AS OF DATE**: 20250717

**DATE AS OF CHANGE**: 20250716

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Antares Strategic Credit Fund II LLC
- **CENTRAL INDEX KEY:** 0002065397

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

**FILING VALUES:**
- **FORM TYPE:** 10-12G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56750
- **FILM NUMBER:** 251128523

**BUSINESS ADDRESS:**
- **STREET 1:** 320 SOUTH CANAL STREET
- **STREET 2:** SUITE 4200
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-638-4000

**MAIL ADDRESS:**
- **STREET 1:** 320 SOUTH CANAL STREET
- **STREET 2:** SUITE 4200
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**As filed with the Securities and Exchange Commission on July 16, 2025**

**File No. 000-56750**

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

**Washington, D.C. 20549**

**Amendment No. 1**

**to**

**FORM 10**

**GENERAL FORM FOR REGISTRATION OF SECURITIES**

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

**THE SECURITIES EXCHANGE ACT OF 1934**

**ANTARES STRATEGIC CREDIT FUND II LLC**

(Exact name of registrant as specified in charter)

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| | |
|:---|:---|
| **Delaware** | 33-5000335 |
| (State or other jurisdiction of incorporation or registration) | (I.R.S. Employer Identification No.) |

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| | |
|:---|:---|
| **320 South Canal Street, Suite 4200**<br> **Chicago, IL** | **60606** |
| (Address of principal executive offices) | (Zip Code) |

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**(312) 638-4117**

(Registrant's telephone number, including area code)

**Malvika Gupta<br> Antares Capital LP<br> 320 South Canal Street, Suite 4200<br> Chicago, IL 60606**

***with copies to:***

**William Bielefeld, Esq.**

**Nadeea Zakaria, Esq.**

**Dechert LLP**

**1900 K Street, NW**

**Washington, DC 20006**

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

Title of each class to be so registered <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 Shares

(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 | ☒ (Do not check if a smaller reporting company) | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☒ |

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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**

**<u>Page</u>**

[Explanatory Note](#s1_001)<sub>1</sub>

[Forward-Looking Statements](#s1_002)<sub>2</sub>

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| [Item 1.](#s1_003) | [Business](#s1_003)<sub>3</sub> |

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| [Item 1A.](#s1_004) | [Risk Factors](#s1_004) | [31](#s1_004) |

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| [Item 2.](#s1_005) | [Financial Information](#s1_005) | [73](#s1_005) |

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| [Item 3.](#s1_006) | [Properties](#s1_006) | [79](#s1_006) |

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| [Item 4.](#s1_007) | [Security Ownership of Certain Beneficial Owners and Management](#s1_007) | [79](#s1_007) |

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| [Item 5.](#s1_008) | [Directors and Executive Officers](#s1_008) | [80](#s1_008) |

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| [Item 6.](#s1_009) | [Executive Compensation](#s1_009) | [85](#s1_009) |

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| [Item 7.](#s1_010) | [Certain Relationships and Related Transactions, and Director Independence](#s1_010) | [86](#s1_010) |

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| [Item 8.](#s1_011) | [Legal Proceedings](#s1_011) | [97](#s1_011) |

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| [Item 9.](#s1_012) | [Market Price of and Dividends on the Registrant's Common Equity and Related Shareholder Matters](#s1_012) | [97](#s1_012) |

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| [Item 10.](#s1_013) | [Recent sales of Unregistered Securities](#s1_013) | [98](#s1_013) |

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| [Item 11.](#s1_014) | [Description of Registrant's Securities to Be Registered](#s1_014) | [98](#s1_014) |

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| [Item 12.](#s1_015) | [Indemnification of Directors and Officers](#s1_015) | [101](#s1_015) |

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| [Item 13.](#s1_016) | [Financial Statements and Supplementary Data](#s1_016) | [102](#s1_016) |

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| [Item 14.](#s1_017) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#s1_017) | [102](#s1_017) |

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| [Item 15.](#s1_018) | [Financial Statements and Exhibits](#s1_018) | [102](#s1_018) |

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**Explanatory Note**

Antares Strategic Credit Fund II LLC is filing this registration statement on Form 10, or 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 proxy rules in Section 14 of the Exchange Act and 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.*" We do not know if such status will make our Common Shares less attractive to investors.**

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

● *The "Fund," "we," "us," and "our" refer to Antares Strategic Credit Fund II LLC, a Delaware limited liability company;* 

● *"Administration Agreement" refers to the Administration Agreement between the Fund and the Administrator;* 

● *"Antares" refers to Antares Holdings collectively with any of its consolidated subsidiaries or joint ventures whose equity securities or whose subordinated notes or other interests that constitute the economic equity therein, as applicable, are directly or indirectly majority-owned by Antares Holdings , and any entity with an advisory relationship with Antares or its affiliates, including the Fund, as appropriate given the context of the disclosure (including the Adviser), and each individually is referred to as an "Antares Party";* 

● *"Antares Capital" refers to Antares Capital LP;* 

● *"Antares Capital Credit," "Adviser," and "Administrator," as applicable, refer to Antares Capital Credit Advisers LLC;* 

● *"Antares Holdings" refers to Antares Holdings LP;* 

● *"Antares Platform" refers to (x) Antares Holdings, Antares Assetco LP, Antares Vesta Funding LP, and Antares Venus Funding LP, each a Delaware limited partnership, each as originator and lender of loans, (y) Antares Capital, as arranger, administrative agent and/or similar capacities for loans, and (z) the Adviser;* 

● *"Board" and "Directors" refers to the Fund's Board of Directors and members thereof;* 

● *"Common Shares" refers to the Fund's common shares purchased by the shareholders;* 

● *"Investment Advisory Agreement" refers to the Investment Advisory Agreement between the Fund and the Adviser; and* 

● *"LLC Agreement" refers to the Fund's amended and restated limited liability company agreement, as amended or restated from time to time.* 

**Investing in our Common Shares may be considered speculative and involves a high degree of risk, including the following:**

● **The Fund's Common Shares may only be sold to accredited investors as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended, and may not be sold without our written consent. An investment in the Fund is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Fund.** 

● **We have no prior operating history and there is no assurance that we will achieve our investment objective.** 

● **You should not expect to be able to sell your Common Shares regardless of how we perform.** 

● **You should consider that you may not have access to the money you invest for an extended period of time.** 

● **We do not intend to list our Common Shares on any securities exchange, and we do not expect a secondary market in our Common Shares to develop prior to any listing. Thus, an investment in the Fund may not be suitable for investors who may need the money they invest in a specified timeframe.** 

● **Because you may be unable to sell your Common Shares, you will be unable to reduce your exposure in any market downturn.** 

● **We intend to implement a share repurchase program, but only a limited number of Common Shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions.** 

● **We cannot guarantee that we will make distributions, and if we do we may fund such 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. See "Item 1A. Risk Factors—Adviser and Structure-Related Risks—The Fund is Subject to Risks Relating to Distributions."** 

● **We expect to use leverage, which will magnify the potential for loss on amounts invested in us and may increase the risk of investing in us. The risks of investment in a highly leveraged fund include volatility and possible distribution restrictions. See "Item 1A. Risk Factors—Adviser and Structure-Related Risks—The Fund is Subject to Risks Relating to Use of Leverage."** 

● **We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.** 

● **We intend to invest primarily 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 illiquid and difficult to value.** 

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

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

**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," "estimate," "believe," "continue" 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, 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 (the "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 (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.**

**Antares Strategic Credit Fund II LLC**

We are a Delaware limited liability company formed on April 15, 2025 and a non-diversified, closed-end management investment company that intends to elect to be regulated as a BDC under the 1940 Act. We also intend to elect to be treated, and intend to comply with the requirements to qualify annually, as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). We are a private, perpetual-life BDC, which is a BDC whose common shares are not listed for trading on a stock exchange or other securities market. The Fund uses the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration whose common shares are intended to be sold by the Fund monthly on a continuous basis at a price generally equal to the Fund's net asset value ("NAV") per Common Share.

Our investment objective is to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers.

Our investment strategy focuses primarily on private credit investments structured as Portfolio Loans to U.S. borrowers. A "Portfolio Loan" is a senior secured loan, which may be first lien, second lien or unitranche loans, consisting of term loans and/or related delayed draw term loans and/or revolving loans, and each tranche of a senior secured loan acquired by the Fund is referred to as a Portfolio Loan. The Fund is expected to acquire Portfolio Loans that have been sourced, underwritten (*i.e.*, evaluated for associated potential risks) and originated by Antares Parties or by other loan originators that can include, among others, joint ventures in which one or more Antares Parties have interests. A Portfolio Loan is one that the Fund may generally hold on its own or in a group with other Antares advised funds and accounts and/or third-party investors. We expect to invest in co-investment transactions with other Antares funds and accounts. Unitranche loans represent a hybrid loan structure that combines senior debt and subordinated debt into one loan.

While our investment strategy primarily focuses on companies in the United States, we also intend to leverage the Antares Parties' global presence to invest in companies in Canada, Europe and other locations outside the U.S., subject to compliance with BDC requirements to invest at least 70% of assets in "eligible portfolio companies." The Fund's subsidiaries' (including entities that engage in investment activities in securities or other assets that are primarily controlled by the Fund) principal investment strategies and associated principal risks are consistent with the Fund's principal investment strategies and associated principal risks.

Our investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds We may use these investments to maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. We may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities, subject to compliance with BDC requirements to invest at least 70% of assets in "eligible portfolio companies."

We expect to conduct semi-annual repurchase offers, as of each June 30 and Dec. 31, pursuant to a share repurchase program commencing at least one year after the initial closing for purchases of Common Shares by unaffiliated investors. We intend to limit the number of Common Shares to be repurchased in each semi-annual period to no more than 7.5% of the Fund's outstanding Common Shares (either by number of Common Shares or aggregate net asset value) as of the last day of the immediately preceding semi-annual period. Repurchases of Common Shares will be made at the current net offering price per Common Share on the date of such repurchase, which we believe reflects the NAV per Common Share as determined in accordance with our share pricing policy.

Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments, including Portfolio Loans. Such 80% policy is not a fundamental policy, as the term is defined under the 1940 Act. We expect that most of the Portfolio Loans will be senior secured loans consisting of term loans, unitranche loans, and/or related delayed draw term loans and/or revolving loans. A portion of the Fund's investments may be composed of "covenant-lite loans". "Covenant-lite loans" contain limited, if any, financial covenants. Generally, covenant-lite loans either do not require the obligor to maintain debt service or other financial ratios or do not contain common restrictions on the ability of the obligor to change significantly its operations or enter into other significant transactions that could affect its ability to repay such loans. For more information regarding the characteristics and risks associated with covenant-lite loans *See "Item 1A. Risk Factors—Risks Relating to Portfolio Loans—Investment* in *"Covenant-Lite" Loans Involves Certain Risks."*

The private companies to which Portfolio Loans will be made typically enter into senior secured loans in order to acquire capital for growth, acquisitions, recapitalizations, refinancings and leveraged buyouts. Such loans typically pay interest at rates determined periodically on the basis of a floating base lending rate plus a premium. The Adviser will seek to build an attractive, diversified portfolio of Portfolio Loans which, after acquisition by the Fund, will be subject to active monitoring by the Adviser's or its affiliates' credit analysts and management team. Portfolio loans are generally expected to have average maturity terms of 5-7 years. Originated loans are generally expected to be held by the Fund until maturity or until they are refinanced by the borrower. There are no limits on the amount of Portfolio Loans the Fund may originate to issuers in the same industry. We expect most of our debt investments will be unrated. When rated by a nationally recognized statistical ratings organization, our investments will generally carry a rating below investment grade (rated lower than "Baa3" by Moody's Investor Service, Inc. or lower than "BBB-" by Standard & Poor's Rating Services). 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 illiquid and difficult to value. We may also make certain "Opportunistic Investments" as further discussed herein.

We may enter into interest rate, foreign exchange, and/or other derivative arrangements to hedge against interest rate, currency, and / or other credit related risks through the use of futures, swaps, options and forward contracts. These hedging activities will be subject to the applicable legal and regulatory compliance requirements; however, there can be no assurance any hedging strategy employed will be successful. We may also seek to borrow capital in local currency as a means of hedging non-U.S. dollar denominated investments.

While we do not intend to invest in non-performing, defaulted or partially defaulted loans, it is possible that Portfolio Loans may become non-performing, defaulted or partially defaulted loans while owned by us. The Adviser believes that its consistent credit discipline, rigorous internal review processes and direct access to management positions it to quickly recognize when credits begin to deteriorate. Antares Capital maintains a dedicated team of credit advisory professionals with broad loan recovery capabilities, allowing the Fund to pursue recoveries and seek to avoid selling into dislocated markets.

**Overview of the Adviser and Antares**

The Adviser is a Delaware limited liability company established in May 2023, a registered investment adviser under the Investment Advisers Act of 1940, as amended ("Advisers Act"), and a wholly-owned subsidiary of Antares Capital that is headquartered in Chicago, IL. The Adviser is in the business of providing investment management services on a discretionary and non-discretionary basis to its clients (including, without limitation, the Fund and other clients) whose investment strategy is to invest primarily in secured loans sourced primarily by the Antares Platform. The Adviser has access to the same resources and investment personnel for the management of the Fund available throughout the Antares Platform pursuant to a shared services agreement (the "Shared Services Agreement"). Antares Capital, which was founded in 1996, is an indirect subsidiary of Antares Holdings and the ultimate owner of a majority of the partnership interests in Antares Holdings is the Canada Pension Plan Investment Board. Antares Holdings' predecessor in interest was General Electric Capital Corporation. As of March 31, 2025, the Antares Platform had over $83 billion in capital under management and administration ("CUMA").<sup>1</sup>

**The Administrator**

In its capacity as the Administrator, Antares Capital Credit will provide, or oversee the performance of, administrative and compliance services. We will reimburse the Administrator for its costs, expenses and the Fund's allocable portion of compensation (including salaries, bonuses and benefits) of the Administrator's personnel and the Administrator's overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement. *See* "*—Administration Agreement.*"

**Market Opportunity**

Current market conditions are expected to present attractive opportunities for the Fund to lend to private equity ("PE") sponsor-backed middle-market companies, specifically:

***De-emphasis of Commercial and Investment Bank Services to Middle-Market Companies.*** Many commercial and investment banks have de-emphasized their services and product offerings to middle-market companies in favor of lending to large corporate clients and managing capital markets transactions. Additionally, bank lenders face regulatory constraints that are not applicable to the Fund in their ability to originate and hold loans and high-yield securities for private equity ("PE") sponsor-backed middle-market companies. These factors are expected to result in PE sponsor-backed middle-market companies continuing to seek non-bank funding sources, thereby generating new market opportunities for the Fund.

***Limited Market Participants.*** There are a limited number of market participants willing to commit meaningful amounts of certain loans to PE sponsor-backed middle-market companies. PE sponsors and borrowers in the Fund's market are expected to value the Fund's ability to offer committed financing solutions, reducing execution risk. Given the size of the Antares Platform, the Fund has the ability to offer underwritten financing without reliance on syndication. However, given the scale of the Antares capital markets platform and network of institutional loan buyers, the Antares Platform also has the ability to offer syndicated execution. The combination of these capabilities is expected to be a key differentiating factor of the Fund in PE sponsor-backed middle-market lending.

***Large Pool of Un-invested PE Capital for Middle-Market Businesses***. There is a large pool of un-invested PE capital expected for middle-market businesses, which PE sponsors will seek to leverage by combining their equity investments with senior secured loans and unitranche debt from other sources such as the ones our platform provides. According to PitchBook's and Refinitiv LPC's latest reports, PE sponsors have more than $1.0 trillion of cumulative committed capital available (*i.e.*, "dry powder") through data as of June 30, 2024, and as of the first quarter of 2025, there are approximately $124.4 billion of syndicated sponsored middle market maturities estimated by 2027.

<sup>1</sup> **CUMA** includes, without duplication, the Antares consolidated balance sheet, third-party managed vehicles, and contract investor programs and is calculated as the sum of:

(i) for CLOs and Antares consolidated balance sheet, the sum of total outstanding principal balance of loans and loan commitments, investment securities, cash, restricted cash and cash equivalents; excludes CLO structured financings in place for accounts included in (iii) below;

(ii) for BDCs, third-party net subscriptions and target operating leverage;

(iii) for actively investing advised accounts and contract investor programs, the total equity commitments and, with respect to actively investing advised accounts, maximum leverage limits per the applicable limited partnership agreement or other governing document of such accounts; and

(iv) for advised accounts or contract investor programs that are no longer investing, total outstanding principal balance of loans and loan commitments held by such vehicles.

For purposes of the foregoing clauses (ii) and (iii), the target operating leverage and maximum leverage limits, respectively, included herein may be different from the actual amount of leverage applied in the case of any given account. Contract investor programs are not advised clients and are either self-directed or managed by a third party. For the avoidance of doubt, CUMA is not intended to be the same as (and is calculated differently as compared to) Antares Capital Advisers LLC's or Antares Capital Credit Advisers LLC's regulatory assets under management, as reported under Item 5.F on Part 1 of Form ADV. Please contact Antares with any questions.

***Disruption and Volatility in Credit Markets.*** Disruption and volatility occur periodically in the credit markets, which can reduce the supply of capital available from providers in the Fund's market and in turn, to PE sponsor-backed middle-market companies. This is expected to result in additional opportunities for the Fund's business as many lenders and investors often seek to invest in larger, more liquid offerings rather than middle-market offerings during such periods of volatility.

***Size and Growth of Middle-Market Companies.*** Middle-market companies represent a large segment of the economy, and are expected to account for one-third of U.S. private sector employment. The size and potential growth of middle-market companies are expected to drive an ongoing need for credit in the future.

Whatever relationship any of the Antares Parties has with any of the PE sponsors, the Fund (and any other Antares affiliate also investing consistent with the 1940 Act and any exemptive order, if granted by the SEC) will have a direct contractual relationship with the borrower.

**Potential Competitive Strengths**

The Adviser believes that the Fund represents an attractive investment opportunity for prospective investors, distinguished by the following key characteristics:

***Ability to Source Portfolio Loans from Antares Parties.*** The Adviser expects that most or all of the Fund's Portfolio Loans will be sourced and originated by an Antares Party and that other Antares Parties will co-invest in Portfolio Loans at the same time as the Fund. By the time the Fund acquires any Portfolio Loan that has been sourced and originated by an Antares Party, such acquisition will have been approved by the investment committee of the Adviser (the "Investment Committee"). In addition, the Fund can acquire Portfolio Loans sourced, originated and sold by third parties unrelated to any Antares Party.

***Experienced, Credit-Driven Team with Strong Sourcing Ability.*** Antares maintains what it believes to be one of the broadest and longest-tenured coverage teams in the private equity sponsor market. Antares has a team of more than 20 direct sponsor coverage professionals. These investment professionals have cultivated long-term relationships with more than 400 private equity firms, in many cases extending back to such private equity firms' founding. Due to these trusted, long-standing relationships, Antares is often granted the first and last look at transactions. This allows Antares to be highly selective in the credit they pursue.

***Rigorous Credit Analysis and Investment Process.*** Antares' investment approach is driven by a rigorous and team-oriented credit culture focused on delivering strong, risk-adjusted returns for its investors. Antares underwrites investment opportunities based primarily on the sustainability of the borrower's cash flows and places emphasis on the following: (i) demonstrated, stable cash flow generation, (ii) borrower's value proposition and competitive position in the marketplace, (iii) product, customer, supplier, end market and/or geographic diversification, (iv) management team depth and relevant experience, (v) borrower's systems, procedures and reporting capabilities, and (vi) corporate finance exit alternatives. Each potential loan that is originated by an Antares Party will be subject to a rigorous credit analysis and investment process by Antares's credit team.

***Incumbency Advantage.*** As lead arranger on one of the largest portfolios of loans to middle market borrowers, Antares has extensive proprietary insight which it often leverages for swift, well-informed executions. Antares believes its historical knowledge and trusted relationships with private equity sponsors and their portfolio companies provide it the opportunity to make better credit decisions resulting in better credit performance. In many instances, tenure with borrowers allows for advantages in sponsor-to-sponsor sales and early awareness of follow-on financing needs and may result in opportunities to provide such financings on favorable pricing terms. Incumbent relationships also allow for a capacity hedge when leveraged buyout activity declines and transactions shift toward add-ons and recapitalizations.

***Antares Direct Holdings of Senior Loans.*** Antares generally holds a portion of each senior loan it originates on its consolidated balance sheet (the "Antares Direct Holdings") either directly or indirectly through its consolidated subsidiaries and/or through its direct or indirect interests in certain joint ventures that invest in such loans. Antares Direct Holdings are distinguishable from many competing lenders without a balance sheet of their own or with a more limited balance sheet. Antares' philosophy with respect to the senior loans it sources and originates is commensurate with its proactive investment strategy and confidence in its capital recovery capabilities. Antares' balance sheet hold also gives rise to certain conflicts of interest. *See "Item 7. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest."*

**Investment Objective and Strategy**

Our investment objective is to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers. Our investment strategy focuses primarily on private credit investments structured as Portfolio Loans to U.S. borrowers. The Fund is expected to acquire Portfolio Loans that have been sourced, underwritten (*i.e.*, evaluated for associated potential risks) and originated by Antares Parties or by other loan originators that can include, among others, joint ventures in which one or more Antares Parties have interests. Portfolio Loans are generally expected to have an average contractual term of five to seven years, with an expected life typically between three to four years.

While our investment strategy primarily focuses on companies in the United States, we also intend to leverage the Antares Parties' global presence to invest in companies in Canada, Europe and other locations outside the U.S., subject to compliance with BDC requirements to invest at least 70% of assets in "eligible portfolio companies." The Fund's subsidiaries' (including entities that engage in investment activities in securities or other assets that are primarily controlled by the Fund) principal investment strategies and associated principal risks are consistent with the Fund's principal investment strategies and associated principal risks.

Our investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. We may use these investments to maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. We may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities, subject to compliance with BDC requirements to invest at least 70% of assets in "eligible portfolio companies." Prior to raising sufficient capital, the portfolio may display a greater percentage of assets within liquid credit opportunities than we otherwise would expect for a fully invested portfolio.

Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments, including Portfolio Loans. Such 80% policy is not a fundamental policy, as the term is defined under the 1940 Act. We expect that most of the Portfolio Loans will be senior secured loans consisting of term loans, unitranche loans, and/or related delayed draw term loans and/or revolving loans. A portion of the Fund's investments may be composed of "covenant-lite loans". The private companies to which Portfolio Loans will be made typically enter into senior secured loans in order to acquire capital for growth, acquisitions, recapitalizations, refinancings and leveraged buyouts. Such loans typically pay interest at rates determined periodically on the basis of a floating base lending rate plus a premium. The Adviser will seek to build an attractive, diversified portfolio of Portfolio Loans which, after acquisition by the Fund, will be subject to active monitoring by the Adviser's or its affiliates' credit analysts and management team. We expect most of our debt investments will be unrated. When rated by a nationally recognized statistical ratings organization, our investments will generally carry a rating below investment grade (rated lower than "Baa3" by Moody's Investor Service, Inc. or lower than "BBB-" by Standard & Poor's Rating Services). 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 illiquid and difficult to value. We may also make certain "Opportunistic Investments" as further discussed herein.

Although not expected to be a primary component of our investment strategy, we may also make certain opportunistic investments in instruments other than secured debt with a view to enhancing returns, such as mezzanine debt, payment-in-kind notes, convertible debt and other unsecured debt instruments, structured debt that is not secured by financial or other assets, debtor-in-possession financings, net asset value financings and equity in loan portfolios or portfolios of receivables ("Opportunistic Investments"), in each case taking into account availability of leverage for such investments and our target risk/return profile. We may, to a limited extent, invest in junior debt (whether secured or unsecured), including mezzanine loans, as part of our investment strategy and upon approval of each such investment by the Fund's portfolio management team. We may also invest in preferred equity, or our debt investments may be accompanied by equity-related securities (such as options or warrants) and/or select common equity investments. While we expect that our assets will primarily be directly originated, we may also invest in structured products or broadly syndicated transactions. Our liquid credit instruments may include senior secured loans, senior secured bonds, high yield bonds and structured credit instruments.

We may enter into interest rate, foreign exchange, and/or other derivative arrangements to hedge against interest rate, currency, and / or other credit related risks through the use of futures, swaps, options and forward contracts. These hedging activities will be subject to the applicable legal and regulatory compliance requirements; however, there can be no assurance any hedging strategy employed will be successful. We may also seek to borrow capital in local currency as a means of hedging non-U.S. dollar denominated investments.

We expect to invest in co-investment transactions with other Antares 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.*"

**Investment Selection**

Our investment activities are managed by our Adviser. Our Adviser is responsible for origination, underwriting, structuring and monitoring our investments and for allocating assets to be managed and invested by our Adviser for cash management purposes. The Fund is expected to acquire Portfolio Loans that have been sourced, underwritten (*i.e.* evaluated for associated potential risks) and originated by Antares Parties or by other loan originators that could include, among others, joint ventures in which one or more Antares Parties have, or had, interests.

*Screening/Early Read:* Typically, a new opportunity is brought to the Antares Platform through Antares' sponsor coverage investment professionals. The coverage professional writes a summary outlining the strengths, risks, key diligence items and initial leverage guidance. If the coverage professional identifies the opportunity as a transaction that the Antares Platform would like to pursue, the deal moves to the Screening Committee, which is comprised of three managing directors who evaluate the opportunity. Historically, over 50% of deals are declined during this phase. If the Screening Committee is supportive, a team of approximately three to four investment professionals is staffed on the transaction, which initiates the next phase.

*Term Sheet/Exploratory Due Diligence:* In addition to the sponsor coverage professionals, a deal team is typically made up of multiple credit professionals, including one senior credit professional (a managing director, senior vice president ("SVP"), or vice president), one assistant vice president and one associate or analyst). This team conducts due diligence, which may include the following: prepare a question list, attend management meetings, tour facilities, review the data room, conduct third-party industry calls, analyze the industry and competitive landscape, run financial models and evaluate corporate finance alternatives. This team will evaluate potential risks including business and operational complexity, industry cycles and macro trends, substitute products, industry and product innovation, regulatory environment, currency risk, labor, and raw material dependencies, among other factors.

Additionally, the potential borrower's historical financials are thoroughly analyzed. Fluctuations in revenue, margin and capital expenditure are analyzed to understand the key drivers (*e.g.*, loss of a customer, product mix, pricing fluctuation, raw material price changes, macro industry trends, acquisition, etc.). Deal teams use this and other information to develop base case financial projections for the company. The deal team also develops downside projections based on scenarios to stress test the proposed capital structure. At this phase in the transaction, the deal is typically presented for approval to issue a term sheet or commitment subject to confirmatory diligence.

*Commitment/Confirmatory Due Diligence:* To finalize diligence, deal teams leverage the experience and insight from the potential borrower's management team, the sponsor, the Antares Platform's portfolio, third-party industry reports and third-party industry experts. The deal team completes an accounting review/quality of earnings analysis, background checks, legal due diligence, customer calls, environmental assessments, insurance, system, regulatory and tax reviews. Based on this information, the deal team prepares a comprehensive memo which is submitted for approval by Antares Capital Advisers Investment Committee.

After confirmatory diligence and legal documentation are substantially complete, the deal team prepares a closing memo to highlight the final terms and any material changes since commitment approval. Any term outside of written deal team delegations must be formally approved.

***Investment Committee***

The investment activities of the Fund are under the direction of the Investment Committee and the Board. The Investment Committee is currently comprised of Timothy Lyne, Tyler Lindblad, Shannon Fritz, Michael Hynes and Troy Unell. The day-to-day activities of the Fund are overseen by the Adviser's "Investment Team", each member of which is an officer or employee of the Adviser or its affiliate, pursuant to the Shared Services Agreement with Antares Capital. The Investment Team includes individuals with substantial experience in both secured loan and public credit investing and risk management. The Adviser may change the composition of the Investment Committee and the Investment Team at any time, and the Adviser may add additional senior Investment Team members to the Investment Committee over time. The culmination of the private investment process is typically a comprehensive Investment Committee recommendation package that details the merits, risks and research conducted to reach the investment conclusion. This package is then presented, reviewed and deliberated by the Investment Team and the Investment Committee members during the Investment Committee meeting. The Investment Committee meeting is the forum in which Investment Committee members can raise key questions, counter opinions, and deliberate on the investment opportunity.

***Portfolio Management***

The management of our investment portfolio will be the responsibility of the Adviser and the Investment Committee. Mr. Lindblad is the lead portfolio manager of the Investment Team.

As of March 31, 2025, Antares is staffed with over 245 investment personnel, including the investment personnel noted above, and 485 employees and may retain additional investment personnel in the future based upon its needs.

**Allocation of Investment Opportunities**

**General**

Antares provides investment management services to investment funds, client accounts and proprietary accounts that Antares may establish.

Antares 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. Subject to the Advisers Act and as further set forth in this prospectus, certain other clients may receive certain priority or other allocation rights with respect to certain investments, subject to various conditions set forth in such other clients' respective governing agreements.

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 obtained, an exemptive order from the SEC (the "Current Order") that 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/or its affiliates, subject to certain terms and conditions. Pursuant to the Current Order, the Fund's Board may establish objective criteria ("Board Criteria") clearly defining co-investment opportunities in which the Fund will have the opportunity to participate with other public or private Antares Platform funds that target similar assets. If an investment falls within the Board Criteria, the Adviser must offer an opportunity for the Fund to participate. The Fund may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Fund (e.g., based on investment strategy). The co-investment would generally be allocated to us and the other Antares Platform funds that target similar assets pro rata based on capital available for investment 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, but the Adviser will be required to report such investment and the rationale for its determination for us to not participate in the investment to the Board at the next quarterly board meeting. The Fund and the Adviser have filed an application seeking, but have not yet received, a new SEC exemptive order for simplified co-investment relief (the "New Order") that would supersede the Current Order. There is no assurance that the New Order will be granted by the SEC. In the event that the SEC grants us the New Order, we shall be required to comply with all terms and conditions required therein.

**Competition**

The business of investing in debt investments is highly competitive and involves a high degree of uncertainty. Market competition for investment opportunities includes traditional lending institutions, including commercial and investment banks, as well as a growing number of non-traditional participants, such as hedge funds, private equity funds, mezzanine funds, and other private investors, as well as BDCs, and debt-focused competitors, such as issuers of collateralized loan obligations ("CLOs"), and other structured loan funds. In addition, given the Fund's target investment market and investment type, the Adviser expects a large number of competitors for investment opportunities. Some of these competitors may have access to greater amounts of capital and to capital that may be committed for longer periods of time or may have different return thresholds than the Fund, and thus these competitors may have advantages not shared by the Fund. In addition, competitors may have incurred, or may in the future incur, leverage to finance their debt investments at levels or on terms more favorable than those available to the Fund. Furthermore, competitors may offer loan terms that are more favorable to borrowers, such as less onerous borrower financial and other covenants, borrower rights to cure defaults, and other terms more favorable to borrowers than current or historical norms. Strong competition for investments could result in fewer investment opportunities for the Fund, as certain of these competitors have established or are establishing investment vehicles that target the same or similar investments that the Fund intends to purchase.

Over the past several years, many investment funds have been formed with investment objectives similar to those of the Fund, and many such existing funds have grown in size and have added larger successor funds to their platform. These and other investors may make competing offers for investment opportunities identified by the Adviser which may affect the Fund's ability to participate in attractive investment opportunities and/or cause the Fund to incur additional risks when competing for investment opportunities. Moreover, identifying attractive investment opportunities is difficult and involves a high degree of uncertainty. The Adviser may identify an investment that presents an attractive investment opportunity but may not be able to complete such investment in a manner that meets the objectives of the Fund. The Fund may incur significant expenses in connection with the identification of investment opportunities and investigating other potential investments that are ultimately not consummated, including expenses related to due diligence, transportation and legal, accounting and other professional services as well as the fees of other third-party service providers.

**Development of Business**

Concurrent with the initial closing of our private offering (the "Initial Closing") and prior to our election to be regulated as a BDC under the 1940 Act, Antares intends to contribute approximately $103 million of assets in exchange for approximately 2,000,000 Shares to be issued at $25 per share. All of the contributed assets were originated by affiliates of the Adviser within the past 5 years.

As of July 16, 2025, there were approximately 126 positions that Antares intends to contribute, including, but not limited to, first lien term loans, revolving loans and delayed draw term loans, having an aggregate par value of approximately $144.6 million.

**The Private Offering**

We are offering our Common Shares on a continuous basis via a private placement. The Common Shares 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 Shares are being offered solely to investors that are "accredited investors" as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. Closings for purchases of Common Shares are expected to occur monthly after the initial purchase of our Common Shares by unaffiliated investors.

We intend to issue Common Shares in the Private Offering on a monthly basis at an offering price generally equal to the net asset value per Common Share; provided that we retain the right, if determined by us in our sole discretion, to accept subscriptions and issue Common Shares, 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.

Investors may sell, assign, transfer or otherwise dispose of (in each case, a "Transfer") their Common Shares 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 and the LLC Agreement and all other obligations as an investor in the Fund.

We are a private, perpetual-life BDC, which is a BDC whose Common Shares are not listed for trading on a stock exchange or other securities market. We use the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration whose Common Shares are intended to be sold by us monthly on a continuous basis at a price generally equal to our net asset value per Common Share.

The Fund has been granted exemptive relief by the SEC to offer multiple classes of Common Shares.

***Purchase Price and Fees***

The purchase price for our Common Shares in the Initial Closing of the Private Offering will be $25.00 per Common Share. Thereafter, we intend to sell our Common Shares at a net offering price that we believe reflects the net asset value per Common Share as determined in accordance with the Fund's share pricing policy, plus any sales load and placement agent fees. In connection with the monthly closings, we expect that our Board will delegate to the Adviser the authority to conduct such closings. There is no guarantee that this net asset value will be equal to the net offering price of our Common Shares at any closing.

If an investor buys Common Shares through certain financial intermediaries, they may directly charge the investor transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as such financial intermediary may determine. Common Shares will be subject to a maximum sales load of up to 3.0% of the offering price, or may forgo a sales load in favor of a brokerage commission imposed by a selling agent. Certain participating brokers may offer Common Shares subject to a placement agent fee of 0.50% of the offering price, and up to 1.5%, provided that the sum of the sales load and placement agent fee will not exceed 3.5% of the offering price. Investors should consult with their selling agents about the sales load and any additional fees or charges their selling agents might impose.

Subject to any applicable Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>") limitations on underwriting compensation, we will pay Quasar Distributors LLC, the distributor (the "Distributor") a shareholder servicing and/or distribution fee ("<u>Servicing and/or Distribution Fee</u>") for the Common Shares equal to 0.85% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Common Shares. The Servicing and/or Distribution Fee will be payable to the Distributor, but the Distributor anticipates that all or a portion of the Servicing and/or Distribution Fee will be retained by, or reallowed (paid) to, participating brokers. The distribution and servicing expenses borne by the participating brokers may be different from and substantially less than the amount of Servicing and/or Distribution Fee charged. All or a portion of the Servicing and/or Distribution Fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services that are not required to be paid pursuant to the shareholder servicing and/or distribution fees under applicable FINRA rules. We also may pay for these sub-transfer agency, sub-accounting and certain other administrative services outside of the Servicing and/or Distribution Fee and our distribution and servicing plan, including but not limited to, expenses associated with advertising, compensation of underwriters, dealers, and sales personnel, the printing and mailing of prospectuses to other than current shareholders, and the printing and mailing of sales literature, each as may be determined to be in our best interests. The total amount that will be paid over time for other underwriting compensation depends on the average length of time for which shares remain outstanding, the term over which such amount is measured and the performance of our investments. We will also pay or reimburse certain organization and offering expenses, including, subject to FINRA limitations on underwriting compensation, certain wholesaling expenses.

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 Shares. 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.

**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.*

***Adviser and Structure-Related Risks***

● The Fund Has No Operating History.

● The Fund will Depend on the Managerial Expertise of the Adviser, the Antares Platform and Their Respective Personnel.

● The Fund is Subject to Risks Relating to Limited Liquidity.

● The Fund is Subject to Risks Relating to Unspecified Investments.

● The Fund is Subject to Risks Relating to Use of Leverage.

● The Fund is Subject to Risks Relating to Availability of Financing.

● The Fund is Subject to Risks Relating to Portfolio Valuation.

***Certain Regulatory Risks***

● Changes to the Dodd-Frank Act May Adversely Impact the Fund.

● There are General Regulatory Risks Applicable to the Fund.

● The Fund is Subject to Risks Relating to Material Non-Public Information.

● The Fund is Subject to Risks Relating to Public and Other Disclosure Obligations.

***Risks Relating to Financings by the Fund***

● The Fund is Subject to General Risks Associated with Leverage.

● The Fund Will Borrow Money, Which Magnifies the Potential for Gain or Loss on Amounts and May Increase the Risk of Investing With Us.

● The Fund is Subject to Risks Relating to Subordinated Interests in any Financing Subsidiary.

● The Fund is Subject to Risks Relating to Minimum Utilization and Prepayment Penalties under a Portfolio Credit Facility.

***Certain Investment Risks***

● The Fund is Subject to Risks Associated with its Investment Strategy.

● The Fund is Subject to Risks Relating to Infectious Disease and Pandemics.

● Changes in the Leveraged Finance and Fixed Income Markets May Affect Shareholders.

● The Fund is Subject to Risks Relating to General Economic Conditions.

● The Fund is Subject to Risks Relating to Developments in the Leveraged Loan Market.

● The Fund is Subject to Risks Relating to Competition and Availability of Suitable Investments.

***Risks Relating to Portfolio Loans***

● Non-Investment Grade Loans to Middle Market Companies Involve Particular Risks.

● Investing in Term Loans, Delayed Draw Term Loans or Revolvers Involves Certain Risks.

● Loan Prepayments May Affect the Ability of the Adviser to Invest Available Funds in Appropriate Portfolio Loans.

● Lender Liability Considerations and Equitable Subordination can Affect the Fund's Rights with Respect to Portfolio Loans.

● The Fund will Have Limited Consent and Control Rights with Respect to the Loan Facilities of Which the Portfolio Loans Are a Part.

● The Fund is Subject to Risks Relating to Borrower Fraud.

● Investing in Senior Secured Loans Subordinated in Right of Payment Involves Certain Risks.

***Risks Relating to Certain Regulatory and Tax Matters***

● The Fund is Subject to Risks Relating to Regulations Governing the Fund's Operation as a BDC.

● The Fund Must Invest a Sufficient Portion of Assets in Qualifying Assets.

● The Fund is Subject to RIC Qualification Risks.

● Legislative or Regulatory Tax Changes Could Adversely Affect Investors.

**Investment Advisory Agreement**

Antares Capital Credit Advisers LLC is located at 320 South Canal Street, Suite 4200, Chicago, IL 60606. The Adviser is registered as an investment adviser under the Advisers Act and is a wholly-owned subsidiary of Antares Capital. 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.

The Adviser will provide management services to us pursuant to the Investment Advisory Agreement. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for the following:

● determining the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes in accordance with our investment objective, policies and restrictions;

● identifying investment opportunities and making investment decisions for us, including negotiating the terms of investments in, and dispositions of, portfolio securities and other instruments on our behalf;

● monitoring our investments;

● performing due diligence on prospective portfolio companies for the Fund (each, a "Portfolio Company" and collectively, "Portfolio Companies");

● exercising voting rights in respect of portfolio securities and other investments for us;

● serving on, and exercising observer rights for, boards of directors and similar committees of our Portfolio Companies;

● negotiating, obtaining and managing financing facilities and other forms of leverage; and

● providing us with such other investment advisory and related services as we may, from time to time, reasonably require for the investment of capital.

The Adviser's services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities, and it intends to do so, so long as its services to us are not impaired.

**Compensation of Adviser**

We will pay 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 shareholders.

**Management Fee**

The base management fee is payable quarterly and calculated at an annual rate of 1.25% based on the average of the Fund's net asset value as of the beginning of the prior quarter and the beginning of the then current quarter. For purposes of the Investment Advisory Agreement, net assets means our total assets less the carrying value of our liabilities, determined on a consolidated basis in accordance with GAAP.

**Incentive Fee**

The Incentive Fee will consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on a percentage of our income and a portion is based on a percentage of our capital gains, each as described below.

**Incentive Fee Based on Income**

The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns. "Pre-Incentive Fee Net Investment Income Returns" means dividends, cash interest or other distributions or other cash income and any third-party fees received from Portfolio Companies (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the Management Fee, taxes, any expenses payable under the Investment Advisory Agreement and an Administration Agreement with our Administrator, any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred shares, but excluding the Incentive Fee and shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind ("PIK") interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediate preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

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

● No Investment Income Incentive Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

● 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the "catch-up." The "catch-up" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

● 12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser. The following is a graphical representative of the Incentive Fee calculation pursuant to the Investment Advisory Agreement:

***Pre-Incentive Fee Net Investment Income<br> (expressed as a percentage of the value of net assets per quarter)***

![](tm2520958d1_1012ga-01img01.jpg)

These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. You should be aware that 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 of the amount of Incentive Fees payable to the Adviser with respect to Pre-Incentive Fee Net Investment Income Returns. Because of the structure of the Incentive Fee, it is possible that we may pay an Incentive Fee in a calendar quarter in which we incur an overall loss taking into account capital account losses. For example, if we receive Pre-Incentive Fee Net Investment Income Returns in excess of the quarterly hurdle rate, we will pay the applicable Incentive Fee even if we have incurred a loss in that calendar quarter due to realized and unrealized capital losses.

**Incentive Fee Based on Capital Gains**

The second component of the Incentive Fee, the Capital Gains Incentive Fee, is payable at the end of each calendar year in arrears. The amount payable equals:

● 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Incentive Fee on capital gains as calculated in accordance with GAAP.

Each year, the fee paid for the Capital Gains Incentive Fee is net of the aggregate amount of any previously paid Capital Gains Incentive Fee by the applicable share class for all prior periods. We will accrue, but will not pay, a Capital Gains Incentive Fee with respect to unrealized appreciation because a Capital Gains Incentive Fee would be owed to the Adviser if we were to sell the relevant investment and realize a capital gain. In no event will the Capital Gains Incentive Fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

For purposes of computing the Fund's Investment Income Incentive Fee and Capital Gains Incentive Fee, the calculation methodology will look through derivative financial instruments or swaps as if we owned the reference assets directly. The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated.

On July 15, 2025, the Fund and the Adviser entered into a waiver letter agreement (the "Waiver Letter Agreement"), pursuant to which the Adviser agreed to irrevocably waive, which may be effected by a rebate or otherwise, (i) any base management fee due from the Fund to the Adviser under Section 5(a) of the Agreement and (ii) any incentive fee due from the Fund to the Adviser under Section 5(b) of the Agreement through February 28, 2026.

**Administration Agreement**

Under the terms of the Administration Agreement, the Administrator will provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of our other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of our Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. We will reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include the Fund's allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Fund's chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Fund; and (iii) any internal audit group personnel of Antares Capital LP or any of its affiliates, subject to the limitations described in the Investment Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and we will reimburse the Administrator for any services performed for us by such affiliate or third party. The Administrator intends to hire a sub-administrator to assist in the provision of administrative services. The sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.

The Administrator will be required to allocate the cost of such services to us based on factors such as assets, revenues, time allocations and/or other reasonable metrics. The Administrator may waive such reimbursements from time to time at its discretion. We will not reimburse the Administrator for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of the Administrator.

**Certain Terms of the Investment Advisory Agreement and Administration Agreement**

Each of the Investment Advisory Agreement and the Administration Agreement has been approved by the Board. Unless earlier terminated as described below, each of the Investment Advisory Agreement and the Administration 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 Directors who are not "interested persons" of the Fund or the Adviser as defined in the 1940 Act ("Independent Directors"). We may terminate the Investment Advisory Agreement upon 60 days' written notice, and the Administration Agreement upon 120 days' written notice, without payment of any penalty. The decision to terminate either agreement may be made by a majority of the Board or the shareholders 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 Investment Advisory Agreement upon 120 days' written notice and the Administrator may terminate the Administration Agreement upon 120 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.

Antares Capital Credit (in its capacity as the Adviser and/or the Administrator) shall not be liable for any error of judgment or mistake of law or for any act or omission or any loss suffered by the Fund in connection with the matters to which the Investment Advisory Agreement and Administration Agreement, respectively, relate, provided that Antares Capital Credit (in its capacity as the Adviser and/or the Administrator) shall not be protected against any liability to the Fund or its shareholders to which it would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the reckless disregard of its duties and obligations ("disabling conduct"). Each of the Investment Advisory Agreement and the Administration Agreement provide that, absent disabling conduct, Antares Capital Credit (in its capacity as the Adviser and/or the Administrator)and its respective officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (collectively, the "Indemnified Parties") will be 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 Antares Capital Credit's services under the Investment Advisory Agreement and Antares Capital Credit's services under the Administration Agreement or otherwise as adviser or administrator for us. Antares Capital Credit (in its capacity as the Adviser and/or the Administrator) shall not be liable under their respective agreements with us or otherwise for any loss due to the mistake, action, inaction, negligence, dishonesty, fraud or bad faith of any broker or other agent; provided, that such broker or other agent shall have been selected, engaged or retained and monitored by Antares Capital Credit (in its capacity as the Adviser and/or the Administrator) in good faith, unless such action or inaction was made by reason of disabling conduct, or in the case of a criminal action or proceeding, where Antares Capital Credit (in its capacity as the Adviser and/or the Administrator) had reasonable cause to believe its conduct was unlawful. In addition, we will not provide for indemnification of an Indemnified Party, other than the Administrator, for any liability or loss suffered by such Indemnified Party, nor will we provide that an Indemnified Party be held harmless for any loss or liability suffered by us, unless: (1) the Indemnified Party has determined, in good faith, that the course of conduct that caused the loss or liability was in our best interest; (2) the Indemnified Party was acting on our behalf or performing services for us; (3) such liability or loss was not the result of the Indemnified Party's gross negligence or willful misconduct; and (4) the indemnification or agreement to hold harmless is recoverable only out of our net assets and not from our shareholders.

**Payment of Our Expenses Under the Investment Advisory and Administration Agreements**

Except as specifically provided below, we anticipate that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. We will bear all other costs and expenses of our operations, administration and transactions, including, but not limited to:

1) investment advisory fees, including Management Fees and Incentive Fees, payable to the Adviser pursuant to the Investment Advisory Agreement;

2) the Fund's allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Fund's chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Fund; and (iii) any internal audit group personnel of Antares Capital LP or any of its affiliates; and

3) all other expenses of the Fund's operations, administration and transactions (which may be directly incurred by the Fund or allocated among the Fund and the Adviser's other clients), including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) organization and offering expenses associated with any offering (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Fund's systems and those of participating broker-dealers, reasonable bona fide due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of the Fund's escrow agent and transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and costs, expenses and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, broker-dealers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing and/or distribution fee (as applicable));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all taxes, fees, costs, and expenses, retainers and/or other payments of accountants, legal counsel, advisors (including tax advisors), administrators, auditors (including with respect to any additional auditing required under The Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and any applicable legislation implemented by an EEA Member state in connection with such Directive (the "AIFMD"), investment bankers, administrative agents, paying agents, depositaries, custodians, directors, sub-custodians, consultants (including individuals consulted through expert network consulting firms and compliance consultants), engineers, senior advisors, industry experts, operating partners, deal sourcers (including personnel dedicated to but not employed by the Administrator or its affiliates in the credit-focused business of Antares), and other professionals (including, for the avoidance of doubt, the costs and charges allocable with respect to the provision of internal legal, tax, accounting, technology or other services and professionals related thereto (including secondees and temporary personnel or consultants that may be engaged on short- or long-term arrangements) as deemed appropriate by the Administrator, with the oversight of the Board, where such internal personnel perform services that would be paid by the Fund if outside service providers provided the same services); fees, costs, and expenses herein include (x) costs, expenses and fees for hours spent by its in-house attorneys and tax advisors that provide transactional legal advice and/or services to the Fund or its Portfolio Companies on matters related to potential or actual investments and transactions and the ongoing operations of the Fund and (y) expenses and fees to provide administrative and accounting services to the Fund or its Portfolio Companies, and expenses, charges and/or related costs incurred directly by the Fund or affiliates in connection with such services (including overhead related thereto), in each case, (I) that are specifically charged or specifically allocated or attributed by the Administrator, with the oversight of the Board, to the Fund or its Portfolio Companies and (II) provided that any such amounts shall not be greater than what would be paid to an unaffiliated third party for substantially similar advice and/or services);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cost of calculating the Fund's net asset value, including the cost of any third-party valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the cost of effecting any sales and repurchases of the Common Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) fees and expenses payable under any managing dealer and selected dealer agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) interest and fees and expenses arising out of all borrowings, guarantees and other financings or derivative transactions (including interest, fees and related legal expenses) made or entered into by the Fund, including, but not limited to, the arranging thereof and related legal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders, investment banks and other financing sources;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) costs of derivatives and hedging;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) expenses (including the allocable portions of compensation and out-of-pocket expenses such as travel expenses) or an appropriate portion thereof of employees of the Adviser or its affiliates to the extent such expenses relate to attendance at meetings of the Board or any committees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) all fees, costs and expenses, if any, incurred by or on behalf of the Fund in developing, negotiating and structuring prospective or potential investments that are not ultimately made, including, without limitation any legal, tax, administrative, accounting, travel, meals, accommodations and entertainment, advisory, consulting and printing expenses, reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the allocated costs incurred by Antares Capital Credit Advisers LLC (in its capacity as the Adviser and/or the Administrator) in providing managerial assistance to those Portfolio Companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) all brokerage costs, hedging costs, prime brokerage fees, custodial expenses, agent bank and other bank service fees; private placement fees, commissions, appraisal fees, commitment fees and underwriting costs; costs and expenses of any lenders, investment banks and other financing sources, and other investment costs, fees and expenses actually incurred in connection with evaluating, making, holding, settling, clearing, monitoring or disposing of actual investments (including, without limitation, travel, meals, accommodations and entertainment expenses and any expenses related to attending trade association and/or industry meetings, conferences or similar meetings, any costs or expenses relating to currency conversion in the case of investments denominated in a currency other than U.S. dollars) and expenses arising out of trade settlements (including any delayed compensation expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) investment costs, including all fees, costs and expenses incurred in sourcing, evaluating, developing, negotiating, structuring, trading (including trading errors), settling, monitoring and holding prospective or actual investments or investment strategies including, without limitation, any financing, legal, filing, auditing, tax, accounting, compliance, loan administration, travel, meals, accommodations and entertainment, advisory, consulting, engineering, data-related and other professional fees, costs and expenses in connection therewith (to the extent the Adviser is not reimbursed by a prospective or actual issuer of the applicable investment or other third parties or capitalized as part of the acquisition price of the transaction) and any fees, costs and expenses related to the organization or maintenance of any vehicle through which the Fund directly or indirectly participates in the acquisition, holding and/or disposition of investments or which otherwise facilitate the Fund's investment activities, including without limitation any travel and accommodations expenses related to such vehicle and the salary and benefits of any personnel (including personnel of Adviser or its affiliates) reasonably necessary and/or advisable for the maintenance and operation of such vehicle, or other overhead expenses (including any fees, costs and expenses associated with the leasing of office space (which may be made with one or more affiliates of the Adviser as lessor in connection therewith));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) transfer agent, dividend agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) federal and state registration fees, franchise fees, any stock exchange listing fees and fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Independent Directors' fees and expenses including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the Independent Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) costs of preparing financial statements and maintaining books and records, costs of Sarbanes-Oxley Act of 2002 compliance and attestation and costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority, U.S. Commodity Futures Trading Commission ("CFTC") and other regulatory bodies and other reporting and compliance costs, including registration and exchange listing and the costs associated with reporting and compliance obligations under the 1940 Act and any other applicable federal and state securities laws, and the compensation of professionals responsible for the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) all fees, costs and expenses associated with the preparation and issuance of the Fund's periodic reports and related statements (e.g., financial statements and tax returns) and other internal and third-party printing (including a flat service fee), publishing (including time spent performing such printing and publishing services) and reporting-related expenses (including other notices and communications) in respect of the Fund and its activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or allocated by the Fund or the Adviser or its affiliates in connection with such provision of services thereby);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs) and the costs of any shareholder or Director meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) costs associated with an exchange listing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) costs of registration rights granted to certain investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) any taxes and/or tax-related interest, fees or other governmental charges (including any penalties incurred where the Adviser lacks sufficient information from third parties to file a timely and complete tax return) levied against the Fund and all expenses incurred in connection with any tax audit, investigation, litigation, settlement or review of the Fund and the amount of any judgments, fines, remediation or settlements paid in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) all fees, costs and expenses of any litigation, arbitration or audit involving the Fund, any vehicle or its Portfolio Companies and the amount of any judgments, assessments fines, remediations or settlements paid in connection therewith, directors and officers, liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the affairs of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) all fees, costs and expenses associated with the Fund's information, obtaining and maintaining technology (including the costs of any professional service providers), hardware/software, data-related communication, market data and research (including news and quotation equipment and services and including costs allocated by the Adviser's or its affiliates' internal and third-party research group (which are generally based on time spent, assets under management, usage rates, proportionate holdings or a combination thereof or other reasonable methods determined by the Administrator) and expenses and fees (including compensation costs) charged or specifically attributed or allocated by Adviser and/or its affiliates for data-related services provided to the Fund and/or its Portfolio Companies (including in connection with prospective investments), each including expenses, charges, fees and/or related costs of an internal nature; provided, that any such expenses, charges or related costs shall not be greater than what would be paid to an unaffiliated third party for substantially similar services) reporting costs (which includes notices and other communications and internally allocated charges), and dues and expenses incurred in connection with membership in industry or trade organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) the costs of specialty and custom software for monitoring risk, compliance and the overall portfolio, including any development costs incurred prior to the filing of the Fund's election to be treated as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) costs associated with individual or group shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) direct costs and expenses of administration, including printing, mailing, long distance telephone, copying and secretarial and other staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) all fees, costs and expenses of winding up and liquidating the Fund's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) extraordinary expenses (such as litigation or indemnification);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings; notices or disclosures related to the Fund's activities (including, without limitation, expenses relating to the preparation and filing of filings required under the Securities Act, TIC Form SLT filings, Internal Revenue Service filings under FATCA and FBAR reporting requirements applicable to the Fund or reports to be filed with the CFTC, reports, disclosures, filings and notifications prepared in connection with the laws and/or regulations of jurisdictions in which the Fund engages in activities, including any notices, reports and/or filings required under the AIFMD, European Securities and Markets Authority and any related regulations, and other regulatory filings, notices or disclosures of the Adviser relating to the Fund and its affiliates relating to the Fund, and their activities) and/or other regulatory filings, notices or disclosures of the Adviser and its affiliates relating to the Fund including those pursuant to applicable disclosure laws and expenses relating to FOIA requests, but excluding, for the avoidance of doubt, any expenses incurred for general compliance and regulatory matters that are not related to the Fund and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) costs and expenses (including travel) in connection with the diligence and oversight of the Fund's service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) costs and expenses, including travel, meals, accommodations, entertainment and other similar expenses, incurred by the Adviser or its affiliates for meetings with existing investors and any broker-dealers, registered investment advisors, financial and other advisors representing such existing investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii) all other expenses incurred by the Administrator in connection with administering the Fund's business.

From time to time, Antares Capital Credit (in its capacity as the Adviser and/or the Administrator) or its affiliates may pay third-party providers of goods or services. We will reimburse Antares Capital Credit or such affiliates thereof for any such amounts paid on the Fund's behalf. From time to time, Antares Capital Credit (in its capacity as the Adviser and/or the Administrator) may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders, unless waived.

***Board Approval of the Investment Advisory Agreement***

Our Board, including our Independent Directors, approved the Investment Advisory Agreement at a meeting held on June 26, 2025. In reaching a decision to approve the 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 Investment Advisory Agreement; and

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

Based on the information reviewed and the discussion thereof, the Board, including a majority of the non-interested Directors, concluded that the investment advisory fee rates are reasonable in relation to the services to be provided and approved the Investment Advisory Agreement as being in the best interests of our shareholders.

**Expense Support Agreement**

The Fund intends to enter into an Expense Support and Conditional Reimbursement Agreement (the "Expense Support Agreement") with the Adviser. Pursuant to the Expense Support Agreement, the Adviser will be obligated to advance all of the Fund's Other Operating Expenses (defined below) (each, a "Required Expense Payment") to the extent that such expenses do not exceed 1.00% (on an annualized basis) of the Fund's NAV. Any Required Expense Payment must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds and/or offset against amounts due from us to the Adviser or its affiliates. The Adviser may elect to pay certain additional expenses on the Fund's behalf (each, a "Voluntary Expense Payment" and together with a Required Expense Payment, the "Expense Payments"), provided that no portion of the payment will be used to pay any interest expense of the Fund. Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five (45) days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Adviser or its affiliates. "Other Operating Expenses" means the Fund's total organization and offering expenses, professional fees, director fees, administration fees, and other general and administrative expenses (including the Fund's allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement), excluding the Management Fee and Incentive Fee owed to the Adviser, financing fees and costs, brokerage commissions, placement agent fees, costs and expenses of distributing and placing the Common Shares, extraordinary expenses and any interest expenses owed by the Fund, all as determined in accordance with GAAP.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund's shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), we shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Fund shall be referred to herein as a "Reimbursement Payment." "Available Operating Funds" means the sum of (i) our net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) our net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to us on account of investments in Portfolio Companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Reimbursement Payment for any month shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Fund at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, (2) the Fund's Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relate, or (3) the Fund's Other Operating Expenses at the time of such Reimbursement Payment exceeds 1.00% of the Fund's net asset value. "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder servicing and/or distribution fees, and declared special dividends or special distributions, if any. The "Operating Expense Ratio" is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, shareholder servicing and/or distribution fees, and interest expense, by the Fund's net assets. "Operating Expenses" means all of the Fund's operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.

The Fund's obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

In addition, effective as of July 15, 2025, the Fund and the Adviser entered into a waiver letter agreement (the "Expense Waiver Letter Agreement"), pursuant to which the Adviser agreed to waive reimbursement by the Fund of certain of the Fund's organizational expenses the Adviser incurs or has incurred on the Fund's behalf in an aggregate amount not to exceed $250,000 during the period ending on the date of the initial closing for purchases of common shares by unaffiliated investors. The Expense Waiver Letter Agreement includes reimbursement provisions substantially similar to the reimbursement provisions included in the Expense Support Agreement.

**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 of 2002 ("Sarbanes-Oxley Act");

● submit certain executive compensation matters to shareholder advisory votes pursuant to the "say on frequency" and "say on pay" provisions (requiring a non-binding shareholder vote to approve compensation of certain executive officers) and the "say on golden parachute" provisions (requiring a non-binding shareholder 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 have elected to opt out of the extended transition period.

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 $1.0 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 Private Offering. We have made an irrevocable election not to take advantage of this exemption from new or revised accounting standards. We therefore are subject to the same new or revised accounting standards as other public companies that are not 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 Shares 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 Investment Advisory Agreement and the Administrator or its affiliates pursuant to the Administration Agreement. Each of our executive officers described under "Directors and Executive Officers" is employed by the Adviser or its affiliates. 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 Team will focus on origination, non-originated investments and transaction development and the ongoing monitoring of our investments. In addition, we will reimburse the Administrator for its costs, expenses and allocable portion of overhead, including compensation (including salaries, bonuses and benefits) paid by the Administrator (or its affiliates) to the Fund's chief compliance officer and chief financial officer and their respective staffs as well as other administrative personnel (based on the percentage of time such individuals devote, on an estimated basis, to the business and affairs of the Fund).

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250.0 million;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is a small and solvent company having total assets of not more than $4.0 million and capital and surplus of not less than $2.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Securities of any Eligible Portfolio Company controlled by us.

&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 be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above.

***Significant Managerial Assistance****.* 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. However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Making available significant 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 through monitoring of Portfolio Company operations, selective participation in board and management meetings, consulting with and advising a Portfolio Company's officers or other organizational or financial guidance.

***Temporary Investments***. Pending investment in other types of qualifying assets, as described above, our investments can 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 are referred to herein, collectively, as temporary investments, so that 70% of our assets would be qualifying assets.

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

***Leverage and Senior Securities; Coverage Ratio***. We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares senior to our Common Shares (i.e., preferred shares) if our asset coverage, as defined in the 1940 Act, would at least equal 150% immediately after each such issuance. On June 26, 2025, our sole member approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act and such election became effective the following day. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities. In addition, while any senior securities remain outstanding, we will be required to make provisions to prohibit any distribution to our shareholders 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 will also be permitted to borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes, which borrowings would not be considered senior securities.

We intend to establish one or more credit facilities and/or subscription facilities or enter into other financing arrangements 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 shareholders that we will be able to enter into a credit facility. Shareholders will indirectly bear the costs associated with any borrowings under a credit facility or otherwise. 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. In addition, from time to time, our losses on leveraged investments may result in the liquidation of other investments held by us and may result in additional drawdowns to repay such amounts.

We may enter into a total return swap ("TRS") agreement. A TRS is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the TRS, which may include a specified security, basket of securities or securities indices during a specified period, in return for periodic payments based on a fixed or variable interest rate. A TRS effectively adds leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Because of the unique structure of a TRS, a TRS often offers lower financing costs than are offered through more traditional borrowing arrangements. The Fund would typically have to post collateral to cover this potential obligation.

We may also create leverage by securitizing our assets (including in CLOs) and retaining the equity portion of the securitized vehicle. We may also from time to time make secured loans of our marginable securities to brokers, dealers and other financial institutions.

***Code of Ethics***. We and the Adviser have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code are permitted to 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. This code of ethics at the is available on the EDGAR Database at the Commission's internet site at http://www.sec.gov. 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.

***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 obtained the Current Order from the SEC that 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. We and the Adviser have filed an application seeking, but have not yet received, the New Order for simplified co-investment relief that would supersede the Current Order. There is no assurance that the New Order will be granted by the SEC.

***Other***. We will be periodically examined by the SEC for compliance with the 1940 Act, and be subject to the periodic reporting and related requirements of the 1934 Act.

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

We and our Adviser each are required to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws, review these policies and procedures annually for their adequacy and the effectiveness of their implementation, and designate a chief compliance officer to be responsible for administering such policies and procedures.

***Proxy Voting Policies and Procedures***

We have delegated our proxy voting responsibility to the Adviser. The Proxy Voting Policies and Procedures of the Adviser are set forth below. The guidelines will be reviewed periodically by the Adviser, 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 (the "Proxy Voting Policy") 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 Team 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, Antares Capital Credit Advisers LLC, 320 South Canal Street, Suite 4200, Chicago, IL 60606.

**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, principal members and certain other beneficial holders 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 shares. 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 shareholders in light of their particular circumstances. Unless otherwise noted, this discussion applies only to U.S. shareholders that hold our shares as capital assets. A U.S. shareholder 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. If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds our Common Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. 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. shareholders 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 shares 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 shares as a result of such income being recognized on an applicable financial statement. Prospective investors, including a partner in a partnership that will hold Common Shares, should consult their tax advisors with regard to the U.S. federal tax consequences of the purchase, ownership, or disposition of our shares, 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**

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 shareholders, 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 shareholders, 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 October 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 shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received.

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

For federal income tax purposes, the Fund is generally permitted to carry forward a net capital loss in any taxable year to offset its own capital gains, if any. These amounts are available to be carried forward to offset future capital gains to the extent permitted by the Code and applicable tax regulations. Any such loss carryforwards will retain their character as short-term or long-term. In the event that the Fund were to experience an ownership change as defined under the Code, the capital loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to limitation.

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 shareholders, and all distributions out of earnings and profits (including distributions of net capital gain) would be taxed to shareholders 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 shareholders and (ii) for the dividends received deduction in the case of corporate shareholders. 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 initial closing date. 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 shareholders 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. shareholders 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 shareholder has owned our shares. 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 shareholder as a return of capital which will be applied against and reduce the shareholder's basis in his or her shares. To the extent that the amount of any such distribution exceeds the shareholder's basis in his or her shares, the excess will be treated by the shareholder as gain from a sale or exchange of the shares. 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 shareholders.

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

Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional shares pursuant to the distribution reinvestment plan. Shareholders receiving distributions in the form of additional shares will generally be treated as receiving a distribution in the amount of the fair market value of the distributed shares. The additional shares received by a shareholder pursuant to the distribution reinvestment plan will have a new holding period commencing on the day following the day on which the shares were credited to the shareholder'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 shares by an amount equal to the deemed distribution less the tax credit. For more information related to the tax risks related to the distributions *See "Item 1A. Risk Factors—Adviser and Structure-Related Risks*—*The Fund is Subject to Risks Relating to Distributions.*"

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 shares, the Fund intends to allocate capital gain dividends, if any, between its Common Shares and preferred shares in proportion to the total dividends paid to each class with respect to such tax year. Shareholders will be notified annually as to the U.S. federal tax status of distributions, and shareholders receiving distributions in the form of additional shares will receive a report as to the NAV of those shares.

**Sale or Exchange of Common Shares**

Upon the sale or other disposition of our shares (except pursuant to a repurchase by the Fund, as described below), a shareholder will generally realize a capital gain or loss in an amount equal to the difference between the amount realized and the shareholder's adjusted tax basis in the shares sold. Such gain or loss will be long-term or short-term, depending upon the shareholder's holding period for the shares. Generally, a shareholder's gain or loss will be a long-term gain or loss if the shares 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 shares 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 shares 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 shareholder on the sale or exchange of shares 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 shares.

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

Under U.S. Treasury regulations, if a shareholder recognizes a loss with respect to shares of $2.0 million or more for an individual shareholder or $10.0 million or more for a corporate shareholder, the shareholder must file with the Internal Revenue Service a disclosure statement on Internal Revenue Service Form 8886. Direct owners of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders 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 shareholders 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 primarily 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 shareholders 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.

**Warrants**

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

**Preferred Shares or Borrowings**

If the Fund utilizes leverage through the issuance of preferred shares or borrowings, it may be restricted by certain covenants with respect to the declaration of, and payment of, distributions on shares in certain circumstances. Limits on the Fund's payments of distributions on shares 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. shareholders 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 shareholders 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 shareholder'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. Shareholders**

A U.S. shareholder 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. shareholder 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 shareholders for purposes of determining their treatment under current law. Therefore, a tax-exempt U.S. shareholder should not be subject to U.S. federal income taxation solely as a result of such shareholder'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. shareholder. Therefore, unless a tax-exempt U.S. shareholder's investment in the Fund is itself debt-financed, a tax-exempt U.S. shareholder 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. shareholder recognizing income that would be treated as UBTI.

**Foreign Shareholders**

U.S. taxation of a shareholder 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 shareholder"), depends on whether the income from the Fund is "effectively connected" with a U.S. trade or business carried on by the shareholder.

As a RIC is a corporation for U.S. federal income tax purposes, its business activities generally will not be attributed to its shareholders for purposes of determining their treatment under current law. Therefore, a foreign shareholder 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 shareholder, 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 shareholders. 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 shareholder, 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 shares 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. In addition, distribution reinvestments will be made net of any applicable U.S. withholding taxes.

A foreign shareholder 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 shares. However, a foreign shareholder 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 shareholder, 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 shares 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 shareholders 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 shareholder certifies his or her foreign status under penalties of perjury or otherwise establishes an exemption.

The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein. Foreign shareholders are advised to consult their own tax advisors 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 shares.

**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. Shareholders will generally not be entitled to claim a credit or deduction with respect to foreign taxes paid by the Fund. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

**Item 1A. Risk Factors.**

Investing in our Common Shares involves a number of significant risks. The following information is a discussion of the material risk factors associated with an investment in our Common Shares 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 Shares. 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 Shares could decline, and you may lose all or part of your investment.

**Adviser and Structure-Related Risks**

***The Fund Has No Operating History***

The Adviser has a limited history acting as an investment adviser for a BDC and there is no assurance that the experience of the personnel working on behalf of the Adviser in connection with loans made or owned by Antares Parties, the Adviser's or its affiliates' clients or others will be applicable to its activities on behalf of the Fund. The Fund has no operating history. There can be no assurance that the Fund will achieve its investment objective or avoid substantial losses. While we believe that the past professional experiences of our Adviser's investment team, including investment and financial experience of our Adviser's senior management, will increase the likelihood that our Adviser will be able to manage us successfully, there can be no assurance that this will be the case.

***Past Performance is Not Indicative of Future Results***

There can be no assurance that the past performance of any loans or of any loan portfolio, loan program, investment vehicle or account managed or serviced by the Adviser, any other Antares Party or the current personnel or authorized persons at any Antares Party or at their respective predecessor companies or prior places of employment, will be indicative of the results that the Fund will achieve or that such past performance over a particular period of time will be indicative of the results that will occur in future periods. Furthermore, the nature of, and risks associated with, the Fund's investments in Portfolio Loans could differ (potentially substantially) from those investments and strategies undertaken in connection with such other loan portfolios, loan programs, investment vehicles or accounts. There can be no assurance that the Fund's investments will perform as well as such past investments, that the Fund will be able to avoid losses or that the Fund will be able to make investments similar to such past investments. In addition, most of such past investments have been made utilizing a portfolio capital structure (including, at times, leverage), an asset mix and a fee arrangement that are different (and sometimes are substantially different) from the capital structure, asset mix and/or fee arrangement of the Fund. All or a portion of such prior results have been achieved in particular market conditions which might not be repeated and which might not fully inform decisions made in existing or future market conditions. In addition, a substantial portion of such prior results relate to loans held for investment on the Antares Direct Holdings, loan programs where an Antares Party and one or more unrelated third parties made investment decisions jointly, loans held by contract investors with respect to which neither the Adviser nor any other Antares Party provided investment recommendations as to the purchase or sale of such loans or loans held by advised clients with respect to which an Antares Party provided non-discretionary investment advice rather than the discretionary investment management services being provided by the Adviser to the Fund. In addition, all or a portion of such past performance is not reflective of the performance of Portfolio Loans where investment decisions or recommendations are made by the Adviser subject to applicable requirements for BDCs, or principal transactions approval is required under applicable law or any other approvals outside of the control of the Adviser are required. Moreover, because restrictions that govern the Fund's investments do not govern the investments and investment strategies of the Adviser, any other Antares Party or their respective current personnel or authorized persons generally or the loan origination strategies used to originate loans for the Antares Platform, the Portfolio Loans, and the results they yield, are not directly comparable with, and may differ substantially from, other loan portfolios, loan programs, investment vehicles or accounts managed or serviced by or held by the Adviser, any other Antares Party and their respective current personnel or authorized persons at prior places of employment. The Adviser is not an arranger, originator or lender and Antares Capital would not be considered an originator or lender. To the extent the term "Antares Platform" is used in such contexts, these entities would be excluded.

The Antares Platform operates in its own economic interest and should not be expected to take into account the Fund's interest in making any decisions with respect to a loan; however (as discussed herein), decisions made by the Antares Platform can adversely impact the availability and terms of Portfolio Loans. Historical information relating to loans provided by any Antares Party to any prospective investor in the Fund is indicative only of the historical performance of the relevant loans covered thereby, as applicable. Such information is not intended to provide any assurance to any prospective investor and should not be used to project or predict future performance of the Fund or of the Portfolio Loans.

The Portfolio Loans and other investments actually acquired by the Fund could be different from those expected to be purchased by the Adviser on behalf of the Fund due to credit market conditions, the availability of such Portfolio Loans and other investments, the frequency with which private equity sponsors, obligors or existing lenders request or require, or the underlying loan documents require, the loan arranger (including Antares Capital) to make loans available to lenders that are not Antares Parties, determinations with respect to Portfolio Loans and other investments made by Antares Capital or the Antares Platform (which can be made in the best interests of Antares Holdings and without regard to the interests of the Adviser or the Adviser's clients), changes to the internal policies of the Adviser, consent decisions made by other third parties as could be required under the loan documents and other factors. The actual portfolio of Portfolio Loans and other investments owned by the Fund will change from time to time as a result of, among other things, sales, purchases, prepayments, repayments and restructurings of Portfolio Loans and/or other investments.

***The Antares Platform Will Not Always Originate Portfolio Loans or Certain Types of Portfolio Loans***

There can be no assurance that the Antares Platform will always be in the business of originating loans similar to the Portfolio Loans or to certain types of Portfolio Loans that may be acquired by the Fund or will choose to originate those Portfolio Loans on terms that are beneficial to the Fund. In such event, the Adviser will be limited by BDC requirements to invest at least 70% of the Fund's assets in "eligible portfolio companies", and unless otherwise prohibited from doing so, can select Portfolio Loans originated by other loan originators for acquisition by the Fund. There can be no assurance that Portfolio Loans originated by other loan originators will perform similarly to Portfolio Loans originated by the Antares Platform or will be approved by the lenders or their administrative agent for inclusion in any credit facility. Additionally, the terms for Portfolio Loans (whether originated by the Antares Platform or another loan originator) could vary.

***The Fund will Depend on the Managerial Expertise of the Adviser, the Antares Platform and Their Respective Personnel***

The shareholders will generally not make decisions with respect to the management, disposition or other realization of any Portfolio Loans. Consequently, the success of the Fund's investments will depend, in large part, on the skill and expertise of the shared personnel of the Adviser who are employees of Antares Capital and who are responsible for originating, underwriting, monitoring and managing loans on behalf of the Antares Direct Holdings and on behalf of the Adviser for the Fund and other client accounts, including funds, vehicles, joint ventures, loan programs, special purpose entities, warehouses, CLOs, co-investment vehicles, and other entities and accounts sponsored, managed, serviced or advised by the Adviser and its affiliates, including Antares Private Credit Fund and Antares Strategic Credit Fund (collectively "Other Accounts").

The Adviser has access to personnel who act as shared personnel of the Antares Parties and are employees of Antares Capital. Such shared personnel underwrite, monitor and manage loans on behalf of the Antares Direct Holdings, the Adviser for the Fund, any subsidiary, the Adviser, and affiliates of the Adviser (including Antares Capital) for Other Accounts. In providing services through the Adviser, such shared personnel are supervised by the Adviser and subject to the Adviser's compliance policies and procedures, including a code of ethics and applicable provisions of the Advisers Act. There can be no assurance that the current personnel will continue to serve in their current positions, continue to be employed by Antares Capital or made available to the Adviser or continue to be shared personnel or authorized persons of the Adviser and the other Antares Parties. In addition, if individuals not currently associated with any of the Antares Parties may become associated with the Adviser or other Antares Parties, the performance of the Portfolio Loans would then also depend on the financial and managerial experience of such individuals. Although the Adviser's investment professionals will devote such time as they determine in their discretion is reasonably necessary to fulfill the Adviser's obligations to the Fund, they will not devote all of their professional time to the affairs of the Fund. When acting on behalf of the Adviser, such shared personnel will also be providing services to others, including to proprietary accounts of the Antares Parties and to Other Accounts. When acting on behalf of the Antares Platform, Antares Parties or Other Accounts, such shared 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 interests of the Fund. In some cases, this can adversely impact the availability or terms of Portfolio Loans in which the Fund ultimately invests.

Pursuant to the Investment Advisory Agreement, the Adviser may employ third parties (including but not limited to affiliates) to render advice and assistance to the Funds and to perform any of the Adviser's duties under the Fund's governing documents. Moreover, the Adviser may assign its rights and delegate some or all of its obligations as provided in the Fund's governing documents, the Fund's governing documents may be terminated under certain circumstances, and the Adviser may resign or be removed subject to certain conditions. There can be no assurance that if the Adviser resigns or is removed any successor investment adviser may be obtained or, if obtained, would have the same level of skill in performing the obligations of the Adviser, in which event the returns of the Fund in respect of the Portfolio Loans could be adversely affected.

***Possibility of Misconduct of Adviser Employees and Service Providers.*** Misconduct by employees of the Adviser, service providers to the Fund and/or their respective affiliates could cause significant losses to the Fund. Misconduct can include entering into transactions without authorization, the failure to comply with policies and risk procedures, including due diligence or operational or risk procedures, misrepresentations as to investments being considered by the Fund, the improper use or disclosure of confidential, proprietary, sensitive, personal or other nonpublic information, which could result in litigation or serious financial harm, including limiting the Fund's business prospects or future marketing activities, and non-compliance with applicable laws or regulations and the concealing of any of the foregoing. Such activities would likely result in reputational damage, litigation, business disruption and/or financial losses to the Fund.

***Currency Exchange Risk.*** Currency exchange risk refers to the risk of fluctuations in exchange rates between the U.S. dollar and foreign currencies of non-U.S. investors or in which certain Portfolio Loans or other Fund assets are denominated. The base currency of the Fund will be the U.S. dollar. Certain of the Fund's Portfolio Loans and other Fund assets could be denominated in currencies other than the U.S. dollar, and hence the value of such Portfolio Loans and other Fund assets will depend in part on the relative strength of the U.S. dollar. The Fund could be affected favorably or unfavorably by exchange control regulations or changes in the exchange rate between foreign currencies and the U.S. dollar, as well as the transaction costs associated with converting foreign currencies into U.S. dollars. Changes in foreign currency exchange rates could also affect the value of dividends and interest earned, and the level of gains and losses realized on the sale of Portfolio Loans or other Fund assets. The rates of exchange between the U.S. dollar and other currencies are affected by many factors, including forces of supply and demand in the foreign currency exchange markets. Exchange rates also are affected by the international balance of payments and other economic and financial conditions, government intervention, speculation and other factors. The Fund is not obligated to engage in any currency hedging operations, and there can be no assurance as to the success of any hedging operations that the Fund may implement.

***The Fund is Dependent on Information Systems and Subject to Risks Relating to Cybersecurity***

Cybersecurity incidents, cyberattacks, and other breaches have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency and severity in the future. The Adviser, the Fund, their respective service providers, and other market participants increasingly depend on complex information technology and communications systems to conduct business functions and therefore have become increasingly prone to operational and information security risks resulting from cyberattacks and other security incidents. These systems are subject to a number of different threats or risks that could adversely affect the Fund and the shareholders, despite the efforts of the Adviser, the Fund and their respective service providers to adopt technologies, processes and practices intended to mitigate these risks and protect the security of their computer systems, software, networks and other technology assets, as well as the confidentiality, integrity and availability of information (including personal data) belonging to or in the possession or control of the Fund and the shareholders. For example, unauthorized third parties (including members of organized crime, hackers, terrorists, and other external parties, including foreign state and state-supported actors) may attempt to improperly access, modify, disrupt the operations of, or prevent access to the systems and networks of the Adviser, the Fund, their respective service providers, or their counterparties, or data within these systems and networks.

Cybersecurity threats are constantly evolving and becoming increasingly sophisticated and complex, increasing the difficulty of defending against them. Cybersecurity incidents and malicious internet-based activity are also becoming more frequent, and providers of investment management services have been targeted by such attacks, which include, among other things, stealing or corrupting data maintained online or digitally, denial-of-service attacks, malicious or destructive code, phishing attacks, malware, ransomware, social engineering, damage or interruption from computer viruses, the unauthorized collection, monitoring, use or release or other processing of confidential, proprietary, sensitive or other non-public information (including personal data), employee error or malfeasance, and causing operational disruption. Third parties also may attempt to fraudulently induce employees, customers, third party service providers, or other users of the Adviser's, the Fund's and their respective service providers' systems to disclose sensitive information in order to gain access to the Adviser's data or that of the Fund's investors. Such threats could see their frequency increased, and effectiveness enhanced, by the use of artificial intelligence.

While Antares has policies and procedures, and administrative, technical and physical security measures in place designed to mitigate this risk, no system is fully attack proof. A successful penetration or circumvention of the security of the Adviser's, the Fund's or their respective service providers' systems and networks could result, among other things, in the loss or theft of an investor's data (including personal data) or funds, the inability to access systems, loss or theft of confidential, proprietary or sensitive or other non-public information (including personal data) or corporate data, physical damage to a computer or network system or costs associated with system repairs. Such incidents could cause the Adviser, the Fund or their respective service providers to incur or become subject to regulatory penalties, fines or investigations, reputational damage, litigation, additional compliance costs or financial loss. The Adviser and the Fund also may incur substantial costs for cybersecurity risk management in order to prevent or remediate any cyberattacks or security incidents in the future. Similarly, the public perception that the Adviser, the Fund or any of their service providers have been the target of a cybersecurity threat, even if unsuccessful, also could have a material adverse effect on one or more of their reputations and lead to financial losses from loss of business, depending on the nature and severity of the threat. While the Adviser performs cybersecurity diligence on key service providers, it is important to note that if a service provider fails to adopt or adhere to adequate cybersecurity procedures, or if, despite such procedures, its networks or systems are breached, information relating to client transactions or personal data of investors may be lost or improperly accessed, used or disclosed.

Similar types of operational and technology risks are also present for the Fund's borrowers, which could have material adverse consequences for such companies, and may cause the Fund's investments to lose value. Shareholders should understand that, to the extent that Fund information and information with respect to a shareholder's investment in the Fund is delivered to such shareholder electronically in accordance with the Fund's governing documents, there are risks associated with such electronic delivery including, but not limited to, that e-mail messages are not secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with without the knowledge of the sender or the intended recipient.

In addition, the limitations of liability provisions in contracts with service providers might not be adequate to protect Antares or the Fund from any liabilities or damages with respect to any particular claim relating to a security lapse or breach. Currently applicable cybersecurity insurance might not cover all liabilities incurred by such attacks and it is uncertain whether insurance will continue to be available on economically reasonable terms or that Antares will continue to renew or obtain such insurance. The successful assertion of one or more large claims against Antares or the Fund that exceeds available insurance coverage, or the occurrence of changes in insurance policies as they relate to cyber security, could have a material adverse effect on the Adviser's business, including its financial condition and reputation or on the Fund.

***Artificial Intelligence.*** The Fund, the Adviser, the Antares Parties, the borrowers and issuers in which the Fund invests and/or the Fund's service providers could incorporate novel uses of artificial intelligence ("AI"), including generative AI, into their businesses and operations. However, there are significant risks involved in utilizing AI, and no assurance can be provided that such use will enhance the businesses or operations, or result in such businesses or operations being more efficient or profitable. For example, AI algorithms could be flawed, insufficient, of poor quality, reflect unwanted forms of bias, or contain other errors or inadequacies, any of which may not be easily detectable. AI has also been known to produce false or "hallucinatory" inferences or outputs and AI can present ethical issues and subject users to new or heightened legal, regulatory, ethical, or other challenges. Inappropriate or controversial data practices by developers and end-users, or other factors adversely affecting public opinion of AI, could impair the acceptance of AI solutions. If the AI solutions that Antares creates or uses are deficient, inaccurate or controversial, Antares and/or the Fund could suffer operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on their businesses and financial results. If the party using AI does not have sufficient rights to use the data or other material or content on which its AI solutions or other AI tools rely, such party could also incur liability through the violation of applicable laws, third-party intellectual property, privacy or other rights, or contracts to which they are a party.

In addition, regulation of AI is rapidly evolving worldwide as legislators and regulators are increasingly focused on this emerging technology. The technologies underlying AI and its uses are already subject to a variety of laws, including intellectual property, privacy, data protection and cybersecurity, consumer protection, competition, and equal opportunity laws, and are expected to be subject to increased regulation and new laws or new applications of existing laws. AI is the subject of ongoing review by various U.S. governmental and regulatory agencies, and various U.S. states and other non-U.S. jurisdictions are applying, or are considering applying, their platform moderation, cybersecurity, and data protection laws to AI or are considering general legal frameworks for AI, such as the proposed European Union Artificial Intelligence Act, the provisional rules for which were agreed to by the European Parliament and Council on December 8, 2023, subject to formal adoption and publication in the European Union's (the "EU") Official Journal. It is possible that the Fund, the Adviser and Antares Parties or any of their respective affiliates will not be able to anticipate how to respond to these rapidly evolving frameworks, and such parties could be required to expend resources to adjust their activity in certain jurisdictions if the legal frameworks are inconsistent across jurisdictions. Furthermore, because AI technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal, operational or technological risks that may arise relating to the use of AI.

***The Fund is Subject to Risks Relating to Reserves and Contingent Liabilities***

The Fund may from time to time incur contingent liabilities in connection with an investment. For example, the Fund will acquire a revolving credit or delayed draw term facility that has not yet been fully drawn. If the borrower subsequently draws down on the facility, the Fund will be obligated to fund the amounts due. The Adviser can create, accrue and fund reserves with respect to the Fund or any subsidiary, as applicable, for known or contingent liabilities, or for other reasons in such amounts as the Adviser deems necessary or appropriate in its reasonable sole discretion. Any such reserves will reduce the amount of distributable funds available to the shareholders and may adversely impact the Fund's performance. There can be no assurance that the Fund will adequately reserve for such contingent liabilities and that such liabilities will not have an adverse effect on the Fund.

***The Fund is Subject to Risks Relating to Portfolio Valuation***

The Fund expects to hold Portfolio Loans, equity securities and other financial instruments, assets or obligations that are thinly traded, not publicly traded, for which no market exists or which are restricted as to their transferability under applicable securities laws. The fair value of such investments will not be readily determinable and can be extremely difficult to value accurately. The Adviser, subject at all times to the oversight and approval of the Board, will determine the valuation of the Fund's investments. It is expected that the Adviser will have a limited ability to obtain accurate market quotations for purposes of valuing most of the Fund's investments, which may require the Adviser to estimate, in accordance with valuation policies established by the Board, the value of the Fund's debt and other investments on a valuation date. Further, because of the overall size and concentrations in particular markets, the maturities of positions that may be held by the Fund from time to time and other factors, the liquidation values of the Fund's investments may differ significantly from the interim valuations of these investments derived from the valuation methods described herein. If the Adviser's valuation should prove to be incorrect, the stated value of the Fund's investments could be adversely affected. Absent bad faith or manifest error, valuation determinations of the Adviser will be conclusive and binding on the shareholders.

Valuation of the types of assets in which the Fund invests are inherently subjective. In addition, the Adviser may have an interest in determining higher valuations in order to be able to present better performance to prospective investors. In certain cases, the Fund may hold an investment in an issuer experiencing distress or going through bankruptcy. In such a situation, the Adviser may continue to place a favorable valuation on such investment due to the Adviser's determination that the investment is sufficiently secured despite the distressed state or bankruptcy of the issuer. However, no assurances can be given that this assumption is justified or that such valuations will be accurate in the long term. In addition, an investment in a Portfolio Company may not be permanently written-off or permanently written down despite its distressed state or covenant breach until such Portfolio Company experiences a material corporate event (e.g., bankruptcy or partial sale) which establishes an objective basis for such revised valuation. In these circumstances, the Adviser has an interest in delaying any such write-offs or write-downs to maintain a higher management fee base and thus, management fees paid to the Adviser.

In addition, the Adviser may rely on third-party valuation agents to verify the value of certain investments. An investment may not have a readily ascertainable market value and accordingly, could potentially make it difficult to determine a fair value of an investment and may yield an inaccurate valuation. Further, because of the Adviser's knowledge of the investment, the valuation agent may defer to the Adviser's valuation even where such valuation may not be accurate or the determination thereof involved a conflict of interest. The Adviser also relies on the accuracy of data and information provided by Portfolio Companies in the valuation process. An inaccurate valuation of one or more investments could have a substantial impact on the Fund.

***There are Investment Limitations Related to Antares Holdings' Environmental, Social and Governance Policy***

Loans originated on the Antares Platform are done so in accordance with Antares Holdings' Environmental, Social and Governance policy (such policy as amended from time to time, the "Antares ESG Policy"). The Antares ESG Policy sets forth the Antares Platform's principal positions on environmental, social and governance ("ESG") matters and reviews how ESG factors are incorporated into the Antares Platform's loan and investment processes. ESG factors that the Adviser evaluates could include: (i) environment, (ii) social capital, (iii) human capital, (iv) business model and innovation, and (v) leadership and corporate governance. In considering the materiality of any ESG factor, the Adviser considers the borrower's exposure to ESG risk, the borrower's organizational capacity to mitigate that risk; and the potential outcomes from an adverse ESG event. Generally, ESG factors are informative but not determinative, although there are certain industries in which the Adviser will not invest depending on the specific investor/client, jurisdiction, or investor/client mandate. The Antares Capital Responsible Investment Policy ("RI Policy") guides portfolio management and general business conduct on the integration of any ESG factors when deemed appropriate. Given the dynamic and evolving nature of ESG issues, the RI Policy is subject to continuous review and subject to change without notice; and its application can vary materially depending on the specific investor or client, jurisdiction, or investor level investment guidelines and requirements. The Adviser and/or its advisory affiliates could offer new or different strategies to current or prospective clients, including private funds or funds of one dedicated to a strategy or which pursue such strategy alongside other investments, such as secondary market acquisition of interests in funds that pursue private credit strategies or direct investment in junior capital instruments, although such investments are not generally within the Fund's expected portfolio profile.

It is possible that the Antares ESG Policy will prevent potential Portfolio Loans from being originated on the Antares Platform or prevent the Fund from acquiring certain Portfolio Loans, which could impact the returns of the Fund. Except as set forth in the Antares ESG Policy, the Adviser is not required to consider any particular ESG factors in evaluating investments. There is no universally accepted view on ESG standards, and the Adviser's view as to any ESG factors might not match the view of any particular shareholder.

***The Fund is Subject to Risks Relating to the Handling of Mail***

Mail addressed to the Fund and received at its registered office will be forwarded unopened to the forwarding address supplied by the Fund to be dealt with. To the extent that personnel of the Adviser are employing remote work arrangements, forwarded mail could be delayed. None of the Fund nor the Adviser or any of its or their directors, officers, advisors or service providers will bear any responsibility for any delay howsoever caused in mail reaching the forwarding address or any delay in receipt of such mail as a result of such arrangements.

***The Fund is Subject to Risks Relating to Allocation of Investment Opportunities and Related Conflicts***

The Fund generally is prohibited under the 1940 Act from participating in certain transactions with its affiliates, including its subsidiaries (including entities that engage in investment activities in securities or other assets that are primarily controlled by the Fund), without prior approval of the Independent Directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of the Fund's outstanding voting securities is an affiliate of the Fund for purposes of the 1940 Act, and the Fund generally is prohibited from buying or selling any security from or to such affiliate, absent the prior approval of the Independent Directors. The 1940 Act also prohibits certain "joint" transactions with certain of the Fund's affiliates, which could include investments in the same issuers (whether at the same or different times), without prior approval of the Independent Directors and, in some cases, the SEC. If a person acquires more than 25% of the Fund's voting securities, the Fund 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, absent the prior approval of the SEC. Similar restrictions limit the Fund's ability to transact business with the Fund's officers or Directors or their affiliates. These prohibitions will affect the manner in which investment opportunities are allocated between the Fund and other funds managed by the Adviser or its affiliates. Most importantly, the Fund generally is prohibited from co-investing with Other Accounts or affiliates of the Adviser in the Antares-originated loans and financings except pursuant to the co-investment exemptive relief granted by the SEC which delineates the requirements the Adviser must comply with for the Fund to invest with Other Accounts. Accordingly, while the Adviser and its affiliates intend to allocate suitable opportunities among the Fund, other accounts and/or affiliates of the Adviser based on the principles described above, the prohibition on co-investing with affiliates could significantly limit the scope of investment opportunities available to the Fund. In particular, the decision by the Adviser or its affiliates to allocate an opportunity to one or more other investment funds or accounts (each, an "Other Investor") or to an affiliate of the Adviser, or the existence of a prior co-investment structure, might cause the Fund to forgo an investment opportunity that it otherwise would have made. Similarly, the Fund generally may be limited in its ability to invest in an issuer in which an Other Investor or affiliate of the Adviser had previously invested. The Fund may in certain circumstances also be required to sell, transfer or otherwise reorganize assets in which the Fund has invested with other accounts or affiliates of the Adviser at times that the Fund may not consider advantageous.

Any such co-investments will be subject to certain conditions, including that co-investments are made in a manner consistent with the Fund's investment objectives and strategies, certain Board-established criteria, and the other applicable conditions of the co-investment exemptive relief. Under the terms of the relief, a "required majority" (as defined in Section 57(o) of the 1940 Act) of our Independent Directors must reach certain conclusions in connection with a co-investment transaction, including that: (i) the terms of the proposed transaction are reasonable and fair to the Fund and its shareholders and do not involve overreaching in respect of the Fund or its shareholders on the part of any person concerned; and (ii) the transaction is consistent with the interests of the Fund's shareholders and is consistent with the Fund's then-current investment objectives and strategies.

As a result of the relief, there could be significant overlap in the Fund's investment portfolio and the investment portfolios of Other Accounts, including, in some cases, proprietary accounts of Antares. Because investments are allocated across multiple Antares accounts, the Fund will at times receive a lower allocation to an investment than desired; likewise, the Fund may also be limited in the degree to which it is able to participate in selling opportunities that it may otherwise wish to pursue due to allocations, including non-pro rata allocations, to Other Accounts.

If the Adviser identifies an investment and the Fund is unable to rely on the co-investment relief for that particular opportunity, the Adviser will be required to determine which accounts should make the investment at the potential exclusion of other accounts. In such circumstances, the Adviser will adhere to its investment allocation policy in order to determine the account to which to allocate investment opportunities. Accordingly, it is possible that the Fund may not be given the opportunity to participate in investments made by other accounts.

The Fund and the Adviser have received the Current Order from the SEC that 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/or its affiliates, subject to certain terms and conditions. Pursuant to such Current Order, the Fund's Board may establish Board Criteria clearly defining co-investment opportunities in which the Fund has the opportunity to participate with other public or private Antares Platform funds that target similar assets. If an investment falls within the Board Criteria, the Adviser must offer an opportunity for the Fund to participate. The Fund may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Fund (e.g., based on investment strategy). The co-investment would generally be allocated to us and the other Antares Platform funds that target similar assets pro rata based on capital available for investment 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, but the Adviser would be required to report such investment and the rationale for its determination for us to not participate in the investment to the Board at the next quarterly board meeting.

The Fund and the Adviser have filed an application seeking, but have not yet received, the New Order for simplified co-investment relief that would supersede the Current Order. There is no assurance that the New Order will be granted by the SEC. In the event that the Fund is able to obtain the New Order from the SEC, the Fund would only be permitted to co-invest alongside other accounts or other affiliates of the Adviser in accordance with the terms and conditions of the New Order.

***The Fund is Subject to Infrastructure Risks***

The Adviser's business is highly dependent on its communications and information systems. Any failure or interruption of such systems could cause delays or other problems in its activities. This, in turn, could have a material adverse effect on the Fund's operating results and, consequently, negatively affect the net asset value of the Fund and its ability to make distributions to each shareholder from time to time. In addition, because many of the Fund's borrowers operate and rely on network infrastructure and enterprise applications and internal technology systems for development, marketing, operational, support and other business activities, a disruption or failure of any or all of these systems in the event of a major telecommunications failure, cyber-attack, fire, earthquake, severe weather conditions or other catastrophic event could cause system interruptions, delays in product development and loss of critical data and could otherwise disrupt their business operations.

***The Fund is Reliant on the Adviser and is Subject to Risks Relating to the Fact that Shareholders do not Participate in Management***

Substantially all decisions with respect to the management of the Fund are made exclusively by the Board and/or the Adviser. Subject to the provisions of the Investment Advisory Agreement and the approval of the Board (where applicable), all investment and sale decisions with respect to the Portfolio Loans on behalf of the Fund are made by the Adviser. Further, the Adviser may delegate all or a portion of its obligations pursuant to and in accordance with the Investment Advisory Agreement. Shareholders have no right or power to take part in the management of the Fund. Consequently, the success of the Fund will depend, in large part, upon the skill and expertise of the officers or other authorized persons of the Fund and the officers or other personnel of the Adviser. There can be no assurance that the officers or other authorized persons of the Fund or the officers or other personnel of the Adviser will continue to serve in their current positions or continue to serve as officers or other authorized persons of the Fund or as officers or other personnel of the Adviser, as the case may be. Further, there can be no assurance that any particular individual will be involved in the management of any particular portfolio for any given period of time, if at all.

The Fund's ability to achieve its investment objective will depend on the Adviser's ability to identify, invest in and monitor Portfolio Loans and the Antares Platform's ability to originate Portfolio Loans. The members of the Adviser's Investment Committee and the other officers and personnel of the Adviser are engaged in other business activities and will be called upon to provide managerial assistance to Other Accounts managed by the Adviser or by other Antares Parties and to proprietary accounts of Antares Parties. Although such investment professionals will devote such time as is necessary to fulfill the obligations of the Adviser to the Fund effectively, as reasonably determined by the Adviser, respectively, they will not devote all of their professional time thereto. In addition, there is no assurance that every member of the Adviser's Investment Committee will opine on any particular investment opportunity. In particular, (i) the Adviser's Investment Committee meets with a quorum and reviews and approves a prospective Portfolio Loan, such that it is possible that the Adviser's Investment Committee will opine on an investment opportunity without receiving input from each member and (ii) members of the Adviser's Investment Committee can, consistent with the committee's charter, delegate authority with respect to a prospective Portfolio Loan to another employee of the Adviser or one of its affiliates.

Shareholders and the Board will have the right to terminate the Investment Advisory Agreement and the Adviser can resign, withdraw or otherwise be removed as provided in the Investment Advisory Agreement. If the Adviser resigns or is removed, the Fund may not be able to find a substitute investment adviser or be able to hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms or at all. If the Fund is unable to replace the Adviser quickly, its operations are likely to experience a disruption, and its financial condition is likely to be adversely affected. In addition, the coordination of the Fund's internal management and investment activities is likely to suffer if the Fund is unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Adviser and the other Antares Parties. Even if the Fund is able to retain comparable management, whether internal or external, transition of management may result in additional costs and time delays that may adversely affect the Fund's financial condition.

***The Fund is Subject to Risks Relating to Investor Suitability***

An investment in the Fund involves a high degree of risk and is intended only for sophisticated investors who are capable of understanding and assuming the risks involved. Any investor interested in acquiring Common Shares should conduct its own investigation and analysis of investing in the Fund and consult its own professional advisers as to the risks involved in making such an investment.

***Investors Need to Seek Independent Advice***

None of the Fund, the Adviser or any other Antares Party is providing investment, accounting, tax or legal advice in respect of the Common Shares and none of them will have a fiduciary relationship with any investor or prospective investor in the Common Shares. No hypothetical performance scenario, modeling run or return analysis that is provided to any prospective investor should be solely relied upon when considering an investment decision.

The actual performance of the Fund will be affected by, among other things, (i) approvals required by the LLC Agreement of the Fund or the Investment Advisory Agreement, as applicable, that are granted or withheld by the Board including, among other things, in connection with the purchase and sale of Portfolio Loans, (ii) the amount and frequency of principal payments and prepayments on the Portfolio Loans, which are dependent upon, among other things, the amount of payments received at or in advance of the scheduled maturity of the Portfolio Loans (whether through sale, maturity, optional or mandatory prepayments, default or the other disposition or liquidation thereof), (iii) the financial condition of the obligors of the Portfolio Loans, (iv) the availability of repricings and/or refinancings of the Portfolio Loans, and (v) if the Fund's investment strategy includes portfolio leverage, the availability to the Fund, directly or indirectly through a subsidiary, of leveraged financing with respect to the Portfolio Loans or any portion thereof. It is expected that most of the Portfolio Loans will include the right of the obligor to optionally prepay such Portfolio Loan, in whole or in part, and/or the obligation to make a mandatory prepayment of such Portfolio Loan, in whole or in part, at various times and subject to certain conditions.

***The Common Shares are Not Guaranteed by the Adviser or any other Antares Party***

None of the Adviser, any other Antares Party or any other person makes any assurance, guarantee or representation whatsoever as to the expected or projected success, profitability, return, performance result, effect, consequence or benefit (including legal, regulatory, tax, financial, accounting or otherwise) to the Fund or any shareholder and neither the Fund nor the shareholders may rely on any such person for a determination of expected or projected success, profitability, return, performance result, effect, consequence or benefit (including legal, regulatory, tax, financial, accounting or otherwise) to any shareholder in the Common Shares.

***The Fund is Subject to Risks Relating to Limited Liquidity***

Currently, no market exists for the Common Shares. The Common Shares are illiquid investments; there is no established secondary market for the Common Shares and none is likely to develop. An investment in the Fund is suitable only for certain sophisticated investors that have no need for immediate liquidity in respect of their investment and who can accept the risks associated with investing in illiquid investments.

Liquidity for our Common Shares will be limited to participation in our share repurchase program, which we have no obligation to maintain. To the extent you paid a repurchase price that includes the related sales load and to the extent you have the ability to sell your Common Shares pursuant to our share repurchase program, the price at which you may sell Common Shares may be lower than the amount you paid in connection with the purchase of Common Shares in the Private Offering.

***The Fund is Subject to Risks Relating to Unspecified Investments***

The capital of the Fund generally will be invested directly or indirectly in Portfolio Loans and other assets which will not have been disclosed or, in most cases, identified prior to a shareholder acquiring Common Shares. Accordingly, shareholders will not have an opportunity to evaluate for themselves the relevant economic, financial and other information regarding the Portfolio Loans to be acquired directly or indirectly by the Fund and therefore will be dependent upon the judgment and ability of the Adviser in identifying Portfolio Loans for acquisition over time, acquiring them on behalf of the Fund and managing them thereafter. When required under applicable law or when otherwise required under the Fund's governing documents, shareholders will also be depending on the judgment of the Board whether or not to consent to the acquisition or sale, as applicable, of such Portfolio Loans. No assurance can be given that the Adviser will be successful in identifying suitable Portfolio Loans for acquisition by the Fund, or, if identified, that such loans will be available for acquisition by the Fund, or that, if such acquisitions are made, the investment objective of the Fund will be achieved.

***The Fund is Subject to Risks Relating to Use of Leverage***

The Fund will use leverage and incur indebtedness directly or indirectly to acquire and hold Portfolio Loans. The Adviser may establish and use any reserves to acquire additional Portfolio Loans or other or to repay all or any portion of any outstanding indebtedness of the Fund. Risks associated with this use of leverage are described under the heading "*Item 1A. Risk Factors—Risks Relating to Financings by the Fund*."

To the extent that the Fund enters into multiple financing arrangements, such arrangements may contain cross-default provisions that could magnify the effect of a default. If a cross-default provision were exercised, this could result in a substantial loss for the Fund.

As a BDC, we generally will be required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings, including those incurred at a subsidiary level, and any preferred shares that we may issue in the future, of at least 150%. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities. In addition, while any senior securities remain outstanding, we will be required to make provisions to prohibit any distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. 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, a majority of whom are Independent Directors with no material interests in such transactions.

Although borrowings by the Fund have 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 by the Fund may be secured by the shareholders' investments as well as by the Fund's assets and the documentation relating to such borrowing may provide that during the continuance of a default under such borrowing, the interests of the investors may be subordinated to such borrowing.

***The Fund is Subject to Risks Relating to Availability of Financing***

Because the Fund intends to use leverage and to directly or indirectly incur indebtedness, returns realized by the Fund will depend significantly on the availability of such financing and the terms applicable thereto. To the extent the Fund cannot obtain financing, directly or indirectly through a subsidiary, the ability of the Adviser to acquire Portfolio Loans on behalf of the Fund and any subsidiary will be restricted and returns to the Fund and to the shareholders may be reduced as a result. Similarly, if the financing terms made available thereto are not favorable, or if such financing is available and entered into but subsequently the related lenders do not agree to any requested amendment or, to the extent required or desired, replacement of such terms and/or no refinancing of such credit facility is then available at comparable or better terms, returns to the Fund and to its shareholders may be reduced. The Fund expects leverage to be available to it under one or more credit facilities. *See also* "*Item 1A. Risk Factors—Risks Relating to Financings by the Fund.*"

***The Fund is Subject to Risks Relating to Contingent Liabilities on the Disposition of Equity Investments***

In connection with the disposition of equity securities, the Fund could be required to make representations about the business and financial affairs of the Portfolio Company typical of those made in connection with the sale of a business. The Fund also could be required to indemnify the purchasers of the company (or interests or assets thereof) to the extent that any such representations are inaccurate or with respect to certain potential liabilities. These arrangements can result in the incurrence of contingent liabilities for which the Adviser can establish reserves or escrows.

***The Fund is Subject to Risks Relating to Exculpation and Indemnification***

The Fund is required to indemnify the Adviser, the members of the Board and each other person indemnified under the LLC Agreement of the Fund for liabilities incurred in connection with the LLC Agreement, the Investment Advisory Agreement and the Fund's activities, except in certain circumstances. Such indemnification is subject to the limits on indemnification under Section 17(h) of the 1940 Act. The LLC Agreement provides that none of the Fund's officers, Directors or employees will be liable to the Fund or to any shareholder for any act or omission performed or omitted by any such person in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. Subject to the limits on indemnification under Section 17(i) of the 1940 Act, the Investment Advisory Agreement provides that the Adviser shall not be protected against any liability to the Fund or its shareholders by reason of willful misfeasance, bad faith or gross negligence on the Adviser's part in the performance of its duties or by reason of the reckless disregard of its duties and obligations. The Fund will also indemnify certain service providers, including the Administrator and the Fund's auditors, as well as consultants and sourcing, operating and joint venture partners. Such liabilities may be material and may have an adverse effect on the returns to the Fund investors. The indemnification obligation of the Fund would be payable from the assets of the Fund. The application of the indemnification and exculpation standards may result in Fund investors bearing a broader indemnification obligation in certain cases than they would in the absence of such standards. As a result of these considerations, even though such provisions will not act as a waiver on the part of any investor of any of its rights which are not permitted to be waived under applicable law, the Fund may bear significant financial losses even where such losses were caused by the negligence or other conduct of such indemnified persons.

***The Fund's Assets are Subject to Recourse***

The assets of the Fund, including any investments made by and any capital held by the Fund are available to satisfy all liabilities and other obligations of the Fund, as applicable. If the Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Fund's assets generally and may not be limited to any particular asset, such as the investment giving rise to the liability.

***The Fund is Subject to Risks Relating to Obtaining a Rating from One or More Credit Rating Agencies***

The Fund may apply to one or more credit rating agencies to rate the Fund and/or its assets in order to provide the Fund access to different sources of indebtedness or capital as well as to help meet the Fund's risk/return objectives, its overall target indebtedness ratio or other considerations as determined by the Adviser. In connection with such rating or ratings, the credit rating agency or credit rating agencies may review and analyze the Fund's counterparties, Antares Capital Credit (in its capacity as the Adviser and the Administrator), the investments and expected investments of the Fund, the legal structure of the Fund, the historical and current Fund investors and Fund performance data. There can be no assurance that the Fund will apply for such a rating or ratings, that a credit rating agency will provide a rating or that such a rating will be beneficial to the Fund. In addition, when making investment decisions for the Fund (including establishing the Fund's investment portfolio), the Adviser may consider the implications of the investment portfolio on a credit rating agency's rating of the Fund and tailor the Fund's investment portfolio taking into account such considerations. There is a risk that a rating agency could incorrectly rate, or downgrade ratings which could have a material effect on the Fund, including its assets and its ability to acquire indebtedness.

***The Fund is Subject to Risks Relating to Insurance***

The Adviser and/or its affiliates expect to purchase and maintain an omnibus insurance policy which includes coverage in respect of the Fund, the Adviser and their affiliates, as well as other clients, including certain of their respective indemnified persons (which omnibus insurance policy or policies may provide coverage to the Adviser, the Adviser and their affiliates, as applicable, for events unrelated to the Fund). The premiums for such shared insurance policies generally would be borne by the Adviser and the clients covered by such policies, and such shared insurance policies are expected to have an overall cap on coverage for all the insured parties thereunder. To the extent an insurable event results in claims in excess of such cap, the Fund may not receive as much in insurance proceeds as it would have received if separate insurance policies had been purchased for each insured party. Similarly, insurable events may occur sequentially in time while subject to a single overall cap. To the extent insurance proceeds for one such event are applied towards a cap and the Fund experiences an insurable loss after such event, the Fund's receipts from such insurance policy may also be diminished. Insurance policies covering the Fund, the premiums of which are paid in whole or in part by the Fund, may provide insurance coverage to indemnified persons for conduct that would not be covered by indemnification. In addition, the Fund may need to initiate litigation in order to collect from an insurance provider, which may be lengthy and expensive for the Fund and which ultimately may not result in a financial award. In addition, the Adviser may cause the Fund to purchase and maintain insurance coverage that provides coverage to the Fund, certain indemnified persons, or the Adviser, in which case, the premiums would be borne by the Fund.

While the Adviser and its affiliates expect to allocate insurance expenses in a manner it determines to be fair and equitable, taking into account any factors they deems relevant to the allocation of such expenses, because of the uncertainty of whether claims will arise in the future and the timing and the amount that may be involved in any such claim, the determination of how to allocate such expenses may require the Adviser and its affiliates to take into consideration facts and circumstances that are subjective in nature. It is unlikely that the Adviser and its affiliates will be able to accurately allocate the expenses of any such insurance policies based on the actual claims related to a particular client, including the Fund.

***The Fund is Subject to Risks Relating to Certain Proceedings and Investigations***

The Adviser and its affiliates and/or the Fund may be subject to claims (or threats of claims), and governmental investigations, examinations, requests for information, audits, inquiries, subpoenas and other regulatory or civil proceedings. The outcome of any investigation, action or proceeding may materially adversely affect the value of the Fund, including by virtue of reputational damage to the Adviser and may be impossible to anticipate. Any such investigation, action or proceeding may continue without resolution for long periods of time and may consume substantial amounts of the Adviser's time and attention, and that time and the devotion of these resources to any investigation, action or proceeding may, at times, be disproportionate to the amounts at stake in such investigation, action or proceeding. The unfavorable resolution of such items could result in criminal or civil liability, fines, settlements, charges, penalties or other monetary or non-monetary remedies or sanctions that could negatively impact the Adviser and/or the Fund. In addition, such actions and proceedings may involve claims of strict liability or similar risks against the Fund in certain jurisdictions or in connection with certain types of activities. In some cases, the expense of such investigations, actions or proceedings and paying any amounts pursuant to settlements or judgments would be borne by the Fund.

***The Fund is Not Registered as an Investment Company Under the 1940 Act***

While the Fund is not registered as an investment company under the 1940 Act, it will be subject to regulation as a BDC under the 1940 Act and will be required to adhere to the provisions of the 1940 Act applicable to BDCs. The Common Shares have not been recommended by any U.S. federal or state, or any non-U.S., securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this registration statement. Any representation to the contrary is a criminal offense.

***The Fund is Subject to Risks Relating to Lack of Diversification***

The Fund is classified as a non-diversified investment company within the meaning of the 1940 Act, which means that the Fund is not limited by the 1940 Act with respect to the proportion of its assets that it may invest in securities of a single issuer. To the extent that the Fund assumes large positions in the securities of a small number of issuers, its net asset value 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. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond the Fund's asset diversification requirements as a RIC under the Code, the Fund does not have fixed guidelines for diversification, and its investments could be concentrated in relatively few Portfolio Companies. Although the Fund is classified as a non-diversified investment company within the meaning of the 1940 Act, it maintains the flexibility to operate as a diversified investment company. To the extent that the Fund operates as a non-diversified investment company, it may be subject to greater risk.

During the period of time in which the Fund is deploying its initial capital, the Fund may make a limited number of investments. In addition, the Fund does not have fixed guidelines for diversification by industry or type of security, and investments may be concentrated in only a few industries or types of securities. Further, if the expected amount of leverage is not obtained or deployed, the Fund may be more concentrated in an investment than originally anticipated. As a result, the Fund's investments may be concentrated and the poor performance of a single investment may have pronounced negative consequences to the Fund and the aggregate returns realized by the Fund investors.

***The Fund is Subject to Risks Relating to the Use of Proceeds***

While the Fund generally intends to make all distributions of net proceeds in accordance with the terms herein, the amount and timing of distributions from the Fund to the Fund investors will be at the discretion of the Board, who may also direct that amounts available for distribution be retained in the Fund (i) to be used to satisfy, or establish reserves for, the Fund's current or anticipated obligations (including Management Fees, Incentive Fees and any other expenses) or (ii) for reinvestment of the cost basis of an investment. Accordingly, there can be no assurance as to the timing and amount of distributions from the Fund.

***The Fund is Subject to Operational Risks***

The Fund is subject to operational risk, including the possibility that errors may be made by the Adviser or its affiliates and service providers in certain transactions, calculations or valuations on behalf of, or otherwise relating to, the Fund. Fund investors may not be notified of the occurrence of an error or the resolution of any error. Generally, the Adviser, its affiliates and service providers will not be held accountable for such errors, and the Fund may bear losses resulting from such errors.

***The Fund is Subject to Risks Associated with Sourcing, Operating or Joint Venture Partners***

The Antares Platform has historically, and expects in the future to, work with sourcing, operating and/or joint venture partners, including with respect to particular types of investments or particular sectors or regions. These arrangements may be structured as joint ventures or contractual service provider relationships. In certain circumstances, the Adviser may commit to invest in a pre-agreed amount of investments negotiated by the sourcing partner and/or joint venture partner and/or the Adviser may commit to invest in one or more transactions for which the sourcing partner and/or joint venture partner led the due diligence and negotiation processes and the Adviser is given only a limited opportunity to perform due diligence and participate in negotiation of transactional terms. Fund investors should be aware that sourcing, operating and joint venture partners are not expected to owe any fiduciary duties to the Fund or the Fund investors.

The Fund may pay retainers, closing, monitoring, performance or other fees to sourcing, operating and joint venture partners. Such retainer fees may be netted against a closing fee, if applicable, in connection with the related investment. However, if no such investment is consummated, the Fund will bear any retainer amounts as an expense. In addition, to the extent the compensation of a sourcing, operating or joint venture partner is based on the performance of the relevant investments, the sourcing, operating or joint venture partner may have an incentive to seek riskier investments than it would have under a different compensation structure. In this regard, a sourcing, operating or joint venture partner may receive incentive compensation at the expense of the Fund. The expenses of sourcing, operating and joint venture partners may be substantial. In certain circumstances, the Fund or a Portfolio Company in which the Fund invests may pay fees to sourcing, operating and/or joint venture partners in consideration for services, including where the Adviser or an affiliate may have otherwise provided those services without charge. In other circumstances, sourcing, operating and/or joint venture partners may receive certain third-party fees (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees as well as prepayment premiums) in respect of an investment, and no such fees will offset or otherwise reduce the Management Fee payable by Fund investors. The existence of such fees may result in the Fund paying fees twice, once to the Adviser in the form of Management Fees and once to the sourcing, operating or joint venture partners to service or manage the same assets.

Sourcing, operating and/or joint venture partners may invest in the Fund. Joint ventures may give rise to additional risks, including tax risks, and structures utilized in context of joint ventures, including for legal, tax and regulatory reasons, may adversely affect the Fund's pre-tax returns.

***The Fund is Subject to Risks Relating to Electronic Delivery of Certain Documents***

The Fund investors will be deemed to consent to electronic delivery or posting to the Administrator's website or other service of: (i) certain closing documents such as the LLC Agreement and the Subscription Agreements; (ii) any notices or communications required or contemplated to be delivered to the Fund investors by the Fund, the Adviser, or any of their respective affiliates, pursuant to applicable law or regulation; (iii) certain tax-related information and documents; and (iv) drawdown notices and other notices, requests, demands, consents or other communications and any financial statements, reports, schedules, certificates or opinions required to be provided to the Fund investors under any agreements. There are certain costs and possible risks associated with electronic delivery. Moreover, the Adviser cannot provide any assurance that these communication methods are secure and will not be responsible for any computer viruses, problems or malfunctions resulting from the use of such communication methods. *See* "*Item 1A. Risk Factors—Adviser and Structure-Related Risks—Risks Relating to Cybersecurity.*"

***The Fund May Need to Raise Additional Capital***

The Fund may need additional capital to fund new investments and grow its portfolio of investments once it has fully invested the net proceeds of the Private Offering. Unfavorable economic conditions could increase the Fund's funding costs or limit its access to the capital. A reduction in the availability of new capital could limit the Fund's ability to grow. In addition, the Fund is required to distribute at least 90% of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to investors to maintain its qualification as a RIC. As a result, these earnings will not be available to fund new investments. An inability on the Fund's part to access the capital successfully could limit its ability to grow its business and execute its business strategy fully and could decrease its earnings, if any, which would have an adverse effect on the value of its securities.

***The Fund is Subject to Counterparty Risks***

To the extent that contracts for investment will be entered into between the Fund and a market counterparty as principal (and not as agent), the Fund is exposed to the risk that the market counterparty may, in an insolvency or similar event, be unable to meet its contractual obligations to the Fund. The Fund may have a limited number of potential counterparties for certain of its investments, which may significantly impair the Fund's ability to reduce its exposure to counterparty risk. In addition, difficulty reaching an agreement with any single counterparty could limit or eliminate the Fund's ability to execute such investments altogether. Because certain purchases, sales, hedging, financing arrangements and other instruments in which the Fund will engage are not traded on an exchange but are instead traded between counterparties based on contractual relationships, the Fund is subject to the risk that a counterparty will not perform its obligations under the related contracts. Although the Fund intends to pursue its remedies under any such contracts, there can be no assurance that a counterparty will not default and that the Fund will not sustain a loss on a transaction as a result.

***Investors May be Required to Return Distributions to Satisfy Unpaid Debts of the Fund***

Under Delaware law, the investors could, under certain circumstances, be required to return distributions made by the Fund to satisfy unpaid debts of the Fund that were in existence at the time the distributions were made.

***The Board May Make Certain Changes in the Fund's Investment Objective, Operating Policies or Strategies Without Prior Notice or Investor Approval***

The Fund's Board has the authority to modify or waive certain of the Fund's operating policies and strategies without prior notice (except as required by the 1940 Act) and without investor approval. However, absent investor approval, the Fund may not change the nature of its business so as to cease to be, or withdraw its election as, a BDC. Under Delaware law, the Fund also cannot be dissolved without prior investor approval. The Fund cannot predict the effect any changes to its current operating policies and strategies would have on its business, operating results and value of its stock. Nevertheless, the effects may adversely affect the Fund's business and impact its ability to make distributions.

***The Board May Make Certain Changes to the Fund's LLC Agreement Without Prior Shareholder Approval***

Our Board may, without shareholder vote, subject to certain exceptions, amend or otherwise supplement the LLC Agreement by making an amendment, a supplement thereto or an amended and restated LLC Agreement, including without limitation to effect additional shareholders becoming a party to the LLC Agreement or the creation or issuance of additional shares or classes of shares and to add to the duties or obligations of the Board or surrender any right granted to the Board .

***The Fund is Subject to Risks Relating to Distributions***

The Fund intends to pay monthly distributions to shareholders out of assets legally available for distribution. The Fund cannot guarantee that it will achieve investment results that will allow it to make a specified level of cash distributions or year-to-year increases in cash distributions. If the Fund is unable to satisfy the asset coverage test applicable to it as a BDC, or if the Fund violates certain debt financing agreements, its ability to pay distributions to shareholders could be limited. All distributions will be paid at the discretion of the Fund's Board and will depend on the Fund's earnings, financial condition, maintenance of RIC status, compliance with applicable BDC regulations, compliance with debt financing agreements and such other factors as the Board may deem relevant from time to time. The distributions the Fund pays to investors in a year may exceed the Fund's taxable income for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes.

Investors who periodically receive the payment of a distribution from a RIC consisting of a return of capital for U.S. federal income tax purposes may be under the impression that they are receiving a distribution of RIC's net ordinary income or capital gains when they are not. Accordingly, investors should read carefully any written disclosure accompanying a distribution from the Fund and the information about the specific tax characteristics of the Fund's distributions provided to investors after the end of each calendar year, and should not assume that the source of any distribution is the Fund's net ordinary income or capital gains. To the extent that the Fund's distributions contain a return of capital, such distributions should not be considered the dividend yield or total return of an investment in the Common Shares. The amount treated as a tax-free return of capital will reduce a shareholder's adjusted tax basis in the Common Shares, thereby increasing the shareholder's potential taxable gain or reducing the potential taxable loss on the sale of Common Shares.

***The Board has the Discretion to Not Repurchase Common Shares, to Suspend the Share Repurchase Program, and to Cease Repurchases***

Our Board may not adopt a share repurchase program, and if such a program is adopted, may amend, suspend or terminate the share repurchase program at any time in its discretion. You may not be able to sell your shares at all in the event our Board amends, suspends or terminates the share repurchase program, absent a liquidity event, and we currently do not intend to undertake a liquidity event, and we are not obligated by our LLC Agreement 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 Shares requested to be repurchased in any given repurchase offer are repurchased, funds will be allocated pro rata based on the total number of Common Shares being repurchased without regard to class. The share repurchase program has many limitations and should not be relied upon as a method to sell shares promptly or at a desired price.

**Certain Regulatory Risks**

***Changes to the Dodd-Frank Act May Adversely Impact the Fund***

The enactment of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and other financial regulations curtailed certain investment activities of U.S. banks. As a result, alternative providers of capital (such as the Fund) were able to access certain investment opportunities on a larger scale. If the restrictions under the Dodd-Frank Act are curtailed or repealed, banks may be subject to fewer restrictions on their investment activities, thereby increasing competition with the Fund for potential investment opportunities. As a result, any changes to the Dodd-Frank Act may adversely impact the Fund.

***There are General Regulatory Risks Applicable to the Fund***

Legal, tax and regulatory changes could occur that may adversely affect the Fund, the shareholders and/or the portfolio investments. Recent proposals by the SEC indicate increased focus on the regulatory environment for investment vehicles such as the Fund, for holders of securities thereof, for investment advisers thereto and for lenders thereto is evolving, and changes in the regulation of any thereof may adversely affect the value of Common Shares held by or returns to a shareholder and/or the ability of the Fund to pursue its investment strategy.

Although the Fund and the Adviser will endeavor to comply with the requirements of applicable law and any changes thereto, the treatment of such entities and their investment or investment advisory activities is often uncertain, and may frequently depend on determinations of fact and interpretations of complex provisions of law and regulation for which there may be no clear precedent or authority or with respect to which the law or regulations are in the process of being considered for revocation or modification. Under such circumstances, the Fund and/or the Adviser may employ standard or developing industry practice or conventions, as well as its own internal policies and procedures, to guide its compliance efforts. There can be no assurance, however, that such practices, conventions, policies and procedures ultimately will be considered compliant, and as a result, the Fund or the Adviser, despite its efforts, may be exposed to liability (which may be subject to indemnification by the Fund or the shareholders), possibly on a retroactive basis, as practice, conventions, policies or procedures change or are challenged or the procedures for compliance with the regulatory regimes to which such entities are subject become clearer. Moreover, the regulatory regimes to which the Fund, the Adviser and the shareholders are subject may be administered differently by different governmental authorities or may be administered differently by different personnel within a particular governmental authority or over time and are generally under review by the applicable government authorities in the various jurisdictions in which such entities have investment or other activities, sometimes resulting in revised interpretations of seemingly established concepts. The treatment of such entities or their activities may be modified by administrative, legislative or judicial interpretation at any time, and any such action may affect investments or commitments previously made. In addition, as a result of such changes, the structure and activities of such entities may be challenged. Accordingly, the Fund, the shareholders and/or the Adviser could be adversely affected by any of such changes in laws, regulations, interpretations or the administration thereof.

If the Fund incurs indebtedness directly or indirectly that constitutes the issuance of an asset-backed security or a securitization as defined under then applicable law in the United States of America, in Europe or in Japan, the Fund, the Adviser or an affiliate of any thereof, may be required to (or may elect to) hold credit risk retention interests with respect thereto for the period of time and subject to the restrictions and limitations applicable thereto under then applicable law which could reduce the returns available to the Fund and the shareholders and potentially cause other adverse consequences for the Fund.

The Fund's Portfolio Companies and the Fund are subject to regulation by-laws at the U.S. federal, state, and local levels. These laws and regulations, as well as their interpretation, may change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations, and interpretations may also come into effect. Any such new or changed laws or regulations could have a material adverse effect on the Fund's business. The effects of such laws and regulations on the financial services industry will depend, in large part, upon the extent to which regulators exercise the authority granted to them and the approaches taken in implementing regulations.

Future legislative and regulatory proposals directed at the financial services industry that are proposed or pending in the U.S. Congress may negatively impact the operations, cash flows or financial condition of the Fund or its Portfolio Companies, impose additional costs on Portfolio Companies or the Fund intensify the regulatory supervision of the Fund or its Portfolio Companies or otherwise adversely affect the Fund's business or the business of its Portfolio Companies. Laws that apply to the Fund, either now or in the future, are often highly complex and may include licensing requirements. The licensing process can be lengthy and can be expected to subject the Fund to increased regulatory oversight. Failure, even if unintentional, to comply fully with applicable laws may result in sanctions, fines, or limitations on the ability of the Fund or the Adviser to do business in the relevant jurisdiction or to procure required licenses in other jurisdictions, all of which could have a material adverse effect on the Fund. In addition, if the Fund does not comply with applicable laws and regulations, it could lose any licenses that it then holds for the conduct of its business and may be subject to civil fines and criminal penalties.

***Privacy and Data Protection***

The Fund's collection, use, maintenance, handling, transfer and other processing of personal data, including in relation to, amongst others, the staff and representatives, individuals considering and/or making an investment in the Fund, and individuals connected with investors (such as directors, beneficial owners, advisors and agents), imposes legal and regulatory risk. Legal and regulatory requirements relating to the collection, storage, usage, maintenance, handling, transfer and other processing of personal data continue to evolve and could impose costly compliance burdens on the Fund. The Fund is and may directly or indirectly become subject to existing and future federal, state and international laws, regulations, rules or requirements related to privacy, data protection and information security in the jurisdictions in which it does business and/or its investors are located.

For example, the European Union's General Data Protection Regulation ("GDPR") includes a range of compliance obligations regarding the processing of personal data and significant financial penalties for non-compliance (the greater of €20 million or 4% of annual global turnover). Following Brexit, the U.K. General Data Protection Regulation (i.e., a version of the GDPR as implemented into U.K. law) ("UK GDPR") went into effect. While the GDPR and the UK GDPR remain substantially similar for the time being, the UK government has announced that it would seek to chart its own path on data protection and reform its relevant laws, including in ways that could differ from the GDPR.

The Fund also may be subject to existing and new U.S. federal, state and local privacy, data protection, and information security laws and regulations, such as the Federal Trade Commission Act, which regulates unfair or deceptive acts or practices (including with respect to privacy, data protection and information security); the Gramm-Leach-Bliley Act of 1999, which restricts certain collection, storage, use, disclosure and other processing of personal data, requires notice to individuals of privacy practices and provides individuals with certain rights to prevent the use and disclosure of certain non-public or otherwise legally protected data; the California Consumer Privacy Act, as amended by the California Privacy Rights Act, which provides California residents with certain individual privacy rights and imposes privacy, data protection and information security obligations on covered companies, as well as state data breach notification and other laws, including the New York SHIELD ACT, that require enhanced levels of cybersecurity and notification to individuals and/or regulators in the event of a cybersecurity breach of certain personal data or other similar incidents. A number of other states also have enacted, or are considering enacting, comprehensive privacy, data protection and information security laws, and the United States Congress is also considering various proposals for privacy, data protection and information security legislation.

The Fund intends to comply with any obligations arising out of privacy, data protection, and information security laws and regulations that are applicable to it, but may not be able to accurately anticipate the way in which regulators and courts will apply or interpret such laws and regulations, including their applicability to the Fund. If any such laws or regulations are implemented, interpreted or applied in a manner inconsistent with the Fund's policies and practices, it may be fined or ordered to change its business practices in a manner that increases compliance burdens and costs and adversely impacts its operating results. Compliance with these laws and regulations, including the obligation to timely notify stakeholders in the event of a cybersecurity incident, may divert the Fund's time and effort and entail substantial expense. Any failure or perceived failure by the Fund to comply with existing and new privacy, data protection and information security laws and regulations could result in negative publicity and may subject the Fund to significant costs associated with litigation, settlements, regulatory action, judgments, fines, liabilities and other penalties, for which the Fund may not have insurance coverage.

***The Fund is Subject to Risks Relating to Material Non-Public Information***

As described under the heading *"Item 7. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest"* from time to time, the Adviser, its owners, the respective affiliates of the Adviser and of its owners and the officers and personnel of any of the foregoing may come into possession of material non-public information that would limit the ability of the Fund to buy and sell Portfolio Loans. The investment flexibility of the Fund may be constrained as a consequence of the Adviser's inability to take certain actions because of such information. The Fund will lose investment opportunities if it is unable to acquire an investment because the Adviser, its owners, the respective affiliates of the Adviser and of its owners or the respective officers or other personnel of any of the foregoing have obtained material non-public information which prevents such acquisition. Although the Adviser and its affiliates have adopted some informational walls, not all information is subject to such walls and there can be no guarantee that a wall will be effective. The Fund may experience losses if it is unable to sell an investment that it holds because the Adviser, its owners, their respective affiliates and the respective officers or other personnel of any of the foregoing have obtained material non-public information, which losses will reduce returns to and could cause losses for the shareholders.

***The Fund is Subject to Risks Relating to Public and Other Disclosure Obligations***

The Fund and/or certain shareholders may be expected to disclose confidential and other information relating to Fund assets and financial results when required to do so by applicable law. The Fund may disclose confidential and other information to shareholders or to third parties (including, without limitation, their lenders, service providers and/or any rating agency) that may request such information and are expected to do so to the extent required by law or contract applicable thereto. In addition, other entities that are lenders or agents in any credit facility of which a Portfolio Loan constitutes a part may have similar disclosure rights or obligations relating to such credit facility. There is no assurance that any such disclosure of information will be or will remain confidential. Such disclosure obligations may adversely affect the Fund and/or certain shareholders, particularly shareholders who are not otherwise subject to public disclosure of information relating to the private holdings of funds in which they invest.

The Fund, the Adviser or their respective affiliates, service providers, or agents may from time to time be required or may, in their discretion, determine that it is advisable to disclose certain information about the Fund and the Fund investors, including investments held directly or indirectly by the Fund and the names and level of beneficial ownership of certain of the Fund investors, to (i) regulatory or taxing authorities of certain jurisdictions, which have or assert jurisdiction over the disclosing party or in which the Fund directly or indirectly invests, or (ii) any lenders, counterparty of, or service provider to, the Adviser or the Fund (and its subsidiaries). Disclosure of confidential information under such circumstances will not be regarded as a breach of any duty of confidentiality and, in certain circumstances, the Fund, the Adviser or any of their affiliates, service providers or agents, may be prohibited from disclosing to any Fund investor that any such disclosure has been made.

**Risks Relating to Financings by the Fund**

***The Fund is Subject to General Risks Associated with Leverage***

The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in the Fund. The greater the total borrowing by the Fund relative to its assets, the greater will be its risk of loss and possibility of gain. In addition, money borrowed by the Fund will be subject to interest costs and other costs which will be a direct or indirect expense of the Fund and, to the extent not covered by income or gain attributable to the assets of such borrower, will adversely affect the operating results of the Fund.

***The Fund Will Borrow Money, Which Magnifies the Potential for Gain or Loss on Amounts and May Increase the Risk of Investing With Us***

Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in our securities. We may enter into one or more credit facilities and may issue or assume other senior securities, and in the future may borrow from, or issue additional senior securities to, banks, insurance companies, funds, institutional investors and other lenders and investors. Lenders and holders of such senior securities have fixed dollar claims on the Fund's consolidated assets that are superior to the claims of our shareholders. If the value of our consolidated assets increases, then leveraging would cause the net asset value per share of our Common Shares to increase more sharply than it would have had we not incurred leverage.

Conversely, if the value of our consolidated assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not incurred leverage. Similarly, any increase in our consolidated income in excess of consolidated interest payable on the borrowed funds would cause our net income to increase more than it would had we not incurred leverage, while any decrease in our consolidated income would cause net income to decline more sharply than it would have had we not incurred leverage. Such a decline could negatively affect our ability to make distribution payments on our Common Shares. There can be no assurance that a leveraging strategy will be successful.

Any credit facilities into which the Fund may enter impose financial and operating covenants that may restrict the Fund's 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 any credit facilities or to add new or replacement debt facilities or to issue additional debt securities or other evidence of indebtedness could have a material adverse effect on our business, financial condition and results of operations.

***Indebtedness Under a Portfolio Credit Facility May be Affected by Interest Rate Risks, Including Mismatches Between the Interest that is Payable with Respect to Such Indebtedness and Interest Income that is Received on the Related Portfolio Loans***

The interest payable with respect to the indebtedness incurred or issued by the Fund or a subsidiary (including entities that engage in investment activities in securities or other assets that are primarily controlled by the Fund) under any portfolio credit facility (the "Portfolio Credit Facility Debt") generally is expected initially to be based on the Secured Overnight Financing Rate ("SOFR") (even if based on an alternative index under certain circumstances, and upon the transition from SOFR to an alternative base rate may transition to such an alternative base rate) which fluctuates based on changes in SOFR or such alternative rate, as applicable (the "Benchmark"). It is likely that SOFR will fluctuate and no representation can be made as to what SOFR will be in the future. Similar fluctuations are likely to occur if any other Benchmark replaces SOFR. Interest income earned on the Portfolio Loans that collateralize the related portfolio credit facility typically also are based on SOFR, although some Portfolio Loans could be based on an index of a different duration or on another index or bear interest at a fixed rate. It is possible that the Benchmark being used to determine interest payable on the Portfolio Credit Facility Debt may rise during periods in which the Benchmark or another index or fixed rate of interest payable on the Portfolio Loans is stable, falling or capped at a lower rate. Under such circumstances it is possible that there may be mismatches between the interest rates payable on the Portfolio Credit Facility Debt and the interest rates payable on the Portfolio Loans collateralizing such Portfolio Credit Facility Debt, as well as timing mismatches based on different reset dates with respect thereto. The Fund may enter into interest rate swap transactions to hedge any interest rate or timing mismatch. Such a mismatch could result in less excess spread available as credit support for the portfolio credit facility, less cash available for distribution to the Fund and the shareholders thus adversely affecting the returns received thereby and/or the Fund not collecting sufficient interest income from the Portfolio Loans to make interest payments then due on the Portfolio Credit Facility Debt which may result in an event of default thereunder.

***The Fund is Subject to Risks Relating to Subordinated Interests in any Financing Subsidiary***

The Fund will own all or a majority of the equity interests in any financing subsidiary. The Fund will seek advice from its accountants whether or not the Fund will be required to consolidate the assets and liabilities of any financing subsidiary in its consolidated financial statements. The Fund's equity interests in a financing subsidiary will be subordinated in priority of payment to such financing subsidiary's obligations to its debt holders and its service providers. All of these persons have claims superior to the claims of the Fund as equity interest holder in any liquidation of such financing subsidiary. If a financing subsidiary has insufficient assets to pay all of its obligations, the Fund and the shareholders may suffer losses. In addition, the debt incurred at the financing subsidiary level is required to be included in our calculation of our asset coverage.

***The Fund is Subject to Risks Relating to Minimum Utilization and Prepayment Penalties under a Portfolio Credit Facility***

In order to ensure that they receive an anticipated minimum level of profit in connection with entering into a portfolio credit facility, the lenders thereunder typically require that a borrower pay, in addition to interest and certain one-time fees, a commitment fee on any portion of the maximum commitment that is undrawn, and may require that the borrower pay a make-whole premium – which could be in the form of a one-time payment or ongoing minimum payments – in the event that the advances under the portfolio credit facility are prepaid or not sufficiently drawn, and/or the portfolio credit facility is terminated during a specified non-call period. Under such circumstances, the Fund could incur borrowing costs under such portfolio credit facility regardless of the amount of leverage it utilized thereunder. To the extent that the Fund is unable to acquire or did not hold sufficient Portfolio Loans meeting the eligibility criteria of the portfolio credit facility to satisfy certain minimum utilization targets under the portfolio credit facility, commitment fees may increase thus reducing the amount that may otherwise be distributable to the shareholders. In addition, there may be insufficient interest or other proceeds relating to such Portfolio Loans subject to such portfolio credit facility to fully cover all costs relating thereto which could result in a payment event of default under such portfolio credit facility, which could have a material adverse effect on the performance of the Fund and on the shareholders.

**Certain Investment Risks**

***The Fund is Subject to Risks Associated with its Investment Strategy***

The success of the Fund's investment activities depends on the Adviser's ability to identify opportunities for attractive risk-adjusted returns on invested capital, which is dependent in part on the market for available capital for middle market companies. Identification of these opportunities involves uncertainty. No assurance can be given that the Adviser will be able to successfully locate investment opportunities, or if such opportunities are located, that they will be available for allocation to the Fund or that, for Portfolio Loans sourced by the Antares Platform, or the Board, when required, will consent to or approve the purchase thereof. In addition, any credit facility is expected to, place restrictions on the Adviser's ability to cause the Fund to buy and/or sell loans as well as the timing for acquiring loans.

***Hedging***

The Fund may, in some circumstances, directly or indirectly, employ hedging techniques in connection with its Portfolio Loans designed to reduce the risks of adverse movements in interest rates, securities prices, currency exchange and other factors (including risks associated with the use of derivative instruments). While such transactions may reduce certain risks, such transactions themselves may entail certain other risks. Thus, while the Fund may benefit from the use of these hedging mechanisms, unanticipated changes in interest rates, securities prices, currency exchange rates or other events relating to such hedging transactions may result in a poorer overall performance for the Fund than if it had not entered into such hedging transactions. The Fund is not obligated to engage in any hedging operations (unless otherwise set forth in the Fund's governing documents), and there can be no assurance as to the success of any hedging operations that the Fund may implement.

***Terrorist Action, Military Action, Protests, Pandemics and Natural Disasters***

There is a risk of terrorist attacks, military actions, other armed conflicts, violent protests, pandemics and/or natural disasters in the United States and elsewhere causing significant loss of life, property damage and/or disruptions in the local or global markets. These events can also lead to, or be a symptom of, economic, political and/or social instability. Economic and diplomatic sanctions may be in place or imposed on certain states or persons. The imposition of sanctions could adversely impact the value and/or liquidity of assets where an obligor is located in or economically tied to a sanctioned country or person. Additionally, sanctions can lead to devaluation of a sanctioned country's currency and increased market volatility both in the sanctioned country and throughout the world, which could impact obligors and the Fund, even if there is no direct relationship with a sanctioned country or person.

Pandemics and natural disasters may have similarly disruptive impacts. The potential impact of such events is unclear, but such events could have a material adverse effect on general economic conditions, the ability of obligors of Portfolio Loans held by the Fund to repay such Portfolio Loans, lenders extending credit facilities to the Fund, or market liquidity, thereby adversely impacting the operations of the Adviser or the Fund and the returns to the shareholders.

***General Economic Conditions May Affect the Ability of the Fund to Make Distributions to the Shareholders***

The ability to effectuate the investment strategy of the Fund and to make distributions to the shareholders will depend in part on general economic conditions and the financial health of the Portfolio Loan borrowers. Negative trends or volatility in economic conditions generally or in particular financial and credit markets are likely to increase the number of non-performing Portfolio Loans and decrease the value and collectability of the Portfolio Loans. In particular, the current U.S. political environment and the resulting uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current administration, as well as the impact of geopolitical tension, such as a deterioration in the bilateral relationship between the U.S. and China or the current ongoing conflict between Russia and Ukraine and the escalating conflict in the Middle East, and the rapidly evolving measures in response, could lead to disruption, instability and volatility in the global markets. It is difficult to predict which markets, products, businesses and assets will be affected by particular economic or business conditions (or to what degree the health of particular markets or industries are dependent on monetary policies by central banks, particularly the U.S. Federal Reserve). There is no assurance that conditions in the credit and other financial markets will be or remain stable and will not have deteriorated or in the future deteriorate at any time and there is now and in the future a material possibility that economic activity will be volatile and/or has slowed or slow over the moderate to long term. *See* "*Item 1A. Risk Factors—Certain Investment Risks*—*Risks Relating to Infectious Disease and Pandemics.*" A decrease in market value of the Portfolio Loans would also adversely affect the sale proceeds that could be obtained upon the sale of the Portfolio Loans and could result in losses, negatively impact returns to shareholders and ultimately affect the ability of the Fund to make distributions to the shareholders.

Obligors are also affected generally by economic slowdowns and recessions. Although signs of economic slowdown are less evident in certain regions around the world as the global growth cycle has reached a mature phase, economists continue to expect near term moderate economic growth due to the limited signals of imminent recession in the United States, continued healthy government spending, and recent progress made on trade. Regardless, geopolitical instability presents a risk for the Fund and the Portfolio Loans in which it will invest. Any deterioration of general economic conditions can lead to significant declines in corporate earnings, loan performance, or the ability of obligors to service their loans, any of which could trigger a period of global economic slowdown and have an adverse impact the Fund's performance and financial results, including the value of its portfolio and the collateral securing the Portfolio Loans. Unfavorable economic conditions also could increase the cost of leverage or cause lenders not to extend credit on favorable terms or at all, which could prevent the Fund from making investments and have an adverse impact on its performance and financial results.

Negative economic trends would also increase the likelihood that major financial institutions or other entities having a significant impact on the financial and credit markets may suffer a bankruptcy or insolvency, as occurred during the recession in the U.S. economy several years ago. The bankruptcy or insolvency of any such entity may have an adverse effect on the Fund and the Common Shares and may trigger future crises in the global credit markets and overall economy, which could have a significant adverse effect on the Fund and the Common Shares.

During an economic downturn or recession it is likely that the incidence of amendments, waivers, modifications and restructurings of Portfolio Loans would increase, which may lead to a decrease in the value of such Portfolio Loans that could adversely affect the ability of the Fund to make distributions with respect to the Common Shares.

The volume of loans that are available for acquisition in the market or available for allocation by the Adviser to the Fund may vary from time to time. As a result, opportunities for the Fund to acquire such loans may be limited. This is also likely to heighten refinancing risk in respect of maturing Portfolio Loans. In addition, obligors on Portfolio Loans may be more likely to exercise any rights they may have to redeem or refinance such Portfolio Loans when interest rates or spreads are declining, which redemptions or refinancings may occur under circumstances when such Portfolio Loans cannot be replaced by the acquisition of additional Portfolio Loans with similar or better risk and economic characteristics or at all. These additional risks may affect the returns on the Common Shares to shareholders.

***The Fund is Subject to Risks Relating to General Economic Conditions***

Loans are subject to credit and interest rate risks. Credit risk refers to the likelihood that an obligor will default in the payment of principal or interest on a loan. Financial strength and solvency of an obligor are the primary factors influencing credit risk. In addition, lack or inadequacy of collateral or credit enhancement for a loan may affect its credit risk. Credit risk may change over the life of a loan and loans that are rated by rating agencies are often reviewed and may be subject to downgrade. Interest rate risk refers to the risks associated with market changes in interest rates. Interest rate changes may affect the value of a loan indirectly (especially in the case of fixed rate obligations) or directly (especially in the case of loans whose rates are adjustable). In general, rising interest rates will negatively impact the price of a fixed rate loan and falling interest rates will have a positive effect on price. Adjustable rate loans also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other factors). Interest rate sensitivity is generally more pronounced and less predictable in loans with uncertain payment or prepayment schedules.

***The Fund is Subject to Risks Relating to Developments in the Leveraged Loan Market***

The global economy has been affected for a number of years by the crisis in the credit markets initially caused by problems in the U.S. subprime residential mortgage loan market and, in the United States, a slow recovery thereafter. The global economy is still being negatively affected by, among other things, certain national deficits and sovereign debt levels incurred before or during the credit crisis. Among the sectors of the global credit markets that experienced particular difficulty during the credit crisis were the collateralized debt obligations and leveraged finance markets. There is no assurance that such markets may not experience similar difficulties in the future. There continues to exist significant risks for the Fund and shareholders as a result of uncertain or volatile economic conditions. These risks include, among others, (i) the likelihood that it may be more difficult to sell any of the Fund's assets in the secondary market, thus rendering it more difficult to dispose of such assets, (ii) the possibility that the price at which the Fund's assets can be sold by the Fund will have deteriorated from their effective purchase price, (iii) the illiquidity of the Common Shares, as there is currently little or no secondary trading in equity securities issued in connection with entities such as the Fund and none is expected to develop, and (iv) the possibility of a recession or other economic downturn affecting obligors. All of these risks may affect the returns on the Common Shares to shareholders and the ability of shareholders to realize their returns. The Fund's assets will primarily consist of Portfolio Loans to middle market companies that may be particularly susceptible to economic slowdowns or recessions and may be unable to make scheduled payments of interest or principal on their borrowings during these periods. *See* "*Item 1A. Risk Factors—Risks Relating to Portfolio Loans—Non-Investment Grade Loans to Middle Market Companies Involve Particular Risks.*" The volume of leveraged loans that are available for acquisition by the Fund may vary from time to time. As a result, opportunities for the Fund to acquire such assets may be limited. This is also likely to heighten refinancing risk in respect of maturing loans. In addition, obligors on loans may be more likely to exercise any rights they may have to redeem or refinance such loans when interest rates or spreads are declining. These additional risks may affect the returns on the Common Shares to shareholders and could further slow, delay or reverse an economic recovery and cause a further deterioration in loan performance generally.

Future crises may have a negative impact on the economic conditions in the affected jurisdictions. Any slowdown in growth or commencement of a recession in such economies as a result thereof has had and in the future is expected to have an adverse effect on the ability of consumers and businesses to repay or refinance their existing debt. Adverse macroeconomic conditions may adversely affect the rating, performance and the realization value of the loans. It is possible that the loans will experience higher default rates than anticipated and that performance will suffer.

Although the leveraged finance and CLO markets have made significant recoveries from the adverse impact of the credit crisis, there can be no assurance that the leveraged finance and CLO markets will not be adversely impacted by future economic downturns or market volatility.

***The Fund is Subject to Risks Relating to Competition and Availability of Suitable Investments***

In recent years there has been a marked increase in the number of, and flow of capital into, investment vehicles established in order to implement investment strategies in leveraged loans including BDCs, leveraged loan finance companies, CLO vehicles and private funds and separately managed accounts similar to the Fund. While the precise effect cannot be determined, such increase may result in greater competition for investment opportunities, which may result in a decrease in the number of opportunities that the Adviser is able to pursue on behalf of the Fund, or in increased price volatility with respect to such opportunities. Prospective investors should understand that the Fund will compete with other investment vehicles, as well as institutional investors and commercial banking firms that have substantially greater resources, in terms of financial wherewithal and research staffs, than may be available to the Fund. In addition, competitors may have incurred, or may in the future incur, leverage to finance their debt investments at levels or on terms more favorable than those available to the Fund. As a result of this competition, the Fund may not be able to take advantage of attractive investment opportunities from time to time, and the Adviser can offer no assurance that it will be able to identify and make investments that are consistent with the investment objective of the Fund.

In some cases, the Adviser's indirect owners invest in Portfolio Loans that are suitable for the Fund. Such indirect owners could invest indirectly alongside the Fund and other clients of the Adviser or the Adviser's affiliates through their interest in the Antares Direct Holdings or could seek to invest either in concert with, or independently of, the Fund and other clients of the Adviser or the Adviser's affiliates. In cases where the Adviser's indirect owners pursue an opportunity independently, the Fund could, but will not necessarily, also pursue such opportunity.

***The Fund is Currently Operating in a Period of Capital Markets Disruption, Significant Volatility and Economic Uncertainty***

The global capital markets are experiencing a period of disruption and instability resulting in increasing spreads between the yields realized on riskier debt securities and those realized on risk-free securities, lack of liquidity in parts of the debt capital markets, significant write-offs in the financial services sector and the re-pricing of credit risk in the broadly syndicated market. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business and operations. Highly disruptive market conditions have resulted in increasing volatility and illiquidity in the global credit, debt and equity markets generally. The duration and ultimate effect of such market conditions cannot be accurately forecasted. Extreme uncertainty regarding economic markets is resulting in declines in the market values of potential investments and declines in the market values of investments after they are made or acquired by the Fund and affecting the potential for liquidity events involving such investments or Portfolio Companies. During periods of market disruption, Portfolio Companies may be more likely to seek to draw on unfunded commitments the Fund has made, and the risk of being unable to fund such commitments is heightened during such periods. Applicable accounting standards require the Fund to determine the fair value of its investments as the amount that would be received in an orderly transaction between market participants at the measurement date. While most of the Fund's investments are not publicly traded, as part of the Fund's valuation process the Fund considers a number of measures, including comparison to publicly traded securities. As a result, volatility in the public capital markets can adversely affect the Fund's investment valuations.

Various social and political tensions around the world may contribute to increased market volatility, may have long-term effects on the worldwide financial markets and may cause further economic uncertainties worldwide. In particular, the consequences of the conflict between Russia and Ukraine and the conflict in the Middle East, including international sanctions, the potential impact on inflation and increased disruption to supply chains and a potential global recession may impact Portfolio Companies. Because Russia is a major exporter of oil and natural gas, the invasion and related sanctions have reduced the supply, and increased the price, of energy, which is accelerating inflation and may exacerbate ongoing supply chain issues. There is also the risk of retaliatory actions by Russia against countries which have enacted sanctions, including cyberattacks against financial and governmental institutions, which could result in business disruptions and further economic turbulence. Such consequences also may increase the Fund's funding cost or limit its access to the capital markets.

A prolonged period of market illiquidity may cause the Fund to reduce the volume of loans and debt securities originated and/or fund and adversely affect the value of the Fund's portfolio investments, which could have a material and adverse effect on the Fund's business, financial condition, results of operations and cash flows.

***The Fund is Subject to Inflation Risks***

Certain of our Portfolio Companies may be impacted by inflation. If such Portfolio Companies are unable pass any increases in their costs along to their customers, it could adversely affect their results and their ability to pay interest and principal on our loans. 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 unrealized losses and therefore reduce our net assets resulting from operations.

***The Fund is Subject to Risks Relating to Infectious Disease and Pandemics***

Certain illnesses spread rapidly and have the potential to significantly adversely affect the global economy. Outbreaks such as the severe acute respiratory syndrome, avian influenza, H1N1/09, and, most recently, the coronavirus (COVID-19), or other similarly infectious diseases may have material adverse impacts on the Fund, the Adviser, their respective affiliates and Portfolio Companies. Actual pandemics, or fear of pandemics, can trigger market disruptions or economic turndowns with the consequences described above. The Adviser cannot predict the likelihood of disease outbreaks occurring in the future nor how such outbreaks may affect the Fund's investments.

The outbreak of disease epidemics may result in the closure of the Adviser's and/or a Portfolio Company's offices or other businesses, including office buildings, retail stores and other commercial venues and could also result in (a) the lack of availability or price volatility of raw materials or component parts necessary to a Portfolio Company's business which may adversely affect the ability of a Portfolio Company to perform its obligations, (b) disruption of regional or global trade markets and/or the availability of capital, (c) the availability of leverage, including an inability to obtain indebtedness at all or to the Fund's desired degree, and less favorable timing of repayment and other terms with respect to such leverage, (d) trade or travel restrictions which impact a Portfolio Company's business and/or (e) a general economic decline and have an adverse impact on the Fund's value, the Fund's investments, or the Fund's ability to make new investments.

If a future pandemic occurs (including a recurrence of COVID-19) during a period when the Fund expects to be harvesting its investments, the Fund may not achieve its investment objective or may not be able to realize its investments.

***Changes in the Leveraged Finance and Fixed Income Markets May Affect Shareholders***

In recent years, the leveraged finance and fixed income markets have at times contributed to a severe liquidity crisis in the global credit markets. There have also been at times substantial fluctuations in prices for leveraged loans and limited liquidity for such loans. No assurance can be made that the conditions giving rise to such price fluctuations and limited liquidity will not arise or become acute in the future. During periods of limited liquidity and higher price volatility, the ability of the Fund to acquire or dispose of Portfolio Loans at a price and time that the Adviser deems advantageous may be severely impaired. As a result, in periods of rising market prices, the Fund may be unable to participate in price increases fully to the extent that it is unable to acquire desired positions quickly and its inability to dispose fully and promptly of positions in declining markets may cause its net asset value to decline and may exacerbate losses suffered thereby when Portfolio Loans are sold. Furthermore, significant additional liquidity-related risks may exist for the Fund and the shareholders including, among others, (i) the possibility that the prices at which Portfolio Loans can be sold by the Fund will have deteriorated from their effective purchase price, and (ii) the possibility that opportunities for the Fund to sell its assets in the secondary market may be impaired or restricted by a portfolio credit facility. These additional risks may result in losses, negatively affect the returns on the Common Shares or otherwise adversely affect shareholders.

Regardless of current or future market conditions, certain Portfolio Loans purchased by the Fund will have only a limited trading market (or none). The Fund's investment in illiquid Portfolio Loans may restrict its ability to dispose of Portfolio Loans in a timely fashion and for a fair price, as well as its ability to take advantage of market opportunities. While liquidity in loans to middle market companies has increased in recent years, loans to middle market companies similar to the loans that the Fund intends to acquire are less liquid than broadly syndicated loans and certain of such middle market loans that may be acquired by the Fund are less liquid than more traditional senior secured loans to middle market companies. Illiquid Portfolio Loans may trade at a discount from comparable, more liquid loans or other investments. *See* "*Item 1A. Risk Factors—Risks Relating to Portfolio Loans—Non-Investment Grade Loans to Middle Market Companies Involve Particular Risks*" for a further description of the illiquidity of non-investment grade loans to middle market companies.

In addition, adverse developments in the primary market for loans to middle market companies, unitranche loans and/or leveraged loans in general may reduce opportunities for the Fund to acquire loans that would qualify as Portfolio Loans. The ability of private equity sponsors and leveraged loan arrangers to effectuate new leveraged buy-outs and the ability of the Fund to acquire such loans may be partially or significantly limited depending on market and regulatory conditions. Furthermore, possible changes in the tax laws of the United States could result in private equity sponsors and obligors electing to reduce leveraged loans as part of their Portfolio Companies' capital structure and to obtain more of their funding in the form of equity which may reduce the amount of Portfolio Loans available for acquisition by the Fund. The impact of any such changes affecting the leveraged loan market or another liquidity crisis on the global credit markets may adversely affect the management flexibility of the Adviser in relation to the portfolio and, ultimately, the returns on the Common Shares to shareholders.

***It is Anticipated that All or Most of the Portfolio Loans will be Sourced by Antares Parties***

Except to the extent otherwise permitted by the Fund's investment criteria, since it is anticipated that all or most of the Portfolio Loans that will be acquired directly or indirectly by the Fund will be sourced through the Antares Platform, the Fund will be relying on the performance of the loan origination business of the Antares Platform and the relevant Antares Parties in general for both the types of Portfolio Loans and the quality of such Portfolio Loans acquired by the Fund and for other related services including, without limitation, access to market deal flow, credit diligence and portfolio administration, accounting, tax, human resources, information technology and legal/compliance support. Therefore, a decline in the business and other business activity of the Antares Platform or the relevant Antares Parties could have adverse consequences for the Fund and the shareholders. There can be no assurance that the Antares Platform or the relevant Antares Parties will source loans of equal or better quality than those sourced by them in the past. If the Antares Platform or one or more of such relevant Antares Parties suffers from a decline in business, or loosens its credit standards, the loans sourced thereby may suffer in credit quality. In order to maintain levels of business activity and/or profitability, the Antares Platform or the relevant Antares Parties may make concessions to obligors on loans. In addition, there is no assurance that the Antares Parties will continue to source loans that fit the Fund's investment strategy or originate them in the same volume. Under such circumstances the size or performance of the Fund's portfolio could be expected to be adversely affected.

Significant conflicts of interest will arise from the Fund acquiring all or most of the Portfolio Loans in this manner. *See "Item 7. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest."*

***Certain Portfolio Loans Could be Based on Recurring Revenues and Not Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")***

Certain of the Portfolio Loans could be in large part underwritten based on projections and assumptions related to the growth or increase in services, adoption or entry into new markets and an assumed growth in recurring revenue, as well as assumptions related to spending to support such growth. The obligors of these Portfolio Loans may have low or negative EBITDA. If the projections and assumptions made with respect to the growth of any such obligor's revenues or expenditures are inconsistent with such obligor's actual performance, such Portfolio Loans may be subject to greater risks than Portfolio Loans for which the obligor has higher EBITDA.

***Ratings and/or Credit Estimates are Not a Guarantee of Quality***

Credit ratings and/or credit estimates of assets represent the rating agencies' opinions regarding their credit quality and are not a guarantee of quality or performance. A credit rating or a credit estimate is not a recommendation to buy, sell or hold assets and may be subject to revision or withdrawal at any time by the assigning rating agency. If a credit rating or credit estimate assigned to any Portfolio Loan is lowered for any reason, no party is obligated to provide any additional support or credit enhancement with respect to such Portfolio Loan. Rating agencies attempt to evaluate the relative future creditworthiness of an obligation and do not address other risks, including, but not limited to, the likelihood of principal prepayments (both voluntary and involuntary), liquidity risk, market value or price volatility; therefore, credit ratings or credit estimates do not fully reflect the true risks of an investment in the related asset. Also, rating agencies may fail to make timely changes in credit ratings in response to subsequent events, so that an obligor's current financial condition may be better or worse than a rating indicates. Further, rating agencies may change credit rating or credit estimate methodologies. Consequently, credit ratings or credit estimates of any Portfolio Loan should be used only as a preliminary indicator of perceived investment quality and should not be considered a reliable indicator of actual investment quality. Credit ratings or credit estimates of Portfolio Loans included in the Fund's direct or indirect portfolio or of other loans similar to the Portfolio Loans may be subject to significant or severe adjustments downward. Credit rating or credit estimate reductions or withdrawals may occur for any number of reasons and may affect numerous assets at a single time or within a short period of time, which may have material adverse effects upon the Fund's direct or indirect investments in Portfolio Loans.

Loans to middle market companies generally will not have a public rating, although some loans may have private ratings and/or credit estimates assigned by, or obtained pursuant to the methodology of, a nationally recognized statistical rating agency. A credit estimate is not identical to a credit rating, and may be assigned using a more limited analysis, based on public information or information supplied by the party requesting the credit estimate. Disclosure of private ratings and/or credit estimates, if any are available, is restricted and any such ratings or estimates are not expected to be disclosed to the Fund.

***The Fund is Subject to Risks Relating to the Impact of Uninvested Cash Balances***

To the extent the Adviser on behalf of the Fund maintains cash balances (such as cash balances to fund revolving loans) or reserves or holds such amounts in temporary investments instead of investing in higher yielding Portfolio Loans or paying down related credit facilities incurred directly or indirectly thereby with respect to the Portfolio Loans, portfolio income will be reduced which will result in reduced amounts available to the Fund for its return on investment. In addition, temporary investments could also suffer losses. The extent to which the cash balances of the Fund remain uninvested in Portfolio Loans will be subject to a variety of factors, including among others future market conditions, and is difficult to predict.

***The Composition and Characteristics of the Portfolio Loans will Change over Time***

The characteristics of the Portfolio Loans held by the Fund will change as a result of the acquisitions and sales of Portfolio Loans by the Fund. The characteristics of the Portfolio Loans will also change over time as a result of scheduled amortization, prepayments, the amount of draws, repayments and termination of revolving Portfolio Loans, extensions, waivers, modifications, restructuring, work-outs, delinquencies and defaults on Portfolio Loans. There can be no assurance that the portfolio of Portfolio Loans directly or indirectly owned by the Fund will have any particular characteristics at any time and the decision to buy Portfolio Loans or to sell Portfolio Loans will have a significant impact on those characteristics.

***Trade negotiations and related government actions may create regulatory uncertainty for our Portfolio Companies and our investment strategies and adversely affect the profitability of our portfolio companies.***

In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S. on numerous countries. Such tariffs could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from countries subject to the tariffs. Further governmental actions related to the imposition of tariffs or other trade barriers, or changes to international trade agreements or policies, could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies. In addition, such tariffs could slow the global economy, and, while such tariffs may be adjusted downward or removed, the adjustment or removal of tariffs may or may not yield the intended results.

**Risks Relating to Portfolio Loans**

***Non-Investment Grade Loans to Middle Market Companies Involve Particular Risks***

The Portfolio Loans will consist primarily of non-investment grade loans to middle market companies or participation interests therein, which are subject to liquidity, market value, credit, repricing, default, recovery, interest rate, reinvestment and other risks. The Portfolio Loans are generally considered to be subject to greater risks than investment grade corporate obligations and will be less liquid than both investment grade corporate obligations and broadly syndicated loans. These risks could be exacerbated to the extent that the portfolio is concentrated in one or more particular types of Portfolio Loans. There can be no assurance that the Adviser will correctly evaluate the nature and magnitude of the various factors that could affect the value and returns of the Portfolio Loans or will be able to acquire on behalf of the Portfolio Loans that will generate sufficient returns to meet the Fund's or the shareholders' expectations.

Prices of the Portfolio Loans may be volatile, and will generally fluctuate due to a variety of factors that are inherently difficult to predict, including but not limited to changes in interest rates, prevailing credit spreads, general economic conditions, financial market conditions, domestic and international economic or political events, developments or trends in any particular industry, and the financial condition of the obligors of the Portfolio Loans. In particular, the market for non-investment grade loans has experienced periods of volatility in the supply and demand for such loans, resulting in fluctuations and changes in, among other things, spreads, interest rate floors, purchase discounts, leverage, covenants, structure, and other terms. Additionally, loans and participation interests in loans generally have significant liquidity and market value risks because they are not generally traded in organized exchange markets but are traded by banks and other institutional investors in privately negotiated transactions. Because loans are privately syndicated and loan agreements are privately negotiated and customized, loans are not purchased or sold as easily as publicly traded securities. In addition, historically the trading volume in the loan market, especially in the middle market, has been small relative to both the high-yield debt securities market and the broadly syndicated loan market. As a result, the Portfolio Loans will be subject to greater risks than broadly syndicated loans issued by larger companies.

All or a significant majority of the Portfolio Loans are expected to consist of loans to middle market companies. Although middle market loans share many of the same characteristics as more broadly syndicated loans, including a senior secured position in the obligor's capital structure and floating rate interest payments, loans to middle market companies tend to be less widely held and are not often publicly rated. Loans to middle market companies may have default rates or recovery rates that differ (and may be better or worse) than has been the case for broadly syndicated loans or investment grade corporate obligations. As a result, the Portfolio Loans will be subject to greater risks than broadly syndicated loans entered into by larger companies.

Because a more limited number of investors invest in loans to middle market companies, the trading volume for such loans is relatively illiquid as compared to that of broadly syndicated loans. Because a more limited number of investors who invest in middle market loans invest in unitranche loans to middle market companies, the trading volume for such loans is likely to be relatively illiquid as compared to that of more traditional senior secured loans to middle market companies. In addition, the trading market for Portfolio Loans that are revolving loans is substantially less liquid than that for term loans since certain loan market investors are not permitted to, or prefer not to, invest in revolving loans. Furthermore, there are typically restrictions on transfers of Portfolio Loans under the related loan facility documents and, if the Portfolio Loan is a participation interest, there may be additional restrictions on transfer under the related participation agreement. The illiquidity of the Portfolio Loans may restrict the ability of the Fund (or the Adviser on its behalf) to dispose of such Portfolio Loans in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities.

A non-investment grade middle market loan or participation interest therein is generally considered speculative in nature and may experience defaults for a variety of reasons. A middle market loan may become subject to either substantial workout negotiations or a restructuring, which may entail, among other things, a substantial reduction in the interest rate, a substantial write-down of principal, deferral of payment, payments-in-kind of interest, and a substantial change in the terms, conditions and covenants with respect to such loan. In addition, such negotiations or restructuring may be quite extensive, protracted and costly over time, and therefore may result in substantial uncertainty with respect to the ultimate recovery on such loan. The liquidity of a loan in default will be limited, and to the extent that a defaulted loan is sold, it is highly unlikely that the proceeds from such sale will be equal to the amount of unpaid principal and interest thereon. There can be no assurance as to the levels of defaults and/or recoveries that may be experienced on the Portfolio Loans and an increase in default levels or a decrease in recoveries would be expected to adversely affect the returns of the Fund in respect of the Portfolio Loans.

In general, non-investment grade loans to middle market businesses may carry more inherent risks than non-investment grade loans to larger, publicly traded entities. For example, middle market borrowers generally are not publicly traded entities and have significantly less publicly available information about them compared to publicly traded entities. These middle market companies generally have more limited access to capital and higher financing costs, have weaker financial positions, need more capital to expand or compete, and may be unable to obtain financing from their respective private equity sponsors, public capital markets or from traditional sources, such as commercial banks. Non-investment grade and middle market borrowers may be highly leveraged, which may cause them to be more likely to be unable to meet their obligations in an economic downturn, a period of rising interest rates, a contraction of the leveraged loan market or a period of fluctuating exchange rates (in respect of those obligors located outside of the United States). Middle market businesses typically have narrower product lines and smaller market shares than large businesses. Therefore, they tend to be more vulnerable to competitors' actions and market conditions, as well as general economic downturns. Middle market businesses may have more difficulties implementing enterprise resource plans and may face greater challenges integrating acquisitions than large businesses. These businesses may also experience substantial variations in operating results. Typically, the success of a middle market company also depends on the management talents and efforts of one or two individuals or a small group of individuals. The death, disability or resignation of one or more of these individuals could have a material adverse impact on such middle market company and its ability to repay its obligations. A deterioration in a middle market obligor's financial condition and prospects may cause it to fail to satisfy net income, cash flow and other coverage tests typically imposed by lenders and may be accompanied by deterioration in the collateral securing the Portfolio Loan. Such deterioration may impair the ability of such obligor to obtain refinancing, force it to seek to have its Portfolio Loan restructured or result in a defaulted Portfolio Loan.

In addition, middle market businesses often need substantial additional capital to expand or compete and will often have borrowed money from other lenders and may need additional capital to survive any economic downturns. Accordingly, loans made to middle market companies involve higher risks than loans made to companies that have larger businesses, greater financial resources or are otherwise able to access traditional credit sources. In addition, while a private equity sponsor often will provide additional capital to support their middle market Portfolio Companies in times of distress, such practice may not continue or may continue to a lesser extent. Default levels or the amount or timing of recoveries that may be experienced on the Portfolio Loans are uncertain. Any event of default and acceleration of a loan or decrease in recoveries or delay in receipt of recoveries would be expected to adversely affect the returns of the Fund in respect of the Portfolio Loans.

***Investing in Term Loans, Delayed Draw Term Loans or Revolvers Involves Certain Risks***

The Fund may invest in a variety of different types of debt, including but not limited to term loans, delayed draw term loans and/or revolving loans. A term loan is a loan that has a specified repayment schedule. A delayed draw term loan is a loan that typically permits the borrower to withdraw predetermined portions of the total amount borrowed at certain times. A revolving credit facility differs from a delayed draw term loan in that as the borrower repays the loan, an amount equal to the repayment may be borrowed again during the term of the revolving credit facility. Delayed draw term loans and revolving credit facilities usually provide for floating or variable rates of interest. If the Fund enters into or acquires a commitment with a borrower regarding a delayed draw term loan or a revolver, the Fund will be obligated on one or more dates in the future to lend the borrower monies (up to an aggregate stated amount) if called upon to do so by the borrower. These commitments may have the effect of requiring the Fund to increase its investment in a borrower at a time when it might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). Delayed draw term loans and revolvers may be subject to restrictions on transfer, and only limited opportunities may exist to resell such instruments. As a result, the Fund may be unable to sell such investments at an opportune time or may have to resell them at less than fair market value.

***Loan Prepayments May Affect the Ability of the Adviser to Invest Available Funds in Appropriate Portfolio Loans***

Loans are generally prepayable in whole or in part at any time at the option of the obligor thereof at par plus accrued unpaid interest thereon. Prepayments on loans may be caused by a variety of factors which are often difficult to predict. Consequently, there exists a risk that Portfolio Loans purchased at a price greater than par may experience a capital loss as a result of such a prepayment. In addition, certain Portfolio Loans may include excess cash flow capture and other mandatory prepayment provisions, which may accelerate the amortization of the applicable Portfolio Loan. Any inability of the Adviser (if it is permitted to reinvest such funds on behalf of the Fund) to reinvest payments or other proceeds in Portfolio Loans with comparable interest rates may adversely affect the returns of the Fund in respect of the Portfolio Loans. There is no assurance that the Adviser will be able to reinvest proceeds in Portfolio Loans with comparable interest rates or as to the length of any delays before such investments are made.

The rate of prepayments, amortization and defaults may be influenced by various factors including, among other things: (i) changes in obligor performance and requirements for capital; (ii) the level of interest rates and the shape of the yield curve; (iii) lack of credit being extended and/or the tightening of credit underwriting standards in the commercial lending industry and supply and demand economics in capital markets; and (iv) the overall economic environment.

The Adviser cannot predict the actual rate of prepayments, accelerated amortization or defaults which will be experienced with respect to the Portfolio Loans.

***Lender Liability Considerations and Equitable Subordination can Affect the Fund's Rights with Respect to Portfolio Loans***

A number of judicial decisions in the United States have upheld judgments of obligors against lending institutions on the basis of various evolving legal theories (collectively termed "lender liability"). Generally, lender liability is founded upon the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the obligor or has assumed an excessive degree of control over the obligor resulting in the creation of a fiduciary duty owed to the obligor or its other creditors or shareholders. Because of the nature of the Portfolio Loans, the Fund could become directly or indirectly subject to allegations of lender liability individually or as part of a group of lenders and could also be liable for pro rata liabilities of the agent or lead lender.

In addition, under common law principles that in some cases form the basis for lender liability claims, if a holder of debt (a) intentionally takes an action that results in the undercapitalization of an obligor to the detriment of other creditors of such obligor, (b) engages in other inequitable conduct to the detriment of such other creditors, (c) engages in fraud with respect to, or makes misrepresentations to, such other creditors, or (d) uses its influence as a stockholder to dominate or control an obligor to the detriment of other creditors of such obligor, a court can elect to subordinate the claim of the offending holder of debt to the claims of the disadvantaged creditor or creditors, a remedy called "equitable subordination". Because of the nature of the Portfolio Loans, the Portfolio Loans could be subject to claims of equitable subordination.

Moreover, because the Fund and affiliates of, or persons related to, the Adviser and its affiliates could hold an equity investment or other interests in obligors of Portfolio Loans, generally will act as the loan agent with respect to the related loan facility, could be registered title owner and seller of a participation interest in such loan investment and/or generally will hold related loans and/or equity investments, the Fund could be exposed to claims for equitable subordination or lender liability or both based on such equity investment or other holdings or activities of the Adviser and its affiliates.

The preceding discussion is based upon principles of United States federal and state laws. Insofar as Portfolio Loans that are obligations of non-United States obligors are concerned, the laws of certain foreign jurisdictions could impose liability upon lenders under factual circumstances similar to those described above, with consequences analogous to or different from those described above under United States federal and state laws.

***Balloon Loans Present Refinancing Risk***

The Portfolio Loans will include loans to middle market companies or participation interests therein that are balloon loans. Balloon loans involve a greater degree of risk than other types of loans because they are structured to allow for small principal payments over the term of the loan, requiring the obligor to make a large final (balloon) payment upon the maturity of the loan. The ability of such obligor to make this final payment upon the maturity of the loan typically depends upon its ability either to refinance the loan prior to maturity or to generate sufficient cash flow to repay the loan at maturity. The ability of any obligor to accomplish any of these goals will be affected by many factors, including the availability of financing at acceptable rates to such obligor or at all, the financial condition of such obligor, the marketability of the collateral (if any) securing such loan, the operating history of the related business, tax laws and the prevailing general economic conditions. Given their relative size and limited resources and access to capital, some obligors may have difficulty in repaying or refinancing their balloon loans on a timely basis or at all. Consequently, such obligors of Portfolio Loans that are balloon loans may not have the ability to repay such Portfolio Loans at maturity, and under such circumstances the Fund could lose all or most of the principal of such Portfolio Loans.

***The Fund will Have Limited Consent and Control Rights with Respect to the Loan Facilities of Which the Portfolio Loans Are a Part***

As a lender in a loan facility that has multiple lenders, the Fund will have limited consent and control rights, and such rights may not be effective in view of the expected proportion of such obligations held thereby as compared to the other lenders. In all instances, the Fund will own less than a majority of the related loan(s) of which the Portfolio Loans are a part and will not control decision making by the required lenders under the related credit facility documents except to the extent that such documents require the consent of all lenders. If the consent of all lenders is required to a modification, most credit facility documents provide that the loan of any lender failing to so consent may be redeemed by the obligor or purchased by an existing or new lender, in either such case at par together with accrued interest. If the Fund is a non-consenting lender, the related Portfolio Loan may be sold under such circumstances and there can be no assurance that the Adviser will be permitted or able to redeploy any sale or redemption proceeds received in connection therewith in Portfolio Loans having the same or a better yield or average life as any such Portfolio Loan so prepaid or sold, or at all, which may adversely affect the Fund's expected return. To the extent that an Antares Party, any joint venture in which an Antares Party participates or any other person owns portions of such loans or an Antares Party is interested in maintaining a performing loan on the Antares Direct Holdings and good business relations with the related obligor and its sponsor (as opposed to having a competitor in the loan market provide the desired loan to the obligor), it should be expected that they may act in their own interests in connection therewith without considering the interests of the Fund. *See* "*Item 1A. Risk Factors—Risks Relating to Portfolio Loans—The Fund is Subject to Risks Related to Repricing*" and *"Item 7. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest."*

Except as otherwise expressly provided herein and in any portfolio credit facility, as applicable, the Adviser will direct the exercise and enforcement, or direct the Fund to refrain from exercising and enforcing, any or all of its rights and remedies in connection with the Portfolio Loans or any related loan documents and will direct consents or rejections of amendments or waivers of the terms of any Portfolio Loan and related loan documents and any workouts or restructuring in accordance with the Adviser's investment management practices and the Fund will not otherwise have any right to compel the Adviser to take or refrain from taking any actions. The Adviser will be subject to certain conflicts of interest, as described in *"Item 7. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest"* below. The Adviser, on behalf of the Fund, has broad authority to direct and supervise the investment thereby in Portfolio Loans and to manage them while owned by the Fund, which includes the execution of amendments, waivers, modifications and other changes to the Portfolio Loans.

***Agency Provisions with Respect to the Portfolio Loans Could Impair Enforcement Actions Against the Collateral Securing the Portfolio Loans and Expose the Fund to Losses on the Portfolio Loans; The Fund Might Not Have the Ability to Control Decisions with Respect to Portfolio Loans.***

The Portfolio Loans are expected to consist primarily of agented loans. Under the loan documents with respect to agented loans, a financial institution or other entity may be designated as the administrative agent, loan agent and/or collateral agent or a person acting in a similar capacity. Under these arrangements, the obligor typically grants a lien to the collateral agent on behalf of the lenders and the obligor makes payments to the administrative agents, which distributes obligor payments to the related lenders including the Fund. Such administrative agent may also collect advances made by the lenders and pays them over to the obligor in connection with the closing of the related Portfolio Loan and thereafter with respect to advances on revolving loans and delayed draw loans. Such administrative agents typically receive such payments into and distribute them from a commingled account. Certain decisions with respect to the related Portfolio Loan may be made by the administrative agent on behalf of the lenders under the related loan documents. An Antares Party is expected to be the administrative agent with respect to most or all of the Portfolio Loans, subject to the terms of the related loan documents, which gives rise to certain conflicts of interest.

Risks related to agented loans include the possibility that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by the related lenders such as the Fund, including attempts to realize upon the collateral securing the Portfolio Loan and/or directing the applicable agent to take actions against the related obligor or the collateral securing a Portfolio Loan and taking actions to realize on proceeds or payments made by obligor that are in the possession or control of such agent. In addition, agented Portfolio Loans typically allow for agents to resign with certain advance notice. Such Portfolio Loans may not, however, contain provisions for the lenders to remove agents thereunder. Therefore, under circumstances where removal of an agent would be in the best interests of the lenders (including the Fund), the applicable loan documents would have to be amended by the lenders holding the requisite amount of the associated indebtedness with the agreement of one or more agents (which may not be forthcoming) to remove an agent thereunder. Further, if an agented loan is a revolving loan or a delayed draw loan, there is the possibility of other lenders failing to satisfy their funding commitment, which could result in a dispute. Any such actions could expose the Fund to losses with respect to the related Portfolio Loan.

***The Fund is Subject to Risks Relating to Borrower Fraud***

There is a risk of material misrepresentation or omission on the part of the borrower. Such inaccuracy or incompleteness may adversely affect the valuation of the collateral underlying the loans or may adversely affect the ability of the Fund to perfect or effectuate a lien on any collateral securing the loan. The Adviser cannot guarantee the accuracy or completeness of representations made by and information provided by borrowers.

***The Fund is Subject to Collateral Risk***

The collateral and security arrangements in relation to secured obligations in which the Fund may invest will be subject to such security or collateral having been correctly created and perfected and any applicable legal or regulatory requirements that may restrict the giving of collateral or security by an obligor, such as, for example, thin capitalization, over-indebtedness, financial assistance and corporate benefit requirements. If the Portfolio Loans do not benefit from the expected collateral or security arrangements, this may adversely affect the value of or, in the event of default, is likely to adversely impact the recovery of principal or interest from such Portfolio Loans held by the Fund. Accordingly, any such a failure to properly create or perfect collateral and security interests attaching to the Portfolio Loans could have a material adverse effect on the performance of the Fund, and, by extension, the Fund's financial condition, results of operations and the value of the Common Shares. A component of the Adviser's analysis of the desirability of acquiring a given Portfolio Loan relates to the estimated residual or recovery value of such investments in the event of the insolvency of the obligor. This residual or recovery value will be driven primarily by the value of the anticipated future cash flows of the obligor's business and by the value of any underlying assets constituting the collateral for such Portfolio Loan. The anticipated future cash flows of the obligor's business and the value of collateral can, however, be extremely difficult to predict as in certain circumstances market quotations and third party pricing information may not be available. If the recovery value of the collateral associated with the Portfolio Loans held by the Fund decreases or is materially worse than expected by the Adviser, such a decrease or deficiency may affect the value of the Portfolio Loans held by the Fund. Accordingly, there may be a material adverse effect on the performance of the Fund, and, by extension, the Fund's financial condition, results of operations and the value of the Common Shares.

***Investing in "Covenant-Lite" Loans Involves Certain Risks***

Certain of the Portfolio Loans may be "covenant-lite loans," which contain limited, if any, financial covenants. Generally, covenant-lite loans either do not require the obligor to maintain debt service or other financial ratios or do not contain common restrictions on the ability of the obligor to change significantly its operations or to enter into other significant transactions that could affect its ability to repay such loans. Ownership of covenant-lite loans may expose the Fund to different risks, including with respect to liquidity, price volatility and ability to restructure loans than is the case with loans that have such requirements and restrictions. As a result of the ownership of covenant-lite loans, the Fund's exposure to losses may be increased, which could result in an adverse impact on the returns of the Fund in respect of the Portfolio Loans.

***Investing in Senior Secured Loans Subordinated in Right of Payment Involves Certain Risks***

The Fund may invest in second lien loans, each of which will be secured by a pledge of collateral, but which is subordinated (with respect to liquidation preferences with respect to pledged collateral) to other secured obligations of the obligors secured by all or a portion of the collateral securing such second lien loan. Second lien loans are typically subject to intercreditor arrangements, the provisions of which can prohibit or restrict the ability of the holder of a second lien loan to (i) exercise remedies against the collateral with respect to their second liens; (ii) challenge any exercise of remedies against the collateral by the first lien lenders with respect to their first liens; (iii) challenge the enforceability or priority of the first liens on the collateral; and (iv) exercise certain other secured creditor rights, both before and during a bankruptcy of the obligor. In addition, during a bankruptcy of the obligor, the holder of a second lien loan might not be required to give advance consent to (a) any use of cash collateral approved by the first lien creditors; (b) sales of collateral approved by the first lien lenders and the bankruptcy court, so long as the second liens continue to attach to the sale proceeds; and (c) debtor-in-possession financings.

A portion of the Portfolio Loans is expected to consist of first-lien last-out loans (including, without limitation, the "last out" portion of unitranche loans). A first-lien last-out loan is a loan that is typically fully subordinated in right of payment or application of proceeds (other than permitted interest and principal payments) to the related senior secured loans of the same obligor until such related senior secured loans are paid in full.

A portion of the Portfolio Loans may consist of senior secured loans that have a first lien on the related obligor's assets and where the related obligor has a super-priority revolving or term loan facility that will, in a default scenario, be paid prior to such Portfolio Loan. For such Portfolio Loans, if the super-priority revolving or term loan facility provides significant leverage to the obligor, then the risks relating to the Fund's lien on the obligor's assets may be similar to the risks relating to second lien loans. In such cases, the creditors holding the super-priority revolving or term loan facility will have a senior priority over Portfolio Loans with respect to the related obligor's assets. To the extent that an Antares Party, any joint venture in which an Antares Party participates or any other person owns portions of such super-priority loans, they may act in their own interests in connection therewith without considering the interests of the Fund.

***Liens Arising by Operation of Law may Take Priority over the Fund's Liens on an Obligor's Underlying Collateral and Impair the Fund's Recovery on a Portfolio Loan in the Event of a Default or Foreclosure on that Portfolio Loan***

Federal or state law may grant liens on the collateral (if any) securing a Portfolio Loan that have priority over the lien for the benefit of the lenders on such collateral. An example of a lien arising under federal or state law is a tax or other government lien on property of an obligor. A tax lien may have priority over the lien for the benefit of the lenders on such collateral. To the extent a lien having priority over the lien for the benefit of the lenders exists with respect to the collateral related to any Portfolio Loan, the lien for the benefit of the lenders on the collateral will be subordinate to such lien. If the creditor holding such lien exercises its remedies, it is possible that, after such creditor is repaid, sufficient cash proceeds from the underlying collateral will not be available to pay the outstanding principal amount of such Portfolio Loan.

***Insolvency Considerations with Respect to Obligors of Portfolio Loans May Affect the Fund's Rights***

Various laws enacted for the protection of creditors may apply to the Portfolio Loans. If a court in a lawsuit brought by an unpaid creditor or representative of creditors of an obligor of a Portfolio Loan, such as a trustee in bankruptcy, were to find that the obligor did not receive fair consideration or reasonably equivalent value for incurring the indebtedness constituting such Portfolio Loan and, after giving effect to such indebtedness, the obligor (i) was insolvent, (ii) was engaged in a business for which the remaining assets of such obligor constituted unreasonably small capital or (iii) intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they mature, such court could determine to invalidate, in whole or in part, such indebtedness as a fraudulent conveyance, to subordinate such indebtedness to existing or future creditors of the obligor or to recover amounts previously paid by the obligor in satisfaction of such indebtedness. The measure of insolvency for purposes of the foregoing will vary. Generally, an obligor would be considered insolvent at a particular time if the sum of its debts were then greater than all of its property at a fair valuation or if the present fair saleable value of its assets were then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and matured. There can be no assurance as to what standard a court would apply in order to determine whether the obligor was "insolvent" after giving effect to the incurrence of the indebtedness constituting the related Portfolio Loan or that, regardless of the method of valuation, a court would not determine that the obligor was "insolvent" upon giving effect to such incurrence. In addition, in the event of the insolvency of an obligor of a Portfolio Loan, payments made on such Portfolio Loan could be subject to avoidance as a "preference" if made within a certain period of time (which may be as long as one year under federal bankruptcy law or even longer under state laws) before insolvency.

In general, if payments on Portfolio Loans are avoidable, whether as fraudulent conveyances or preferences, such payments can be recaptured, either from the initial recipient or from subsequent transferees of such payments. To the extent that any such payments are recaptured from the Fund or any financing subsidiary, the returns of the Fund in respect of the Portfolio Loans will be reduced thereby. However, it is likely that avoidable payments could not be recaptured directly from a lender that has given value in exchange for the Portfolio Loan, in good faith and without knowledge that the payments were avoidable. Nevertheless, there can be no assurance that the Fund or any financing subsidiary will be able to avoid recapture on this or any other basis.

***Restructuring of Portfolio Loans and the Insolvency of the Related Obligor May Have Adverse Effects***

The particular restructuring strategy pursued with respect to a Portfolio Loan may not maximize the value of or any recovery on such Portfolio Loan. Any restructuring could alter, reduce or delay the payment of interest or principal from any Portfolio Loan and, as such, could delay the timing and reduce the amount of payments made with respect thereto to the Fund. Restructurings of a Portfolio Loan might result in extensions of its term, which would likely extend the average life of such Portfolio Loan and, in the aggregate, could delay the timing of payments made with respect thereto to the Fund. Any restructuring of a Portfolio Loan may also have an adverse effect on its value and/or rating for purposes of various tests and triggers under a related portfolio credit facility, which could have a material adverse effect on the Fund and could results in losses and/or reduced returns to the Fund and the shareholders. Restructurings of Portfolio Loans or the exercise of remedies with respect thereto that result in the receipt of certain types of equity securities with respect thereto may be required to be held in direct or indirect subsidiaries of the Fund (including entities that engage in investment activities in securities or other assets that are primarily controlled by the Fund) that elect to be treated as corporations for U.S. federal income tax purposes which, to the extent taxes are payable in connection therewith, would reduce income or gain otherwise obtainable therefrom.

The Fund (or the Adviser on its behalf) and/or any Antares Party other than the Adviser may participate on committees formed by creditors to negotiate the management of financially troubled obligors that may or may not be in bankruptcy or may seek to negotiate directly with such obligors with respect to restructuring issues. If the Adviser, on behalf of the Fund, does join a creditors' committee, the participants of the committee would be interested in obtaining an outcome that is in their respective individual best interests and there can be no assurance of obtaining results most favorable to the Fund in such proceedings. By participating on such committees, the Fund may be deemed to have duties to other creditors represented by the committees, which might expose the Fund to liability to such other creditors who disagree with the Fund's actions. Furthermore, by participating on such committees, the Fund may be contractually obligated to hold the related Portfolio Loan even if the Adviser, on behalf of the Fund, believes it would be in the best interests of the Fund to sell. In addition, the Adviser, its affiliates or Other Accounts may also have or acquire equity securities or debt obligations of companies who are obligors of Portfolio Loans held by the Fund, and may have interests different from or adverse to those of the Fund with respect to its Portfolio Loans. The Fund and the Adviser and/or its affiliates may be on any such committee representing such different interests, which may result in conflicts of interest as described in *"Item 7. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest."*

***The Fund is Subject to Risks Related to Repricing***

If prevailing credit spreads tighten, an obligor of a Portfolio Loan and its private equity sponsor may have an incentive to try to negotiate more favorable pricing and other terms under such Portfolio Loan to better reflect the then current market pricing and terms or may repay the Portfolio Loan and seek alternative financing with other lenders on then-prevailing market pricing and terms. As a result, Portfolio Loans may be repaid prior to their scheduled maturity and may be replaced with other Portfolio Loans with lower pricing or terms less favorable to the Fund or not replaced at all. Alternatively, the existing Portfolio Loans may be modified or amended to provide the Fund with less favorable pricing or terms. The Antares Parties may, and frequently will, have an incentive to agree to such a repricing, modification and/or amendment to retain the loan on the Antares Direct Holdings (or, in the case of the Adviser, to retain the loan on the Fund's balance sheet) and/or strengthen its business relationship with the obligor or the private equity sponsor. In addition, to the extent that an Antares Party (other than the Adviser) holds an equity interest in the related obligor, the Antares Parties (other than the Adviser) may have an incentive to agree to or propose such a repricing, modification and/or amendment, although since the Antares Parties have in the past acquired and expect in the future to acquire only de minimis equity interests, if any, in some (but not all) obligors or their direct or indirect equity owners, such Antares Parties do not expect any such equity interest in an obligor or any owner thereof to outweigh the significantly larger economic interests of the Antares Parties who are lenders to the obligor. There can be no assurance that Portfolio Loans will be held to maturity or that Portfolio Loans may not be modified or amended to provide lower pricing and other less favorable terms, and in either case that these occurrences will not adversely affect the returns of the Fund. See also *"Item 7. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest."*

***Certain of the Portfolio Loans May be Cross-Collateralized with Other Tranches of Indebtedness Incurred by the Same Obligor and May be Cross-Collateralized with Indebtedness Issued by More Than One Obligor***

Cross-collateralization arrangements involving more than one obligor could be challenged as fraudulent conveyances by creditors of the related obligor in an action brought outside a bankruptcy case or, if the obligor were to become a debtor in a bankruptcy case, by the obligor's representative (or the obligor as debtor-in-possession), U.S. trustee or creditors' committee.

Among other things, a legal challenge to the granting of the liens may focus on the benefits realized by the related obligor from the applicable Portfolio Loan proceeds, as well as the overall cross-collateralization. If a court were to conclude that the granting of the liens to cross-collateralize a Portfolio Loan was a voidable fraudulent conveyance, such court could subordinate all or part of the pertinent Portfolio Loan to existing or future indebtedness of that obligor, recover payments made under that Portfolio Loan, or take other actions detrimental to the Fund, including, under certain circumstances, invalidating the Portfolio Loan or the Fund's interest in the collateral securing the cross-collateralized Portfolio Loan.

Furthermore, as a general matter, financial restructurings have increasing complexity because lenders in the banking and capital markets use sophisticated financing techniques to fund lending operations, including loan participations, investment funds, loan funding arrangements and other financing techniques. In the contracts documenting such arrangement, lenders often delegate some or all of their voting rights to other persons providing the funding, which may in turn further delegate such rights and consequently result in further delays to in-court and out-of-court restructurings and exacerbate the risks associated with insolvencies and restructuring.

***Bankruptcy of One or More Obligors Could Reduce or Eliminate the Return to the Fund on a Portfolio Loan***

There is a significant risk that one or more of the obligors may enter bankruptcy proceedings. Such proceedings may result in, among other things, a substantial reduction in the interest rate and a substantial write down of the principal of the related Portfolio Loans. There are a number of significant risks inherent in the bankruptcy process. First, rulings in a bankruptcy case are the product of adversary proceedings determined by a court with equitable powers, and are beyond the control of specific creditors. Second, a bankruptcy filing may adversely and permanently affect the obligor making such filing. The obligor may lose its market position, key employees, relationships with important suppliers, access to the capital markets or other sources of liquidity and otherwise become incapable of restoring itself as a viable entity. If for this or any other reason a reorganization under the U.S. Bankruptcy Code is converted to or becomes a liquidation, the liquidation value of the obligor may not equal the liquidation value that was believed to exist at the time of purchase of the Portfolio Loan. Third, the duration of a bankruptcy case is difficult to predict. A creditor's return on investment can be adversely affected by delays while a plan of reorganization is being negotiated, approved by parties in interest and confirmed by the bankruptcy court until it ultimately becomes effective. For example, in general, unsecured creditors' claims for interest accrued between the bankruptcy filing and a reorganization plan's consummation are not allowed. Fourth, the administrative costs of the debtor and official committees in connection with the bankruptcy case are frequently high and will be paid out of the debtor's estate prior to any return to general unsecured creditors. If the bankruptcy case involves protracted or difficult litigation, or turns into a liquidation, substantial assets may be devoted to such administrative costs; a creditor's costs in monitoring and enforcing its investment may also substantially increase. Certain claims that have priority by law (for example, claims for taxes) also may be significant. Finally, under certain circumstances, creditors' claims against bankrupt or insolvent entities may be subject to equitable subordination or recharacterization as equity (particularly where the creditor is an insider or otherwise controls the debtor), and transfers made to creditors may be subject to avoidance and disgorgement as preferences or fraudulent conveyances.

***Rising Interest Rates May Render Some Obligors Unable to Pay Interest on their Portfolio Loans and Changes in the Interest Rate on a Portfolio Loan May Impact the Fund***

The Portfolio Loans will bear interest at floating interest rates. To the extent interest rates increase, periodic interest obligations owed by the related obligors will also increase. As prevailing interest rates increase, some obligors may not be able to make the increased interest payments on Portfolio Loans or refinance their balloon Portfolio Loans, resulting in payment defaults. Any payment default of an obligor under a Portfolio Loan will also have an adverse effect on its value and/or rating for purposes of various tests and triggers under a related portfolio credit facility which could have a material adverse effect on the Fund and could results in losses and/or reduced returns to the Fund and the shareholders. Conversely, if interest rates decline, obligors may refinance their Portfolio Loans at lower interest rates which could shorten the average life thereof and reduce the Fund's expected returns with respect thereto, particularly if the Fund is not then able to directly or indirectly invest in other Portfolio Loans with an equal or greater interest rate and average life. Any bankruptcy or insolvency of an obligor under a Portfolio Loan will also have an adverse effect on its value and/or rating for purposes of various tests and triggers under a related portfolio credit facility which could have a material adverse effect on the Fund and could result in losses and/or reduced returns to the Fund and the shareholders.

In addition, Portfolio Loans may feature interest rates which will vary based on certain financial ratios of the related obligor. The interest rates payable by the obligors under such Portfolio Loans will typically be reduced if the applicable financial ratios of the related obligors improve and, accordingly, an improvement in the financial performance of obligors under these Portfolio Loans would result in a decrease in interest payments thereunder to the Fund. Conversely, the interest rates payable by the obligors under such Portfolio Loans will typically be increased if the applicable financial ratios of the related obligors deteriorate. However, while a deterioration in the financial performance of obligors under these Portfolio Loans would result in an increase in interest payments received by the Fund, increased payment obligations of such obligors could weaken the financial condition of such obligors in the future.

***The Fund is Subject to the Risk of Third Party Litigation***

The Fund's investment activities hereunder may subject it to the risks of becoming involved in litigation by third parties. As described above under "Lender Liability Considerations and Equitable Subordination Can Affect the Fund's Rights with Respect to Portfolio Loans," this risk may be greater where the Fund or exercises control or significant influence over an obligor's direction. The expense of defending against claims against the Fund by third parties and paying any amounts pursuant to settlements or judgments would be borne by the Fund (except to the extent the Fund may have a claim against the Adviser under the Investment Advisory Agreement or another applicable agreement) and would reduce the returns of the Fund and the shareholders in respect of the Portfolio Loans.

***International Investing Involves Certain Risks***

Certain of the Portfolio Loans may consist of obligations of obligors located in non-U.S. jurisdictions. Investing outside the United States may involve greater risks than investing in the United States. These risks may include: (i) less publicly available information; (ii) varying levels of governmental regulation and supervision; and (iii) the difficulty of enforcing legal rights in a foreign jurisdiction and uncertainties as to the status, interpretation and application of laws. Moreover, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to United States companies. Portfolio Loans consisting of obligations of non-U.S. obligors may be subject to various laws enacted in their home countries for the protection of debtors or creditors, which could adversely affect the Fund's ability to recover amounts owed. These insolvency considerations will differ depending on the country in which each obligor is located. Additionally, international borrowers can also be more exposed to geopolitical risks such as armed conflict or could become subject to sanctions, located in a country that becomes subject to sanctions or have an economic relationship with persons who become subject to sanctions or a country that is, or whose people or companies are, subject to sanctions.

The economies of individual non-U.S. countries also may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, volatility of currency exchange rates, depreciation, capital reinvestment, resources, self-sufficiency and balance of payments position. Economic and political distress in any of those countries or regions may be detrimental to the performance of the related Portfolio Loan and may increase the likelihood of financial distress or insolvency of the applicable obligor. In addition, any abandonment of the Euro, a break-up of the EU and/or any individual country leaving the EU could have a negative impact on the obligors domiciled in related countries and could have regulatory consequences that are unknown at this time.

***The Fund is Subject to Risks Relating to Licensing Requirements***

Certain banking and regulatory bodies or agencies in or outside the United States may require the Fund, the Adviser and/or certain employees of the Adviser to obtain licenses or authorizations to engage in many types of lending activities including the origination of loans. It may take a significant amount of time and expense to obtain such licenses or authorizations and the Fund may be required to bear the cost of obtaining such licenses and authorizations. There can be no assurance that any such licenses or authorizations would be granted or, if granted, whether any such licenses or authorizations would impose restrictions on the Fund. Such licenses or authorizations may require the disclosure of confidential information about the Fund, Fund investors or their respective affiliates, including the identity, financial information and/or information regarding the Fund investors and their officers and directors. The Fund may not be willing or able to comply with these requirements. Alternatively, the Adviser may be compelled to structure certain potential investments in a manner that would not require such licenses and authorizations, although such transactions may be inefficient or otherwise disadvantageous for the Fund and/or any relevant Portfolio Company, including because of the risk that licensing authorities would not accept such structuring alternatives in lieu of obtaining a license or authorization. The inability of the Fund or the Adviser to obtain necessary licenses or authorizations, the structuring of an investment in an inefficient or otherwise disadvantageous manner, or changes in licensing regulations, could adversely affect the Fund's ability to implement its investment program and achieve its intended results.

***The Fund is Subject to Risks from Provision of Managerial Assistance and Control Person Liability***

The Fund may obtain rights to participate in the governance of certain of the Fund's Portfolio Companies. In such instances, the Fund typically will designate board members to serve on the boards of Portfolio Companies. The designation of representatives and other measures contemplated could expose the assets of the Fund to claims by a Portfolio Company, its security holders and its creditors, including claims that the Fund is a controlling person and thus is liable for securities laws violations and other liabilities of a Portfolio Company. The exercise of control over a company may impose additional risks of liability for environmental damage, product defects, failure to supervise management, violation of governmental regulations (including securities laws) or other types of liability in which the limited liability generally characteristic of business ownership may be ignored. If these liabilities were to arise, the Fund might suffer a significant loss. These measures also could result in certain liabilities in the event of the bankruptcy or reorganization of a Portfolio Company, could result in claims against the Fund if the designated board members violate their fiduciary or other duties to a Portfolio Company or fail to exercise appropriate levels of care under applicable corporate or securities laws, environmental laws or other legal principles, and could expose the Fund to claims that it has interfered in management to the detriment of a Portfolio Company. While the Adviser intends to operate the Fund in a way that will minimize the exposure to these risks, the possibility of successful claims cannot be precluded, nor can there be any assurance as to whether laws, rules, regulations and court decisions will be expanded or otherwise applied in a manner that is adverse to Portfolio Companies and the Fund and the Fund investors.

***The Fund is Subject to Risks Relating to Derivatives***

Generally, derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index, and may relate to individual debt or equity instruments, interest rates, currencies or currency exchange rates, commodities, related indexes and other assets. The Fund may, directly or indirectly, use various derivative instruments including options contracts, futures contracts, forward contracts, options on futures contracts, indexed securities and swap agreements for hedging and risk management purposes. The Fund also may use derivative instruments to approximate or achieve the economic equivalent of an otherwise permitted investment (as if the Fund directly invested in the loans, claims or securities of the subject issuer) or if such instruments are related to an otherwise permitted investment. The Fund's use of derivative instruments involves investment risks and transaction costs to which the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses that would not occur if such instruments had not been used. The use of derivative instruments may entail risks including, among others, leverage risk, volatility risk, duration mismatch risk, correlation risk and counterparty risk.

***The Fund's Ability to Enter into Transactions Involving Derivatives and Financial Commitment Transactions May be Limited***

In August 2022, Rule 18f-4 under the 1940 Act, regarding the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations (including reverse repurchase agreements and similar financing transactions), became effective. Under the rule, BDCs that make significant use of derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program, testing requirements, and requirements related to board reporting. These requirements will apply unless the BDC qualifies as a "limited derivatives user," as defined in the rule. Under the rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a Portfolio Company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Under the rule, when the Fund trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, the Fund needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Fund currently operates as a "limited derivatives user," and these requirements may limit the Fund's ability to use derivatives and/or enter into certain other financial contracts.

***The Fund is Subject to Risks Relating to Publicly Traded Securities***

Although not the investment focus of the Fund, the Fund can hold public securities including in circumstances where a Portfolio Company and/or one of its subsidiaries consummates an initial public offering or is acquired by a special purpose acquisition company (a "SPAC") while the Fund holds its equity investment or the Fund otherwise receives public securities in connection with an exit transaction or similar event involving an equity investment. Investments in public Portfolio Companies subject a Fund to risks that could differ in type or degree from those involved with investments in privately held companies. Such risks include, without limitation, movements in the stock market and trends in the overall economy, greater volatility in the valuation of such companies, increased obligations to disclose information regarding such companies, limitations on the ability of the Fund to dispose of such securities at certain times (including due to the possession by the Fund or Adviser of material non-public information), increased likelihood of shareholder litigation against such companies' board members, which could include Antares personnel, regulatory action by the applicable regulator and increased costs associated with each of the aforementioned risks.

***The Fund is Subject to Risks Associated with Investing in Equity***

In connection with sourcing of Portfolio Loans, the Fund is permitted to invest in equity securities or options or rights to acquire equity securities of a Portfolio Company, including but not limited to acquiring equity securities of the borrower of a Portfolio Loan (or affiliate thereof) in connection with acquiring a Portfolio Loan. Investment in equity securities could also arise in connection with a Fund's debt investment opportunities and may be accompanied by "equity-kickers" or warrants. The Fund could also be forced to accept equity in certain circumstances or could choose to make equity investments in distressed companies, including in connection with restructuring investments in existing Portfolio Companies. Equity securities generally fluctuate in price more than bonds and can decline in value over short or extended periods. The value of equity securities generally will vary due to, among other factors, changes in a company's financial condition and in overall market and economic conditions. Investments in equity securities of small or medium-sized market capitalization companies typically have more limited marketability and greater price volatility than the investments in the equity securities of larger companies. In addition, investments in equity can give rise to additional taxes and/or tax risks and the Fund could hold these investments through entities treated as corporations for U.S. federal tax purposes or other taxable structures which can reduce the return from such investments.

If the Fund invests in equity instruments of issuers whose performance diverges from the Adviser's expectations, or if equity markets generally move in a single direction and the Fund has not hedged against such a general move, losses could result. The Fund also could be exposed to risks that issuers will not fulfill contractual obligations such as, in the case of private placements, registering restricted securities for public resale. In addition, an investment in equity securities could be subject to restrictions and contingencies regarding the terms of an investment. As with other investments that the Fund can make, the value of equity securities held by the Fund could be adversely affected by actual or perceived negative events relating to such securities, the industry, or geographic areas in which a Portfolio Company operates or the financial markets generally. However, equity securities typically are even more susceptible to such events given their subordinate position in the Portfolio Company's capital structure. As such, equity securities generally have greater price volatility than fixed income securities or debt instruments. Equity investments in distressed Portfolio Companies can also be more likely to experience losses. While diversification among Portfolio Companies can help to mitigate some of these risks, the Fund is not required to diversify its investments in equity securities and investors should expect fluctuations in the value of equity securities held by the Fund based on market conditions.

The Fund is also permitted to invest in preferred equity securities that are rated in the lower rating categories by various credit rating agencies or, more commonly, in comparable non-rated securities. Securities in the lower rating categories and comparable non-rated securities are subject to greater risk of loss of principal and interest than higher rated and comparable non-rated securities and are generally considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. They are also generally considered to be subject to greater risk than securities with higher ratings and comparable non-rated securities in the case of deterioration of general economic conditions. Because investors generally perceive that there are greater risks associated with the lower rated and comparable non-rated securities, the yields and prices of such securities are likely more volatile than those for higher rated and comparable non-rated securities. The market for lower rated and comparable non-rated securities is thinner, often less liquid and less active than that for higher rated and comparable non-rated securities, which can adversely affect the prices at which these securities can be sold and could even make it impracticable to sell such securities. Preferred securities are subordinated to bonds and other debt securities in a Portfolio Company's capital structure in terms of priority for corporate income and liquidation payments. Preferred securities, therefore, will be subject to greater credit risk than those debt securities, but have priority over other types of equity securities. Depending on the features of the particular preferred security, holders could bear the risks disclosed herein regarding equity and/or fixed income securities.

***The Fund is Subject to Risks Associated with Investing in Convertible Securities and Warrants***

The value of convertible securities and warrants will vary with the movements in the equity market and the performance of the underlying common stock, in particular. The value of such warrants, direct equity investments, and equities received upon conversion of debt instruments is dependent primarily on the success of the applicable portfolio company's business strategy and the growth of its earnings, but also depends on general economic and equity market conditions. Their value is also affected by adverse Portfolio Company or market information. With respect to warrants, their value could decrease or be zero (and thus not be exercised) if the market price of the underlying securities remains lower than the specified price at which holders of warrants are entitled to buy such securities, resulting in a loss to the Fund of the purchase price of the warrant (or the embedded warrant price in the case of securities issued with warrants attached). With respect to convertible securities, as with all fixed income securities, the market value of such securities tends to decline as interest rates increase and, conversely, to increase as interest rates decline. However, when the market price of the common stock underlying a convertible security exceeds the conversion price, the convertible security tends to reflect the market price of the underlying common stock. As the market price of the underlying common stock declines, the convertible security tends to trade increasingly on a yield basis and thus, might not decline in price to the same extent as the underlying common stock. Convertible securities rank senior to common stock in an issuer's capital structure and consequently entail less risk than the issuer's common stock. In evaluating a convertible security, the investment teams will give primary emphasis to the attractiveness of the underlying common stock. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the Portfolio Company to redeem the security, convert it into the underlying stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund's ability to achieve its investment objectives.

The warrants, equity securities for which the warrants can be exercised, direct equity investments, and equities received upon conversion of debt instruments generally will be restricted securities that cannot readily be sold for some period of time and could be dependent on SEC registration requirements and marketing efforts required for public offerings that are outside the control of the Adviser. If the value of the equity securities underlying a warrant does not increase above the exercise price during the life of the warrant, the Adviser would permit the warrant to expire unexercised and the warrant would then have no value. Any of these actions could have an adverse effect on the Fund's ability to achieve its investment objectives.

***The Fund is Subject to Risks Arising from Compliance with the SEC's Regulation Best Interest***

Broker-dealers must comply with Regulation Best Interest, which, among other requirements, enhances the existing standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when recommending to a retail customer any securities transaction or investment strategy involving securities to a retail customer. Regulation Best Interest imposes a duty of care for broker-dealers to evaluate reasonably available alternatives in the best interests of their clients. There are likely alternatives to us that are reasonably available to you, through your broker or otherwise, and those alternatives may be less costly or have a lower investment risk. Among other alternatives, listed BDCs may be reasonable alternatives to an investment in our Common Shares, and may feature characteristics like lower cost, less complexity, and lesser or different risks. Investments in listed securities also often involve nominal or zero commissions at the time of initial purchase. The impact of Regulation Best Interest on broker-dealers participating in the Private Offering cannot be determined at this time, but it may negatively impact whether broker-dealers and their associated persons recommend the Private Offering to retail customers. If Regulation Best Interest reduces our ability to raise capital in the Private Offering, it would harm our ability to create a diversified portfolio of investments and achieve our investment objective and would result in our fixed operating costs representing a larger percentage of our gross income.

Under Regulation Best Interest, high cost, high risk and complex products may require greater scrutiny by broker-dealers and their salespersons before they recommend such products. There are likely alternatives to us that are reasonably available to you, through your broker or otherwise, and those alternatives may be less costly or have lower investment risk. Among other alternatives, listed BDCs may be reasonable alternatives to an investment in our Common Shares, and may feature characteristics like lower cost, less complexity, and lesser or different risks. Investments in listed securities also often involve nominal or zero commissions at the time of initial purchase. Currently, there is no administrative or case law interpreting Regulation Best Interest and the full scope of its applicability on brokers participating in our offering cannot be determined at this time.

***The Fund is Subject to Risks Associated with the Speculative Nature of Warrants and Other Forms of Equity Investment Returns***

The value of any warrants that the Fund receives in connection with extending loans is dependent on the value of the equity securities for which the warrants can be exercised. The value of such warrants, direct equity investments, and equities received upon conversion of debt instruments is dependent primarily on the success of a Portfolio Company's business strategy and the growth of its earnings, but also depends on general economic and equity market conditions. The prospects for achieving consistent profitability in the case of many of the Portfolio Companies are speculative. The warrants, equity securities for which the warrants can be exercised, direct equity investments, and equities received upon conversion of debt instruments generally will be restricted securities that cannot readily be sold for some period of time and could be dependent on SEC registration requirements and marketing efforts required for public offerings that are outside the control of the Adviser. If the value of the equity securities underlying a warrant does not increase above the exercise price during the life of the warrant, the Adviser would permit the warrant to expire unexercised and the warrant would then have no value.

***The Fund is Subject to Risks Associated with the Lack of Controlling Equity Interests in a Portfolio Company***

Because the Fund does not generally expect to hold controlling equity interests in Portfolio Companies, the Fund, as a minority equity investor, typically will not be in a position to exercise control over its Portfolio Companies or to prevent decisions by management or the board of directors of Portfolio Companies that could decrease the value of the Fund investments. Accordingly, the Fund will be significantly reliant on the existing management and board of directors of such Portfolio Company and subject to the risk that a Portfolio Company will make business decisions with which the Adviser disagrees, and the stockholders and management of a Portfolio Company could take risks or otherwise act in ways that are adverse to the Fund's interests. Furthermore, the Fund's equity investments will typically include customary "tag-along" and/or "drag-along" rights that will permit or require the Fund to participate in a sale of its equity investment at such time as the stockholders and management of the relevant Portfolio Company, not the Adviser, determines. Where practicable and appropriate, it is expected that shareholder rights generally will be sought to protect the Fund's equity investment. There can be no assurance, however, that such minority equity investor rights will be available, or that such rights will provide sufficient protection of the Fund's equity investment. Due to the lack of liquidity for the debt and equity investments that the Fund typically expects to hold in Portfolio Companies and transfer restrictions imposed on such investments, the Fund likely will not be able to dispose of the Fund's investments in the event the Adviser disagrees with the actions of a Portfolio Company and could therefore suffer a decrease in the value of the Fund's investments.

***The Fund is Subject to Risks Associated with Follow-On Investments***

Following an initial investment in a Portfolio Company, the Fund could have the opportunity to increase its investment in such Portfolio Company (such investment opportunity, a "Follow-On Investment"). However, there is no assurance that the Fund will make a Follow-on Investment or that the Fund will have sufficient funds to make all or any such investments. Any decision by the Fund not to make a Follow-On Investment or its inability to make such investments could have a substantial negative impact on a Portfolio Company in need of such an investment, could represent a lost opportunity for the Fund to increase its participation in a successful Portfolio Company, could result in the Fund's equity investment becoming diluted or, in circumstances where the Follow-On Investment is offered at a discount to market value, could result in a loss of value for the Fund.

***The Fund is Subject to Risks Arising from Entering into a TRS Agreement***

A total return swap ("TRS") is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the TRS, which may include a specified security, basket of securities or securities indices during a specified period, in return for periodic payments based on a fixed or variable interest rate. A TRS effectively adds leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Because of the unique structure of a TRS, a TRS often offers lower financing costs than are offered through more traditional borrowing arrangements. For purposes of computing the Fund's Investment Income Incentive Fee and the Capital Gains Incentive Fee, the calculation methodology will look through derivative financial instruments or swaps as if we owned the reference assets directly.

A TRS is subject to market risk, liquidity risk and risk of imperfect correlation between the value of the TRS and the loans underlying the TRS. In addition, we may incur certain costs in connection with the TRS that could in the aggregate be significant. A TRS is also subject to the risk that a counterparty will default on its payment obligations thereunder or that we will not be able to meet our obligations to the counterparty.

***The Fund is Subject to Risks Associated with Repurchase Agreements***

Subject to our investment objective and policies, we may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future for the purchase price plus premium (which often reflects the interests). The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including (1) possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss.

***The Fund is Subject to Risks Relating to Securities Lending Agreements***

We may from time to time make secured loans of our marginable securities to brokers, dealers and other financial institutions if our asset coverage, as defined in the 1940 Act, would at least equal 150% (equivalent to $2 of debt outstanding for each $1 of equity) immediately after each such loan. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. However, such loans will be made only to brokers and other financial institutions that are believed by the Adviser to be of high credit standing. Securities loans are made to broker-dealers pursuant to agreements requiring that loans be continuously secured by collateral consisting of U.S. government securities, cash or cash equivalents (e.g., negotiable certificates of deposit, bankers' acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal at all times to the market value of the securities lent. If the Fund enters into a securities lending arrangement, the Adviser, as part of its responsibilities under the Investment Advisory Agreement, will invest the Fund's cash collateral in accordance with the Fund's investment objective and strategies. The Fund will pay the borrower of the securities a fee based on the amount of the cash collateral posted in connection with the securities lending program. The borrower will pay to the Fund, as the lender, an amount equal to any dividends or interest received on the securities lent.

The Fund may invest the cash collateral received only in accordance with its investment objective, subject to the Fund's agreement with the borrower of the securities. In the case of cash collateral, the Fund expects to pay a rebate to the borrower. The reinvestment of cash collateral will result in a form of effective leverage for the Fund.

Although voting rights or rights to consent with respect to the loaned securities pass to the borrower, the Fund, as the lender, will retain the right to call the loans and obtain the return of the securities loaned at any time on reasonable notice, and it will do so in order that the securities may be voted by the Fund if the holders of such securities are asked to vote upon or consent to matters materially affecting the investment. The Fund may also call such loans in order to sell the securities involved. When engaged in securities lending, the Fund's performance will continue to reflect changes in the value of the securities loaned and will also reflect the receipt of interest through investment of cash collateral by the Fund in permissible investments.

***The Fund is Subject to Risks Relating to Liability Management Transactions.***

Recent developments in liability management transactions by borrowers may increase in prevalence. Such techniques include, without limitation, borrowers (and sometimes a subset of existing creditors) taking advantage of flexibility provided in underlying loan documentation and limited lender protections, and borrowers seeking to raise priming debt or structurally senior debt secured by all or a portion of the existing collateral whether through uptier cashless debt exchanges or through asset drop-down transactions while subordinating existing creditors to a subset of participating creditors. In such transactions, the existing debt of the subset of participating creditors may be exchanged at a higher exchange rate than the debt of the non-participating creditors, resulting in the participating creditors realizing increased recovery prospects which are greater than, and at the expense of, the remaining existing creditors. To the extent the Fund acquires a Portfolio Loan and subsequently is unable to participate in an uptier cashless loan exchange, an asset drop-down transaction or another form of a liability management transaction, it may not realize the same recovery prospects on such Portfolio Loan as the participating lenders in such transactions.

***The Fund is Subject to Risks Relating to Volatility in the Banking Sector***

Recent bank failures, or near failures, and declines in the share prices other U.S. and non-U.S. banks have resulted in certain banks being placed on "watch lists," suffering ratings downgrades and/or receiving emergency funding from governments. The impact of the banking sector's volatility on the financial system and broader economy could be significant. Continued volatility in the banking sector could cause or intensify an economic recession, make it more difficult for the Fund and/or borrowers to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained, and/or have other material adverse effects on the Fund and/or borrowers.

For certain borrowers, a large percentage of their assets are or could be held by a limited number of banks (or even a single bank). Failure of one or more banks used by a borrower could have a material adverse effect on such borrower. Cash, securities or other assets held in deposit accounts or securities accounts at a failed institution could be temporarily inaccessible or permanently lost. In these cases, the U.S. Federal Deposit Insurance Corporation (the "FDIC") would guarantee balances up to $250,000 per bank but the accountholder would ordinarily be an unsecured creditor with respect to cash balances in excess of $250,000 held at a single bank, and therefore might not ultimately recover any value in excess such amounts.

If a bank that provides a credit facility and/or other services to the Fund or any of its borrowers fails, the Fund or borrower could be unable to draw funds under such credit facilities and might not be able to obtain replacement credit facilities or applicable other services from other lending institutions on a timely basis or on similar terms. If the Fund's or any of its borrower's credit facilities and accounts are provided by the same banking institution, and such banking institution fails, or one or more banks used by investors in the Fund or borrower were to fail, the Fund or borrower could be unable to, or limited in its ability to, draw capital which could create significant difficulties in funding any near-term obligations it has in respect of its investments or otherwise. If the banks with which the Fund's borrowers have depositor or borrowing arrangements were to fail, there would be similar material adverse effects on such borrowers and the Fund. In most cases, the Adviser has no meaningful role in selecting the banks used by borrowers, and must rely on the borrower to select banking services with care. If one or more banks with whom the Fund or any of its borrowers maintains an account were to fail, the receipt and disbursement of funds by and from such account could be delayed or prevented, which could result in a default or other loss, and any deposits above the FDIC threshold could be lost.

***The Fund is Subject to Risks Relating to Net Asset Value Financings***

Net asset value financing ("NAV financing") requires that the amount of debt drawn under the facility does not exceed a given percentage of the NAV of the borrowing fund's underlying investments. The NAV of such investments will fluctuate over time as they are acquired, held and disposed of. Breach of the percentage limits may require that the facility is repaid, or additional collateral (such as cash or liquid securities) posted as security. There can be no assurance that the borrowing fund will be able to meet such demands and the Fund may consequently suffer a loss. The Fund may be reliant on third parties to accurately value the underlying investments and disputes may arise with the borrower should they not agree with such a valuation. Given that NAV financing is often used by borrowers during the mid-life of a fund to add further leverage to their underlying investments, issues may arise where existing third-party leverage already exists at the level of each underlying investment (and those investment-level lenders may therefore be structurally senior to any fund-level leverage).

**Risks Relating to Certain Regulatory Matters**

***The Fund is Subject to Risks Relating to Regulations Governing the Fund's Operation as a BDC***

The Fund will not generally be able to issue and sell its Common Shares at a price below net asset value per share. The Fund may, however, sell Common Shares, or warrants, options or rights to acquire the Fund's Common Shares, at a price below the then-current net asset value per share of the Fund's Common Shares if the Fund's Board determines that such sale is in the Fund's best interests, and if investors approve such sale. In any such case, the price at which the Fund's securities are to be issued and sold may not be less than a price that, in the determination of the Fund's Board, closely approximates the market value of such securities (less any distributing commission or discount). If the Fund raises additional funds by issuing Common Shares or senior securities convertible into, or exchangeable for, its Common Shares, then the percentage ownership of investors at that time will decrease, and investors may experience dilution.

***The Fund Must Invest a Sufficient Portion of Assets in Qualifying Assets***

The Fund may not acquire any assets other than "qualifying assets" unless, at the time of and after giving effect to such acquisition, at least 70% of the Fund's total assets are qualifying assets.

The Fund believes that most of the investments that it may acquire in the future will constitute qualifying assets. However, the Fund may be precluded from investing in what it believes to be attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If the Fund does not invest a sufficient portion of its assets in qualifying assets, it could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent the Fund, for example, from making follow-on investments in existing Portfolio Companies (which could result in the dilution of its position) or could require the Fund to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If the Fund needs to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. The Fund may not be able to find a buyer for such investments and, even if a buyer is found, the Fund may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows.

If the Fund does not maintain its status as a BDC, it would be subject to regulation as a registered closed-end management investment company under the 1940 Act. As a registered closed-end management investment company, the Fund would be subject to substantially more regulatory restrictions under the 1940 Act which would significantly decrease its operating flexibility.

***The Fund is Subject to Risks Relating to Pay-to-Play Laws, Regulations and Policies***

Many states, their subdivisions and associated pension plans have adopted so-called "pay-to-play" laws, rules, regulations or policies which prohibit, restrict or require disclosure of payments to, and/or certain contacts with, certain politicians or officials associated with public entities by individuals and entities seeking to do business with related entities, including seeking investments by public retirement funds in collective investment funds such as the Fund. The SEC also has adopted rules that, among other things, prohibit an investment adviser from providing advisory services for compensation with respect to a government plan investor for two years after the adviser or certain of its executives or employees makes a contribution to certain elected officials or candidates for certain elected offices. If the Adviser or the Adviser's respective employees or affiliates violate such pay-to-play laws, rules, regulations or policies, such non-compliance could have an adverse effect on the Fund by, for example, providing the basis for the ability of such government-affiliated pension plan investor to cease funding its obligations to the Fund or to withdraw from the Fund.

***The Fund is Subject to Risks Arising from Potential Controlled Group Liability***

Under certain circumstances it would be possible for the Fund, along with its affiliates, to obtain a controlling interest in certain Portfolio Companies. This could occur, for example, in connection with a workout of the Portfolio Company's debt obligations or a restructuring of the Portfolio Company's capital structure. here is a risk that the Fund (along with its affiliates) would be treated as engaged in a "trade or business" for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") or Section 4975 of the Code's controlled group rules. In such an event, the Fund could be jointly and severally liable for a Portfolio Company's liabilities with respect to the underfunding of any pension plans which such Portfolio Company sponsors or to which it contributes. Any of such liabilities that the Portfolio Company is not able to satisfy could, thereby, become the responsibility of the Fund, causing it to incur potentially significant, unexpected liabilities for which reserves were not established.

***The Fund is Subject to Risks Related to Being an "Emerging Growth Company"***

We will be and we will remain an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) in which we have total annual gross revenue of at least $1.235 billion, or (ii) in which we are deemed to be a large accelerated filer, which means the market value of our shares that is held by non-affiliates exceeds $700.0 million as of the date of our most recently completed second fiscal quarter, and (b) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three- year period. For so long as we remain an "emerging growth company," we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We cannot predict if investors will find our shares less attractive because we will rely on some or all of these exemptions. If some investors find our shares less attractive as a result, there may be a less active trading market for our shares and our share price may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to opt out of the extended transition period for complying with new or revised accounting standards.

**Federal Income Tax Risks**

***The Fund is Subject to RIC Qualification Risks***

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.

***The Fund May Experience Difficulty with Paying Required Distributions***

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 shareholders 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. The resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

***Some 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).

***Certain Portfolio Investments May Present Special Tax Issues***

We expect 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. U.S. federal income tax rules are not entirely clear about certain issues related to such investments 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 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 us, 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 or excise tax.

***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. Recent changes to the existing U.S. tax rules that include, among others, a minimum tax on book income and profits of certain multinational corporations, and there are a number of proposals in the U.S. Congress that would similarly modify the existing U.S. tax rules. Further, the U.S. Congress is currently considering proposed legislation which, if enacted in its current form, would introduce several changes to the Code, including raising U.S. tax (including withholding tax) rates for certain non-U.S. investors with respect to their investment in our Common Shares. Any new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our shareholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our Common Shares or the value or the resale potential of our investments.

***If We Are Not Treated as a "Publicly Offered Regulated Investment Company," as Defined in the Code, Our U.S. Shareholders 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 initially as a "publicly offered regulated investment company." Until and unless we are treated as a "publicly offered regulated investment company" as a result of either (1) Common Shares and our preferred shares collectively being held by at least 500 persons at all times during a taxable year, (2) Common Shares are continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act) or (3) Common Shares being treated as regularly traded on an established securities market, each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend for U.S. federal income tax purposes from us in the amount of such U.S. shareholder'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. shareholder. For taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. shareholder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a U.S. shareholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. shareholder's miscellaneous itemized deductions exceeds 2% of such U.S. shareholder's adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code.

**Item 2. Financial Information.**

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

The information in this section contains forward-looking statements that involve risks and uncertainties. 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 a Delaware limited liability company formed on April 15, 2025 and a non-diversified, closed-end management investment company that intends to elect to be regulated as a BDC under the 1940 Act. We also intend to elect to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are a private, perpetual-life BDC, which is a BDC whose common shares are not listed for trading on a stock exchange or other securities market. The Fund uses the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration whose common shares are intended to be sold by the Fund monthly on a continuous basis at a price generally equal to the Fund's NAV per Common Share.

Our investment objective is to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers.

Our investment strategy focuses primarily on private credit investments structured as Portfolio Loans to U.S. borrowers. A "Portfolio Loan" is a senior secured loan, which may be first lien, second lien or unitranche loan, consisting of term loans and/or related delayed draw term loans and/or revolving loans, and each tranche of a senior secured loan acquired by the Fund is referred to as a Portfolio Loan. The Fund is expected to acquire Portfolio Loans that have been sourced, underwritten (*i.e.*, evaluated for associated potential risks) and originated by Antares Parties or by other loan originators that can include, among others, joint ventures in which one or more Antares Parties have interests. Unitranche loans represent a hybrid loan structure that combines senior debt and subordinated debt into one loan.

While our investment strategy primarily focuses on companies in the United States, we also intend to leverage Antares' global presence to invest in companies in Canada, Europe and other locations outside the U.S., subject to compliance with BDC requirements to invest at least 70% of assets in "eligible portfolio companies."

Our investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. We may use these investments to maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. We may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities, subject to compliance with BDC requirements to invest at least 70% of assets in "eligible portfolio companies."

Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments, including Portfolio Loans. Such 80% policy is not a fundamental policy, as the term is defined under the 1940 Act. We expect that most of the Portfolio Loans will be senior secured loans consisting of term loans, unitranche loans, and/or related delayed draw term loans and/or revolving loans. A portion of the Fund's investments may be composed of "covenant-lite loans". The private companies to which Portfolio Loans will be made typically enter into senior secured loans in order to acquire capital for growth, acquisitions, recapitalizations, refinancings and leveraged buyouts. Such loans typically pay interest at rates determined periodically on the basis of a floating base lending rate plus a premium. The Adviser will seek to build an attractive, diversified portfolio of Portfolio Loans which, after acquisition by the Fund, will be subject to active monitoring by the Adviser's or its affiliates' credit analysts and management team. We expect most of our debt investments will be unrated. When rated by a nationally recognized statistical ratings organization, our investments will generally carry a rating below investment grade (rated lower than "Baa3" by Moody's Investor Service, Inc. or lower than "BBB-" by Standard & Poor's Rating Services). 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 illiquid and difficult to value. We may also make certain "Opportunistic Investments" as further discussed herein.

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 limitations set forth in the 1940 Act, which currently allows us to borrow up to a 2:1 debt to equity ratio. We intend to use leverage in the form of borrowings, including loans from certain financial institutions and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Fund.

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.

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

**Revenues**

We plan to 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**

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to:

● Management Fees and Incentive Fees paid to the Adviser pursuant to the Investment Advisory Agreement; and

● all other expenses of the Fund's operations, administrations and transactions.

From time to time, Antares Capital Credit (in its capacity as the Adviser and/or the Administrator) or its affiliates may pay third-party providers of goods or services. We will reimburse Antares Capital Credit or such affiliates thereof for any such amounts paid on our behalf. From time to time, Antares Capital Credit (in its capacity as the Adviser and/or the Administrator) may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders, unless waived.

**Financial Condition, Liquidity and Capital Resources**

We expect to generate cash primarily from (i) the net proceeds of the Private Offering, (ii) cash flows from our operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. Our primary uses of cash will be for (i) investments in Portfolio Companies and other investments, (ii) the cost of operations (including paying Antares Capital Credit (in its capacity as the Adviser and/or the Administrator)), (iii) cost of any borrowings or other financing arrangements and (iv) cash distributions to the holders of our shares.

**Related-Party Transactions**

We expect to enter into a number of business relationships with affiliated or related parties, including the Investment Advisory Agreement and the Administration Agreement.

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser's affiliates have obtained, the Current Order from the SEC that 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. We intend 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 generally accepted accounting principles ("GAAP"). The preparation of the 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, we will describe our critical accounting policies in the notes to our future financial statements.

**Investments and Fair Value Measurements**

We expect to determine our NAV for the Common Shares each month as of the last day of each calendar month after the initial purchase of our Common Shares by unaffiliated investors; provided that we retain the right, if determined by us in our sole discretion, to determine our NAV more or less frequently for regulatory, tax or other reasons as we may determine to be appropriate. The NAV per share of the Common Shares is determined by dividing the value of total assets attributable to the class minus the carrying value of liabilities by the total number of Common Shares outstanding of the class at the date as of which the determination is made.

We are required to report investments for which current market values are not readily available at fair value. We conduct the valuation of our investments, upon which our NAV is based, at all times consistent with GAAP and the 1940 Act. We value our investments in accordance with 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. ASC 820 prioritizes the use of observable market prices or values 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.

Investments for which market quotations are readily available will typically be valued using mid-market pricing (*i.e.*, mid-point of average bid and ask prices). The Adviser obtains these market quotations from independent pricing services, if available; otherwise from at least two principal market makers or primary market dealers. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

**Level 1** – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Adviser has the ability to access at the measurement date.

**Level 2** – inputs other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly or indirectly. Level 2 inputs include: quoted market prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

**Level 3** – unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Where prices or inputs are not available, or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment will be utilized. Securities that are not publicly traded or for which market prices are not readily available, as will be the case for a substantial portion of our investments, are valued at fair value as determined in good faith by the Adviser as our valuation designee under Rule 2a-5 under the 1940 Act, pursuant to our valuation policy, and under the oversight of the Board, based on, among other things, the input of our management and the audit committee. In addition, the Adviser has retained independent valuation firms to review the valuation of each investment for which a market quotation is not available at least once during each 12-month period. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity.

With respect to investments for which market quotations are not readily available, our Adviser undertakes a multi-step valuation process each month, among other procedures, as described below:

● The valuation process begins with each investment being preliminarily reviewed by the Adviser's valuation team in consultation with the Adviser's investment professionals responsible for each portfolio investment;

● At least once annually the valuation for each investment, subject to a de minimis threshold, is reviewed by an independent valuation firm. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

● The Adviser's valuation committee with respect to the Fund (the "Valuation Committee") reviews each valuation recommendation to confirm they have been calculated in accordance with our valuation policy;

● The Valuation Committee then determines fair value marks for each of our portfolio investments; and

● The Board and Audit Committee periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

As part of the valuation process, we will take into account relevant factors in determining the fair value of our investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, any of: (i) the estimated enterprise value of a Portfolio Company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the Portfolio Company's ability to make payments based on its earnings and cash flow, (iv) the markets in which the Portfolio Company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser will consider whether the pricing indicated by the external event corroborates its valuation.

We expect to engage independent valuation firms to provide assistance regarding the determination of the fair value of our portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment each month, and we and the Adviser may reasonably rely on that assistance. However, the Adviser is responsible for the ultimate valuation of the portfolio investments at fair value as determined in good faith pursuant to our valuation policy, the Board's oversight and a consistently applied valuation process.

**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. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

***PIK Income***

The Fund may have loans in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Fund's statement of operations. If at any point the Fund believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. To maintain the Fund's status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Fund has not yet collected cash.

***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***

The Fund may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Fund to the Portfolio Companies. Such fees are recognized as income when earned or the services are rendered.

***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 monthly distributions to its shareholders. Distributions to shareholders 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. The Fund intends to elect to be treated, and intends to qualify each taxable year 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 shareholders 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 shareholders, 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 October 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 will enter into the Investment Advisory Agreement with Antares Capital Credit (in its capacity as the Adviser) to provide us with investment advisory services and the Administration Agreement with Antares Capital Credit (in its capacity as the Administrator) to provide us with administrative services. Payments for investment advisory services under the Investment Advisory Agreements and reimbursements under the Administration Agreement are described in "*Item 1. Business.*"

We intend to establish one or more credit facilities or enter into other financing arrangements 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 shareholders 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.

Subsidiaries of the Fund include entities that engage in investment activities in securities or other assets that are primarily controlled by the Fund. The Fund's subsidiaries' principal investment strategies and associated principal risks will be consistent with the Fund's principal investment strategies and associated principal risks. The Fund will comply with the provisions of the 1940 Act governing affiliated transactions and custody (Section 57) and capital structure and leverage (Section 18, as modified by Section 61) on an aggregate basis with any subsidiary, such that the Fund will treat subsidiary debt as its own for purposes of Section 61 under the 1940 Act. In addition, to the extent that any subsidiary of the Fund is party to an investment or management agreement with the Adviser, an affiliate of the Adviser or any other person, the Fund will comply with the provisions of the 1940 Act relating to investment advisory contracts as if the applicable adviser or manager were an investment adviser to the Fund under Section 2(a)(20) of the 1940 Act. The Fund does not intend to create or acquire primary control of any entity that primarily engages in investment activities in securities or other assets, other than entities wholly-owned by the Fund.

**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.

**Quantitative and Qualitative Disclosures About Market Risk**

We will be subject to financial market risks, including changes in interest rates. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to the variable rate investments we may hold and to declines in the value of any fixed rate investments we may hold. A rise in interest rates would also be expected to lead to higher cost on our floating rate borrowings. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations.

We plan to invest primarily in illiquid debt securities of private companies. Most of our investments will not have a readily available market price, and we will value these investments at fair value as determined in good faith pursuant to procedures adopted by, and under the oversight of, the Board in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.

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 shareholders that a significant change in market interest rates will not have a material adverse effect on our net investment income.

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 320 South Canal Street, Suite 4200, Chicago, IL 60606 and are provided by the Administrator in accordance with the terms of our Administration 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 July 16, 2025, information with respect to the beneficial ownership of our Common Shares by:

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

● 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 Shares subject to options that are currently exercisable or exercisable within 60 days of the offering.

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| | | |
|:---|:---|:---|
| | **Common Shares Beneficially <br> Owned** | **Common Shares Beneficially <br> Owned** |
| <br>**Name and Address** | **Number** | **Percentage** |
| **Interested** **Directors<sup>(1)</sup>** |  |  |
| Vivek Mathew |  |  |
| Tyler Lindblad |  |  |
| **Independent Directors<sup>(1)</sup>** |  |  |
| Susan Bassett |  |  |
| Neil Rudd |  |  |
| Jean Hsu |  |  |
| **Executive Officers who are not Directors<sup>(1)</sup>** |  |  |
| Monica Kelsey |  |  |
| Malvika Gupta |  |  |
| Steve Rubinstein |  |  |
| Andew Packer |  |  |
| Jim Van Pelt |  |  |
| **Other** |  |  |
| Antares Midco Inc. | 1000 | 100% |
| All officers and Directors as a group (10 persons) |  |  |

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\* Less than 1%.

(1) The address for all of the Fund's officers and Directors is Antares Strategic Credit Fund II LLC, c/o Antares Capital Credit Advisers LLC 320 South Canal Street, Suite 4200, Chicago, IL 60606.

The following table sets forth the dollar range of our equity securities as of July 16, 2025.

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| | |
|:---|:---|
| **Name and Address** | **Dollar Range of<br> Equity Securities<br> in Fund<sup>(1)(2)</sup>** |
| **Interested Directors** |  |
| Vivek Mathew |  |
| Tyler Lindblad |  |
| **Independent Directors<sup>(1)</sup>** |  |
| Susan Bassett |  |
| Neil Rudd |  |
| Jean Hsu |  |

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

(2) The dollar range 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. Our Board consists of five members, three 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. Each Director will hold office until his or her death, resignation, retirement, disqualification or removal. Our Board elects our executive officers, who serve at the discretion of the Board.

**Directors**

Information regarding the Board is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Year of <br> Birth** | **Position** | **Length of<br> Time Served** | **Principal Occupation During<br> Past 5 Years** | **Other Directorships Held by <br> Directors** |
| Interested Directors |  |  |  |  |  |
| Vivek Mathew | 1977 | Director, Chief Executive Officer and President | Since 2025 | Head of Asset Management at Antares Capital | Trustee – Antares Private Credit Fund and Antares Strategic Credit Fund |
| Tyler Lindblad | 1963 | Director and Vice President | Since 2025 | Senior Managing Director and Chief Investment Officer at Antares Capital | Trustee – Antares Private Credit Fund and Antares Strategic Credit Fund |
| Independent Directors |  |  |  |  |  |
| Susan Bassett | 1963 | Director | Since 2025 | Retired; Managing Director - Antares Capital | Trustee – Antares Private Credit Fund and Antares Strategic Credit Fund |
| Neil Rudd | 1964 | Director | Since 2025 | Retired; Chief Operating Officer - NXT Capital | Trustee – Antares Private Credit Fund and Antares Strategic Credit Fund |
| Jean Hsu | 1967 | Director | Since 2025 | Retired; Global Head of Private Debt at the California Public Employees' Retirement System | Trustee – Antares Private Credit Fund and Antares Strategic Credit Fund |

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The address for each Director is c/o Antares Strategic Credit Fund II LLC, 320 South Canal Street, Suite 4200, Chicago, IL 60606. While we do not intend to list our Common Shares on any securities exchange, if any class of our Common Shares is listed on a national securities exchange, our Board will be divided into three classes of Directors serving staggered terms of three years each.

**Executive Officers Who are Not Directors**

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Year<br> of <br> Birth** | **Position** | **Length of <br> Time<br> Served** | **Principal Occupation During Past 5 Years** |
| Monica Kelsey | 1966 | Chief Financial Officer and Principal Accounting Officer | Since 2025 | Chief Financial Officer – Antares Capital |
| Malvika Gupta | 1977 | Chief Compliance Officer | Since 2025 | Deputy General – Antares Capital; Attorney-Adviser and Senior Examiner – U.S. Securities Exchange Commission |
| Steve Rubinstein | 1978 | Vice President | Since 2025 | Managing Director – Antares Capital |
| Andew Packer | 1970 | Secretary | Since 2025 | Managing Director, Deputy General Counsel – Antares Capital |
| Jim Van Pelt | 1968 | Treasurer | Since 2025 | Treasurer – Antares Capital |

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The address for each executive officer is c/o Antares Capital Credit Advisers LLC, 320 South Canal Street, Suite 4200, Chicago, IL 60606.

**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***

**Vivek Mathew**. Mr. Mathew is our Chief Executive Officer, President and Chairman of our Board of Directors. Mr. Mathew is a senior managing director and head of Asset Management for Antares Capital and is a member of the Antares Capital Executive Committee. He also is president of the Adviser and a member of the Adviser's Investment Committee. Prior to joining Antares Capital, Mr. Mathew was a managing director at J.P. Morgan Securities LLC, where he led the Global Primary CLO Business. Previously, Mr. Mathew was a vice president of Structured Finance at Deutsche Bank. Mr. Mathew received an A.B. in Economics from Harvard University. He has 24 years of industry experience and joined Antares Capital in May 2016. Mr. Mathew also serves as an interested trustee on the boards of Antares Private Credit Fund and Antares Strategic Credit Fund.

**Tyler W. Lindblad**. Mr. Lindblad is a Director and Vice President of the Fund. Mr. Lindblad was one of the founding partners of Antares Capital Corporation, which was acquired by GE Capital in 2005. GE Capital is predecessor in interest to Antares Capital. Mr. Lindblad is a senior managing director and chief investment officer of Antares Capital and a member of the Adviser's Investment Committee and Antares Capital Executive Committee. Mr. Lindblad also is a vice president of the Adviser. Prior to joining Antares Capital, Mr. Lindblad was a senior credit executive of lending for GE Capital's commercial lending business in North America, where he was responsible for leading the underwriting, account management, portfolio management and risk management processes. While at GE Capital, he also served as chief risk officer of specialized finance and chief credit officer of Telecommunications, Media and Technology. Prior to forming Antares Capital Corporation, Mr. Lindblad held several roles at Heller Financial, Inc. Mr. Lindblad received a bachelor's degree in economics from Dartmouth College and an MBA from Northwestern University Kellogg Graduate School of Management. He has 38 years of industry experience, including 27 years with Antares Capital and its predecessors in interest. Mr. Lindblad also serves as an interested trustee on the boards of Antares Private Credit Fund and Antares Strategic Credit Fund.

***Independent Directors***

**Susan Bassett,** *Director*. Ms. Bassett served as a Managing Director at Antares Capital from 2015 to 2020 and its predecessor GE Capital from 2001 to 2015. Ms. Bassett worked in a variety of credit roles including managing the underwriting and portfolio management teams for Media and Technology, Broadly Syndicated Loans and Equity. Ms. Bassett's last role at Antares Capital included reporting to the Chief Credit Officer with the responsibility for establishing reporting, policies and procedures for Antares Capital. From 1996-2001 Ms. Bassett was an SVP at Bank of America, responsible for originating, underwriting and managing a portfolio of leveraged middle market loans in the Northeast. In 1998 she became Portfolio Manager at an unregulated subsidiary of the bank focused on Unitranche financing for smaller middle market companies. Ms. Bassett began her career in 1986 at The Chase Manhattan Bank. After completing the credit training program, she held roles of increasing responsibility in middle market lending. Ms. Bassett earned a B.A. in Government from St. Lawrence University in 1985. Ms. Bassett joined the Board of the Fund in June 2025. Mrs. Bassett also serves as an independent trustee on the boards of Antares Private Credit Fund and Antares Strategic Credit Fund.

**Neil Rudd**, *Director.* Mr. Rudd has over 30 years of diverse financial and business leadership experience in the middle-market commercial lending and asset management industry. He is one of the co-founders of both NXT Capital and Merrill Lynch Capital. He served as the Chief Financial and Administrative Officer of NXT Capital from its founding in 2010 until its sale in 2018. He then transitioned to the role of Chief Operating Officer of the company until his retirement in 2020. Mr. Rudd also co-founded Merrill Lynch Capital in 2001 and remained with the company until its sale in 2008. During this time, Mr. Rudd was initially the Director, Strategy and Business Development and subsequently served as Managing Director and Chief Operating Officer of the business. Mr. Rudd's responsibilities included accounting and financial management, capital markets and fundraising, and third-party asset management. Mr. Rudd also has extensive experience in the build out, scaling and management of other corporate functions including information technology, servicing, marketing, legal, compliance and human resources. Mr. Rudd was previously the Senior Vice President of Corporate Strategy and Business Development and a Group Financial Officer of Heller Financial, Inc., a Director of Internal Audit at Transamerica Corporation and began his career as an auditor at Price Waterhouse. Mr. Rudd is currently an independent member of the board of directors of Billyard Insurance Group, a Canadian insurance brokerage, and serves as the chair of the Audit Committee. He is also an advisor to, and the Chief Financial Officer of, Palm Therapeutics, Inc., a start-up biotech company. Mr. Rudd earned a B.A. in Accounting from the University of Northern Iowa and an M.B.A. in Finance and Marketing from Northwestern University. He is a Certified Public Accountant (Inactive). Mr. Rudd joined the Board in June 2025. Mr. Rudd also serves as an independent trustee on the boards of Antares Private Credit Fund and Antares Strategic Credit Fund.

**Jean Hsu,** *Director.* Ms. Hsu retired from the role of global head of Private Debt at CalPERS in 2024. Jean sat on CalPERS Investment Underwriting Committee, Operations and Administration Committee, and Total Fund Management Committee which determine the strategies and allocation for the Total Fund. She had served in several senior management positions during her 24 years at CalPERS including Managing Investment Director for Opportunistic Strategies. Prior to joining CalPERS, Jean was an attorney in Taiwan focusing on banking and securities as well as corporate finance. Jean is a Fulbright Scholar with an MBA from Wharton Business School, University of Pennsylvania. Ms. Hsu joined the Board in June 2025. Ms. Hsu also serves as an independent trustee on the boards of Antares Private Credit Fund and Antares Strategic Credit Fund II LLC.

***Executive Officers Who are not Directors***

**Monica Kelsey, Chief Financial Officer and Principal Accounting Officer** - Ms. Kelsey is Chief Financial Officer of the Fund. Ms. Kelsey also serves as Chief Financial Officer of Antares Capital and is a member of the Antares Capital Executive Committee. She is responsible for Antares' Finance function. Prior to joining Antares in 2022, Ms. Kelsey was managing director and chief financial officer at Madison Capital Funding LLC, a company with whom she held various positions between 2004 and 2022. Previously, she was executive director and head of global finance at UBS Global Asset Management. Ms. Kelsey began her career with the audit firm of PricewaterhouseCoopers. Ms. Kelsey earned a B.S. in Accounting/Computer Information Systems from Murray State University and an MBA from Northwestern University Kellogg Graduate School of Management. She has more than 31 years of industry experience.

**Malvika Gupta, Chief Compliance Officer –** Ms. Gupta is chief compliance officer of the Fund. Ms. Gupta is also Deputy General Counsel at Antares Capital LP. Ms. Gupta has in-depth experience in regulatory matters and litigation involving the asset management industry, including how securities laws interact with ERISA. Prior to joining Antares Capital LP, Ms. Gupta served as an Attorney-Adviser and Senior Examiner in the SEC's Private Funds Unit (PFU), where she specialized in the ERISA issues facing managers under exam. She has also worked at the U.S. Department of Labor's EBSA on civil and criminal investigations. Her industry experience includes Merrill Lynch and Lehman, where she provided legal services regarding derivatives and other financial products. Malvika graduated from CUNY School of Law at Queens College and received her Bachelor of Arts in English and Philosophy from SUNY at Geneseo College.

**Steve Rubinstein, Vice President** - Mr. Rubinstein is a Managing Director and Senior Portfolio Manager within the Asset Management team at Antares Capital and is part of the Investment Team responsible for managing the Fund's portfolio. Prior to joining the Asset Management team, Steve was most recently a Managing Director on the Junior Capital team where he was responsible for screening, underwriting and managing the unitranche and junior capital portfolio. Additionally, Steve serves as a member of the Antares' Liquid Credit Investment Committee. Steve joined Antares in 2008 from Merrill Lynch Capital where he began his career and was responsible for structuring and underwriting sponsor-backed leverage finance transactions. Steve graduated with a degree in finance from the University of Wisconsin–Madison and earned his MBA from Northwestern University's Kellogg Graduate School of Management.

**Andrew Packer, Secretary** – Mr. Packer has over 25 years of legal experience both in-house and at premier law firms. He currently serves as Chief Corporate Counsel for Antares Capital, where his legal responsibilities include representing the company and its affiliates with respect to corporate governance, board and committee matters, corporate finance, tax, finance, strategic initiatives, and other matters. Prior to Antares, Andrew served as senior counsel at GE Antares, where he focused on lending transactions and joint ventures, including the Senior Secured Loan Program and the Middle Market Growth Program. Previously, he held roles at Heller Financial Inc. and Altheimer & Gray after beginning his legal career with Katten Muchin Rosenman LLP. Andrew holds a bachelor's degree in accounting and a JD degree from the University of Illinois.

**Jim Van Pelt, Treasurer -** Mr. Van Pelt is the Treasurer of the Fund and of Antares Capital. Prior to joining Antares Capital in 2016, he was a senior vice president, treasury at Golub Capital. Previously, he was vice president of structured finance at Antares Capital and was also an associate at Heller Financial, Inc. Mr. Van Pelt received a B.A. in Economics from the University of Illinois, Champaign-Urbana.

**Communications with Directors**

Shareholders and other interested parties may contact any member (or all members) of the Board by mail. To communicate with the Board, any individual Directors or any group or committee of Directors, correspondence should be addressed to the Board or any such individual Directors or group or committee of Directors by either name or title. All such correspondence should be sent to Antares Strategic Credit Fund II, 320 South Canal Street, Suite 4200, Chicago, IL 60606, Attention: Chief Compliance Officer.

**Committees of the Board**

Our Board currently has two committees: an audit committee and a nominating and governance committee. We do not have a compensation committee because our executive officers do not receive any direct compensation from us.

***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. The audit committee is presently composed of three persons, including Mr. Rudd, Ms. Bassett and Ms. Hsu, all of whom are considered independent for purposes of the 1940 Act. Mr. Rudd serves as the chair of the audit committee. Our Board has determined that Mr. Rudd 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 shareholder who requests it.

***Nominating and Governance Committee.***

The nominating and governance committee operates pursuant to a charter approved by our Board. The charter sets forth the responsibilities of the nominating and governance committee, including making nominations for the appointment or election of Independent Directors. The nominating and governance committee will also have principal oversight over the process used to approve co-investments for the Fund. The nominating and governance committee consists of three persons, including Mr. Rudd, Ms. Bassett and Ms. Hsu, all of whom are considered independent for purposes of the 1940 Act. Ms. Bassett serves as the chair of the Nominating and Governance Committee.

A copy of the charter of the Nominating and Governance Committee is available in print to any shareholder who requests it.

**Investment Committee**

Investment decisions generally require consensus approval of the Investment Committee. The Investment Committee will meet regularly to vet new investment opportunities, and evaluate strategic initiatives and actions taken by the Adviser on our behalf. The day-to-day management of investments approved by the Investment Committee will be overseen by the Investment Team.

All of the Investment Committee members have ownership and/or financial interests in, and may receive compensation and/or profit distributions from, the Adviser and/or its affiliates. None of the Investment Committee members receive any direct compensation from us.

***Members of the Investment Committee Who Are Not Our Directors or Executive Officers***

**Timothy G. Lyne, Chief Executive Officer** – Mr. Lyne was one of the founding partners of Antares Capital Corporation, which was acquired by GE Capital in 2005. GE Capital is predecessor in interest to Antares Capital. Mr. Lyne is the chief executive officer of Antares Capital. He is a member of the Antares Capital Advisers and Antares Capital Credit Investment Committees and a vice president of Antares Capital Advisers and Antares Capital Credit. Mr. Lyne also is a member of the Antares Capital Executive Committee. Previously, Mr. Lyne served as Antares' chief operating officer from April 2020 to December 2021 and was head of the firm's Asset Management business and president of Antares Capital Advisers from August 2015 to August 2018. Prior to joining Antares Capital, Mr. Lyne was a senior managing director at GE Antares, where he was the commercial leader for two joint ventures, including the Senior Secured Loan Program and the Middle Market Growth Program, and was a member of the GE Antares Investment Committee. Prior to forming Antares Capital Corporation, Mr. Lyne held roles at the merchant banking group at GE Capital as well as the Corporate Finance Group at Heller Financial, Inc. Mr. Lyne received a B.A. in Economics from the University of Illinois and an MBA from Northwestern University Kellogg Graduate School of Management. He has 36 years of industry experience, including 27 years with Antares Capital and its predecessors in interest. He currently serves on the Board of Directors for the Executives' Club of Chicago and on the Dean's Business Council at Gies College of Business at the University of Illinois at Urbana-Champaign.

**Shannon Fritz, Senior Managing Director and Deputy Chief Investment Officer** – Ms. Fritz is senior managing director and the deputy chief investment officer for Antares Capital. Ms. Fritz is a member of the Antares Capital Advisers and Antares Capital Credit Investment Committees and a member of the Antares Capital Executive Committee. She is also a Vice President of Antares Capital Advisers and Antares Capital Credit. She is responsible for structuring, underwriting, documenting and managing transactions and oversees the firm's Portfolio Management, Risk & Reporting and Strategic Insights functions. Ms. Fritz joined Antares Capital Corporation in 2004. Antares Capital Corporation was acquired by GE Capital in 2005. GE Capital is predecessor in interest to Antares Capital. Prior to Antares, Ms. Fritz was with the asset-based lending group of Transamerica in audit, portfolio management and underwriting. Ms. Fritz earned a bachelor's degree in international business from the University of Illinois and an MBA from Northwestern University's Kellogg Graduate School of Management. She has 24 years of industry experience, including 20 years with Antares Capital and its predecessors in interest.

**Michael Hynes, Managing Director and Co-Head of Originations** – Mr. Hynes is a senior managing director and co-head of Originations for Antares Capital. He leads the firm's Midwest and West Coast sponsor coverage activities. Mr. Hynes serves on the Antares Capital Advisers and Antares Capital Credit Investment Committees and is a member of the Antares Capital Executive Committee. Mr. Hynes joined Antares Capital Corporation in 2002 in an underwriting and portfolio management role. Antares Capital Corporation was acquired by GE Capital in 2005. GE Capital is predecessor in interest to Antares Capital. Prior to Antares, Mr. Hynes worked in the leveraged financed group at LaSalle Bank. Mr. Hynes graduated from the University of Notre Dame and earned his JD/MBA from Loyola University Chicago. He has 24 years of industry experience, including 21 with Antares Capital.

**Troy Unell, Senior Managing Director and Head of Capital Markets** – Mr. Unell is senior managing director and head of Capital markets for Antares Capital. He leads the firm's capital markets activities, which consist of structuring and syndicating Antares Capital's originated transactions. He is a member of the Antares Capital Advisers and Antares Capital Credit Investment Committees and chairs the Antares Capital Operating Committee. Prior to joining GE Antares in 2005, Mr. Unell held positions at GE Capital focused on underwriting, asset securitization and restructuring transactions. Mr. Unell began his career at PPM America after graduating from Iowa State University. Mr. Unell graduated with honors from the University of Chicago Booth School of Business with an MBA in analytic finance and entrepreneurship. He has 25 years of industry experience, including 18 with Antares Capital.

The foregoing lists of personnel may not be complete lists and are subject to change, at any time, at the discretion of the Adviser, and no assurance can be given that such personnel will remain in their current positions or retain their current functions with regard to the platform or the Fund. Also, the Adviser may change the scope of senior management, portfolio management or the Investment Committee's responsibilities from time to time, or may conduct periodic portfolio reviews through other internal management committees within guidelines and constraints approved by the Investment Committee. The Adviser undertakes no obligation to update the foregoing description relating to senior management, portfolio management or the Investment Committee in the event of a change in personnel or in the scope of responsibilities.

**Item 6. Executive Compensation.**

**Compensation of Executive Officers**

None of our officers will receive direct compensation from us, except that the Fund will bear the compensation of our chief compliance officer and chief financial officer and their respective staffs. The Fund reimburses the Administrator for its costs, expenses and allocable portion of overhead, including compensation (including salaries, bonuses and benefits) paid by the Administrator (or its affiliates) to the Fund's chief compliance officer and chief financial officer and their respective staffs as well as other administrative personnel (based on the percentage of time such individuals devote, on an estimated basis, to the business and affairs of the Fund).

**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. These Directors are Mr. Rudd, Ms. Bassett and Ms. Hsu. Amounts payable under the arrangement are determined and paid quarterly in arrears as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Annual Committee<br> Chair Cash Retainer** | **Annual Committee<br> Chair Cash Retainer** |
|<br>**Annual Cash Retainer** |<br>**Board <br> Meeting Fee** |<br>**Committee<br> Meeting Fee** | **Audit** | **Nominating and<br> Governance** |
| $137500 \* | $5000 | $2000 | $20000 | $5000 |

---

\*The annual retainer shall be as follows: if the Fund, Antares Private Credit Fund and Antares Strategic Credit Fund (the "Fund Complex"), has between $0 and $1.5 billion of NAV, $137,500; if the Fund Complex has between $1.5 billion and $5.0 billion in NAV, $175,000; if the Fund Complex has between $5.0 and $10.0 billion NAV, $212,500; if the Fund Complex has greater than $10.0 billion in NAV, $250,000.

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.

The above compensation shall be allocated between entities within the Fund Complex on a pro-rata basis.

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 Investment Advisory Agreement and the Administration 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 us or our shareholders. For example, the economic disruption and uncertainty precipitated by the COVID-19 pandemic has required the Adviser and its affiliates to devote additional time and focus to existing Portfolio Companies in which other funds and accounts managed by the Adviser and its affiliates hold investments. 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 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***

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

***Compensation***

The Investment Advisory Agreement has been negotiated at arm's length. The Management Fee payable to the Adviser by the Fund is payable without regard to the overall success of, or income earned by, the Fund. In addition, the Adviser will also receive Incentive Fees from the Fund based upon profits of the Fund.

***The Fund will be Subject to Various Conflicts of Interest Involving the Antares Parties***

The Antares Platform operates in its own economic interests and neither it nor any Antares Party (other than the Adviser) 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 Antares' Party or Other Account's interest in a loan. Moreover, when personnel of the Adviser are shared with other Antares Parties or otherwise act on behalf of the Antares Platform, an Antares' Party's or an Other Account, 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 an Antares Party or the Antares Platform (including by shared personnel) could adversely impact the amount, price, availability, terms and subsequent decisions with respect to Portfolio Loans in which the Fund ultimately invests.

Additionally, the Adviser's indirect owners have an interest in investments held by the Antares Platform (and through which are expected to invest alongside the Fund in accordance with the Allocation Policy). Additionally, such owners are market participants that could compete, or cooperate with, the Fund as well as, subject to the 1940 Act and the conditions of the co-investment exemptive order issued by the SEC, invest in more junior interests or competing tranches in the same Portfolio Loan as the Fund. Other than when competing for an investment, the Antares Platform expects to share information with such owners. Additionally, there is overlap, from time to time, between the investment activities of the Fund and the Adviser's indirect owners, and changes in market conditions can result in additional interactions between the Fund and such owners.

***Sourcing of Portfolio Loans Primarily from the Antares Platform***

The Adviser will source Portfolio Loans for the Fund primarily from the Antares Platform, which makes decisions in its own interest and is not required to act in the best interest of the Fund with respect to, among other things, the availability, price or terms of a loan. *See* "*Item 1A. Risk Factors—Certain Investment Risks—It is Anticipated That All or Most of the Portfolio Loans Will Be Sourced by Antares Parties.*" The Adviser will determine based on a variety of factors, including when capital is efficiently available through subscription proceeds or a leverage facility, when to recommend or initiate the Fund's acquisition of a Portfolio Loan. Acquisitions are also contingent on co-investment transaction approvals from the Board as well as, where relevant, other approvals including from a leverage provider or third-party loan agent. Once the Adviser agrees to purchase a Portfolio Loan for the Fund, the Fund bears the risk of changes in valuation as well as the borrower's credit risk. Upon acquiring the Portfolio Loan, the Fund will be entitled to the economic interests of such Portfolio Loan and therefore will receive the future interest, fees and principal payments made by the borrower and begin to pay Management Fees on the outstanding balance of the Portfolio Loan.

***Antares Parties Proprietary Ownership of Loans of Which the Portfolio Loans Constitute a Part; Antares Parties can Invest in Different Levels of the Capital Structure and Take a Non-Controlling Equity Interest in an Obligor***

Antares Parties are expected to have significant proprietary holdings of Portfolio Loans. The Fund and Other Accounts, as well as Antares Parties, other co-investors, and each of the Canada Pension Plan Investment Board and Northleaf Star Holdings LP as the parent companies of Antares Holdings (and/or each such parent company's other subsidiaries and companies in which such parent companies or its other subsidiaries own some or all of the equity interests (collectively, "Parent Companies")) and their respective affiliates can, and often will, invest at different levels of the capital structure of a particular obligor to the extent permitted by applicable law and the terms of the co-investment exemptive relief, and such parties may also engage in net asset value financings to funds (a "borrowing fund") and concurrently invest in direct loans to the borrowing fund's underlying investments. In connection with any such investment by any such parties in an obligor or in one or more loans, such parties will act in their own best interest (or in the case of the Fund or an Other Account, the Adviser and its advisory affiliates will endeavor to act in the best interest of the Fund or such Other Account, in each case, on whose behalf it is acting at the time) without regard for the interests of such other parties (including, in the case of actions by or on behalf of such Other Accounts, Antares Parties or the Parent Companies or any of their respective affiliates, the Fund). Additionally, to the extent permitted by applicable law and the terms of the co-investment exemptive relief, Antares Parties and/or the Parent Companies (or, in the case of Other Accounts, the Adviser or its advisory affiliates, as applicable, on behalf of such Other Accounts) or their respective affiliates frequently request that an obligor (or one or more of its direct or indirect equity owners) sell, at fair market value to any such Antares Party, Parent Company, Other Account or any such affiliate for investment purposes, a small, non - controlling equity interest in such obligor or owner that may or may not be attached to or be part of the consideration for any loan made by such party to such obligor and could be subject to significant voting and transfer restrictions. In cases where the Adviser and its affiliates and their respective personnel are acting on behalf of multiple parties (including the Fund) whose interests diverge in a particular situation, the Adviser will have an obligation to pursue the best interests of each of the parties on whose behalf it is acting at such time. Actions taken on behalf of any party (other than the Fund) should be expected to be disadvantageous to the Fund. In addition, the Adviser could choose (but will not be required) to implement particular procedures and controls in situations where it deems it necessary or appropriate to do so (which could include, but is not limited to, engaging an independent party to make or review decisions made by the Adviser). There can be no assurance, however, that the Adviser will choose to do so.

See "*Conflicts of Interest - Other Antares Businesses*" below for a further description of such capital structure conflicts, the resulting conflicts of interest and steps that could be taken to address them.

***Other Antares Businesses***. Antares expects, from time to time, to have ongoing relationships with issuers whose securities have been acquired by, or are being considered for investment by, clients. Subject to the 1940 Act and the conditions of the co-investment exemptive order, from time to time, the Fund will invest in a company in which the Adviser or any of its affiliates and/or one or more other clients hold an investment in a different class of such company's debt or equity, or vice versa. For example, Antares could acquire securities or other financial instruments of a Portfolio Company for a client which are senior or junior to securities or other financial instruments of the same Portfolio Company that are held by, or acquired for, another client (e.g., one client acquires senior debt while another client acquires subordinated debt). Conflicts of interest can arise under such circumstances. For example, in the event such Portfolio Company enters bankruptcy, the client holding securities which are senior in bankruptcy preference could have the right to aggressively pursue the issuer's assets to fully satisfy the issuer's indebtedness to such client, and the Adviser or its affiliates might have an obligation to pursue such remedy on behalf of such client. As a result, another client holding assets of the same Portfolio Company which are more junior in the capital structure might not have access to sufficient assets of the Portfolio Company to completely satisfy its bankruptcy claim against the Portfolio Company and suffer a loss. In such circumstances, Antares can, to the fullest extent permitted by applicable law and the conditions of the co-investment exemptive order, take steps to reduce the potential for conflicts between the interests of each of the applicable clients, including causing one or more of such clients to take certain actions that, in the absence of such conflict, it would not take (e.g., an client, including the Fund, might remain passive in a situation in which it is entitled to vote or might invest in a particular asset or class of securities that seeks to align its interests with those of other clients). Any such step could have the effect of benefiting other clients or Antares at the expense of the Fund. Antares has instituted policies and procedures that are reasonably designed to address such conflicts of interest and that seek to ensure that clients are treated fairly and equitably. Subject to the 1940 Act and the conditions of the co-investment exemptive order, the application by Antares of such policies and procedures is expected to vary based on the particular facts and circumstances surrounding each investment by two or more clients (including a Fund) in different classes, series or tranches of an issuer's capital structure (as well as across multiple issuers or borrowers within the same overall capital structure), and, as such, investors should expect some degree of variation, and potentially inconsistency, in the manner in which potential, or even actual, conflicts of interest are addressed by Antares. While Antares' policies and procedures for addressing conflicts between clients in these situations are intended to resolve the conflicts in an impartial manner, there can be no assurance that Antares' own interests will not influence its conduct.

Subject to the 1940 Act and the conditions of the co-investment exemptive order, in certain instances, it is possible that clients managed by the Adviser or another affiliated adviser, or a proprietary account of Antares, will be invested in the same or similar loans or securities as held by the Fund, and which could have been acquired at different times at lower or higher prices. Those investments could also be in securities or other instruments in different parts of the company's capital structure that differ significantly from the investments held by the Fund, including with respect to material terms and conditions, including without limitation seniority, interest rates, dividends, voting rights and participation in liquidation proceeds. Consequently, in certain instances these investments could be in positions or interests which are potentially adverse to those taken or held by the Fund. In such circumstances, measures will be taken to address such actual or potential conflicts, which can include, as appropriate, establishing an information barrier between or among the applicable personnel of the relevant affiliated advisers, requiring recusal of certain personnel from participating in decisions that give rise to such conflicts, or other protective measures as shall be established from time to time to address such conflicts.

***The Antares Parties and Their Affiliates Engage in a Broad Range of Investment Activities***

The Antares Parties, as applicable, engage and intend to engage in a broad range of investment and other activities other than those that the Adviser will engage in on behalf of the Fund, including, among other things, originating loans through the Antares Platform, owning loans in their proprietary accounts (including through subsidiaries and joint ventures), trading loans and providing loan agent and/or other services to their proprietary accounts, to Other Accounts and to third parties. In addition, the Antares Parties are part of a multi-national organization engaged in a broad range of lending, investment and other activities itself and through its other affiliates. As a result, the Adviser is subject to significant actual and potential conflicts of interest in managing the investment activities on behalf of the Fund. While some of these conflicts are common for investments in assets similar to the Portfolio Loans where an affiliate of the loan originator is the investment adviser of the related client and such affiliated group owns some portion of the loans in which such client invests, the shareholders should consider them carefully. The following summarizes some of these conflicts, but is not intended to be an exhaustive list of all such conflicts or their potential consequences and there can be no assurance that other conflicts of interest will not arise based on the wide-ranging current and future activities of the Antares Parties and their affiliates.

***The Allocation Policy***

Under the Adviser's Allocation Policy ("Allocation Policy"), investment opportunities in loan tranches that are within the Fund's investment strategy (each an "Eligible Loan") are allocated among: (i) accounts (including the Fund) advised by the Adviser and/or one or more of its advisory affiliates including, without limitation, separately managed accounts, funds, and CLO issuers (collectively "Clients"); (ii) proprietary capital of Antares Holdings; (iii) contract investors; and (iv) persons with whom the Adviser or its affiliates has a relationship and/or has determined to offer co-investment opportunities ("Co-Investors") if any, Co-Investors could include affiliates of the Adviser, other Clients, investors in a Client or Other Accounts, or a third party.

The Allocation Policy is generally intended to promote allocations of investment opportunities in respect of Clients consistent with their respective investment objectives and restrictions in a manner that is fair and equitable over time. Additionally, where there is limited supply of an Eligible Loan, the Allocation Policy seeks to allocate the Eligible Loan on a pro rata basis, where practicable and subject to certain considerations relevant to participating or potentially participating accounts, as described in the Allocation Policy. These considerations can include (but are not limited to): (i) whether the allocation of the Eligible Loan would result in a de minimis allocation to the Fund; (ii) portfolio circumstances including ramping, strategy or product incubation, compliance with or optimization of portfolio-level tests and expected cash movements due to contributions or redemptions; (iii) the terms of contract investor agreements; (iv) participants' business interest in the closing or syndication of the loan, to help assure the continued availability of Eligible Loans for investment by Clients and/or to maintain Antares' ability to source future loans to the benefit of Clients; (v) with respect to an investment opportunity originated and/or arranged by a third party, the relationship of a particular Client to or with such third party; (vi) cash availability of Clients, taking into account any availability under any financing arrangement, to the extent established and accessible for each applicable Client; (vii) permitted leverage and available financing for the investment opportunity (including, without limitation, taking into account the levels/rates that would be required to obtain an appropriate return and covenant compliance and the curing of any default or event of default under the applicable financing document); and/or (viii) such other criteria as are reasonably related to a reasonable allocation of a particular investment opportunity to one or more Clients (e.g., in the case of a Client ramp-up period or when incubating a particular investment strategy or product or, in connection with a Client that directly or indirectly finances its assets, compliance with or optimization of collateral quality tests, portfolio concentration limits, overcollateralization triggers, interest coverage tests or any other test that diverts cash flow from payment to the equity owners of the related entity).

*Allocations of Related Equity.* When equity securities are available in connection with a Portfolio Loan ("Related Equity Securities"), and subject to the 1940 Act and the conditions of the co-investment exemptive order, the Adviser and its advisory affiliates seek to allocate such Related Equity Securities to the Fund and others for whom Related Equity Securities are within the expected portfolio profile (each a "Potential Related Equity Securities Participant") in a manner that is fair and equitable over time and consistent with the Allocation Policy. In general, Related Equity Securities will first be offered pro rata to each Potential Related Equity Securities Participant based on a ratio determined by the Adviser and its advisory affiliates and described in more detail in the Allocation Policy. Should any Related Equity Securities remain following such allocation, it will be reoffered, pro rata and on an iterative basis, to each Potential Related Equity Securities Participant that accepted the amount of Related Equity Securities previously offered to it. Any remaining Related Equity Securities following all subsequent reoffers will be retained by the Antares Direct Holdings.

***Loan Sales***

The Adviser faces a conflict of interest if the Adviser seeks to sell one or more Portfolio Loans for the Fund while other clients of the Adviser or its affiliates, the Antares Direct Holdings or Antares Parties are selling portions of the same loan. In these circumstances, the sale opportunities will be allocated in accordance with the Allocation Policy. Additionally, to the extent permitted by applicable law and the terms of the co-investment exemptive relief, the Adviser can seek to sell all or any portion of a Portfolio Loan for the Fund while all or any portion of such loan is retained in the portfolio of other Clients. The Adviser and/or its advisory affiliates could also sell all or any portion of an Eligible Loan for one or more Clients even though other Antares Parties elect not to sell all or the same proportion of such Eligible Loan for the Antares Direct Holdings. The Antares Parties will make their own independent decisions with respect thereto in their own best interests, which could differ from the Fund's interests. As a result, decisions made by the Antares Parties will not necessarily be the same as those made by the Adviser on behalf of the Fund.

***Loans to Clients or Client-Related Entities***

The Antares Platform can make one or more loans to an entity (or an entity may act as guarantor for an obligor) (each, a "Related Obligor") that is, is an affiliate of, or otherwise does business with or acts for, one or more other clients of the Adviser and/or the Adviser's advisory affiliates (each a "Related Client").

When presented with an opportunity to make such a loan, the Antares Platform and the Adviser can consider present, and potential future conflicts and could determine to make the loan, to impose restrictions or conditions or to decline to make the loan, or to cause any particular client(s) to refrain from participating in the loan, notwithstanding that other clients or the Antares Direct Holdings participate.

The Adviser will be subject to potential conflicts of interest between the role of the Antares Platform as a creditor of the Related Obligor and the Adviser's (and its advisory affiliates') role as an investment adviser and fiduciary to the Related Clients, in that certain actions the Antares Platform might take with respect to such loan could have a direct or indirect negative impact on the Related Clients. To the extent that the Adviser believes that such a loan is at risk of becoming distressed or non-performing, the Adviser could face a conflict in allocating loans to Related Clients, due to concerns about the Related Clients' ability to perform their obligations thereunder. Conversely, a positive business relationship with a Related Obligor (or a related party) could incentivize the Adviser to give a preference to Related Clients when allocating loans among clients. In addition, if the Adviser allows one or more of its other clients to participate in such a loan, the Adviser will face a further conflict between the Adviser's (and its affiliates') interest in maintaining a relationship with the Related Obligor, maintaining their relationship with the Related Clients, and otherwise acting in the best interest of their clients.

These conflicts could result in the Antares Platform or the Adviser favoring either the Related Obligor, the Related Clients, the Antares Direct Holdings and/or other clients that participate in the relevant loan with respect to: (i) the initial terms of the loan; (ii) decisions with respect to extensions, modifications or waivers; (iii) decisions with respect to the exercise of remedies; and (iv) decisions with respect to allocating future loans. The existence of such conflicts and actions taken or not taken by the Adviser with respect to such loan could result in losses for clients that hold such loans, including the Related Clients, particularly if the Adviser does not exercise remedies with respect to such loan because it does not want to disrupt a relationship with the Related Obligor or Related Clients. If the Adviser determines to forego participation in such loans on behalf of clients, the clients will not enjoy the benefits of any returns earned on the loan, which could be in excess of those experienced by other loans in which the clients do invest.

As noted above, in cases where the Adviser and its personnel are acting on behalf of multiple clients (including Related Clients) whose interests diverge in a particular situation, the Adviser has an obligation to pursue the best interests of each of the parties on whose behalf it is acting at the time, even where that action may be disadvantageous to another client. Moreover, as fiduciary to its clients, and consistent with the Adviser's Code of Ethics, the Adviser may not place its own interests (including, but not limited to, those arising from its relationships with Related Obligors) ahead of those of its clients when acting on clients' behalf and making decisions impacting loans held by such clients. Finally, as described herein, the Adviser has adopted a detailed allocation methodology in an effort to ensure that allocations of loan opportunities in Eligible Loans are made on a fair and equitable basis, notwithstanding relationships between the Adviser or its affiliates and Related Obligors. The Adviser believes that these policies and procedures help to mitigate the conflicts of interest posed by its relationships with Related Obligors and Related Clients; however, the Adviser reserves the right to implement additional procedures and controls in situations where it deems it necessary or appropriate to do so (which may include, but is not limited to, engaging an independent party to make or review decisions made by the Adviser involving Related Obligors).

***The Antares Parties can Take Into Account Their Relationships with Obligors and/or Private Equity Sponsors***

The Antares Platform is expected to act as an underwriter or arranger or otherwise participate in the origination, structuring, negotiation, syndication or offering of many of the Portfolio Loans that could be acquired by the Fund and those Portfolio Loans typically will involve an obligor with a private equity sponsor. The Antares Platform typically engages in repeat transactions with private equity sponsors and with certain obligors. Such relationships will present conflicts of interest to the extent that the Antares Platform relies on the steady flow of business opportunities from such private equity sponsors. The Antares Parties (including the Adviser and its affiliates) should be expected to take into account their relationships or the relationships of their affiliates with obligors or private equity sponsors which can create conflicts of interest. While pursuing business for the benefit of the Antares Parties, the Antares Parties can (and in certain circumstances will have an incentive to) agree to or propose certain amendments, consents, waivers or other modifications to a loan facility in which the Portfolio Loan is a part (e.g., repricing, covenant or other relief) that a lender might not otherwise agree to, or could offer to arrange a new financing which permits the obligor to repay an existing Portfolio Loan, in an attempt to maintain good relationships with their customers. Such actions could be adverse to the Fund's interest. In addition, if market or other conditions result in the tightening of credit spreads or if requisite lender consent is not available for a requested action of an obligor or its private equity sponsor, then Antares Parties might be willing to modify or amend an existing Portfolio Loan to lower the pricing or agree to other less favorable terms, or be willing to offer other debt products that are not suitable for direct or indirect investment by the Fund or, if suitable, may not be offered to the Fund. As a result, Portfolio Loans could be repaid or required to be sold prior to their scheduled maturity and replaced with other Portfolio Loans with lower pricing or terms less favorable to the Fund or not replaced at all, and in either case this could adversely affect the returns of the Fund.

***Loans Sourced by the Antares Platform Are Often Prepayable at the Option of the Obligor***

A Portfolio Loan could have certain protective rights against prepayment such as prepayment or call premiums, and on occasion, the Adviser or other Antares Parties participating in the related loan facility could choose to waive these prepayment or call premiums. The interests of the Antares Parties holding portions of such loan facility in their proprietary accounts might not be aligned with the interests of the Fund. In addition, the Adviser or other Antares Parties could have fiduciary duties to multiple holders of such Portfolio Loans (including Other Accounts), and it is not always the case that each such holder's interest will be aligned with the interests of other holders, such as the Fund, with respect to waivers of prepayment or call protections. In general, holders of loans who participate in a refinancing of such loan would benefit from a waiver, while those that do not participate would generally prefer to apply prepayment premiums and other prepayment protections.

When determined to be in the overall best interests of all of Clients, the Adviser or its affiliates can cause the relevant Client to waive prepayment premiums or other similar call premiums in certain circumstances, including when an Antares Party is involved in the refinancing, restructuring or other modification of such assets. To the extent the Fund does not participate directly or indirectly in a refinancing, the Adviser faces a potential conflict of interest between its duty to the Fund and the interests of Other Accounts that will participate in the refinancing, as well as, in some cases, the interests of other Antares Parties.

***Antares Parties Provide Information to Loan Pricing Services Which can Affect the Valuation Done by the Adviser Under its Valuation Policy***

With respect to certain Portfolio Loans, the only bid or ask price that is often available for purposes of the Adviser's Valuation Policy is expected to be one that is provided by an Antares Party (other than the Adviser) to an applicable pricing service which will be a price for all of the tranches of loans taken as a whole in the related loan facility. While such Antares Parties expect to supply bid and/or ask prices that they believe to be reflective of the market value of such loans taken as a whole, in the absence of a current third party firm bid or ask prices in the market or another third party check on those prices, the prices supplied to any pricing service by any such Antares Parties might not reflect the price a third party would actually pay for such loans taken as a whole or for a single tranche of the loans under such loan facility, which could result in the valuations for the Fund's Portfolio Loans under the Valuation Policy (which considers prices on relevant pricing services as one element of the valuation process) remaining artificially high or low.

***Time and Attention of Personnel***

All personnel of the Adviser are employees of Antares Capital LP and/or its affiliates. The Adviser's shared personnel will devote such time to the activities of the Fund as is necessary to properly perform the Adviser's obligations to the Fund. However, such shared personnel also work, and in the future will work, in the businesses of other Antares Parties and perform services for the other Antares Parties and for Other Accounts, including Other Accounts raised in the future. Conflicts will arise in the allocation of management and personnel resources as among such various activities. The Investment Advisory Agreement does not require Adviser personnel or personnel of any of the other Antares Parties to devote their full time or any material portion of their time to the Fund. In the event that any of such personnel ceases to be actively involved with the services performed by the Adviser on behalf of the Fund, the shareholders will be required to rely on the ability of the Adviser to identify and retain other investment professionals to perform such services on the Fund's behalf. When working on behalf of another Antares Party, such personnel are expected to act in the best interest of that Antares Party, whose interests could diverge from the Fund's interests. Nevertheless, these officers and directors, along with our investment adviser, and other key personnel, will devote such portion of their time to our affairs as is required for the performance of their duties, but they are not required to devote all of their time to us.

***Diverse Membership***

The shareholders in the Fund are expected to include U.S. taxable and tax exempt entities, and institutions from jurisdictions outside of the United States. Such shareholders often have conflicting investment, legal, tax, regulatory, accounting and other interests with respect to their investments in the Fund. The conflicting interests among the shareholders generally relate to or arise from, among other things, the nature of investments made by the Fund, the structuring of the acquisition of investments and the timing of the disposition of investments. As a consequence, conflicts of interest arise in connection with decisions made by the Adviser or its affiliates, including with respect to the nature or structuring of investments, that are more beneficial for one shareholder than for another shareholder, especially with respect to shareholders' individual investment, legal, tax, regulatory, accounting and other situations. In selecting and structuring investments appropriate for the Fund, the Adviser and its affiliates will consider the investment, legal, tax, regulatory, accounting and other objectives of the Fund, not the investment, legal, tax, regulatory, accounting or other objectives of any shareholder individually.

***Restrictions Arising from Antares Parties Activities and Material Non-Public Information***

The Antares Parties currently maintain limited informational walls among their businesses; there is currently an informational wall between Antares Holdings and its majority equity owner. However, for purposes of making and investing in loans or investing in securities and other instruments, confidential information with respect to an obligor or an investment received by one investment team within those businesses generally will be imputed to all investment teams. However, the Adviser and its advisory affiliates maintain policies and procedures reasonably designed to prevent the misuse of material non-public information, controls reasonably designed to allow sharing of certain internal information with Antares Liquid Credit Strategies LLC ("ALCS"), while screening borrower-specific information shared by the Antares Platform and Antares Capital Advisers with ALCS in accordance with the Adviser's policies and procedures. The Antares Parties could obtain confidential information and enter into confidentiality agreements that bind them to not only keep information confidential but also to "stand still" and comply with other restrictions. These activities could prevent the Fund from directly or indirectly acquiring or disposing of certain loans, securities and other financial instruments potentially for extended periods, which in each case could be detrimental to the performance of the Fund. Antares Parties could also elect not to receive material non-public information with respect to obligors and, as a result, might not have the same information as is available to others investing in debt obligations of such obligors. In addition, certain personnel of the Adviser or other Antares Parties could possess information relating to obligors of Portfolio Loans that is not known to the personnel at the Adviser responsible for monitoring the Portfolio Loans and performing other obligations to the Fund. Under such circumstances, the Adviser's lack of knowledge might be detrimental to the Fund. In addition, while Antares Parties currently intend to operate without information firewalls (as noted above), one or more of them could be required by certain regulations, or decide that it is advisable, to establish information firewalls.

There could also be times where the Adviser, its owners, the respective affiliates of the Adviser or its owners or the employees or personnel of any of the foregoing have access to material non-public information regarding the Portfolio Loans in which the Fund directly or indirectly invests or desires to invest. In the event that the Adviser or its personnel receives such material non-public information or is required to provide such information to the Fund, the Fund might be prohibited from effecting transactions that it would desire to effect and thus incur losses. The Adviser and its personnel generally will not be free to divulge, or to act upon, any confidential or material non-public information and, due to these restrictions, the Adviser could be unable to initiate a transaction for the account of the Fund that the Adviser otherwise might have initiated, and the Fund could be frozen in an investment position that it otherwise might have liquidated or closed out.

Notwithstanding the maintenance of restricted securities lists and other internal controls, it is possible that the internal controls relating to the management of material non-public information could fail and result in the Adviser, or one of its employees, buying or selling an investment while, at least constructively, in possession of material non-public information. Inadvertent trading on material non-public information could have adverse effects on Adviser's reputation, result in the imposition of regulatory or financial sanctions and, as a consequence, negatively impact the Adviser's ability to provide its investment management services to its investment funds, including the applicable Fund.

***Investments with Respect to which Other Antares Clients and/or Antares and its Affiliates could Benefit.***

The Fund will invest in a portfolio of Portfolio Loans, equity investments and other financial instruments, assets or obligations, which could give rise to future investment opportunities as a result of relationships developed in connection with the making of one or more investments on behalf of the Fund. The Adviser and its affiliates and/or one or more other clients advised by the Adviser or its affiliates could benefit from such a future opportunity, even though the Fund might not necessarily benefit from the same future opportunity or other future opportunities. As a result, the Adviser has an incentive to take such potential future opportunities and/or benefits into consideration when making current investment decisions for the Fund. For example, the Fund could make a follow-on investment in an obligor or Portfolio Company to maintain good business relations with the sponsor of such obligor or Portfolio Company where the Adviser believes that doing so could help it to source future investment opportunities from such sponsor that might benefit the Adviser or its affiliates and/or one or more other clients advised by the Adviser or its affiliates, even though such opportunities might not be made available to the Fund.

***Co-Investment Transactions***

The Fund and the Adviser have received the Current Order from the SEC that 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/or its affiliates, subject to certain terms and conditions. Pursuant to the Current Order, the Fund's Board may establish Board Criteria clearly defining co-investment opportunities in which the Fund has the opportunity to participate with other public or private Antares Platform funds that target similar assets. If an investment falls within the Board Criteria, the Adviser must offer an opportunity for the Fund to participate. The Fund may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Fund (e.g., based on investment strategy). The co-investment would generally be allocated to us and the other Antares Platform funds that target similar assets pro rata based on capital available for investment 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, but the Adviser would be required to report such investment and the rationale for its determination for us to not participate in the investment to the Board at the next quarterly board meeting. The Fund and the Adviser have filed an application seeking, but have not yet received, the New Order for simplified co-investment relief that would supersede the Current Order. There is no assurance that the New Order will be granted by the SEC.

With respect to co-investment transactions conducted under the exemptive order, initial internal allocations among the Fund and other investment funds affiliated with the Adviser or its affiliates will generally be made, taking into account the allocation considerations set forth in the Adviser's allocation policies and procedures as described above. If the Fund invests in a transaction under a co-investment exemptive order and, immediately before the submission of the order for the Fund and all other funds, accounts, or other similar arrangements advised by the Adviser and its affiliates, the opportunity is oversubscribed, it will generally be allocated on a pro-rata basis based on the size of the orders. To the extent the Fund does not obtain a co-investment exemptive order, or if the granting of such order is delayed, the Fund may only be able to participate in certain negotiated investment opportunities on a rotational basis. The Board regularly reviews the allocation policies and procedures of the Adviser.

To the extent consistent with applicable law and/or exemptive relief issued to the Fund, in addition to such co-investments, the Fund and the Adviser 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 the Adviser 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 or its affiliates 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.

***Insurance***

The Adviser expects to cause the Fund to purchase and/or bear premiums, fees, costs and expenses (including any expenses or fees of insurance brokers) for insurance to insure the Fund, the Adviser and/or their respective directors, directors, officers, employees, agents, representatives, and other indemnified parties, against liability in connection with the activities of the Fund. This could include a portion of any premiums, fees, costs and expenses for one or more "umbrella" or other insurance policies maintained by the Adviser or its affiliates that cover one or more Antares funds and/or the Adviser (including their respective directors, officers, employees, agents, representatives and other indemnified parties). The Adviser will make judgments about the allocation of premiums, fees, costs and expenses for such "umbrella" or other insurance policies among one or more Antares funds and/or the Adviser on a fair and reasonable basis, and may or may not make corrective allocations should it determine subsequently that such corrections are necessary or advisable. There can be no assurance that a different allocation would not result in the Fund bearing less (or more) premiums, fees, costs and expenses for insurance policies.

***Potential Litigation and Regulatory Actions Could Materially and Adversely Affect the Adviser***

There can be no assurance that the Adviser or its affiliates will avoid potential litigation or regulatory actions under existing laws or laws enacted in the future. If the SEC or any other governmental authority takes issue with the practices of the Adviser or any of its affiliates as they pertain to any of the foregoing, the Adviser and/or any such affiliates will be at risk for regulatory sanction. Even if an investigation or proceeding did not result in a sanction or the sanction imposed against the Adviser and/or such affiliates was small in monetary amount, the adverse publicity relating to the investigation, proceeding or imposition of these sanctions could harm the Fund, the Adviser and/or their respective affiliates' reputations. There is also a material risk that governmental authorities in the United States, Europe and beyond will continue to adopt new laws or regulations (including tax laws or regulations), or change existing laws or regulations, or enhance the interpretation or enforcement of existing laws and regulations. Any such events or changes could occur during the term of the Fund and could materially and adversely affect the Adviser and its ability to operate and/or pursue its management strategies on behalf of the Fund. Such risks are often difficult or impossible to predict, avoid or mitigate in advance.

***Allocation of Expenses***

From time to time the Adviser will be required to decide whether certain fees, costs and expenses should be borne by the Fund, on the one hand, or the Adviser on the other hand, and/or whether certain fees, costs and expenses should be allocated between or among the Fund, the Adviser, Antares Parties and/or Other Accounts. Certain expenses could be the obligation of the Fund and could be borne by the Fund, or expenses could be allocated among the Fund and Other Accounts. In some cases, a Client could be obligated to bear an expense but be subject to an expense cap with respect to certain expenses such that some or all of an expense that otherwise would be allocable to such Client would ultimately be borne by the Adviser or an affiliate of the Adviser. In exercising its discretion to allocate investment opportunities and fees and expenses, the Adviser is faced with a variety of potential conflicts of interest. For example, in allocating an investment opportunity among the Fund or Other Accounts with differing fee, expense and compensation structures, the Adviser has an incentive to allocate investment opportunities to the Fund or Other Accounts from which the Adviser or its related persons derives, directly or indirectly, a higher fee, compensation or other benefit. Such allocation determinations are inherently subjective and give rise to conflicts of interest due to the inherent biases in the process.

***Service Providers***

The Adviser and/or its affiliates and the Fund will generally engage common legal counsel and other advisers in a particular transaction, including a transaction in which there are conflicts of interest. In the event of a significant dispute or divergence of interest between Fund, the Adviser and/or its affiliates, the parties can engage separate counsel in the sole discretion of the Adviser and its affiliates, and in litigation and other circumstances separate representation could be required. Service providers who are, in certain circumstances, shareholders in a Fund or affiliates of such shareholders could also include investment or commercial bankers, pension consultants and/or other shareholders who provide other services (including mezzanine and/or lending arrangements).

Additionally, the Adviser and the Fund will, from time to time, engage other common service providers. In certain circumstances, the service provider could charge varying rates or engage in different arrangements for services provided to the Adviser and/or the Fund. This should be expected to result in the Adviser receiving a more favorable rate on services provided to it by such a common service provider than those payable by the Fund, or the Adviser receiving a discount on services even though the Fund receives a lesser, or no, discount. This creates a conflict of interest between the Adviser, on the one hand, and the Fund, on the other hand, in determining whether to engage such service providers, including the possibility that the Adviser will favor the engagement or continued engagement of such persons if it receives a benefit from such service providers, such as lower fees, that it would not receive absent the engagement of such service provider by the Fund.

Services required by the Fund (including some services historically provided by the Adviser or its affiliates to the Fund) could, for certain reasons, including efficiency and economic considerations, be outsourced in whole or in part to third parties in the discretion of the Adviser or its affiliates. The Adviser and its affiliates have an incentive to outsource such services at the expense of the Fund to, among other things, leverage the use of Adviser personnel. Such services could include, without limitation, deal sourcing, information technology, license software, depository, data processing, client relations, administration, custodial, accounting, legal and tax support and other similar services. The decision by the Adviser to initially perform a service for the Fund in-house does not preclude a later decision to outsource such services (or any additional services) in whole or in part to a third party service provider in the future. The fees, costs and expenses of any such third party service providers will be borne by the Fund.

The Adviser generally can, in its discretion, recommend to the Fund or to a Portfolio Company thereof (in response to a solicitation for a recommendation or otherwise) that it contract for services with (i) the Adviser or a related person of the Adviser (including but not limited to a Portfolio Company of the Fund) or (ii) an entity with which the Adviser or its affiliates or a member of their personnel has a relationship or from which the Adviser or its affiliates or their personnel otherwise derives financial or other benefit. When making such a recommendation, the Adviser, because of its financial or other business interest, has an incentive to recommend the related or other person even if another person is more qualified to provide the applicable services and/or can provide such services at a lesser cost.

Additionally, employees of the Adviser or its affiliates, and/or their family members or relatives, could have ownership, employment, or other interests in such service providers. These relationships that an Adviser or its affiliates have with a service provider can influence the Adviser in determining whether to select or recommend such service provider to perform services for the Fund. The Adviser will have a conflict of interest with the Fund in recommending the retention or continuation of a service provider to the Fund if such recommendation, for example, is motivated by a belief that the service provider will continue to invest in the Fund or will provide the Adviser information about markets and industries in which the Adviser operates or is interested or will provide other services that are beneficial to the Adviser. Although the Adviser selects service providers that it believes will enhance performance (and, in turn, the performance of the Fund), there is a possibility that the Adviser, because of a financial interest, business interest, or other reasons, will favor such retention or continuation even if a better price and/or quality of service could be obtained from another person. While the Adviser often does not have visibility or influence regarding advantageous service rates or arrangements, there will be situations in which the Adviser receives more favorable service rates or arrangements than the Fund.

In addition, Antares will from time to time enter into arrangements with service providers that provide fee discounts for certain services rendered to the Adviser, its affiliates and/or certain clients and Other Accounts, but not with respect to services rendered to the client. For example, certain law firms retained by the Antares Platform discount their legal fees for non-investment transaction-related legal services provided to the Antares Platform and its personnel, such as legal advice in connection with Antares' operational, compliance and related matters (including matters pertaining to the Antares Platform's personnel).

The Adviser or its affiliates and service providers often charge varying amounts or have different fee arrangements for different types of services provided. For instance, fees for various types of work often depend on the complexity of the matter, the expertise required and the time demands of the service provider. As a result, to the extent the services required by the Adviser or its affiliates differ from those required by the Fund, the Adviser and its affiliates will pay different rates and fees than those paid by the Fund.

The Adviser or its affiliates will engage certain service providers (including law firms) on behalf of the Fund, and personnel of such service provider could be seconded to the Adviser or its affiliates. In such circumstances, a conflict of interest exists because the Adviser or its affiliates have an incentive to select one service provider over another on the basis that the Adviser or its affiliates receive the benefit of seconded employees from such service provider, particularly where the compensation and expenses for such personnel during the secondment is borne by the service provider and not the Adviser or its affiliates.

At times, obligors or other borrowers within the Antares Platform may acquire or become service providers that the Adviser or another Antares Party engages with or retains for certain business services. The Adviser or any other Antares Party may have an incentive to demonstrate preferential treatment with respect to such obligor or borrower as a result of such relationship, which may present conflicts of interest to the extent that the Adviser or any other Antares Party relies on the business services provided by such obligor or borrower for its operations. The Adviser should be expected to take into account its relationship or the relationships of its affiliates with any such obligor or borrower, which can create the conflicts of interest described above.

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, but does reflect all material conflicts known to the Fund as of the date of this prospectus. To the extent that prospective investors would benefit from an independent review, such benefit is not available through the Fund's legal or tax advisors, the Adviser or any other Antares Party. Such prospective investors are encouraged to seek the advice of independent legal counsel in evaluating the risks of an investment in the Fund.

**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 Mr. Mathew and Mr. Lindblad, 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**

We, the Adviser, the Administrator 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 Shares 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 Shares currently, and we do not expect one will develop.

Because our Common Shares 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 Shares cannot be sold, transferred, assigned, pledged or otherwise disposed of unless (1) our consent is granted and (2) the Common Shares are registered under applicable securities laws or specifically exempted from registration (in which case the shareholder 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 Shares until we are liquidated. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of the Common Shares can be made except by registration of the transfer on our books. Each transferee will be required to execute an instrument pursuant to which they will agree to be bound by these restrictions and the other restrictions imposed on the Common Shares and to execute such other instruments or certifications as are reasonably required by us.

**Holders**

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

**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.

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 shareholders 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 this 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 Shares.

From time to time, we may also pay special distributions in the form of cash or Common Shares 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 Administration Agreement.*"

Consistent with the Code, shareholders 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 shares 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 shares.

We intend to elect to be treated, and intend to qualify annually, 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 shareholders. 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 shareholder'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 July 16, 2025, the Fund had sold $25,000 of Common Shares.

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

The following description is based on relevant portions of 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 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 Shares and multiple classes of Common Shares and preferred shares. As of July 16, 2025, there was one class of Common Shares, with 1,000 Common Shares outstanding and no preferred shares outstanding. There is currently no market for our Common Shares, and we can offer no assurances that a market for our Common Shares will develop in the future. We do not intend for the Common Shares offered pursuant to the Private Offering to be listed on any national securities exchange. There are no outstanding options or warrants to purchase our Common Shares. No Common Shares have been authorized for issuance under any equity compensation plans.

**Description of Our Shares**

**Common Shares**

Under the terms of the LLC Agreement, we retain the right to accept subscriptions for our Common Shares. In addition, holders of Common Shares are entitled to one vote for each Common Share held on all matters submitted to a vote of shareholders and do not have cumulative voting rights. Shareholders are entitled to receive proportionately any distributions declared by the Board of Directors, subject to any preferential dividend rights of outstanding preferred shares. Upon our liquidation, dissolution or winding up, the shareholders 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 shares. Shareholders have no redemption or preemptive rights. The rights, preferences and privileges of shareholders are subject to the rights of the holders of any preferred shares that we may designate and issue in the future.

Under the LLC Agreement, the Board of Directors may authorize additional classes of Common Shares. Each class of Common Shares 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 Shares except for such differences as will be clearly and expressly set forth in our Certificate of Formation or LLC Agreement.

**Preferred Shares**

The Private Offering does not include an offering of preferred shares. However, under the terms of the LLC Agreement, our Board of Directors is authorized to issue preferred shares without approval of the common shareholders. Prior to the issuance of a series of preferred shares, 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 shares require, among other things: (i) immediately after issuance and before any distribution is made with respect to the shares, we must meet an asset coverage ratio of total assets to total senior securities, which include all of our borrowings and any preferred shares; and (ii) the holders of preferred shares, if any are issued, must be entitled as a class to elect two directors at all times and to elect a majority of the directors if and for so long as distributions on the preferred shares are unpaid in an amount equal to two full years of distributions on the preferred shares.

**Transfer and Resale Restrictions**

Investors in our shares may sell, assign, transfer or otherwise dispose of their Common Shares 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 Shares in private offerings in the United States under the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. Investors who acquire our Common Shares in such private offerings are required to complete, execute and deliver a Subscription Agreement and related documentation, 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 shares in certain jurisdictions outside the United States.

**Limited Liability of the Members**

No common shareholder or former common shareholder, 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 shareholder 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 shareholder's Subscription Agreement, as the case may be.

**Delaware Law and Certain Limited Liability Company Agreement Provisions**

**Organization and Duration**

We were formed as a Delaware limited liability company on April 15, 2025. We will remain in existence until dissolved in accordance with the LLC Agreement or pursuant to Delaware law.

**Purpose**

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**

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 shareholder and each person who acquires Common Shares from a common shareholder 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; provided, that any or all directors appointed by preferred shareholders may be removed only by the affirmative vote of at least 66 2/3% in voting power of all our then-outstanding preferred shares.

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 Shareholders**

Under the LLC Agreement, shareholder action can be taken only at a meeting of shareholders or by written consent in lieu of a meeting by shareholders representing at least the number of shares required to approve the matter in question.

Only our Board of Directors, the Chair of the Board of Directors or our Chief Executive Officer may call a meeting of shareholders. Only business specified in our notice of meeting (or supplement thereto) may be conducted at a meeting of shareholders.

**Amendment of the LLC Agreement; No Approval by Shareholders**

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:

&nbsp;&nbsp;&nbsp;&nbsp;a. If no preferred shares have been issued and are outstanding, the holders of a majority of the Common Shares;
and

&nbsp;&nbsp;&nbsp;&nbsp;b. If preferred shares have been issued and are outstanding, (i) in the case of an amendment not affecting
the rights of preferred shareholders, the holders of a majority of the Common Shares, (ii) in the case of an amendment not affecting
the rights of the common shareholders (including rights or protections with respect to tax consequences of common shareholders), the holders
of a majority of the preferred shares, and (iii) in case of an amendment affecting the rights (including rights or protections with
respect to tax consequences of common shareholders) of both the common shareholders and preferred shareholders, the holders of a majority
of the Common Shares and the holders of a majority of the preferred shares.

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 shareholder or preferred shareholder.

**Merger, Sale or Other Disposition of Assets**

Subject to any restrictions of the 1940 Act and applicable law, the Board of Directors may, without the approval of our shareholders, 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. Our Board of Directors may also cause the sale of all or substantially all of our assets under a foreclosure or other realization without shareholder approval. Shareholders 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.

**Waiver of Jury Trial**

Pursuant to the LLC Agreement, shareholders waive the right to a jury trial for 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.

**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 shareholder 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 willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

The LLC Agreement provides that we will indemnify any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding whether civil, criminal, administrative or investigative (other than an action by or in the right of the Fund) by reason of the fact that he or she is or was a director, officer, employee or agent of the Fund, or is or was serving at the request of the Fund as a director, officer, employee or agent of another company, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Fund, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.

In addition, we will indemnify any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Fund to procure a judgment in its favor by reason of the fact that he or she is or was a director, officer, employee or agent of the Fund, or is or was serving at the request of the Fund as a director, Officer, employee or agent of another company, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection with the defense or settlement of such action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Fund, except that no indemnification will be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Fund unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.

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.

So long as we are regulated under the 1940 Act, the above indemnification and limitation of liability is limited by the 1940 Act or by any valid rule, regulation or order of the SEC thereunder. The 1940 Act provides, among other things, that a company may not indemnify any 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 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.

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

Set forth below is a list of our audited financial statements included in this Registration Statement.

---

| | |
|:---|:---|
|  | **Page** |
| Index to Financial Statements | F-1 |
| Report of Independent Registered Public Accounting Firm | F-2 |
| Consolidated Statement of Assets and Liabilities as of June 30, 2025 | F-3 |
| Consolidated Statement of Operations from April 15, 2025 (Inception) to June 30, 2025 | F-4 |
| Notes to the Financial Statements | F-5 |

---

**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 and commence on page F-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exhibits

**Exhibit Index**

---

| | |
|:---|:---|
| [3.1](https://www.sec.gov/Archives/edgar/data/2065397/000110465925051901/tm2515465d1_ex3-1.htm) | [Certificate of Formation of the Fund (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form 10 (File No. 000-56750) filed on May 22, 2025)](https://www.sec.gov/Archives/edgar/data/2065397/000110465925051901/tm2515465d1_ex3-1.htm) |
| [3.2](https://www.sec.gov/Archives/edgar/data/2065397/000110465925051901/tm2515465d1_ex3-2.htm) | [Initial Limited Liability Company Agreement of the Fund (incorporated by reference to Exhibit 3.2 to the Registration Statement on Form 10 (File No. 000-56750) filed on May 22, 2025)](https://www.sec.gov/Archives/edgar/data/2065397/000110465925051901/tm2515465d1_ex3-2.htm) |
| [3.3](tm2520958d1_ex3-3.htm) | [Amended and Restated Limited Liability Company Agreement of the Fund (filed herewith)](tm2520958d1_ex3-3.htm) |
| [10.1](tm2520958d1_ex10-1.htm) | [Investment Advisory Agreement (filed herewith)](tm2520958d1_ex10-1.htm) |
| [10.2](tm2520958d1_ex10-2.htm) | [Administration Agreement (filed herewith)](tm2520958d1_ex10-2.htm) |
| [10.3](tm2520958d1_ex10-3.htm) | [Subscription Agreement (filed herewith)](tm2520958d1_ex10-3.htm) |
| [10.4](tm2520958d1_ex10-4.htm) | [Document Custody Agreement (filed herewith)](tm2520958d1_ex10-4.htm) |
| [10.5](tm2520958d1_ex10-5.htm) | [Custody Agreement (filed herewith)](tm2520958d1_ex10-5.htm) |
| [10.6](tm2520958d1_ex10-6.htm) | [Expense Support and Conditional Reimbursement Agreement (filed herewith)](tm2520958d1_ex10-6.htm) |
| [10.7](tm2520958d1_ex10-7.htm) | [Distribution Reinvestment Plan (filed herewith)](tm2520958d1_ex10-7.htm) |
| [10.8](tm2520958d1_ex10-8.htm) | [Form of Distribution Agreement (filed herewith)](tm2520958d1_ex10-8.htm) |
| [10.9](tm2520958d1_ex10-9.htm) | [12b-1 Distribution and Shareholder Servicing Plan (filed herewith)](tm2520958d1_ex10-9.htm) |
| [10.10](tm2520958d1_ex10-10.htm) | [Transfer Agent Agreement (filed herewith)](tm2520958d1_ex10-10.htm) |
| [10.11](tm2520958d1_ex10-11.htm) | [Waiver Letter Agreement (filed herewith)](tm2520958d1_ex10-11.htm) |
| [10.12](tm2520958d1_ex10-12.htm) | [Expense Waiver Letter Agreement (filed herewith)](tm2520958d1_ex10-12.htm) |
| [14.1](tm2520958d1_ex14-1.htm) | [Code of Ethics of the Fund (filed herewith)](tm2520958d1_ex14-1.htm) |
| [14.2](tm2520958d1_ex14-2.htm) | [Code of Ethics of the Adviser (filed herewith)](tm2520958d1_ex14-2.htm) |

---

**SIGNATURES**

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment No.1 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **Antares Strategic Credit Fund II LLC** | **Antares Strategic Credit Fund II LLC** |
| By: | /s/ Monica Kelsey |
|  | Name: Monica Kelsey |
|  | Title: Chief Financial Officer and Principal Accounting Officer |

---

Date: July 16, 2025

**INDEX TO THE FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [**Report of Independent Registered Public Accounting Firm**](#RIRPAF_001) | [**F-2**](#RIRPAF_001) |
| [**Statement of Assets and Liabilities as of June 30, 2025**](#AL_002) | [**F-3**](#AL_002) |
| [**Statement of Operations for the period from April 15, 2025 (Inception) to June 30, 2025**](#SP_003) | [**F-4**](#SP_003) |
| [**Notes to the Financial Statements**](#NFS_004) | [**F-5**](#NFS_004) |

---

![](tm2520958d1_1012ga-04.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders and the Board of Directors of Antares Strategic Credit Fund II LLC:

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Antares Strategic Credit Fund II LLC (the "Company") as of June 30, 2025, the related statement of operations for the period from April 15, 2025 (inception) to June 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025, and the results of its operations for the period from April 15, 2025 (inception) to June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial 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 financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, NY<br> July 16, 2025

We have served as the Company's auditor since 2025.

**antares Strategic Credit Fund II LLC**

Statement of Assets and Liabilities

---

| | |
|:---|:---|
|  | As of <br>June 30, 2025 |
| Assets |  |
| Cash and cash equivalents | $25052 |
| Deferred offering costs | 169827 |
| Receivable from adviser (Note 3) | 152762 |
| **Total assets** | $347641 |
| Liabilities |  |
| Due to affiliates | $322641 |
| **Total liabilities** | 322641 |
| Commitment and contingencies (Note 4) |  |
| Net Assets |  |
| Common shares, $0.001 par value; unlimited shares authorized; 1,000 shares issued and outstanding | 1 |
| Paid-in capital in excess of par value | 24999 |
| **Total net assets** | 25000 |
| **Total liabilities and net assets** | $347641 |
| **Net asset value per share** | $25.00 |

---

See accompanying notes to the financial statements.

**antares Strategic Credit Fund II LLC**

Statement of Operations

---

| | |
|:---|:---|
|  | Period from April 15,<br> 2025 (inception) to<br> June 30, 2025 |
| Income: |  |
| Interest Income | $52 |
| &nbsp;&nbsp;&nbsp;Total income | 52 |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp;Organization costs (Note 2) | 152814 |
| &nbsp;&nbsp;&nbsp;Total expenses | 152814 |
| &nbsp;&nbsp;&nbsp;Expense support from adviser (Note 3) | (152762) |
| &nbsp;&nbsp;&nbsp;Net assets resulting from operations | $- |
| &nbsp;&nbsp;&nbsp;Earnings per share – Basic and Diluted | - |
| &nbsp;&nbsp;&nbsp;Weighted Average Shares Outstanding – Basic and Diluted | 1000 |

---

See accompanying notes to the financial statements.

**antares Strategic Credit Fund II LLC**

Notes to the Financial Statements

------

**1.** **Business and Organization:** 

Antares Strategic Credit Fund II LLC (the "Company") is a Delaware limited liability company formed on April 15, 2025. The Company was organized to invest in a portfolio of private credit investments structured as portfolio loans to United States ("U.S.") borrowers. A "portfolio loan" is a senior secured loan, which may be first lien, second lien or unitranche loans, consisting of term loans and/or related delayed draw term loans and/or revolving loans, and each tranche of a senior secured loan acquired by the Company is referred to as a portfolio loan. The Company is expected to acquire portfolio loans that have been sourced and underwritten (i.e., evaluated for associated potential risks) by Antares Parties or by other loan originators that can include, among others, joint ventures in which one or more Antares Parties have interests.

The Company is a non-diversified, closed-end management investment company that intends to elect to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Company intends to elect to be treated and intends to comply with the requirements to qualify annually, as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). The Company is externally managed by Antares Capital Credit Advisers LLC (the "Adviser"). The Investment Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the "SEC"). As of June 30, 2025, the Company had not commenced its investing activities.

The Company will be a private, perpetual-life BDC, whose common shares are not listed for trading on a stock exchange or other securities market and will be an investment vehicle with indefinite duration.

The Company's investment objective is to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers. While the Company's investment strategy primarily focuses on companies in the U.S., the Company intends to also invest in companies in Canada, Europe and other locations outside the U.S.

The Company's investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds, which may be used to maintain liquidity for the Company's share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. The Company may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities.

**antares Strategic Credit Fund II LLC**

Notes to the Financial Statements

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The Company anticipates that most of the portfolio loans will be senior secured loans consisting of term loans and/or related delayed draw term loans and/or revolving loans. A portion of the Company's investments may be composed of "covenant-lite loans". The companies to which portfolio loans are made typically enter into senior secured loans in order to acquire capital for growth, acquisitions, recapitalizations, refinancings and leveraged buyouts. Such loans typically pay interest at rates determined periodically on the basis of a floating base lending rate plus a premium. The Adviser will seek to build an attractive, diversified portfolio of loans which, after acquisition by the Company, will be subject to active monitoring by the Adviser's or its affiliates' credit analysts and management team. The Company anticipates that most of its debt investments will be unrated. When rated by a nationally recognized statistical ratings organization, the investments will generally carry a rating below investment grade (rated lower than "Baa3" by Moody's Investor Service, Inc. or lower than "BBB-" by Standard & Poor's Rating Services). 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 illiquid and difficult to value.

The Company may also invest in preferred equity, or our debt investments may be accompanied by equity-related securities (such as options or warrants) and/or select common equity investments.

The Company may enter into interest rate, foreign exchange, and/or other derivative arrangements to hedge against interest rate, currency, and/or other credit related risks through the use of futures, swaps, options and forward contracts. These hedging activities will be subject to the applicable legal and regulatory compliance requirements; however, there can be no assurance any hedging strategy employed will be successful. The Company may also seek to borrow capital in local currency as a means of hedging non-U.S. dollar denominated investments.

The Company intends to offer its common shares of beneficial interest (the "Common Shares") on a continuous basis via a private placement. Within the U.S., the Common Shares are being offered solely to investors that are "accredited investors" as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the "1933 Act").

On May 1, 2025 an affiliate of the Adviser subscribed for 1,000 Common Shares at $25.00 per share.

**antares Strategic Credit Fund II LLC**

Notes to the Financial Statements

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

*Basis of presentation*

The financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP"). The Company is considered an Investment Company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 and pursuant to Regulation S-X.

*Use of estimates*

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future economic and market conditions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Although the Company's estimates contemplate current conditions and how they expect them to change in the future, it is reasonably possible that actual results could differ from those estimates and such difference could be material.

*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 Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit. Cash equivalents amounting to $25,052 are invested in money market funds (BlackRock Liquidity T-Fund - Institutional Shares) and would be categorized as Level 1 under the ASC Topic 820, *Fair Value Measurement*, fair value level hierarchy as of June 30, 2025. Level 1 is defined as quoted prices (unadjusted) in active markets for identical assets or liabilities that the Adviser has the ability to access at the measurement date.

*Organization and Offering Expenses*

Organization costs include costs relating to the formation and organization of the Company. Such costs are expensed as incurred.

Costs associated with the Company's intended offering of Common Shares are capitalized and included as deferred offering costs on the Statement of Assets and Liabilities and will be amortized over a twelve-month period beginning on the date which the Company first accepts capital contribution from unaffiliated shareholders in the Private Offering.

Through June 30, 2025, the Company incurred $152,814 in organization costs and $169,827 in offering costs. These amounts are included in due to affiliates on the Statement of Assets and Liabilities as of June 30, 2025.

**antares Strategic Credit Fund II LLC**

Notes to the Financial Statements

------

*Income taxes*

As a RIC, it generally will not pay corporate-level United States federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company's shareholders and would not be reflected in the consolidated financial statements of the Company. However, certain U.S. state and local jurisdictions may not conform to the federal tax treatment and treat the Company as a captive RIC or otherwise impose state or local income taxes. Any such state or local tax liabilities will be reflected in the Company's consolidated financial statements as income tax expense.

The Company 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 Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, 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 Company will be subject to a 4% non-deductible federal excise tax on undistributed income unless the Company 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 October 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 Company that is subject to corporate income tax is considered to have been distributed.

*New accounting standards*

Management does not believe any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

**antares Strategic Credit Fund II LLC**

Notes to the Financial Statements

------

**3.** **Agreements and Related Party Transactions:** 

The Company entered a number of business relationships with affiliated or related parties, including the Investment Advisory Agreement and the Administration Agreement.

On June 26, 2025, the Company's Board of Trustees approved an investment advisory agreement with the Adviser ("Investment Advisory Agreement"), pursuant to which the Adviser will manage the Company on a day-to-day basis. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for determining the composition of the Company's portfolio, identifying investment opportunities and making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies, and negotiating, obtaining and managing financing facilities and other forms of leverage.

The Company will pay the Adviser fees for its services under the Investment Advisory Agreement. The fees consist 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 Company's shareholders.

*Management fee*

The management fee will be payable quarterly in arrears at an annual rate of 1.25% of the average of the Company's net asset value as of the beginning of the prior quarter and the beginning of the then current quarter.

*Incentive fee*

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, each as described below.

*Investment income incentive fee*

The income based incentive fee will be based on "Pre-Incentive Fee Net Investment Income Returns" meaning interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the month, minus operating expenses for the month (including the management fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any distribution or shareholder servicing fees, as applicable). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind ("PIK") interest and zero-coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

**antares Strategic Credit Fund II LLC**

Notes to the Financial Statements

------

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of net assets at the end of the preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

● The Company will pay no Investment Income Incentive Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre-Incentive Fee Net Investment Income Returns does not exceed the hurdle rate of 1.25% (5.0% annualized).

● The Company will pay 100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).

● The Company will pay 12.5% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

*Capital gains incentive fee*

The second component of the incentive fee, the capital gains incentive fee, will be payable at the end of each calendar year in arrears. The amount payable will be equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fee as calculated in accordance with U.S. GAAP.

For purposes of computing the Company's investment income Incentive Fee and Capital Gains Incentive Fee, the calculation methodology will look through derivative financial instruments or swaps as if the Company owned the reference assets directly. The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated.

*Licensing agreement*

As part of the Investment Advisory Agreement, the Adviser, on behalf of Antares Holdings LLC, agreed to grant the Company a fully paid-up, royalty-free, non-exclusive, non-transferable worldwide license to use "Antares" for specified purposes in the Company's business, during the term of the Investment Advisory agreement. Other than with respect to this limited license, the Company will have no legal right to the "Antares" name.

**antares Strategic Credit Fund II LLC**

Notes to the Financial Statements

------

*Administration agreement*

On June 26, 2025, the Company's Board of Trustees approved the administration agreement (the "Administration Agreement") with Antares Capital Credit Advisers LLC (in such role, the "Administrator"). Under the terms of the Administration Agreement, the Administrator will provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value, compliance monitoring (including diligence and oversight of the Company's other service providers), preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Company's Board of Trustees, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.

The Company will reimburse the Administrator for its costs, expenses and allocable portion of overhead (including compensation of personnel performing administrative duties) in connection with the services performed for the Company pursuant to the terms of the Administration Agreement.

*Sub-administration agreement*

In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for the Company by such affiliate or third party.

The Administrator hired U.S. Bancorp Fund Services, LLC to assist with sub-administration and fund accounting services.

*Expense support agreements*

On June 26, 2025, the Company's Board of Trustees approved an expense support and conditional reimbursement agreement (the "Expense Support Agreement"). Under the terms of the Expense Support Agreement, the Adviser will pay the Company's total organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses of the Company on the Company's behalf such that these operating expenses of the Company do not exceed 1.00% (on annualized basis) of the Company's net asset value. Additionally, the Adviser may elect to pay certain additional expenses of the Company on the Company's behalf. Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all expense payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. "Available Operating Funds" means the sum of (i) the Company's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

**antares Strategic Credit Fund II LLC**

Notes to the Financial Statements

------

In addition, effective as of July 15, 2025, the Company and the Adviser entered into a waiver letter agreement (the "Waiver Letter Agreement"), pursuant to which the Adviser agreed to waive reimbursement by the Company for certain of the Company's organizational expenses the Adviser incurs or has incurred on the Company's behalf in an aggregate amount not to exceed $250,000 during the period ending on the date of the initial closing for purchases of common shares by unaffiliated investors (the "Initial Closing Date"). The Waiver Letter Agreement provides that, to the extent the Company's net asset value increases, the Adviser may be reimbursed for past payments of excess organizational expenses made on the Company's behalf prior to the Initial Closing Date, provided that the total organizational expenses borne by the Company do not exceed 1.00% of the Company's net asset value and provided further that the Adviser may not be reimbursed for payment of excess organizational expenses that were incurred more than three years prior to the proposed reimbursement. As of June 30, 2025, the expense support from the Adviser is $152,762 pursuant to the Expense Support Agreement which is included in the Statement of Operations.

**4.** **Commitments and Contingencies:** 

In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

**5.** **Share Repurchase Program** 

The Company will commence a share repurchase program, commencing at least one year following the date on which unaffiliated investors first purchase the Common Shares, in which the Company intends to repurchase in each semi-annually period no more than 7.5% of the Common Shares outstanding (either by number of Common Shares or aggregate net asset value) as of the last day of the immediately preceding period. The Company's Board of Trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of the Company and the best interest of the Company's shareholders. As a result, share repurchases may not be available each semi-annual period. The Company intends 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 shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

**antares Strategic Credit Fund II LLC**

Notes to the Financial Statements

------

Under the Company's share repurchase program, to the extent the Company offers to repurchase shares in any particular period, the Company expects to repurchase shares at the current net offering price per Common Share on the date of such repurchase, which the Company believes will reflect the net asset value per Common Share as determined in accordance with the Company's share pricing policy.

**6.** **Net Assets:** 

In connection with its formation, the Company has the authority to issue an unlimited number of common shares of beneficial interest at $0.001 per share par value. On May 1, 2025, an affiliate of the Adviser subscribed for 1,000 shares of the Company's Common Shares of beneficial interest at $25.00 per share. The Company intends to issue Common Shares in the Private Offering on a monthly basis at an offering price generally equal to the net asset value per Common Share.

**7.** **Segment Reporting:** 

The Company intends to operate through a single operating and reporting segment with the investment objective to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers. The chief operating decision maker (the "CODM") function is comprised of the Company's chief executive officer, chief financial officer and chief compliance officer, which evaluates the performance of the Company on a consolidated basis, and which intends to operate under the specific regulatory requirements of the Investment Company Act of 1940. The CODM function will utilize key metrics including, but not limited to, net increase (decrease) in net assets resulting from operations (as reported on the Consolidated Statements of Operations) for determining the Company's investment strategy, capital allocation, expense structure, and potential significant transactions. As the Company's operations will comprise of a single reporting segment, the segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and the significant segment expenses are listed on the accompanying Statements of Operations.

**antares Strategic Credit Fund II LLC**

Notes to the Financial Statements

------

**8.** **Subsequent Events:** 

Management evaluated subsequent events through July 16, 2025, the date the financial statements were available to be issued and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the financial statements, other than those disclosed below.

On July 15, 2025, the Company and the Adviser entered into an agreement to waive any management fee and incentive fee due from the Company to the Adviser through February 28, 2026.

## Exhibit 3.3

**Exhibit 3.3**

**Antares Strategic Credit Fund II LLC**

**First Amended and Restated<br> Limited Liability Company Agreement**

**Dated as of July 2, 2025**

**Table of Contents**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| Article 1 — DEFINITIONS | Article 1 — DEFINITIONS | 1 |
| &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;Section 2.1. | Formation of Limited Liability Company | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Formation | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Admission | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Name | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Address | 2 |
| &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;Section 3.1. | Names, Addresses and Subscriptions | 2 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Limited Liability | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Effect of Death, Dissolution or Bankruptcy | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | No Control of Company | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Dual Status | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3. | Admission of New Members; Capital Contributions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Initial Closing Date | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Subsequent Closings | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Additional Members | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4. | Management and Control of Company | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Board of Directors | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Committees of Board of Directors | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Management by the Board | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Powers of Board | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5. | Activities of Members | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6. | Meetings of Members | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Place of Meetings | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Meetings | 8 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Business
 at Meetings 8

-i-

**Table of Contents**

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Quorum; Adjournments | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Remote Participation | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.7. | Waiver of Notice | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.8. | Member Voting and Consents | 9 |
| Article 4 — INVESTMENTS AND ACTIVITIES | Article 4 — INVESTMENTS AND ACTIVITIES | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1. | Investment Objectives | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2. | Borrowing | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | General | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Beneficiary Rights | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3. | Distributions | 11 |
| Article 5 — Certain Rights and Preferences of Shares | Article 5 — Certain Rights and Preferences of Shares | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1. | Classes of Shares | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2. | Common Shares | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3. | Preferred Shares | 12 |
| Article 6 — FEES AND EXPENSES; ADVISORY AGREEMENT; Administration Agreement | Article 6 — FEES AND EXPENSES; ADVISORY AGREEMENT; Administration Agreement | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1. | Company Expenses | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2. | Investment Advisory Agreement | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3. | Administration Agreement | 12 |
| Article 7 — CAPITAL OF THE COMPANY | Article 7 — CAPITAL OF THE COMPANY | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1. | Capital Contributions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | General | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Additional Capital Contributions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | No Interest | 13 |
| Article 8 — DURATION OF THE COMPANY | Article 8 — DURATION OF THE COMPANY | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1. | Term and Termination of the Company | 13 |

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**Table of Contents**

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2. | Sale or Merger | 13 |
| Article 9 — LIQUIDATION OF ASSETS ON DISSOLUTION | Article 9 — LIQUIDATION OF ASSETS ON DISSOLUTION | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1. | General | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2. | Liquidating Distributions; Priority | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Priority | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Distributions In-Kind | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3. | Duration of Liquidation | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.4. | Liability for Returns | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.5. | Post-Dissolution Investments | 14 |
| Article 10 — LIMITATIONS ON TRANSFERS OF SHARES; REQUIRED TRANSFERS | Article 10 — LIMITATIONS ON TRANSFERS OF SHARES; REQUIRED TRANSFERS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1. | Transfers of Shares | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | General | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Reimbursement of Transfer Expenses | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2. | Admission of Substituted Members | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | General | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Effect of Admission | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Non-Compliant Transfer | 15 |
| Article 11 — LIMITATION OF LIABILITY AND INDEMNIFICATION | Article 11 — LIMITATION OF LIABILITY AND INDEMNIFICATION | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1. | Limitation of Liability | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2. | Indemnification | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Third Party Actions | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Actions by or in the Right of the Company | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Expenses | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Determinations | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Right to Advancement of Expenses | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Indemnification Not Exclusive | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) | Certain Definitions | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3. | Nature of Rights | 18 |

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-iii-

**Table of Contents**

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.4. | Insurance | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.5. | Limitation by Law | 18 |
| Article 12 — AMENDMENTS | Article 12 — AMENDMENTS | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.1. | Amendments | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | By Consent | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Without Consent | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Consent to Amend Special Provisions | 20 |
| Article 13 — ADMINISTRATIVE PROVISIONS | Article 13 — ADMINISTRATIVE PROVISIONS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.1. | Keeping of Accounts and Records; Certificate of Formation; Administrator | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Accounts and Records | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Certificate of Formation | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.2. | Valuation | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.3. | Notices | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.4. | Accounting Provisions | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Fiscal Year | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Independent Auditors | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.5. | Tax Provisions | 21 |
| &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 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | RIC Requirements | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Tax Information | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.6. | General Provisions | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Power of Attorney | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Binding on Successors | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Governing Law | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Severability | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Submission to Jurisdiction; Venue; Waiver of Jury Trial | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Waiver of Partition | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) | Securities Law Matters | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) | Confidentiality. | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) | Fixing the Record Date | 28 |

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-iv-

**Table of Contents**

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) | Notices to Members | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) | Contract Construction; Headings; Counterparts | 28 |

---

**Signature Pages of Members**

---

| | |
|:---|:---|
| **Appendix I** | **Definitions** |

---

---

| | |
|:---|:---|
| **Schedule A** | **Schedule of Directors** |

---

---

| | |
|:---|:---|
| **Schedule B** | **Schedule of Officers** |

---

---

| | |
|:---|:---|
| **Exhibit 1** | **Investment Advisory Agreement** |

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-v-

**First Amended and Restated Limited Liability Company Agreement**

**OF**

**Antares Strategic Credit Fund II LLC**

This First Amended and Restated Limited Liability Company Agreement (the "**Agreement**") of Antares Strategic Credit Fund II LLC (the "**Company**") is entered into as of [●], 2025 by Antares Midco Inc., a Delaware corporation (the "**Initial Member**"), as its sole member.

WHEREAS, pursuant to Section 23 of the Limited Liability Company Agreement of the Company, dated as of April 15, 2025 (the "**Existing Agreement**"), the Existing Agreement may be amended with the consent of 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 — 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 — ORGANIZATION; POWERS**

Section 2.1. <u>Formation of Limited Liability Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Formation*. The Company was formed as a limited liability company under the Delaware Limited Liability Company Act (6 Del. C. §18-214, et seq.) (as amended from time to time, the "**Delaware Act**") pursuant to a Certificate of Formation of the Company, which was filed with the Secretary of State of the State of Delaware on April 15, 2025 (as amended from time to time hereafter, the "**Certificate**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Admission*. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Name*. The name of the Company is "Antares Strategic Credit Fund II LLC."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Address*. 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 320 South Canal Street, Suite 4200, Chicago, IL 60606, 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 — 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 Shares held and the Capital Contribution (as defined below) 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 Shares owned or the Member's Capital Contribution 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;(a) *Limited Liability*. 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.

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;(b) *Effect of Death, Dissolution or Bankruptcy*. 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 10.2(b)</u> unless and until such Person is admitted as a substituted Member pursuant to <u>Section 10.2</u>. Any Transfer of the Shares so acquired by such successor, estate or legal representative shall be subject to the requirements of <u>Article 10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Control of Company*. Except as otherwise provided herein, no Member shall have the right or power to: (i) withdraw its Capital Contribution to the Company; (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Dual Status*. A Member may hold both Common Shares and, if issued, Preferred Shares. A Member who holds both Common Shares and Preferred Shares shall be treated separately as a Common Shareholder with respect to its Common Shares and as a Preferred Shareholder with respect to its Preferred Shares, except as otherwise provided in this Agreement.

Section 3.3. <u>Admission of New Members; Capital Contributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Initial Closing Date*. Common Shareholders acquiring Common Shares will each enter into a Subscription Agreement pursuant to which the Common Shareholder will agree to purchase Common Shares for an aggregate purchase price equal to the portion of its requested capital contribution to the Company that is accepted by the Company (its "**Capital Contribution**"), subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Subsequent Closings*. The Company may hold closings subsequent to the Initial Closing Date (each date on which a subsequent closing is held, a "**Subsequent Closing Date**") and issue additional Shares (including Shares 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 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Additional Members*. One or more additional Members of any New Class or of any existing class of Shares (each an "**Additional Member**") may be admitted by the Board into the Company at any time by acquiring Shares in accordance with this Agreement. Any Shares acquired by an Additional Member shall be Common Shares, Preferred Shares or shares of a New Class, as determined by the Board in its discretion. In furtherance of the foregoing, the Members acknowledge and agree that the Company anticipates issuing Common Shares, Preferred Shares and/or shares of a New Class 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 shall reasonably require to admit such Additional Member to the Company.

Section 3.4. <u>Management and Control of Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Board of Directors.*

&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 "**Board of Directors**" or the "**Board**") will be composed of five directors (each, a "**Director**"), 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 "**Chair of the Board**"), who shall preside over the meetings of the Board of Directors and meetings of the Shareholders, 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 Shareholders shall be presided over by the Chief Executive Officer of the Company (the "**Chief Executive Officer**") 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;(ii) Notwithstanding anything to the contrary herein, to the extent required by the Investment Company Act, at any time when there are outstanding Preferred Shares, the Preferred Shareholders shall have the right, as a class, to elect (a) two additional Directors to the Board, but shall not elect or vote for the other Directors, and (b) if and for so long as dividends on the Preferred Shares are unpaid in an amount equal to two full years of dividends on the Preferred Shares, a majority of the Directors, such majority to be achieved by adding a sufficient number of new Directors to the Board, all of whom are elected by the Preferred Shareholders, who, together with the Directors set forth in clause (a), will constitute a majority of the Directors (such Directors under clause (a) or (b), as applicable, the "**Preferred Appointed Directors**"). In the event any Preferred Shares are issued and outstanding, the Preferred Shareholders shall be entitled to elect the Preferred Appointed Directors at a meeting of the Members, which shall be called in the manner as provided in <u>Section 3.6</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;(iii) 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.

&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) 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;(v) 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;(vi) 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)(vi)</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;(vii) 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;(viii) 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 "**Independent Directors**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Any 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 the affirmative vote of a majority of the full Board of Directors, <u>provided</u>*,* <u>however</u>, that any or all of the Preferred Appointed Directors may be removed only by the affirmative vote of at least 66 2/3% in voting power of all the then-outstanding Preferred Shares 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;(x) 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 exclusively by 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. 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.

&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) 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;(b) *Committees of Board of Directors.*

&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 "**Audit Committee**") and a Nominating and Governance Committee (the "**Nominating and Governance Committee**"), 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;(ii) The Audit Committee will be responsible for, among other things, as requested by the Board, assisting the Board with the Company's valuation process, including oversight of the Company's investment adviser as the valuation designee under Rule 2a-5 of the Investment Company Act , 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 "**SEC**"). 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;(iii) The Nominating and Governance Committee will be responsible for, among other things, 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 governance principles applicable to the Company and overseeing the evaluation of the Board and management. Each member of the Nominating and 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;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Management 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;(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;(ii) The Board may appoint and elect (as well as remove or replace with or without cause), as it deems necessary, a Chief Executive Officer, a President, a Chief Financial Officer and Principal Accounting Officer, a Chief Compliance Officer, one or more Vice Presidents, a Corporate Secretary, a Treasurer and any other officer of the Company the Board determines to be necessary or advisable (collectively, the "**Officers**"). 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;(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;(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;(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;(d) *Powers of Board*. 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.

Section 3.5. <u>Activities of Members</u>. 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.

Section 3.6. <u>Meetings of Members</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Place of Meetings*. 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;(b) *Meetings*. Meetings of Members may be called by the Board, the Chair of the Board or the Chief Executive Officer. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Business at Meetings*. 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;(d) *Quorum; Adjournments*. Unless otherwise required by law, Members holding a majority of the Shares entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings; <u>provided</u>, that where a separate vote of Common Shares and Preferred Shares is required, the holders of a majority of all issued and outstanding Common Shares and Preferred Shares, as applicable, present in person or represented by proxy, shall constitute a quorum entitled to take action with respect to each such matter. Abstentions will be treated as Shares 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;(e) *Remote Participation*. 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.

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 Shares represent the specified percentage of the aggregate outstanding Shares 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 Share 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%.

If at any time Preferred Shares have been issued and are outstanding, except as otherwise required by applicable law, any proposal:

&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) affecting the Common Shareholders but not the Preferred Shareholders shall require approval by the requisite percentage in interest of the Common Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) affecting the Preferred Shareholders but not the Common Shareholders shall require approval by the requisite percentage in interest of the Preferred Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) affecting both Common Shareholders and Preferred Shareholders, shall require approval by the requisite percentage in interest of the Common Shareholders and the Preferred Shareholders, voting together as a single class.

**Article 4 — INVESTMENTS AND ACTIVITIES**

Section 4.1. <u>Investment Objective</u>. The investment objective of the Company is to provide risk-adjusted returns and current income to Shareholders by investing primarily in loans to U.S. borrowers. Each investment held by the Company is referred to herein as an "**Investment**" and collectively, the "**Investments**."

Section 4.2. <u>Borrowing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. 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 ("**Financings**"), (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 notice to or 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 any or all assets of the Company, including Investments and deposit or other accounts into which Capital Contributions are credited or deposited (the "**Assets**").

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 any right or remedy of the Company under this Agreement in respect of any Asset and (ii) 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 "**Lender Powers**"); <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.

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 (including, for this purpose, the Preferred Shares) 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;(b) *Beneficiary Rights*. Notwithstanding anything herein to the contrary, any Lender or other Person granted a lien with respect to any of the Assets 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>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 or Preferred Shares and any other applicable legal requirements, the Company intends to (i) authorize and declare distributions on a monthly basis and pay such distributions on a monthly basis, which may be funded from any sources of funds available to the Company, and (ii) 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, in each case, which distributions may be in cash, in-kind, or a combination of cash and in-kind. Any distributions in-kind will be distributed among the Members in the same proportion and priority as cash distributions would be distributed among the Members and will be valued in accordance with the valuation policies of the Investment Adviser.

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. Any distribution of securities shall be subject to such conditions and restrictions as the Board of Directors determines are required or advisable to ensure compliance with applicable law. In furtherance of the foregoing, the Board of Directors may require that the Members execute and deliver such documents as the Board of Directors may deem necessary or appropriate to ensure compliance with all federal and state securities laws that apply to such distribution.

Upon liquidation of the Company pursuant to <u>Article 9</u>, after payment or provision for payment of the Company's debts and other liabilities and subject to the prior rights of any outstanding Preferred Shares, the Company's remaining net assets will be distributed among Common Shareholders equally on a per Common Share 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).

**Article 5 — Certain Rights and Preferences of Shares**

Section 5.1. <u>Classes of Shares</u>. The Shares of the Company that are outstanding and/or available for issuance will consist of (i) Common Shares and (ii) Preferred Shares, the preferences (if any), limitations and relative rights with respect to which will be as provided in this Agreement. The Shares are membership interests in the Company. The Board may create additional classes of Shares (each such class, a "**New Class**") having such relative rights, powers and duties as may from time to time be established by the Board.

Section 5.2. <u>Common Shares</u>. Except as otherwise provided herein, all Common Shares shall be identical and shall entitle the holders thereof to the same rights and privileges. The holders of the Common Shares will have the voting rights and the distribution rights of Common Shareholders described herein.

Section 5.3. <u>Preferred Shares</u>. Without the consent of any Common Shareholder, the Board may cause the Company to issue one class of Preferred Shares, which Preferred Shares would have rights senior to those of the Common Shares, and such other characteristics as the Board may determine, but, for so long as the Company operates as a BDC, in a manner that complies with the legal requirements applicable to a BDC. Prior to the issuance of a series of Preferred Shares, the Board shall set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms or conditions of redemption.

**Article 6 — FEES AND EXPENSES; ADVISORY AGREEMENT; Administration Agreement**

Section 6.1. <u>Company Expenses</u>. The Company's primary operating expenses (the "**Company Expenses**") include the payment of: (i) investment advisory fees pursuant to the Investment Advisory Agreement; (ii) costs and other expenses payable Antares Capital Credit Advisers LLC (the "**Administrator**") 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 6.2. <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>.

Section 6.3. <u>Administration Agreement</u>. The Company shall enter into an administration agreement (the "**Administration Agreement**") 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 7 — CAPITAL OF THE COMPANY**

Section 7.1. <u>Capital Contributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. The Company will issue Common Shares to investors from time to time in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Additional Capital Contributions*. No Member shall be required to make any additional Capital Contributions to the Company in excess of the initial Capital Contribution of such Member; <u>provided</u>, <u>however</u>, that if the Board determines that additional Capital Contributions are necessary or desirable for the operation of the Company, the Board may cause the Company to offer additional Shares pursuant to *<u>Section 3.3(b)</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Interest*. No interest shall accrue on any Common Shareholder's Capital Contribution.

**Article 8 — DURATION OF THE COMPANY**

Section 8.1. <u>Term and Termination of the Company</u>. The term of the Company shall continue until the dissolution of the Company in accordance with this <u>Section 8.1</u>, 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.

Section 8.2. <u>Sale or Merger</u>. Subject to any restrictions of the Investment Company Act and applicable law, the Board shall be entitled, without the approval of any Members, 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 9 — LIQUIDATION OF ASSETS ON DISSOLUTION**

Section 9.1. <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 9.2. <u>Liquidating Distributions; Priority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Priority.* 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;(i) 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;

&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, to the satisfaction of the prior rights of any outstanding Preferred Shares, if issued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Thereafter, among the Common Shareholders equally on a per Common Share basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Distributions In-Kind.* Notwithstanding the provisions of this <u>Section 9.2</u>, upon the dissolution and the winding-up of the affairs of the Company, subject to applicable law and <u>Section 4.3</u>, the Board as liquidator may distribute ratably in-kind any assets of the Company. Notwithstanding any provision of this Agreement to the contrary, the Board as liquidator may compel a Member to accept a distribution of any asset in-kind from the Company even if the percentage of the asset distributed to the Member exceeds a percentage of the asset that is equal to the percentage in which the Member shares in distributions from the Company.

Section 9.3. <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 9.4. <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.

Section 9.5. <u>Post-Dissolution Investments</u>. Notwithstanding anything to the contrary set forth in this <u>Article 9</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 10 — LIMITATIONS ON TRANSFERS OF SHARES; REQUIRED TRANSFERS**

Section 10.1. <u>Transfers of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. A Member may sell, assign, transfer, pledge, mortgage, hypothecate, gift, sale or otherwise dispose of or encumber (collectively, "**Transfer**") its Shares, including a Transfer of solely an economic interest, in whole or in part, <u>provided</u>, 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 Shares in violation of this Agreement will be void to the maximum extent permitted by law, and any intended recipient of the Shares 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;(b) *Reimbursement of Transfer Expenses*. 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 10.2. <u>Admission of Substituted Members</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. Any transferee of a Member's Shares transferred in accordance with the provisions of this <u>Article 10</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 and counterpart to this Agreement. Any transfer of Shares in violation of the foregoing will be void, and any intended transferee will acquire no rights in such Shares and will not be treated as a Member for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Effect of Admission*. The transferee of Shares transferred pursuant to this <u>Article 10</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 Capital Contribution of the transferor with respect to the applicable class of Share being transferred shall become the Capital Contribution of the transferee, to the extent of the Shares transferred. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Non-Compliant Transfer*. If a Transfer has been proposed or attempted but the requirements of this <u>Article 10</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 Shares 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 Shares (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 11 — LIMITATION OF LIABILITY AND INDEMNIFICATION**

Section 11.1. <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 willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Section 11.2. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Third Party Actions*. The Company shall indemnify any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Company) by reason of the fact that he or she 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 expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Actions by or in the Right of the Company*. The Company shall indemnify any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Company to procure a judgment in its favor by reason of the fact that he or she 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 expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection with the defense or settlement of such action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Expenses*. To the extent that a present or former Director or Officer of the Company has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in <u>Section 11.2(a)</u> or <u>Section 11.2(b)</u>, or in defense of any claim, issue or matter therein, he or she shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Determinations*. Any indemnification under <u>Section 11.2(a)</u> or <u>Section 11.2(b)</u>, (unless ordered by a court) shall be made by the Company only as authorized in the specific case upon a determination that indemnification of the Director or Officer is proper in the circumstances because he or she has met the applicable standard of conduct set forth in such section. Such determination shall be 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;(i) by the Board of Directors by a majority vote of a quorum consisting of Directors who were not parties to such action, suit or proceeding, even though less than a quorum;

&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) by a committee of such Directors designated by majority vote of such Directors, even though less than a quorum; 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 independent legal counsel in a written opinion, if there are no such Directors, or such Directors so direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Right to Advancement of Expenses*. 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 Company 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 shall ultimately be determined that he or she is not entitled to be indemnified by the Company as authorized in this <u>Section 11.2</u>. Such expenses (including attorneys' fees) incurred by other employees and agents may be so paid upon such terms and conditions, if any, as the Board of Directors deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Indemnification Not Exclusive*. The indemnification and advancement of expenses provided by, or granted pursuant to the other sections of this <u>Article 11</u> shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested Directors or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Certain Definitions*.

&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 purposes of this <u>Article 11</u>, references to "the Company" shall include, in addition to the resulting company, any constituent company (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its Directors, Officers, and employees or agents, so that any person who is or was a Director, Officer, employee or agent of such constituent company, or is or was serving at the request of such constituent company as a Director, officer, employee or agent of another company, partnership, joint venture, trust or other enterprise, shall stand in the same position under this <u>Article 11</u> with respect to the resulting or surviving corporation as he or she would have with respect to such constituent corporation of its separate existence had continued.

&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 purposes of this <u>Article 11</u>, references to "other enterprises" shall include employee benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to "serving at the request of the Company" shall include any service as a Director, Officer, employee or agent of the Company which imposes duties on, or involves services by, such Director, Officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Company" as referred to in this <u>Article 11</u>.

Section 11.3. <u>Nature of Rights</u>. The indemnification and advancement of expenses provided by, or granted pursuant to, this <u>Article 11</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 11.4. <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 11</u>.

Section 11.5. <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 11.1</u> and the indemnification provisions set forth in <u>Section 11.2</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 12 — AMENDMENTS**

Section 12.1. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *By Consent*. 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:

&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 no Preferred Shares have been issued and are outstanding, a majority-in-interest of the Common Shareholders; 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;(ii) If Preferred Shares have been issued and are outstanding:

&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) in the case of an amendment not affecting the rights of the Preferred Shareholders, a majority-in-interest
of the Common Shareholders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of an amendment not affecting the rights of the Common Shareholders (including rights or protections
with respect to tax consequences of Common Shareholders), a majority-in-interest of the Preferred Shareholders, 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;(3) in case of an amendment affecting the rights (including rights or protections with respect to tax consequences
of Common Shareholders) of both the Common Shareholders and the Preferred Shareholders, a majority-in-interest of the Common Shareholders
and a majority-in-interest of the Preferred Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Without Consent*. Notwithstanding the provisions of <u>Section 12.1(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;(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;(ii) to cure any ambiguity or correct or supplement any provision herein which may be inconsistent with any other provision herein or to correct any printing, stenographic or clerical errors or omissions in order that this Agreement shall accurately reflect the agreement among 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;(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;(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;(v) to effect Additional Members becoming a party hereto or the creation or issuance of additional Shares or classes of Shares; 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;(vi) to make changes that this Agreement specifically provides may be made by the Board without the consent of any Member,

provided, <u>however</u>, that no amendment shall may be made pursuant to clauses (i) through (vi) above if such amendment would (1) subject any Member to any adverse economic consequences 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; provided, further, however, that any modification or amendment required solely to effect Additional Members becoming a party hereto or the creation or issuance of additional Shares or classes of Shares shall not constitute an amendment that would subject any Member to adverse economic consequences or diminish the rights or protections of one or more Members so long as such modification or amendment does not disproportionately affect a single holder of a class of Shares in a material adverse manner with respect to the other holders of such class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Consent to Amend Special Provisions*. Notwithstanding the provisions of <u>Section 12.1(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 13 — ADMINISTRATIVE PROVISIONS**

Section 13.1. <u>Keeping of Accounts and Records; Certificate of Formation; Administrator</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Accounts and Records*. 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 ("**GAAP**"). 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, Capital Contributions 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Certificate of Formation*. The Company shall file for record with the appropriate public authorities and, if required, publish the Certificate and any amendments thereto.

Section 13.2. <u>Valuation</u>. The fair value of the Company's assets will be determined pursuant to a valuation policy approved by the Board.

Section 13.3. <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;(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;(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;(iii) on the second Business Day following the date dispatched by Federal Express, DHL or any comparable courier service.

Section 13.4. <u>Accounting Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Fiscal Year*. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Independent Auditors*• . The Company's independent public auditors shall be Deloitte & Touche LLP, or another public accounting firm of similar standing, as determined by the Board of Directors.

Section 13.5. <u>Tax Provisions</u>.

&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;(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 on or prior to the date on which the Company has more than one 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;(ii) The Company will use reasonable best efforts to qualify as a BDC and a RIC no later than the first calendar year in which the Company 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;(iii) Once the Company has elected RIC status, the Board will use reasonable best efforts to maintain the Company's status as a RIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *RIC Requirements*. From and after the date when the Company qualifies as a RIC for U.S. federal income tax purposes, the Board shall seek to cause the Company to meet any 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;(c) *Tax Information*. 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 13.6. <u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Power of Attorney*. 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 Capital Contributions of the Common Shareholders 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 Shares of any Defaulting Shareholder; and (v) to file, prosecute, defend, settle or compromise litigation, other claims or arbitration on behalf of the Company.

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 Shares, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Binding on Successors*. 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;(c) *Governing Law*. 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;(d) *Severability*. 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;(e) *Submission to Jurisdiction; Venue; Waiver of Jury Trial*. 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 New York located in New York County or the U.S. District Court for the Southern District of New York located in New York County, 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;(f) *Waiver of Partition*. 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;(g) *Securities Law Matters*. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *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;(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 Shares 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;(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 13.6(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 13.6(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 13.6(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;(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 Shareholder 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;(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 US 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, "**Disclosure Laws**").

&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 13.6(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 13.6(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 13.6(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 Shares 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 Shares 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 Shares. 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;(vi) To the extent that the Freedom of Information Act, 5 U.S.C. § 552, ("**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 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 Capital Contribution), and does not include (I) any confidential information relating to individual portfolio entities, (II) copies of the Member's subscription agreement for Shares 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 13.6(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, 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 13.6(h)</u> may disclose such information without prior notice 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;(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;(viii) For purposes of this <u>Section 13.6(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 Shares, 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;(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 13.6(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 13.6(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 13.6(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 13.6(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.

&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 Shares (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 Shares 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;(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;(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;(xiii) Notwithstanding the foregoing, the provisions of this <u>Section 13.6(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;(i) *Fixing the Record Date*. 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, 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. If the Board so fixes a date, such date shall also be record date for determining the Members entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board, the record date for determining Members 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. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Notices to Members*. 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;(k) *Contract Construction; Headings; Counterparts*. 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 "**Other Agreement**"). 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.

\* \* \* \* \* \* \*

IN WITNESS WHEREOF, the undersigned has executed this Limited Liability Company Agreement of Antares Strategic Credit Fund II LLC as of the day, month and year first above written.

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| | |
|:---|:---|
| COMPANY: | COMPANY: |
| Antares Strategic Credit Fund II LLC | Antares Strategic Credit Fund II LLC |
| By: | /s/ Monica Kelsey |
| Name: | Monica Kelsey |
| Title: | Chief Financial Officer |

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*[Signature page to LLC Agreement]*

IN WITNESS WHEREOF, the undersigned have executed this Limited Liability Company Agreement of Antares Strategic Credit Fund II LLC as of the day, month and year first above written.

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| | |
|:---|:---|
| Each of the Persons who has executed a Subscription Agreement, agreeing to purchase Common Shares 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 Shares in the Company, to be admitted to the Company as a Member and to be bound by the terms of the Agreement: |
| By: Antares Strategic Credit Fund II LLC, as attorney-in-fact | By: Antares Strategic Credit Fund II LLC, as attorney-in-fact |
| By: | /s/ Andrew Packer |
| Name: | Andrew Packer |
| Title: | Secretary |
| ANTARES MIDCO INC. | ANTARES MIDCO INC. |
| By: | /s/ Malvika Gupta |
| Name: | Malvika Gupta |
| Title: | Authorized Person |

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*[Signature page to LLC Agreement]*

**APPENDIX I**

**Antares Strategic Credit Fund II LLC**

**D** **efinitions**

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.

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| | |
|:---|:---|
| **Additional Member** | As set forth in <u>Section 3.3(c)</u>. |
| **Administration Agreement** | As set forth in <u>Section 6.3</u>. |
| **Administrator** | As set forth in <u>Section 6.1</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>. |
| **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. |
| **Capital Contribution** | As set forth in <u>Section 3.3(a)</u>. |
| **Certificate** | As set forth in <u>Section 2.1(a)</u>. |

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---

| | |
|:---|:---|
| **Chair of the Board** | As set forth in <u>Section 3.4(a)(i)</u>. |
| **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. |
| **Common Shareholders** | Any Person who has entered into this Agreement and a Subscription Agreement pursuant to which such Person has agreed to purchase Common Shares of the Company. |
| **Common Shares** | Common shares 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 6.1</u>. |
| **Credit Support** | As set forth in <u>Section 4.2(a)</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 13.6(h)(iv)</u>. |
| **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>(h)(vi).</u> |
| **former Members** | As set forth in <u>Section 3.2(a)</u>. |
| **GAAP** | As set forth in <u>Section 13.1(a)</u>. |
| **Indemnified Person** | As set forth in <u>Section 11.1</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 Shares from Persons other than 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** | Antares Capital Credit Advisers LLC, a Delaware limited liability company, 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>. |
| **majority-in-interest** | As set forth in <u>Section 3.8</u>. |
| **Members** | Collectively, the Common Shareholders and the Preferred Shareholders. |
| **New Class** | As set forth in <u>Section 5.1</u>. |
| **Nominating and Corporate Governance Committee** | As set forth in <u>Section 3.4(b)(i)</u>. |
| **Officers** | As set forth in <u>Section 3.4(c)</u>. |
| **Other Agreement** | As set forth in <u>Section 13.6(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 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. |
| **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 Shares. |
| **Preferred Appointed Directors** | As set forth in <u>Section 3.4(a)</u>. |
| **Preferred Shareholders** | Any Person who has entered into this Agreement and a Subscription Agreement pursuant to which such Person has agreed to purchase Preferred Shares of the Company. |
| **Preferred Shares** | Preferred shares of limited liability company interests in the Company. |
| **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. |
| **Shares** | Collectively, the Common Shares and the Preferred Shares. |
| **Shareholders** | Collectively, the Common Shareholders and the Preferred Shareholders. |
| **Subscription Agreement** | The subscription agreement by which any Member agreed to purchase such Member's Shares. |
| **Subsequent Closing Date** | As set forth in <u>Section 3.3(b)</u>. |
| **Transfer** | As set forth in <u>Section 10.1(a)</u>. |

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**SCHEDULE A**

Schedule of Directors

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| |
|:---|
| &nbsp;&nbsp;**Name** |
| &nbsp;&nbsp;Vivek Mathew |
| &nbsp;&nbsp;Tyler Lindblad |
| &nbsp;&nbsp;Susan Bassett |
| &nbsp;&nbsp;Neil Rudd |
| &nbsp;&nbsp;Chen Yi (Jean) Hsu |

---

**SCHEDULE B**

**Schedule of Officers**

---

| | |
|:---|:---|
| **Name** | **Position** |
| Vivek Mathew | Chief Executive Officer and President |
| Monica Kelsey | Chief Financial Officer and Principal Accounting Officer |
| Malvika Gupta | Chief Compliance Officer |
| Steve Rubinstein | Vice President |
| Andrew Packer | Corporate Secretary |
| Jim Van Pelt | Treasurer |

---

## Exhibit 10.1

**Exhibit 10.1**

**<u>INVESTMENT ADVISORY AGREEMENT</u>**

This Investment Advisory Agreement, dated and effective as of June 26, 2025, is made by and between Antares Strategic Credit Fund II LLC, a Delaware limited liability company (herein referred to as the "**Fund**"), and Antares Capital Credit Advisers LLC, a Delaware limited liability company (herein referred to as the "**Adviser**") (this "**Agreement**").

WHEREAS, the Fund is a closed-end management investment company that intends to elect to be regulated as a business development company ("**BDC**") under the Investment Company Act of 1940, as amended (together with the rules promulgated thereunder, the "**1940 Act**");

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (together with the rules promulgated thereunder, the "**Advisers Act**");

WHEREAS, the Fund desires to appoint Antares Capital Credit Advisers LLC as the Adviser hereunder to provide the services described herein and the Adviser desires to accept such appointment;

WHEREAS, the Adviser is willing to provide investment advisory services to the Fund on the terms and conditions hereinafter set forth; and

WHEREAS, in addition to the services rendered hereunder, the Adviser, in its capacity as the Fund's administrator (the "**Administrator**"), will provide administrative services pursuant to the administration agreement between the Administrator and the Fund (the "**Administration Agreement**").

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Fund and the Adviser hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment of Adviser</u>. The Adviser hereby undertakes and agrees, upon the terms and conditions herein set forth, to act as the investment adviser to the Fund and to provide overall investment advisory services for the Fund, subject to the supervision of the Fund's board of directors (the "**Board of Directors**"), and in connection therewith to act in accordance with (i) the Fund's investment objective, policies and restrictions as in effect from time to time, (ii) the 1940 Act, the Advisers Act and all other applicable federal and state law and (iii) the Fund's organizational instruments, as amended from time to time. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine the composition and allocation of the Fund's portfolio, the nature and timing of the changes to the Fund's portfolio and the manner of implementing such changes in accordance with the Fund's investment objective, policies and restrictions;

&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) identify and evaluate investment opportunities and make investment decisions for the Fund, including negotiating the terms of investments in, and dispositions of, portfolio securities and other instruments on the Fund's behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) execute, close, service and monitor the Fund's 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;(d) perform due diligence on prospective portfolio companies;

&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) exercise voting rights in respect of portfolio securities and other investments for 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;(f) at its option, and, as applicable, serve on, and exercise observer rights for, boards of directors and similar committees of the Fund's portfolio companies;

&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) negotiate, obtain and manage financing facilities and other forms of leverage; 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;(h) provide the Fund with such other investment advisory and related services as the Fund may, from time to time, reasonably require for the investment of capital, which may include, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) making, in consultation with the Board of Directors, investment strategy decisions for 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) serving as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act and reasonably assist the Fund's other service providers with the valuation of the Fund's assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) directing investment professionals or non-investment professionals, in its capacity as the Administrator, to provide managerial assistance to portfolio companies of the Fund as requested by the Fund, from time to time.

Subject to the supervision of the Board of Directors, the Adviser, in its capacity as the investment adviser to the Fund, shall have the power and authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the execution and delivery of all documents relating to the Fund's investments, the placing of orders for other purchase or sale transactions on behalf of the Fund and causing the Fund to pay investment-related expenses. In the event that the Fund determines to acquire debt financing (or to refinance existing debt or other financing), the Adviser shall use commercially reasonable efforts to arrange for such financing on the Fund's behalf. If it is necessary or appropriate for the Adviser to make investments or obtain financing on behalf of the Fund through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments or obtain financing through such special purpose vehicle (in accordance with the 1940 Act).

Subject to the prior approval of a majority of the Board of Directors, including a majority of the Board of Directors who are not "interested persons" of the Fund and, to the extent required by the 1940 Act and the rules and regulations thereunder, subject to any applicable guidance or interpretation of the SEC or its staff, by the shareholders of the Fund, as applicable, the Adviser may, from time to time, delegate to a sub-adviser or other service provider any of the Adviser's duties under this Agreement, including the management of all or a portion of the assets being managed, subject in all cases to the oversight of the Adviser, the Fund and the Board of Directors. The Adviser, and not the Fund, shall be responsible for any compensation payable to any Sub-Adviser. Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the 1940 Act, the Advisers Act and other applicable federal and state law.

The Fund acknowledges that the Adviser makes no warranty that any investments made by the Adviser hereunder will not depreciate in value or at any time not be affected by adverse tax consequences, nor does it give any warranty as to the performance or profitability of the assets or the success of any investment strategy recommended or used by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Expenses</u>. In connection herewith, the Adviser agrees to maintain personnel within its organization to furnish the above services to the Fund. The Adviser shall bear all expenses arising out of its duties hereunder, except as provided in this Section 2.

Except as specifically provided below and above in Section 1 hereof, the Fund anticipates that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to the Fund, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Fund will bear all other costs and expenses of the Fund's operations, administration and transactions, including, but not limited 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;(a) investment advisory fees, including management fees and incentive fees, payable to the Adviser pursuant 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;(b) the Fund's allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Fund's chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Fund; and (iii) any internal audit group personnel of Antares Capital LP or any of its affiliates; 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;(c) all other expenses of the Fund's operations, administration and transactions (which may be directly incurred by the Fund or allocated among the Fund and the Adviser's other clients), including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) organization and offering expenses associated with any offering (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Fund's systems and those of participating broker-dealers, reasonable bona fide due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of the Fund's escrow agent and transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and costs, expenses and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, broker-dealers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing and/or distribution 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all taxes, fees, costs, and expenses, retainers and/or other payments of accountants, legal counsel, advisors (including tax advisors), administrators, auditors (including with respect to any additional auditing required under The Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and any applicable legislation implemented by an EEA Member state in connection with such Directive (the "**AIFMD**"), investment bankers, administrative agents, paying agents, depositaries, custodians, directors, sub-custodians, consultants (including individuals consulted through expert network consulting firms and compliance consultants), engineers, senior advisors, industry experts, operating partners, deal sourcers (including personnel dedicated to but not employed by the Administrator or its affiliates in the credit-focused business of Antares), and other professionals (including, for the avoidance of doubt, the costs and charges allocable with respect to the provision of internal legal, tax, accounting, technology or other services and professionals related thereto (including secondees and temporary personnel or consultants that may be engaged on short- or long-term arrangements) as deemed appropriate by the Administrator, with the oversight of the Board, where such internal personnel perform services that would be paid by the Fund if outside service providers provided the same services); fees, costs, and expenses herein include (x) costs, expenses and fees for hours spent by its in-house attorneys and tax advisors that provide transactional legal advice and/or services to the Fund or its portfolio companies on matters related to potential or actual investments and transactions and the ongoing operations of the Fund and (y) expenses and fees to provide administrative and accounting services to the Fund or its portfolio companies, and expenses, charges and/or related costs incurred directly by the Fund or affiliates in connection with such services (including overhead related thereto), in each case, (I) that are specifically charged or specifically allocated or attributed by the Administrator, with the oversight of the Board, to the Fund or its portfolio companies and (II) provided that any such amounts shall not be greater than what would be paid to an unaffiliated third party for substantially similar advice and/or services);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cost of calculating the Fund's net asset value, including the cost of any third-party valuation 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;(iv) the cost of effecting any sales and repurchases of the Common Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) fees and expenses payable under any managing dealer and selected dealer agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) interest and fees and expenses arising out of all borrowings, guarantees and other financings or derivative transactions (including interest, fees and related legal expenses) made or entered into by the Fund, including, but not limited to, the arranging thereof and related legal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders, investment banks and other financing sources;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) expenses (including the allocable portions of compensation and out-of-pocket expenses such as travel expenses) or an appropriate portion thereof of employees of the Adviser or its affiliates to the extent such expenses relate to attendance at meetings of the Board or any committees 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;(xii) all fees, costs and expenses, if any, incurred by or on behalf of the Fund in developing, negotiating and structuring prospective or potential investments that are not ultimately made, including, without limitation any legal, tax, administrative, accounting, travel, meals, accommodations and entertainment, advisory, consulting and printing expenses, reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the allocated costs incurred by Antares Capital Credit Advisers LLC (in its capacity as the Adviser and/or the Administrator) in providing managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) all brokerage costs, hedging costs, prime brokerage fees, custodial expenses, agent bank and other bank service fees; private placement fees, commissions, appraisal fees, commitment fees and underwriting costs; costs and expenses of any lenders, investment banks and other financing sources, and other investment costs, fees and expenses actually incurred in connection with evaluating, making, holding, settling, clearing, monitoring or disposing of actual investments (including, without limitation, travel, meals, accommodations and entertainment expenses and any expenses related to attending trade association and/or industry meetings, conferences or similar meetings, any costs or expenses relating to currency conversion in the case of investments denominated in a currency other than U.S. dollars) and expenses arising out of trade settlements (including any delayed compensation expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) investment costs, including all fees, costs and expenses incurred in sourcing, evaluating, developing, negotiating, structuring, trading (including trading errors), settling, monitoring and holding prospective or actual investments or investment strategies including, without limitation, any financing, legal, filing, auditing, tax, accounting, compliance, loan administration, travel, meals, accommodations and entertainment, advisory, consulting, engineering, data-related and other professional fees, costs and expenses in connection therewith (to the extent the Adviser is not reimbursed by a prospective or actual issuer of the applicable investment or other third parties or capitalized as part of the acquisition price of the transaction) and any fees, costs and expenses related to the organization or maintenance of any vehicle through which the Fund directly or indirectly participates in the acquisition, holding and/or disposition of investments or which otherwise facilitate the Fund's investment activities, including without limitation any travel and accommodations expenses related to such vehicle and the salary and benefits of any personnel (including personnel of Adviser or its affiliates) reasonably necessary and/or advisable for the maintenance and operation of such vehicle, or other overhead expenses (including any fees, costs and expenses associated with the leasing of office space (which may be made with one or more affiliates of the Adviser as lessor in connection therewith));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) transfer agent, dividend agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) federal and state registration fees, franchise fees, any stock exchange listing fees and fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) independent directors' fees and expenses including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) costs of preparing financial statements and maintaining books and records, costs of Sarbanes-Oxley Act of 2002 compliance and attestation and costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority, U.S. Commodity Futures Trading Commission ("**CFTC**") and other regulatory bodies and other reporting and compliance costs, including registration and exchange listing and the costs associated with reporting and compliance obligations under the 1940 Act and any other applicable federal and state securities laws, and the compensation of professionals responsible for 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) all fees, costs and expenses associated with the preparation and issuance of the Fund's periodic reports and related statements (e.g., financial statements and tax returns) and other internal and third-party printing (including a flat service fee), publishing (including time spent performing such printing and publishing services) and reporting-related expenses (including other notices and communications) in respect of the Fund and its activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or allocated by the Fund or the Adviser or its affiliates in connection with such provision of services thereby);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs) and the costs of any shareholder or Director meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) costs associated with an exchange listing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) costs of registration rights granted to certain investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) any taxes and/or tax-related interest, fees or other governmental charges (including any penalties incurred where the Adviser lacks sufficient information from third parties to file a timely and complete tax return) levied against the Fund and all expenses incurred in connection with any tax audit, investigation, litigation, settlement or review of the Fund and the amount of any judgments, fines, remediation or settlements paid in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) all fees, costs and expenses of any litigation, arbitration or audit involving the Fund any vehicle or its portfolio companies and the amount of any judgments, assessments fines, remediations or settlements paid in connection therewith, directors and officers, liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the affairs 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) all fees, costs and expenses associated with the Fund's information, obtaining and maintaining technology (including the costs of any professional service providers), hardware/software, data-related communication, market data and research (including news and quotation equipment and services and including costs allocated by the Adviser's or its affiliates' internal and third-party research group (which are generally based on time spent, assets under management, usage rates, proportionate holdings or a combination thereof or other reasonable methods determined by the Administrator) and expenses and fees (including compensation costs) charged or specifically attributed or allocated by Adviser and/or its affiliates for data-related services provided to the Fund and/or its portfolio companies (including in connection with prospective investments), each including expenses, charges, fees and/or related costs of an internal nature; provided, that any such expenses, charges or related costs shall not be greater than what would be paid to an unaffiliated third party for substantially similar services) reporting costs (which includes notices and other communications and internally allocated charges), and dues and expenses incurred in connection with membership in industry or trade organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) the costs of specialty and custom software for monitoring risk, compliance and the overall portfolio, including any development costs incurred prior to the filing of the Fund's election to be treated as a business development company ("**BDC**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) costs associated with individual or group shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) direct costs and expenses of administration, including printing, mailing, long distance telephone, copying and secretarial and other staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) all fees, costs and expenses of winding up and liquidating the Fund's 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;(xxxiv) extraordinary expenses (such as litigation or indemnification);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings; notices or disclosures related to the Fund's activities (including, without limitation, expenses relating to the preparation and filing of filings required under the Securities Act, TIC Form SLT filings, Internal Revenue Service filings under FATCA and FBAR reporting requirements applicable to the Fund or reports to be filed with the CFTC, reports, disclosures, filings and notifications prepared in connection with the laws and/or regulations of jurisdictions in which the Fund engages in activities, including any notices, reports and/or filings required under the AIFMD, European Securities and Markets Authority and any related regulations, and other regulatory filings, notices or disclosures of the Adviser relating to the Fund and its affiliates relating to the Fund, and their activities) and/or other regulatory filings, notices or disclosures of the Adviser and its affiliates relating to the Fund including those pursuant to applicable disclosure laws and expenses relating to FOIA requests, but excluding, for the avoidance of doubt, any expenses incurred for general compliance and regulatory matters that are not related to the Fund and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) costs and expenses (including travel) in connection with the diligence and oversight of the Fund's service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) costs and expenses, including travel, meals, accommodations, entertainment and other similar expenses, incurred by the Adviser or its affiliates for meetings with existing investors and any broker-dealers, registered investment advisors, financial and other advisors representing such existing investors; 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;(xxxviii) all other expenses incurred by the Administrator in connection with administering the Fund's 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;(xxxix) In addition to the compensation paid to the Adviser pursuant to Section 5, the Fund shall reimburse the Adviser or its affiliates, as applicable, for all expenses of the Fund incurred by the Adviser (or such affiliates) as well as the actual cost of goods and services used for or by the Fund and obtained from entities not affiliated with the Adviser. The Adviser or its affiliates may be reimbursed for the administrative services performed by it or such affiliates on behalf of the Fund pursuant to any separate administration or co-administration agreement with the Adviser (or such affiliates); however, no reimbursement shall be permitted for services for which the Adviser (or such affiliate) is entitled to compensation by way of a separate fee. Excluded from the allowable reimbursement shall 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) rent or depreciation, utilities, capital equipment, and other administrative items of the Adviser; 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;(ii) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any Controlling Person of the Adviser. The term "Controlling Person" shall mean a person, whatever his or her title, who performs functions for the Adviser similar to those of (a) the chairman or other member of a board of directors, (b) executive officers or (c) those holding 10% or more equity interest in the Adviser, or a person having the power to direct or cause the direction of the Adviser, whether through the ownership of voting securities, by contract or otherwise.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. The Fund will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Fund's behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by the Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Transactions with Affiliates</u>. The Adviser is authorized on behalf of the Fund, from time to time when deemed to be in the best interests of the Fund and to the extent permitted by applicable law, to purchase and/or sell securities in which the Adviser or any of its affiliates underwrites, deals in and/or makes a market and/or may perform or seek to perform investment banking services for issuers of such securities. The Adviser is further authorized, to the extent permitted by applicable law, to select brokers (including any brokers affiliated with the Adviser) for the execution of trades for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Best Execution; Research 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;(a) The Adviser is authorized, for the purchase and sale of the Fund's portfolio securities, to employ such dealers and brokers as may, in the judgment of the Adviser, implement the policy of the Fund to obtain the best results, taking into account such factors as price, including dealer spread, the size, type and difficulty of the transaction involved, the firm's general execution and operational facilities and the firm's risk in positioning the securities involved. Consistent with this policy, the Adviser is authorized to direct the execution of the Fund's portfolio transactions to dealers and brokers furnishing statistical information or research deemed by the Adviser to be useful or valuable to the performance of its investment advisory functions for the Fund. It is understood that in these circumstances, as contemplated by Section 28(e) of the Securities Exchange Act of 1934, as amended, the commissions paid may be higher than those which the Fund might otherwise have paid to another broker if those services had not been provided. Information so received will be in addition to and not in lieu of the services required to be performed by the Adviser. It is understood that the expenses of the Adviser will not necessarily be reduced as a result of the receipt of such information or research. Research services furnished to the Adviser by brokers who effect securities transactions for the Fund may be used by the Adviser in servicing other investment companies, entities or funds and accounts which it manages. Similarly, research services furnished to the Adviser by brokers who effect securities transactions for other investment companies, entities or funds and accounts which the Adviser manages may be used by the Adviser in servicing the Fund. It is understood that not all of these research services are used by the Adviser in managing any particular account, including the Fund.

The Adviser and its affiliates may aggregate purchase or sale orders for the assets with purchase or sale orders for the same security for other clients' accounts of the Adviser or of its affiliates, the Adviser's own accounts and hold proprietary positions in accordance with its current aggregation and allocation policy (collectively, the "**Advisory Clients**"), but only if (x) in the Adviser's reasonable judgment such aggregation results in an overall economic or other benefit to the assets taking into consideration the advantageous selling or purchase price, brokerage commission and other expenses and factors and (y) the Adviser's actions with respect to aggregating orders for multiple Advisory Clients, as well as the Fund, are consistent with applicable law. However, the Adviser is under no obligation to aggregate any such orders under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Remuneration</u>.

The Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee and an incentive fee as hereinafter set forth. The Fund shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct. For the first calendar quarter in which the Fund has operations, net assets will be measured as the beginning net assets as of the date on which the Fund breaks escrow.

&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>Management Fee</u>. The management fee is payable quarterly in arrears at an annual rate of 1.25% based on the average of the Fund's net asset value as of the beginning of the prior quarter and the beginning of the then current 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;(b) <u>Incentive Fee</u>. The incentive fee will consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Fund's income and a portion is based on a percentage of the Fund's capital gains, each as described 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;(i) <u>Incentive Fee on Pre-Incentive Fee Net Investment Income</u>. The portion based on the Fund's income is based on Pre-Incentive Fee Net Investment Income Returns. "Pre-Incentive Fee Net Investment Income Returns" means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Fund's net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund's operating expenses accrued for the calendar quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any distribution or shareholder servicing fees, as applicable).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of computing the Fund's Pre-Incentive Fee Net Investment Income, the calculation methodology will look through total return swaps as if the Fund owned the referenced assets directly.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Fund's net assets at the end of the immediate preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

The Fund will pay the Adviser an incentive fee quarterly in arrears with respect to the Fund's Pre-Incentive Fee Net Investment Income Returns in each calendar quarter 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· no incentive fee based on Pre-Incentive Fee Net Investment Income Returns
in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25%
(5.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 100% of the dollar amount of the Fund's Pre-Incentive Fee Net Investment
Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income hurdle rate but is less than a rate of return
of 1.43% (5.72% annualized). This is referred to as Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but
is less than 1.43%) as the "catch-up"; 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;· 12.5% of the dollar Returns, if any, that exceeds the amount of the Fund's
Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Incentive Fee Based on Capital Gains</u>. The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears.

The amount payable equals:

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

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. The Fund will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Fund were to sell the relevant investment and realize a capital gain. For the purpose of computing the capital gains incentive fee, the calculation methodology will look through derivative financial instruments or swaps as if the Fund owned the reference assets directly. In no event will the capital gains incentive fee payable pursuant to this Agreement be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"), including Section 205 thereof.

The fees that are payable under this Agreement for any partial period will be appropriately prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties</u>.

The Adviser represents and warrants that it is duly registered and authorized as an investment adviser under the Advisers Act, and the Adviser agrees to maintain effective all material requisite registrations, authorizations and licenses, as the case may be, until the termination of this Agreement. The Adviser agrees that its activities shall at all times comply in all material respects with all applicable federal and state laws governing its operations and investments, except to the extent that any such noncompliance would not reasonably be expected to have a material adverse effect on the ability of the Adviser to fulfill its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Services Not Deemed Exclusive</u>. The Fund and the Board of Directors acknowledge and 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;(a) the services provided hereunder by the Adviser are not to be deemed exclusive, and the Adviser and any of its affiliates or related persons are free to render similar services to others and to use the research developed in connection with this Agreement for other Advisory Clients or affiliates. The Fund agrees that the Adviser may give advice and take action with respect to any of its other Advisory Clients which may differ from advice given or the timing or nature of action taken with respect to any client or account so long as it is the Adviser's policy, to the extent practicable, to allocate investment opportunities to the client or account on a fair and equitable basis relative to its other Advisory Clients. It is understood that the Adviser shall not have any obligation to recommend for purchase or sale any loans which its principals, affiliates or employees may purchase or sell for its or their own accounts or for any other client or account if, in the opinion of the Adviser, such transaction or investment appears unsuitable, impractical or undesirable for the Fund. Nothing herein shall be construed as constituting the Adviser an agent of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Adviser and its affiliates may face conflicts of interest as described in the Fund's registration statement and/or the Fund's periodic filings with the SEC (as such disclosures may be updated from time to time) and such disclosures have been provided, and any updates will be provided, to the Board of Directors in connection with its consideration of this Agreement and any future renewal of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Limit of 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;(a) The Adviser and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (the "**Indemnified Parties**") shall not be liable for any error of judgment or mistake of law or for any act or omission or any loss suffered by the Fund in connection with the matters to which this Agreement relates, provided that the Adviser shall not be protected against any liability to the Fund or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the reckless disregard of its duties and obligations ("**disabling conduct**") (as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder). An Indemnified Party may consult with counsel and accountants in respect of the Fund's affairs and shall be fully protected and justified in any action or inaction which is taken in accordance with the advice or opinion of such counsel and accountants; provided, that such counsel or accountants were selected with reasonable care. Absent disabling conduct, the Fund will indemnify the Indemnified Parties against, and hold them harmless from, 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 this Agreement or otherwise as adviser for the Fund. The Indemnified Parties shall not be liable under this Agreement or otherwise for any loss due to the mistake, action, inaction, negligence, dishonesty, fraud or bad faith of any broker or other agent; provided, that such broker or other agent shall have been selected, engaged or retained and monitored by the Adviser in good faith, unless such action or inaction was made by reason of disabling conduct, or in the case of a criminal action or proceeding, where the Adviser had reasonable cause to believe its conduct was unlawful.

Indemnification shall be made only following: (i) a final decision on the merits by a court or other body before which the proceeding was brought that the Indemnified Party was not liable by reason of disabling conduct or (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the Indemnified Party was not liable by reason of disabling conduct by (a) the vote of a majority of a quorum of directors of the Fund who are neither "interested persons" of the Fund ("**Independent Directors**") nor parties to the proceeding ("disinterested non-party directors") or (b) an independent legal counsel in a written opinion.

An Indemnified Party shall be entitled to advances from the Fund for payment of the reasonable expenses (including reasonable counsel fees and expenses) incurred by it in connection with the matter as to which it is seeking indemnification in the manner and to the fullest extent permissible under law. Prior to any such advance, the Indemnified Party shall provide to the Fund a written affirmation of its good faith belief that the standard of conduct necessary for indemnification by the Fund has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the Indemnified Party shall provide a security in form and amount acceptable to the Fund for its undertaking; (b) the Fund is insured against losses arising by reason of the advance; or (c) a majority of a quorum of disinterested non-party directors or independent legal counsel, in a written opinion, shall have determined, based on a review of facts readily available to the Fund at the time the advance is proposed to be made, that there is reason to believe that the Indemnified Party will ultimately be found to be entitled to indemnification.

***The following provisions in Sections 8(b) – (c) shall not apply in respect 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;(b) Notwithstanding Section 8(a) to the contrary, the Fund shall not provide for indemnification of an Indemnified Party for any liability or loss suffered by an Indemnified Party, nor shall the Fund provide that any of the Indemnified Parties be held harmless for any loss or liability suffered by the Fund, unless all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Indemnified Party has determined, in good faith, that the Indemnified Party was acting on behalf of or performing services for 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such liability or loss was not the result of the Indemnified Party's gross negligence or willful misconduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such indemnification or agreement to hold harmless is recoverable only out of the Fund's net assets and not from the Fund shareholders.

Furthermore, the Indemnified Party shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as 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;(ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnified 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;(iii) 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 Shares were offered or sold as to indemnification for violations of securities laws.

&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 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 all of the following 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;(i) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Indemnified Party provides the Fund with written affirmation of such Indemnified Party's good faith belief that the Indemnified Party has met the standard of conduct necessary for indemnification by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the legal proceeding was initiated by a third party who is not a Fund shareholder, or, if by a Fund shareholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indemnified Party provides the Fund with a written agreement to repay the amount paid or reimbursed by the Fund, together with the applicable legal rate of interest thereon, if it is ultimately determined that the Indemnified Party did not comply with the requisite standard of conduct and is not entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <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;(a) This Agreement shall become effective as of the date first written above. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice by the Fund, by the vote of a majority of the outstanding voting securities of the Fund or by the vote of the Fund's directors or on at least 120 days' written notice by the Adviser. In addition, if the Fund elects to continue its operations following termination of this Agreement by the Adviser, the Adviser shall pay all expenses actually and reasonably incurred as a result of its withdrawal. The provisions of Section 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Sections 2 or 5 through the date of termination or expiration, and Section 8 shall continue in force and effect and apply to the Adviser 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;(b) This Agreement shall continue in effect for two years from the date hereof, or to the extent consistent with the requirements of the 1940 Act, from the date of the Fund's election to be regulated as a BDC under the 1940 Act, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board of Directors, or by the vote of a majority of the outstanding voting securities of the Fund and (ii) the vote of a majority of the Fund'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.

&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;(d) After the termination of this Agreement, the Adviser shall not be entitled to compensation for further services provided hereunder, except that it shall be entitled to receive from the Fund within 30 days after the effective date of such termination all unpaid reimbursements and all earned but unpaid fees payable to the Adviser prior to termination of this Agreement, including any deferred fees. The Adviser shall promptly upon termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Deliver to the Board all assets and documents of the Fund then in custody of the Adviser; 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;(iii) Cooperate with the Fund to provide an orderly management transition.

&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) Without the approval of holders of a majority of the Shares entitled to vote on the matter, or such other approval as may be required under the mandatory provisions of any applicable laws or regulations, or other provisions of the Amended and Restated Limited Liability Company Agreement, the Adviser shall not: (i) modify this Agreement except for amendments that do not adversely affect the rights of the shareholders; (ii) appoint a new Adviser (other than a sub-adviser pursuant to the terms of this Agreement and applicable law); (iii) sell all or substantially all of the Fund's assets other than in the ordinary course of the Fund's business; or (iv) except as otherwise permitted herein, voluntarily withdraw as the Adviser unless such withdrawal would not affect the tax status of the Fund and would not materially adversely affect the shareholders; or (v) cause the merger 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;(f) The Fund may terminate the Adviser's interest in the Fund's revenues, expenses, income, losses, distributions and capital by payment of an amount equal to the then present fair market value of the terminated Adviser's interest, determined by agreement of the terminated Adviser and the Fund. If the Fund and the Adviser cannot agree upon such amount, the parties will submit to binding arbitration which cost will be borne equally by the Adviser and the Fund. The method of payment to the terminated Adviser must be fair and must protect the solvency and liquidity of the Fund. When the termination is voluntary, the method of payment will be presumed to be fair if it provides for a non-interest bearing unsecured promissory note with principal payable, if at all, from distribution which the terminated Adviser otherwise would have received under the program agreement had the Adviser not been terminated. When the termination is involuntary, the method of payment will be presumed to be fair if it provides for an interest bearing promissory note maturing in not less than five years with equal installments each year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>License</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>License Grant</u>. The Adviser, on behalf of the Licensed Name Owner (as defined below), hereby grants to the Fund, and the Fund hereby accepts from the Adviser, a fully paid-up, royalty-free, non-exclusive, non-transferable worldwide license to use "Antares" (the "**Licensed Name**") during the term of this Agreement, solely (i) in connection with the conduct of the Fund's business and (ii) as part of the trademark, corporate name or trade name "Antares Strategic Credit Fund II LLC." The Fund shall have no right to use the Licensed Name standing alone or to use any modification, stylization or derivative of the Licensed Name without prior written consent of the Adviser in its sole discretion. All rights not expressly granted to the Fund pursuant to this Section 10 shall remain the exclusive property of the Licensed Name Owner. Nothing in this Section 10 shall preclude the Adviser, its affiliates, or any of its respective successors or assigns from using or permitting other entities to use the Licensed Name whether or not such entity directly or indirectly competes or conflicts with the Fund's business in any manner.

&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>Ownership</u>. The Fund acknowledges and agrees that, as between the parties, an affiliate of the Adviser (the "**Licensed Name Owner**") is the sole owner of all right, title, and interest in and to the Licensed Name. The Fund agrees not to do anything inconsistent with such ownership, including directly or indirectly challenging, contesting or otherwise disputing the validity or enforceability of, or the Licensed Name Owner's ownership of or right, title or interest in the Licensed Name (and the associated goodwill), including without limitation, arising out of or relating to any third-party claim, allegation, action, demand, proceeding or suit regarding enforcement of this Section 10 of the Agreement or involving any third party. The parties intend that any and all goodwill in the Licensed Name arising from the Fund's or any applicable sublicensee's use of the Licensed Name shall inure solely to benefit the Adviser. Notwithstanding the foregoing, in the event that the Fund is deemed to own any rights to the Licensed Name, the Fund hereby irrevocably assigns (or shall cause such sublicensee to assign), without further consideration, such rights to the Licensed Name Owner together with all goodwill associated therewith. The Licensed Name Owner shall be a third party beneficiary of this Section 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;(c) <u>Sublicensing</u>. The Fund shall not sublicense its rights under this Agreement except to a current or future majority-owned subsidiary of the Fund, and then only with the prior written consent of the Adviser or the Licensed Name Owner, provided that (a) no such subsidiary shall use the Licensed Name as part of a name other than the Fund name without the prior written consent of the Adviser or the Licensed Name Owner in its sole discretion and (b) any such sublicense shall terminate automatically, with no need for written notice, if (x) such entity ceases to be a majority-owned subsidiary, (y) this Agreement terminates for any reason or (z) the Adviser or the Licensed Name Owner gives notice of such termination. The Fund shall be responsible for any such sublicensee's compliance with the provisions of this Agreement, and any breach by a sublicensee of any such provision shall constitute a breach of this Agreement by the Fund. Neither the Fund nor any of its current or future subsidiaries shall use a new trademark, corporate name, trade name or logo that contains the Licensed Name without the prior written consent of the Adviser or the Licensed Name Owner in its sole discretion, and any resulting license shall be governed by a new agreement between the applicable parties and/or an amendment 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;(d) <u>Compliance</u>. In order to preserve the inherent value of the Licensed Name, the Fund agrees to use reasonable efforts to ensure that it maintains the quality of the Fund's business and the operation thereof equal to the standards prevailing in the operation of the Adviser's and the Fund's business as of the date of this Agreement. The Fund further agrees to use the Licensed Name in accordance with such quality standards as may be reasonably established by the Adviser and communicated to the Fund from time to time in writing, or as may be agreed to by the Adviser and the Fund from time to time in writing. The Fund shall notify the Adviser promptly after it becomes aware of any actual or threatened infringement, imitation, dilution, misappropriation or other unauthorized use or conduct in derogation of the Licensed Name. The Adviser and its affiliates shall have the sole right to bring any action to remedy the foregoing, and the Fund shall cooperate with the Adviser in same, at the Adviser's 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;(e) <u>Upon Termination</u>. Upon expiration or termination of this Agreement, all rights and license granted to the Fund under this Section 10 with respect to the Licensed Name shall cease, and the Fund shall immediately discontinue use of the Licensed Name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Governing Law</u>. This Agreement shall be governed, construed and interpreted in accordance with the laws of the State of New York, <u>provided</u>, <u>however</u>, that nothing herein shall be construed as being inconsistent with the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>. Any notice hereunder shall be in writing and shall be delivered in person or by telex or facsimile (followed by delivery in person) to the parties at the addresses set forth below.

If to the Fund:

Antares Strategic Credit Fund II LLC

320 S. Canal Street, Ste. 4200

Chicago, IL 60606

Attn: AntaresCapitalCreditAdvisers@antares.com

If to the Adviser:

Antares Capital Credit Advisers LLC

320 S. Canal Street, Ste. 4200

Chicago, IL 60606

Attn: AntaresCapitalCreditAdvisers@antares.com

or to such other address as to which the recipient shall have informed the other party in writing.

Unless specifically provided elsewhere, notice given as provided above shall be deemed to have been given, if by personal delivery, on the day of such delivery, and, if by facsimile and mail, on the date on which such facsimile or mail is sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

[*Remainder of Page Intentionally Left Blank*.]

IN WITNESS WHEREOF, the parties hereto caused their duly authorized signatories to execute this Agreement as of the day and year first written above.

---

| | |
|:---|:---|
| **ANTARES STRATEGIC CREDIT FUND II LLC** | **ANTARES STRATEGIC CREDIT FUND II LLC** |
| By: | /s/ Monica Kelsey |
| Name: | Monica Kelsey |
| Title: | Chief Financial Officer |
| **ANTARES CAPITAL CREDIT ADVISERS LLC** | **ANTARES CAPITAL CREDIT ADVISERS LLC** |
| By: | /s/ Donna Yip |
| Name: | Donna Yip |
| Title: | Vice President |

---

## Exhibit 10.2

**Exhibit 10.2**

**ADMINISTRATION AGREEMENT**

**BETWEEN**

**ANTARES STRATEGIC CREDIT FUND II LLC**

**AND**

**Antares Capital Credit Advisers LLC**

This Agreement ("<u>Agreement</u>") is made as of July 2, 2025 by and between Antares Strategic Credit Fund II LLC, a Delaware limited liability company (the "<u>Fund</u>"), and Antares Capital Credit Advisers LLC, a Delaware limited liability company (the "<u>Administrator</u>").

WHEREAS, the Fund is a newly organized closed-end management investment fund that intends to elect to be treated as a business development company ("<u>BDC</u>") under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, the Fund desires to retain the Administrator to provide administrative services to the Fund in the manner and on the terms hereinafter set forth; and

WHEREAS, the Administrator is willing to provide administrative services to the Fund on the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Fund and the Administrator hereby agree as follows:

**1. <u>Duties of the Administrator</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Employment of Administrator</u>. The Fund hereby retains the Administrator to act as administrator of the Fund, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Directors of the Fund (the "<u>Board</u>"), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such retention and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Services</u>. The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative and compliance services necessary for the operation of the Fund, including, but not limited to, maintaining financial records, filing of the Fund's tax returns, overseeing the calculation of the Fund's net asset value, compliance monitoring (including diligence and oversight of the Fund's other service providers), preparing reports to the Fund's shareholders and reports filed with the Securities and Exchange Commission (the "<u>SEC</u>") and other regulators, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others, providing office space, equipment and office services, and such other services as the Administrator, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Fund, conduct relations with sub-administrators, custodians, depositories, depositaries, transfer agents, escrow agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable in fulfilling its administrative duties. The Administrator shall make reports to the Board of its performance of its obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Fund as it shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, in its capacity as Administrator pursuant to this Agreement, provide any advice or recommendation relating to the securities and other assets that the Fund should purchase, retain or sell or any other investment advisory services to the Fund. Antares Capital Credit Advisers LLC, in its capacity as both the Fund's investment adviser (the "<u>Adviser</u>") and the Administrator, may provide on the Fund's behalf significant managerial assistance to those portfolio companies that request such assistance. For the avoidance of any doubt, the parties agree that the Administrator is authorized to enter into sub-administration agreements as the Administrator determines necessary in order to carry out the services set forth in this paragraph, subject to the prior approval of the Board.

**2. <u>Records</u>.** The Administrator agrees to maintain and keep all books, accounts and other records of the Fund that relate to activities performed by the Administrator hereunder and will maintain and keep such books, accounts and records in accordance with the 1940 Act. The Administrator may delegate the foregoing responsibility to a third party with the consent of the Board, subject to the oversight of the Administrator and the Fund. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records which it or its delegate maintains for the Fund shall at all times remain the property of the Fund, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator further agrees that all records which it or its delegate maintains for the Fund pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.

**3. <u>Confidentiality</u>.** The parties hereto agree that each shall treat all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information (regulated pursuant to Regulation S-P), shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

**4. <u>Compensation; Allocation of Costs and Expenses</u>.** In full consideration of the provision of the services of the Administrator, the Fund shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations, including the Fund's allocable portion of the costs and expenses of providing personnel and facilities hereunder, except as otherwise provided herein and in that certain Investment Advisory Agreement, by and between the Fund and the Adviser, as amended from time to time (the "<u>Advisory Agreement</u>").

Except as specifically provided herein or otherwise in the Advisory Agreement, the Fund anticipates that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to the Fund, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Fund will bear all other costs and expenses of the Fund's operations, administration and transactions, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) investment advisory fees, including management fees and incentive fees, payable to the Adviser pursuant to the Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Fund's allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under this Agreement, including but not limited to: (i) the Fund's chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Fund; and (iii) any internal audit group personnel of Antares Capital LP or any of its affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all other expenses of the Fund's operations, administration and transactions (which may be directly incurred by the Fund or allocated among the Fund and the Adviser's other clients), including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) organization and offering expenses associated with any offering (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Fund's systems and those of participating broker-dealers, reasonable bona fide due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of the Fund's escrow agent and transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and costs, expenses and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, broker-dealers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing and/or distribution 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;(ii) all taxes, fees, costs, and expenses, retainers and/or other payments of accountants, legal counsel, advisors (including tax advisors), administrators, auditors (including with respect to any additional auditing required under The Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and any applicable legislation implemented by an EEA Member state in connection with such Directive (the "AIFMD"), investment bankers, administrative agents, paying agents, depositaries, custodians, directors, sub-custodians, consultants (including individuals consulted through expert network consulting firms and compliance consultants), engineers, senior advisors, industry experts, operating partners, deal sourcers (including personnel dedicated to but not employed by the Administrator or its affiliates in the credit-focused business of Antares), and other professionals (including, for the avoidance of doubt, the costs and charges allocable with respect to the provision of internal legal, tax, accounting, technology or other services and professionals related thereto (including secondees and temporary personnel or consultants that may be engaged on short- or long-term arrangements) as deemed appropriate by the Administrator, with the oversight of the Board, where such internal personnel perform services that would be paid by the Fund if outside service providers provided the same services); fees, costs, and expenses herein include (x) costs, expenses and fees for hours spent by its in-house attorneys and tax advisors that provide transactional legal advice and/or services to the Fund or its portfolio companies on matters related to potential or actual investments and transactions and the ongoing operations of the Fund and (y) expenses and fees to provide administrative and accounting services to the Fund or its portfolio companies, and expenses, charges and/or related costs incurred directly by the Fund or affiliates in connection with such services (including overhead related thereto), in each case, (I) that are specifically charged or specifically allocated or attributed by the Administrator, with the oversight of the Board, to the Fund or its portfolio companies and (II) provided that any such amounts shall not be greater than what would be paid to an unaffiliated third party for substantially similar advice and/or services);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cost of calculating the Fund's net asset value, including the cost of any third-party valuation 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;(iv) the cost of effecting any sales and repurchases of the Fund's common shares of beneficial interest and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) fees and expenses payable under any managing dealer and selected dealer agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) interest and fees and expenses arising out of all borrowings, guarantees and other financings or derivative transactions (including interest, fees and related legal expenses) made or entered into by the Fund, including, but not limited to, the arranging thereof and related legal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders, investment banks and other financing sources;

&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) costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Fund's assets for tax or other 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;(ix) costs of derivatives and hedging;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) expenses (including the allocable portions of compensation and out-of-pocket expenses such as travel expenses) or an appropriate portion thereof of employees of the Adviser or its affiliates to the extent such expenses relate to attendance at meetings of the Board or any committees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) all fees, costs and expenses, if any, incurred by or on behalf of the Fund in developing, negotiating and structuring prospective or potential investments that are not ultimately made, including, without limitation any legal, tax, administrative, accounting, travel, meals, accommodations and entertainment, advisory, consulting and printing expenses, reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar 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;(xiii) the allocated costs incurred by Antares Capital Credit Advisers LLC (in its capacity as both the Adviser and/or the Administrator) in providing managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) all brokerage costs, hedging costs, prime brokerage fees, custodial expenses, agent bank and other bank service fees; private placement fees, commissions, appraisal fees, commitment fees and underwriting costs; costs and expenses of any lenders, investment banks and other financing sources, and other investment costs, fees and expenses actually incurred in connection with evaluating, making, holding, settling, clearing, monitoring or disposing of actual investments (including, without limitation, travel, meals, accommodations and entertainment expenses and any expenses related to attending trade association and/or industry meetings, conferences or similar meetings, any costs or expenses relating to currency conversion in the case of investments denominated in a currency other than U.S. dollars) and expenses arising out of trade settlements (including any delayed compensation expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) investment costs, including all fees, costs and expenses incurred in sourcing, evaluating, developing, negotiating, structuring, trading (including trading errors), settling, monitoring and holding prospective or actual investments or investment strategies including, without limitation, any financing, legal, filing, auditing, tax, accounting, compliance, loan administration, travel, meals, accommodations and entertainment, advisory, consulting, engineering, data-related and other professional fees, costs and expenses in connection therewith (to the extent the Adviser is not reimbursed by a prospective or actual issuer of the applicable investment or other third parties or capitalized as part of the acquisition price of the transaction) and any fees, costs and expenses related to the organization or maintenance of any vehicle through which the Fund directly or indirectly participates in the acquisition, holding and/or disposition of investments or which otherwise facilitate the Fund's investment activities, including without limitation any travel and accommodations expenses related to such vehicle and the salary and benefits of any personnel (including personnel of Adviser or its affiliates) reasonably necessary and/or advisable for the maintenance and operation of such vehicle, or other overhead expenses (including any fees, costs and expenses associated with the leasing of office space (which may be made with one or more affiliates of the Adviser as lessor in connection therewith));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) transfer agent, dividend agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) federal and state registration fees, franchise fees, any stock exchange listing fees and fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) independent directors' fees and expenses including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) costs of preparing financial statements and maintaining books and records, costs of Sarbanes-Oxley Act of 2002 compliance and attestation and costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority, U.S. Commodity Futures Trading Commission ("CFTC") and other regulatory bodies and other reporting and compliance costs, including registration and exchange listing and the costs associated with reporting and compliance obligations under the 1940 Act and any other applicable federal and state securities laws, and the compensation of professionals responsible for 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;(xxi) all fees, costs and expenses associated with the preparation and issuance of the Fund's periodic reports and related statements (e.g., financial statements and tax returns) and other internal and third-party printing (including a flat service fee), publishing (including time spent performing such printing and publishing services) and reporting-related expenses (including other notices and communications) in respect of the Fund and its activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or allocated by the Fund or the Adviser or its affiliates in connection with such provision of services thereby);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs) and the costs of any shareholder or director meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) costs associated with an exchange listing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) costs of registration rights granted to certain investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) any taxes and/or tax-related interest, fees or other governmental charges (including any penalties incurred where the Adviser lacks sufficient information from third parties to file a timely and complete tax return) levied against the Fund and all expenses incurred in connection with any tax audit, investigation, litigation, settlement or review of the Fund and the amount of any judgments, fines, remediation or settlements paid in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) all fees, costs and expenses of any litigation, arbitration or audit involving the Fund any vehicle or its portfolio companies and the amount of any judgments, assessments fines, remediations or settlements paid in connection therewith, directors and officers, liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the affairs 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;(xxviii) all fees, costs and expenses associated with the Fund's information, obtaining and maintaining technology (including the costs of any professional service providers), hardware/software, data-related communication, market data and research (including news and quotation equipment and services and including costs allocated by the Adviser's or its affiliates' internal and third-party research group (which are generally based on time spent, assets under management, usage rates, proportionate holdings or a combination thereof or other reasonable methods determined by the Administrator) and expenses and fees (including compensation costs) charged or specifically attributed or allocated by Adviser and/or its affiliates for data-related services provided to the Fund and/or its portfolio companies (including in connection with prospective investments), each including expenses, charges, fees and/or related costs of an internal nature; provided, that any such expenses, charges or related costs shall not be greater than what would be paid to an unaffiliated third party for substantially similar services) reporting costs (which includes notices and other communications and internally allocated charges), and dues and expenses incurred in connection with membership in industry or trade organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) the costs of specialty and custom software for monitoring risk, compliance and the overall portfolio, including any development costs incurred prior to the filing of the Fund's election to be treated as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) costs associated with individual or group shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) direct costs and expenses of administration, including printing, mailing, long distance telephone, copying and secretarial and other staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) all fees, costs and expenses of winding up and liquidating the Fund's 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;(xxxiv) extraordinary expenses (such as litigation or indemnification);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings; notices or disclosures related to the Fund's activities (including, without limitation, expenses relating to the preparation and filing of filings required under the Securities Act, TIC Form SLT filings, Internal Revenue Service filings under FATCA and FBAR reporting requirements applicable to the Fund or reports to be filed with the CFTC, reports, disclosures, filings and notifications prepared in connection with the laws and/or regulations of jurisdictions in which the Fund engages in activities, including any notices, reports and/or filings required under the AIFMD, European Securities and Markets Authority and any related regulations, and other regulatory filings, notices or disclosures of the Adviser relating to the Fund and its affiliates relating to the Fund, and their activities) and/or other regulatory filings, notices or disclosures of the Adviser and its affiliates relating to the Fund including those pursuant to applicable disclosure laws and expenses relating to FOIA requests, but excluding, for the avoidance of doubt, any expenses incurred for general compliance and regulatory matters that are not related to the Fund and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) costs and expenses (including travel) in connection with the diligence and oversight of the Fund's service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) costs and expenses, including travel, meals, accommodations, entertainment and other similar expenses, incurred by the Adviser or its affiliates for meetings with existing investors and any broker-dealers, registered investment advisors, financial and other advisors representing such existing investors; 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;(xxxviii) all other expenses incurred by the Administrator in connection with administering the Fund's business.

From time to time, Antares Capital Credit Advisers LLC (in its capacity as the Adviser and/or the Administrator) or its affiliates may pay third-party providers of goods or services. The Fund will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Fund's behalf. From time to time, Antares Capital Credit Advisers LLC (in its capacity as the Adviser and/or the Administrator) may defer or waive fees and/or rights to be reimbursed for expenses.

All of the foregoing expenses will ultimately be borne by the Fund's shareholders.

Costs and expenses of Antares Capital Credit Advisers LLC (in its capacity as the Adviser and/or the Administrator) that are eligible for reimbursement by the Fund will be reasonably allocated to the Fund on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator.

**5. <u>Limit of Liability</u>.** The Administrator and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (the "<u>Indemnified Parties</u>") shall not be liable for any error of judgment or mistake of law or for any act or omission or any loss suffered by the Fund in connection with the matters to which this Agreement relates, provided that the Administrator shall not be protected against any liability to the Fund or its shareholders to which the Administrator would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the reckless disregard of its duties and obligations ("<u>disabling conduct</u>"). An Indemnified Party may consult with counsel and accountants in respect of the Fund's affairs and shall be fully protected and justified in any action or inaction which is taken in accordance with the advice or opinion of such counsel and accountants; provided, that such counsel or accountants were selected with reasonable care. Absent disabling conduct, the Fund will indemnify the Indemnified Parties against, and hold them harmless from, any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Administrator's services under this Agreement or otherwise as administrator for the Fund. The Indemnified Parties shall not be liable under this Agreement or otherwise for any loss due to the mistake, action, inaction, negligence, dishonesty, fraud or bad faith of any broker or other agent; provided, that such broker or other agent shall have been selected, engaged or retained and monitored by the Administrator in good faith, unless such action or inaction was made by reason of disabling conduct, or in the case of a criminal action or proceeding, where the Administrator had reasonable cause to believe its conduct was unlawful.

Indemnification shall be made only following: (i) a final decision on the merits by a court or other body before which the proceeding was brought that the Indemnified Party was not liable by reason of disabling conduct or (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the Indemnified Party was not liable by reason of disabling conduct by (a) the vote of a majority of a quorum of directors of the Fund who are neither "interested persons" of the Fund nor parties to the proceeding ("disinterested non-party directors") or (b) an independent legal counsel in a written opinion.

An Indemnified Party shall be entitled to advances from the Fund for payment of the reasonable expenses (including reasonable counsel fees and expenses) incurred by it in connection with the matter as to which it is seeking indemnification in the manner and to the fullest extent permissible under law. Prior to any such advance, the Indemnified Party shall provide to the Fund a written affirmation of its good faith belief that the standard of conduct necessary for indemnification by the Fund has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the Indemnified Party shall provide a security in form and amount acceptable to the Fund for its undertaking; (b) the Fund is insured against losses arising by reason of the advance; or (c) a majority of a quorum of disinterested non-party directors or independent legal counsel, in a written opinion, shall have determined, based on a review of facts readily available to the Fund at the time the advance is proposed to be made, that there is reason to believe that the Indemnified Party will ultimately be found to be entitled to indemnification.

**6. <u>Activities of the Administrator</u>.** The services of the Administrator to the Fund are not to be deemed to be exclusive, and the Administrator and each affiliate is free to render services to others. It is understood that directors, officers, employees and shareholders of the Fund are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners, shareholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and shareholders of the Administrator and its affiliates are or may become similarly interested in the Fund as shareholders or otherwise.

**7. <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 date first written above. This Agreement may be terminated at any time, without the payment of any penalty, on 120 days' written notice, by the Fund or by the Administrator. The provisions of Section 5 of this Agreement shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Administrator shall be entitled to any amounts owed under Section 4 through the date of termination or expiration, and Section 5 shall continue in force and effect and apply to the Administrator 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, or to the extent consistent with the requirements of the 1940 Act from the date of the Fund's election to be regulated as a BDC under the 1940 Act and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Fund and (ii) the vote of a majority of the Fund's Board 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.

&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).

**8. <u>Amendments of this Agreement</u>.** This Agreement may be amended pursuant to a written instrument by mutual consent of the parties.

**9. <u>Governing Law</u>.** This Agreement shall be governed, construed and interpreted in accordance with the laws of the State of New York, <u>provided</u>, <u>however</u>, that nothing herein shall be construed as being inconsistent with the 1940 Act.

**10. <u>Entire Agreement</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.

**11. <u>Notices</u>.** Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **ANTARES STRATEGIC CREDIT FUND II LLC** | **ANTARES STRATEGIC CREDIT FUND II LLC** |
| By: | /s/ Monica Kelsey |
| Name: | Monica Kelsey |
| Title: | Chief Financial Officer |
| **ANTARES CAPITAL CREDIT ADVISERS LLC** | **ANTARES CAPITAL CREDIT ADVISERS LLC** |
| By: | /s/ Donna Yip |
| Name: | Donna Yip |
| Title: | Vice President |

---

## Exhibit 10.3

**Exhibit 10.3**

**SUBSCRIPTION BOOKLET**

**FOR**

**COMMON SHARES OF BENEFICIAL INTEREST**

**IN**

**ANTARES STRATEGIC CREDIT FUND II LLC<br> A DELAWARE LIMITED LIABILITY COMPANY**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| SUBSCRIPTION INSTRUCTIONS | 1 |
| SUBSCRIPTION AGREEMENT | 4 |
| EXHIBIT A-1 Investor Questionnaire for Entities | 30 |
| EXHIBIT A-2 Investor Questionnaire for Individuals and Grantors of Revocable Trusts | 45 |
| EXHIBIT B Anti-Money Laundering (AML) Questionnaire | 53 |
| EXHIBIT C Notice of Privacy Policy and Practices | 57 |
| EXHIBIT D EEA and UK Professional Investor Questionnaire | 60 |

---

**ANTARES STRATEGIC CREDIT FUND II LLC**

**SUBSCRIPTION INSTRUCTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Please Read and Complete the Subscription Agreement in its Entirety.** It contains certain statements and certain representations required to be made by you. The following is a brief description of the Fund (as defined below). Subscribers should consult their own tax advisors with respect to the specific U.S. federal, state, local and non-U.S. tax consequences of the purchase and ownership of common shares of beneficial interest in the Fund and/or the filing requirements associated with the purchase and ownership of common shares of beneficial interest in the Fund.

**Antares Strategic Credit Fund II** **LLC** (the "**Fund**"), a Delaware limited liability company that intends to elect to be regulated as a business development company (a "**BDC**") under the Investment Company Act of 1940, as amended (the "**Investment Company Act**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Please Complete, Date and Sign the Signature Page**.

&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>To be completed by all Subscribers</u>: Please indicate a "Requested Subscription Amount" on **page 21** hereof in Antares Strategic Credit Fund II LLC. Please complete, date and sign the signature page of each copy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Please Complete the Investor Questionnaire.** The information is intended to establish among other things, whether you are an "accredited investor" within the meaning of the Securities Act (as defined below), and to assure compliance with the Investment Company Act (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;(a) <u>Individuals, grantors of revocable trusts, single-member limited liability companies or other entities treated as individuals for federal income tax purposes</u>: *Please complete the Investor Questionnaire for Individuals and Grantors of Revocable Trusts on **page 47** hereof.*

&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>All other Entities</u>: Please complete the Investor Questionnaire for Entities on **page 31** hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Please Complete the Anti-Money Laundering (AML) Questionnaire**.

&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>To be completed by all Subscribers</u>: Please complete the questionnaire on **page 54** hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **All EEA and UK Investors – Please Complete the EEA and UK Professional Investor Questionnaire.** The information to be completed contains certain confirmations regarding the circumstances of the Subscriber's investment in the Fund. *Please complete the EEA and UK Professional Investor Questionnaire on **page 61** hereof.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Canadian Investors –** Subscribers who are resident in a Canadian jurisdiction should reach out to U.S. Bank Global Fund Services to obtain a copy of the *Canadian Investor Questionnaire*, which includes additional representations and warranties to establish, amongst other items, that such Subscribers are "accredited investors" as defined under National Instrument 45-106 Prospectus Exemptions or the *Securities Act* (Ontario), as applicable, and "permitted clients" as defined under National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Please Complete All Applicable Tax Forms and Provide All Other Requested Tax Information, including**:

&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>U.S. persons (as described in Section 3(i) of the Subscription Agreement)</u>: Please complete, date and sign U.S. Internal Revenue Service Form W-9 **available at www.irs.gov**, and date and sign such form on the same date as the signature page of the 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;(b) <u>Non-U.S. persons (as described in Section 3(i) of the Subscription Agreement)</u>: Please complete the applicable U.S. Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8ECI, W-8IMY or W-8EXP **available at www.irs.gov**. Please date and sign such form on the same date as the signature page of the Subscription Agreement. If delivering an IRS Form W-8IMY, the Subscriber must deliver executed withholding forms for each of its beneficial owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Return Completed Subscription Booklet.** Please email executed copies of the completed and executed Subscription Agreement, Investor Questionnaire, Anti-Money Laundering (AML) Questionnaire, EEA and UK Professional Investor Questionnaire (if applicable), Canadian Investor Questionnaire (if applicable) and applicable tax form(s) to U.S. Bank Global Fund Services at the email address below:

U.S. Bank Global Fund Services

E-Mail: alternativefundsupport@usbank.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Questions.** Questions concerning the completion of any documents contained herein should be directed to U.S. Bank Global Fund Services (<u>alternativefundsupport@usbank.com</u>).

**Please Return All Documents.** If you do not wish to subscribe for common shares of beneficial interest in the Fund or if your subscription is rejected, please return the Confidential Private Placement Memorandum, together with any amendments or supplements thereto (the "**Offering Memorandum**"), the Amended and Restated Limited Liability Company Agreement of the Fund (as amended, the "**LLC Agreement**"), this Subscription Booklet and any other documents delivered by or on behalf of the Fund (collectively, the "**Fund Documents**") to Antares Capital Credit Advisers LLC, a Delaware limited liability company (the "**Adviser**"), 320 South Canal Street, Suite 4200, Chicago, IL 60606.

**THE FUND DOCUMENTS MAY NOT BE REPRODUCED, DUPLICATED, OR DELIVERED, IN WHOLE OR IN PART, TO ANY OTHER PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF THE ADVISER OTHER THAN TO YOUR EMPLOYEES, COUNSEL, AUDITORS AND OTHER PROFESSIONAL ADVISORS WHO NEED TO KNOW SUCH INFORMATION IN CONNECTION WITH YOUR POTENTIAL SUBSCRIPTION TO THE FUND, SO LONG AS SUCH PERSONS ARE ADVISED OF, AND AGREE TO BE BOUND BY, THE CONFIDENTIALITY PROVISIONS CONTAINED HEREIN (PROVIDED THAT YOU WILL REMAIN RESPONSIBLE FOR ANY BREACH BY SUCH PERSONS OF SUCH CONFIDENTIALITY).**

**ANTARES STRATEGIC CREDIT FUND II LLC**

**SUBSCRIPTION AGREEMENT**

INTRODUCTION

This Subscription Agreement together with all exhibits hereto (the "**Agreement**") is by and among Antares Strategic Credit Fund II LLC, a Delaware limited liability company (the "**Fund**"), Antares Capital Credit Advisers LLC, a Delaware limited liability company (the "**Adviser**") and the undersigned subscriber (the "**Subscriber**"), and shall be effective as of the date it is accepted by the Fund.

RECITALS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Adviser is the investment adviser to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund has prepared a Confidential Private Placement Memorandum (as may be amended or supplemented, the "**Offering Memorandum**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund is offering one class of common shares of beneficial interest (the "**Shares**"). The Shares are subject to the terms and conditions described in the Offering Memorandum and the Fund's Amended and Restated Limited Liability Company Agreement, as in effect on the date hereof (as amended, the "**LLC Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Subscriber wishes to subscribe to the offering described in the Offering Memorandum for Shares in an amount set forth on the signature page hereto (the "**Requested Subscription Amount**") for such Shares, though the Adviser may, in its sole discretion, decline to accept any or all of such Requested Subscription Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Adviser desires to admit the Subscriber as a shareholder of the Fund, and to accept all or part of the Subscriber's subscription in an amount set forth by the Fund below its signatures hereto with respect to the applicable Shares (such amount, the "**Subscription Amount**"), which amount may not exceed the Requested Subscription Amount with respect to the Shares as described in, and upon the terms and conditions of, this Agreement.

AGREEMENT

The Adviser, the Fund and the Subscriber hereby agree as follows:

1) *Definitions*. Capitalized terms have the meanings set forth on Appendix A attached hereto.

2) *Representations and Warranties of the Adviser and the Fund*. The Adviser and the Fund hereby represent and warrant to the Subscriber as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund is a Delaware limited liability company duly formed, legally existing and in good standing under the laws of the Delaware. The Adviser is a limited liability company duly formed, legally existing and in good standing under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The LLC Agreement, a copy of which has been furnished to the Subscriber, has been duly executed and delivered and constitutes the legal, valid and binding obligation of the Fund, enforceable against the Fund in accordance with its terms, except to the extent that the enforcement of the rights and remedies created thereby is subject to (i) bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund has all requisite power and authority to execute and deliver this Agreement, to carry out all of the terms and provisions of this Agreement to be carried out by it, and to conduct its business as described in the Offering Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution, delivery and performance by the Fund of this Agreement have been duly authorized by all necessary corporate action on its behalf. This Agreement has been duly executed and delivered on behalf of the Fund and constitutes the legal, valid and binding obligation of the Fund, enforceable against the Fund in accordance with its terms, except to the extent that the enforcement of the rights and remedies created hereby is subject to (i) bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither the execution and delivery of this Agreement by the Fund nor the consummation of any of the transactions contemplated hereby will (i) conflict with, result in a breach of, or constitute a default under, any indenture, mortgage, lease or other agreement to which the Fund is a party or by which it or any of its properties may be bound, or (ii) result in a violation of any order, writ, injunction, decree or award of any court or governmental authority to which the Fund or any of its properties may be subject. The execution and delivery by the Fund of this Agreement do not require any filing with, or approval or consent of, any governmental authority which has not already been made or obtained, except, if deemed necessary or advisable by the Fund or the Adviser, filings under applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund has not, either directly or indirectly through any agent, sold or offered Shares to, or solicited offers to buy Shares from, or otherwise approached or negotiated in respect of Shares with, any persons or entities so as to make necessary the registration of the Shares under the Securities Act. The Fund is not required to be registered as an investment company under the Investment Company Act. The Fund intends to elect to be regulated as a business development company under the Investment Company Act. The Fund's representations and warranties in this clause ‎(f) are made in reliance on the representations and warranties of the subscribers under this Agreement and other subscription agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There are no material actions, investigations or proceedings pending or, to the best knowledge of the Adviser or the Fund, threatened against the Adviser or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Neither the Adviser nor any member thereof has (i) been convicted of a felony in a criminal proceeding or (ii) become subject to a finding in a judgment, decree or final order in a civil proceeding of a judicial or administrative body that such Adviser or member thereof knowingly violated the securities laws of the United States or any state thereof or of any foreign country.

3) *Representations and Warranties of the Subscriber*. The Subscriber hereby represents and warrants to the Adviser and the Fund as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber has all requisite power and authority to make the acknowledgments, representations, warranties and agreements set forth in this Agreement. The Subscriber also has all requisite power and authority to execute and deliver this Agreement and to carry out all of the terms and provisions of this Agreement and is, if applicable, duly and validly formed, validly existing and in good standing under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution and delivery of this Agreement and the performance of this Agreement by the Subscriber have been duly authorized by all necessary corporate or other action on its behalf. This Agreement has been duly executed and delivered on behalf of the Subscriber, this Agreement constitutes the legal, valid and binding obligation of the Subscriber, enforceable against the Subscriber in accordance with its terms, except to the extent that the enforcement of the rights and remedies created hereby or thereby is subject to (i) bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the execution and delivery of this Agreement by the Subscriber nor the consummation of any of the transactions contemplated hereby will (i) conflict with, result in a breach of, or constitute a default under, any indenture, mortgage, lease or other agreement to which the Subscriber is a party or by which it or any of its properties may be bound, or (ii) result in a violation of any order, writ, injunction, decree or award of any court or governmental authority to which the Subscriber or any of its properties may be subject. The execution and delivery by the Subscriber of this Agreement does not require any filing with, or approval or consent of, any governmental authority which has not already been made or obtained, except, if deemed necessary or advisable by the Subscriber, filings under applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) The Subscriber acknowledges that the offering and sale of the Shares has not been and will not be registered under the Securities Act, and is being made in reliance upon federal and state exemptions for transactions not involving a public offering and (ii) the Subscriber represents and warrants that it is an "accredited investor" (as defined in Regulation D under the Securities Act). The Subscriber is acquiring such Subscriber's Shares for such Subscriber's own account (and not for the direct or indirect account or benefit of any other person or entity), for investment and not with a view to any resale or distribution thereof. The Subscriber understands that the Shares have not been registered under the Securities Act or any state or other jurisdiction's securities laws and may not be assigned, sold or otherwise transferred without registration under the Securities Act or any relevant state or other jurisdiction's securities laws or exemption therefrom; that the Fund has no obligation or intention to register any of the Shares under the Securities Act or state or other jurisdiction's securities laws, or to permit sales pursuant to Regulation A under the Securities Act; and that the Subscriber must therefore bear the economic risk of holding its Shares for an indefinite period of time. The Subscriber is not a party to, nor does it have any current intention to enter into any contract, agreement or other obligation pursuant to which it would sell or otherwise transfer the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Subscriber has (i) received a copy of the LLC Agreement and the Offering Memorandum and (ii) been given access to all information regarding the financial condition and the proposed business and operations of the Fund that the Subscriber has requested in order to evaluate its investment in the Fund. During the course of the offering of the Shares and prior to the date hereof, the Fund has made available to the Subscriber the opportunity to ask questions of, and to receive answers from, persons acting on behalf of the Fund concerning the terms and conditions of the offering of Shares, and to obtain any additional information desired by the Subscriber with respect to the Fund as the Subscriber has deemed necessary to assist the Subscriber in evaluating the opportunity to subscribe for Shares in the Fund. At no time was the Subscriber presented with or solicited by any leaflet, public promotional meeting, any newspaper, magazine, radio, or television article or advertisement, or any other form of general advertising or general solicitation with respect to Shares in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With regard to the tax, legal, economic and other considerations relating to the Subscriber's investment in the Fund, the Subscriber is relying only on the advice of, and has consulted only with, its own professional advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Either (i) the Subscriber is a natural person, or (ii) the Subscriber will be counted as one beneficial owner of the outstanding securities of the Fund for purposes of Section 3(c)(1) of the Investment Company Act and related rules promulgated by the U.S. Securities and Exchange Commission (the "**SEC**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) The Subscriber acknowledges that the Fund will not be registered as an investment company under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Subscriber is a "United States person" (within the meaning of the U.S. Internal Revenue Code of 1986, as amended (the "**Code**")), the Subscriber has fully and accurately completed and delivered to the Fund U.S. Internal Revenue Service ("**IRS**") Form W-9 or successor form ("**W-9**") or, if the Subscriber is not a "United States person" (within the meaning of the Code), the Subscriber has fully and accurately completed and delivered to the Fund the applicable IRS Form or Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP or W-8IMY or successor forms, as applicable ("**W-8**"). The Subscriber agrees to promptly provide an updated form W-9 or W-8, as may be applicable, upon any form previously provided becoming invalid or obsolete (including by operation of law), upon expiration of such form, upon a change in the Subscriber's circumstances or upon request of the Adviser. Current forms W-8 or W-9 are available at www.irs.gov. The Subscriber has truthfully and accurately completed and executed, and is delivering to the Adviser along with this Agreement, (i) the applicable Investor Questionnaire, (ii) an Anti-Money Laundering (AML) Questionnaire attached hereto as Exhibit B (the "**AML Questionnaire**"), and (iii) if applicable, a Canadian Investor Questionnaire (the "**Canadian Investor Questionnaire**") or an EEA and UK Professional Investor Questionnaire attached hereto as Exhibit D (the "**EEA and UK Professional Investor Questionnaire**"). The Subscriber acknowledges that the Adviser is relying on the information in such Investor Questionnaire, such AML Questionnaire and, if applicable, such Canadian Investor Questionnaire, EEA and UK Investor Questionnaire, in deciding whether to accept the subscription of the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) The Subscriber certifies under penalties of perjury that the Subscriber's name, taxpayer identification, or social security number and address provided in the Investor Questionnaire are correct. The Subscriber agrees to (A) execute properly and provide to the Fund in a timely manner any tax documentation or other information or (B) take any action, in each case, that may be reasonably required by the Adviser in connection with the Fund (including, but not limited to, (x) the name, address and taxpayer identification number of any "substantial U.S. owner" of the Subscriber or other information required to reduce or eliminate any withholding tax directly or indirectly imposed on or collected by or with respect to the Fund pursuant to FATCA (as defined below) and (y) any other information, waivers, documentation and representations reasonably requested by the Adviser in connection with an audit). For purposes of this Agreement, "**FATCA**" means Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, and any analogous laws, regulations, agreements or other guidance adopted in any other jurisdictions.

&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 agrees to provide the Adviser with any information (including, without limitation, information with respect to the Subscriber's identity, citizenship, residency, tax status, business, control or ownership and including with respect to the direct and indirect owners or beneficiaries of the Subscriber), waivers, documentation, certifications, and representations or take any actions as the Adviser may request in order to comply with any tax laws or regulations, including applicable U.S. state and local laws, or to avoid or minimize the direct or indirect imposition of taxes or tax filing obligations (including with respect to withholding taxes) on the Fund, the shareholders of the Fund (the "**Shareholder**") (or on a Shareholder's direct or indirect owners), any investment vehicle through which the Fund invests, any investment (or potential investment) of the foregoing, any affiliates of the foregoing or otherwise in respect of the Subscriber's investment in the Fund. Any such information, waiver, documentation and certification shall be true, correct and complete in all material respects. The Subscriber agrees to promptly provide the Fund with additional forms, certification, representations, information or documentation as may be required as a result of any change in status or as the Adviser may otherwise request from time to time, including, without limitation, such information as may be required or desirable, in the reasonable discretion of the Adviser, to comply with the terms of any provision of (or election under) the Code or state, local or non-U.S. tax law. The Subscriber understands that the Fund 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. The Subscriber agrees to promptly inform the Fund and the Adviser in the event of any change in the information that has been provided by the Subscriber or in the event that any documentation, waivers or representations become incorrect, become obsolete or expire and will execute and deliver to the Fund such additional forms, certification, representations, information or documentation as the Fund or the Adviser may reasonably request. The Subscriber acknowledges that any forms, information, documentation, certifications and representations provided to the Fund may be disclosed to the IRS, non-U.S., state and local taxing authorities and other third parties, as appropriate in the reasonable judgment of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Subscriber has accurately provided the Fund with its taxable year end in the Investor Questionnaire where indicated. In the event that any of the information provided on the signature pages hereto becomes inaccurate, the Subscriber will promptly inform the Fund that the information has become inaccurate and will accurately set forth in writing the updated information requested in the Investor Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Subscriber, if a natural person who is not a U.S. citizen or resident, has accurately set forth his country of residence on the signature pages hereto where indicated. The Subscriber, if a corporation, fund, trust or other entity not organized under the laws of a state of the United States, has accurately set forth such Subscriber's jurisdiction of organization on the signature pages hereto where indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Subscriber has fully and accurately completed the "Plan Asset Questionnaire" that follows the signature page hereto (the "**Plan Asset Questionnaire**"). The Subscriber (i) acknowledges that the Adviser will rely on the information and representations given by the Subscriber, including those set forth herein and in the Plan Asset Questionnaire and those that may hereafter be given by the Subscriber, in connection with Subscriber's status under the U.S. Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), the Code, or any applicable similar law, (ii) acknowledges that in view of developments in the law and applicable regulations, or other circumstances, the Adviser may require additional information from the Subscriber to comply with the requirements of, or qualify for an exemption under, ERISA, the Code or any applicable similar law, and (iii) agrees to provide additional information reasonably requested by the Adviser from time to time to determine whether the Fund is treated as holding plan assets subject to ERISA, the Code, or any applicable similar law. The Subscriber will immediately notify the Adviser upon any change to its responses to the Plan Asset Questionnaire. If the Subscriber has checked "yes" under the caption "Plan Assets" in the Plan Asset Questionnaire or is otherwise an "employee benefit plan" within the meaning of (but not subject to) ERISA or holds assets of such a plan, the Subscriber represents that: (x) the decision to invest assets of the Subscriber in the Fund was made by a fiduciary (within the meaning of Section 3(21) of ERISA and the regulations thereunder, or as defined under any applicable similar law) that is independent of the Adviser and the Adviser and is duly authorized to make such investment decisions on behalf of the plan (the "**Plan Fiduciary**"); (y) the Plan Fiduciary making the decision to invest in the Fund assumes full responsibility for making the investment decision to invest in the Fund on behalf of the Subscriber, is aware of and has taken into consideration its fiduciary duties (including, without limitation, the diversification requirements of Section 404(a)(1)(C) of ERISA or any applicable similar law) and has concluded that (A) the proposed investment in the Fund is a prudent one and (B) the investment strategy and concentration of investments in the Fund are appropriate and proper for the Subscriber in light of the overall investment strategy for the Subscriber, and understands and agrees that none of the Fund, the Adviser or any of their affiliates or representatives shall be responsible for compliance by the Subscriber with the provisions of ERISA or applicable similar law requiring that investments of the Subscriber be diversified; and (z) this subscription and the investment contemplated hereby (including, without limitation, the terms of compensation for the Adviser and the restrictions on withdrawal and/or transfer or other disposition of the Shares) are in accordance with all requirements applicable to the Subscriber under its governing instruments, ERISA, the Code, and any applicable similar laws and the Subscriber's investment in the Fund does not constitute or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or a violation under any applicable similar law. The Subscriber hereby acknowledges and agrees that, for so long as the Fund is not deemed to hold "plan assets" (within the meaning of the Department of Labor's plan asset regulations, 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA (the "**Plan Asset Regulations**")), the Adviser is not a "fiduciary" (within the meaning of Section 3(21) of ERISA, Section 4975 of the Code or any similar law) under ERISA, the Code or such similar law with respect to any assets of the Subscriber by reason of the Subscriber's investment in the Fund and that the Subscriber has not and is not relying on the Adviser or any of its affiliates or representatives to provide, and that none of the Adviser or any of its affiliates or representatives have provided or intend to provide, any investment advice with respect to the Subscriber's purchase Shares in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Except if otherwise indicated below, the Subscriber is not a bank holding company (as defined in Section 2(a) of the U.S. Bank Holding Company Act of 1956, as amended (the "**BHC Act**")), a savings and loan holding company (as defined in Section 10 of the U.S. Home Owners' Loan Act of 1933, as amended ("**HOLA**")), a non-U.S. bank subject to the BHC Act pursuant to the International Banking Act of 1978, as amended, or a company that controls, is controlled by, or is under common control with, any such bank holding company, savings and loan holding company, or non-U.S. bank, with "control" having the meaning provided in Section 225.2(e) of Regulation Y issued by the Board of Governors of the Federal Reserve System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Neither the Subscriber (nor any person who would, through the Subscriber's ownership in the Fund, be deemed to beneficially own Shares in the Fund) is or has been subject to, is experiencing or has experienced (in each case, within the period of time prescribed by the applicable disqualifying or disclosable event under Rule 506(d) under the Securities Act) any of the events described in Rule 506(d)(1)(i)-(viii) under the Securities Act (a "**Disqualifying Event**"). The Subscriber shall indicate whether it is or has been subject to any Disqualifying Event on the applicable Investor Questionnaire attached hereto as either Exhibit A-1 or Exhibit A-2. The Subscriber shall promptly notify the Adviser if the Subscriber or any such other person becomes aware that the foregoing representation is no longer true and correct or becomes subject to or experiences a Disqualifying Event or becomes the subject of a formal proceeding that would, if adversely determined, constitute a Disqualifying Event. For purposes of this Section 3(o), the term "beneficial owner" has the same meaning as under Rule 13d-3 promulgated under the Exchange Act, as amended, and includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares, or is deemed to have or share: (i) voting power, which includes the power to vote, or to direct the voting of, the Subscriber's Shares; and/or (ii) investment power, which includes the power to dispose, or to direct the disposition of, the Subscriber's Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Neither the Subscriber nor any of its affiliates is a person or entity listed in Executive Order 13224 Blocking Terrorist Property And Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism or the Annex thereto (the "**Annex**"), as published at https://home.treasury.gov/system/files/126/13224.pdf on the date hereof, and as updated from time to time by the Office of Foreign Assets Control, U.S. Department of the Treasury, Washington, D.C. 20220, (202) 622-2520. Furthermore, neither the Subscriber nor any of its affiliates is an agent or intermediary for any entity or person listed in the Annex. The undersigned will also take reasonable steps to ensure that its affiliates and any parties for which it is acting as an agent or intermediary are not listed in the Annex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Subscriber acknowledges that the Fund seeks to comply with all applicable laws concerning money laundering and related activities. In furtherance of such efforts, the Subscriber hereby 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) No consideration that the Subscriber has contributed or will contribute to the Fund has been or shall be derived from, or related to, any activity that is deemed criminal under U.S. 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;(ii) No consideration that the Subscriber has contributed or will contribute to the Fund shall cause the Fund or the Adviser or any entity that maintains a Private Banking Account for the Fund to be in violation of the U.S. Bank Secrecy Act, as amended, the U.S. Money Laundering Act of 1986, as amended or any other applicable law or regulation related to money laundering or similar activities to which the Fund or the Adviser may from time to time be subject, including without limitation, the U.S. International Money Laundering Abatement and Anti-Terrorism Financing Act of 2001, as amended, and the regulations thereunder;

&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 Subscriber will provide additional documentation if requested by the Adviser or its duly authorized delegate in accordance with the requirements, present or future, of the laws and regulations of the United States or any other jurisdiction whose regulations apply to the Fund or its duly authorized delegate;

&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) That the information provided by the Subscriber in this Subscription Agreement and all accompanying documents including the AML Questionnaire is true, correct and complete as of the date hereof, and undertakes to advise the Adviser or its duly authorized delegate promptly of any change in circumstances which causes any of such information to be inaccurate or incomplete; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Neither the Subscriber nor (in the case of a Subscriber which is an entity) any Related Person 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 person or entity whose name appears on the List of Specifically Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control or other list designated by the Adviser 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;(B) A Shell Bank or Foreign Shell Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) A person or entity resident in or whose subscription funds are transferred from or through an account in a High Risk or Non-Cooperative Jurisdiction or Territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) A Senior Foreign Political Figure, any Family Member of a Senior Foreign Political Figure or any Close Associate of a Senior Foreign Political Figure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Resident in, or organized or chartered under the laws of, a jurisdiction that has been designated by the Secretary of the Treasury under Section 311 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001, as amended (including the implementing regulations thereunder, the "**PATRIOT Act**"), as warranting special measures or due diligence due to money laundering concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) A Politically Exposed Person, a Family Member of a Politically Exposed Person, any Close Associate of a Politically Exposed Person, or any person acting on behalf of a Politically Exposed 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;(G) A person (1) operationally based, organized under the laws of, or domiciled in a country or territory in relation to which sanctions imposed by the United Nations or the United States apply, or (2) otherwise subject to sanctions imposed by the United Nations or the United States, including without limitation the Office of Foreign Assets Control, a person to which (A) or (G) applies being a "**Sanctions Subject**".

The Subscriber acknowledges and agrees that (i) should the Subscriber or a Related Person be, or become at any time during its investment in the Fund, a Sanctions Subject, the Adviser or its duly authorized delegate may immediately and without notice to the Subscriber cease any further dealings with the Subscriber and/or the Subscriber's Shares in the Fund until the Subscriber or the relevant Related Person (as applicable) ceases to be a Sanctions Subject or a license is obtained under applicable law to continue such dealings (a "**Sanctioned Persons Event**"), and (ii) the Fund, the Fund's administrator and the Adviser shall have no liability whatsoever for any liabilities, costs, expenses, damages and/or losses (including but not limited to any direct, indirect or consequential losses, loss of profit, loss of revenue, loss of reputation and all interest, penalties and legal costs and all other professional costs and expenses) incurred by the Subscriber as a result of a Sanctioned Persons Event.

The Subscriber further represents and warrants that it is not, nor received deposits from, nor makes payments on behalf of, nor handles other financial transactions related to, a foreign bank without a physical presence in any country other than a foreign bank that (i) is an affiliate of a depositary institution, credit union or foreign bank that maintains a physical presence in the United States or a foreign country, as applicable, and (ii) is subject to supervision by a banking authority in the country regulating such affiliated depositary institution, credit union or foreign bank.

Except as otherwise disclosed to the Fund in writing: neither the Subscriber nor, if applicable, any Related Person, is resident in, or organized or chartered under the laws of, (A) a jurisdiction that has been designated by the U.S. Secretary of the Treasury under Section 311 of the USA PATRIOT Act as warranting special measures due to money laundering concerns or (B) any High Risk or Non-Cooperative Jurisdiction or Territory, (ii) the subscription funds of the Subscriber and, if applicable, any Related Person, do not originate from, nor will they be routed through, an account maintained at (A) a Foreign Shell Bank, (B) a foreign bank (other than a Regulated Affiliate) that is barred, pursuant to its banking license, from conducting banking activities with the citizens of, or with the local currency of, the country that issued the license or (C) a bank organized or chartered under the laws of a High Risk or Non-Cooperative Jurisdiction or Territory and (iii) neither the Investor nor, if applicable, any Related Person, is a senior foreign political figure, or any immediate family member or close associate of a senior foreign political figure, in each case within the meaning of the PATRIOT Act.

The Subscriber shall promptly notify the Adviser if any of the representations in this Agreement cease to be true and accurate with respect to the Subscriber.

The Subscriber agrees to provide to the Adviser any additional information that the Adviser, in its sole discretion, deems necessary or appropriate to ensure that the Fund, the Adviser, or any entity that maintains a Private Banking Account for the Fund complies with all applicable laws, rules, or regulations concerning money laundering and similar activities.

The Subscriber understands and agrees that, notwithstanding anything to the contrary contained in this Agreement, if at any time it is discovered that any of the foregoing representations in this Agreement are incorrect, or if otherwise required by applicable law or regulation related to money laundering and similar activities, the Adviser may, in its sole discretion, undertake appropriate actions to ensure compliance with applicable law or regulation, including but not limited to freezing, segregating or requiring a Subscriber to withdraw such Subscriber's subscription in the Fund.

The Subscriber further understands that either the Fund or the Adviser may release confidential information about it and, if applicable, any underlying beneficial ownership, to proper authorities or any entity that maintains a Private Banking Account for the Fund if the Adviser, in its sole discretion, determines that it is in the best interests of the Fund in light of relevant laws, rules or regulations concerning money laundering and similar activities.

As used in this Agreement, the following terms shall have the following meanings:

"**Close Associate**" means, (i) with respect to a Senior Foreign Political Figure, a person who is widely and publicly known to maintain a close relationship with the Senior Foreign Political Figure, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the Senior Foreign Political Figure, and (ii) with respect to a Politically Exposed Person, any natural person who is known to hold the ownership or control of a legal instrument or person jointly with a Politically Exposed Person, or who maintains some other kind of close business or personal relationship with a Politically Exposed Person, or who holds the ownership or control of a legal instrument or person which is known to have been established to the benefit of a Politically Exposed Person.

"**Family Member**" means (i) with respect to a Senior Foreign Political Figure, spouses, parents, siblings, children of a Senior Foreign Political Figure and a Senior Foreign Political Figure's spouses' parents and siblings, and (ii) with respect to a Politically Exposed Person, the spouse, parent, sibling or child of a Politically Exposed Person.

"**Foreign Bank**" means an organization that (i) is organized under the laws of a country outside the United States; (ii) engages in the business of banking; (iii) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (iv) receives deposits to a substantial extent in the regular course of its business; and (v) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank.

"**Foreign Shell Bank**" means a Foreign Bank without a physical presence in any country, but does not include a Regulated Affiliate.

"**High Risk or Non-Cooperative Jurisdiction or Territory**" means any foreign country or territory that has been designated as a "High Risk Jurisdiction subject to a Call for Action" and/or non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation the U.S. representative to the group or organization ceases to concur.

"**Politically Exposed Person**" means (i) a person who is or has been entrusted with prominent public functions by a foreign (non-United States) country, for example a Head of State or of government, senior politician, senior government, judicial or military official, senior executive of a state owned corporation, and important political party official; (ii) a person who is or has been entrusted domestically (in the United States) with prominent public functions, for example a Head of State or of government, senior politician, senior government, judicial or military official, senior executive of a state owned corporation and important political party official; and (iii) a person who is or has been entrusted with a prominent function by an international organization like a member of senior management, such as a director, a deputy director and a member of the board or equivalent functions.

"**Private Banking Account**" means an account (or any combination of accounts) that: (i) requires a minimum aggregate deposit of funds or other assets of not less than $1,000,000; (ii) is established on behalf of one (1) or more individuals who have a direct or beneficial ownership interest in the account; and (iii) is assigned to, or is administered or managed by, in whole or in part, an officer, employee, or agent of a financial institution acting as a liaison between the financial institution and the direct or beneficial owner of the account.

"**Regulated Affiliate**" means a Foreign Shell Bank that (i) is an affiliate of a depository institution, credit union, or Foreign Bank that maintains a physical presence in the United States or a foreign country; and (ii) is subject to supervision by a banking authority in the country regulating such affiliated depository institution, credit union, or Foreign Bank.

"**Related Person**" means any interest holder, beneficial owner, director, senior officer, trustee, beneficiary, grantor, authorized person or other controller of an entity; provided that in the case of an entity that is publicly traded or is a qualified pension or retirement plan, the term "Related Person" shall exclude any interest holder holding less than five percent (5%) of any class of securities of such publicly traded company and beneficiaries of such qualified pension or retirement plan.

"**Senior Foreign Political Figure**" means a current or former senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a senior official of a major non-U.S. political party, or a senior executive of a non-U.S. government-owned commercial enterprise. In addition, a Senior Foreign Political Figure includes any corporation, business or other entity that has been formed by, or for the benefit of, a Senior Foreign Political Figure, as well as Family Members and Close Associates of Senior Foreign Political Figures.

"**Shell Bank**" means any institution that accepts currency for deposit and that (a) has no physical presence in the jurisdiction in which it is incorporated or in which it is operating, as the case may be, and (b) is unaffiliated with a regulated financial group that is subject to consolidated supervision.

&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 represents and warrants that all personal data provided to the Fund or its delegates by or on behalf of the Subscriber has been and will be provided in accordance with applicable laws and regulations, including, without limitation, those relating to privacy or the use of personal data. The Subscriber shall ensure that any personal data that the Subscriber provides to the Fund or its delegates is accurate and up to date, and the Subscriber shall promptly notify the Fund if the Subscriber becomes aware that any such data is no longer accurate or up to date. The Subscriber acknowledges that the Fund and/or its delegates may transfer and/or process personal data provided by the Subscriber outside of the United States and Subscriber hereby consents to such transfer and/or processing and further represents that it is duly authorized to provide this consent on behalf of any individual whose personal data is provided by the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Subscriber acknowledges that the Subscriber has received the Privacy Notice of the Adviser, a copy of which is attached hereto as Exhibit C. The Subscriber shall promptly provide the Privacy Notice to (i) each individual whose personal data the Subscriber has provided or will provide to the Fund or any of its delegates in connection with the Subscriber's investment in the Fund (such as directors, trustees, employees, representatives, shareholders, investors, clients, beneficial owners or agents) and (ii) any other individual connected to the Subscriber as may be requested by the Fund or any of its delegates. The Subscriber shall also promptly provide to any such individual, on request by the Fund or any of its delegates, any updated versions of the Privacy Notice and the privacy notice (or other data protection disclosures) of any third party to which the Fund or any of its delegates has directly or indirectly provided that individual's personal data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Subscriber is not relying on any written or oral advice, counsel or representations of the Fund, the Adviser or their respective affiliates other than as set forth above or in the Offering Memorandum. The Subscriber has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent it has deemed necessary, and has made its own investment decisions based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by the Fund, the Adviser or any of their respective affiliates or agents. The Subscriber is a sophisticated investor and is purchasing the Shares with a full understanding of all of the terms, conditions and risks thereof, and it is capable of assuming and willing to assume those risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *Conflicts of Interest*. The Subscriber acknowledges that it has carefully read and understand, and is fully aware of aware of, and consents to, the actual or potential conflicts of interest and, the other activities of the Adviser and its affiliates, in each case, as disclosed in the Adviser's Form ADV and in the Offering Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) *Compulsory Transfer*. The Subscriber understands and agrees that the Adviser may cause the Subscriber involuntarily to sell or transfer all or a portion of its Shares in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *No Voluntary Withdrawal or Redemption; Transfer Restrictions*. The Subscriber acknowledges and agrees that the Subscriber will not be permitted to voluntarily withdraw or require redemption of all or any portion of the Subscriber's Subscription Amount. The Subscriber may sell, assign, transfer or otherwise dispose of (in each case, a "**Transfer**") its Shares, 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 in compliance with the Fund's LLC Agreement. No Transfer will be effectuated except by registration of the Transfer on the Company's books. Each transferee must agree to be bound by the restrictions set forth herein and in the LLC Agreement, and by all other obligations as an investor in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) *Disclosure of Information*. The Subscriber acknowledges and agrees that each of the Fund, the Fund's administrator, the Adviser and their respective affiliates may disclose to each other, to any affiliate, to any third party service provider or any lender to the Fund, or to any regulatory or taxation body in any applicable jurisdiction to which any of the Fund, the administrator and/or the Adviser is or may be subject, copies of the Subscriber's Subscription Agreement and related documents and any information concerning the Subscriber in their respective possession, whether provided by the Subscriber to the Fund, the administrator and/or the Adviser or otherwise, including details of such Subscriber's Shares in the Fund, historical and pending transactions with respect to Shares in the Fund and the values thereof, and any such disclosure shall not be treated as a breach of any restriction upon the disclosure of information imposed on any such person by law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) If at any time, the representations and warranties set forth in this Agreement shall cease to be true, the Subscriber shall promptly notify the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) If the Subscriber is not a U.S. Person, the Subscriber hereby certifies that the Shares are not being acquired by, or for the benefit of, any U.S. Person or in violation of any applicable law. In particular, the Subscriber certifies that the Subscriber was offered the Shares outside of the United States and received, executed and sent the Agreement from outside the United States.

4) *Nominees*. If the Subscriber is subscribing to the Fund as a nominee, custodian or other legal representative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber hereby represents and warrants (i) the Subscriber is investing in the Fund for the benefit of one person within the meaning of Rule 12g5-1 under the Exchange Act (the "**Underlying Investor**"); (ii) the Subscriber has all requisite power and authority to execute and deliver this Agreement on behalf of the Underlying Investor and to carry out all of the terms and provisions of this Agreement; (iii) the Subscriber is duly authorized to, and does hereby execute this Agreement and make all of the representations, warranties and agreements contained herein, on behalf of, with respect to, and at the direction of the Underlying Investor, as if the Underlying Investor was the "Subscriber" (other than in this Section ‎4) for purposes of this Agreement; (iv) the Subscriber has the sole power to direct the acquisition, disposition and voting of the Underlying Investor's Shares in the Fund and the Underlying Investor will be the sole beneficiary of any and all such Shares (whether economic, voting or otherwise); and (v) the Subscriber has performed all investigations necessary or appropriate to ensure compliance with all applicable money laundering, anti-terrorist and related laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subscriber hereby agrees (i) the Underlying Investor's Shares in the Fund may not be sold, pledged, assigned, transferred, conveyed, charged, exchanged or otherwise disposed (including by hypothecation or other encumbrance) of, in whole or in part, voluntarily or involuntarily, by operation of law, pursuant to judicial process or otherwise, except in accordance with the terms of this Agreement; (ii) on its own behalf, to be bound by Sections ‎3 through ‎‎12 of this Agreement; (iii) to provide such information and materials as may from time to time be requested by the Adviser for the purpose of verifying the source of funds paid to the Fund by the Subscriber and/or the identity of the Subscriber, the Underlying Investor and persons associated with each; (iv) the Underlying Investor shall be held personally responsible for all of the representations, warranties, covenants and agreements contained in, and shall be bound by all of the terms and conditions of, this Agreement and any claims arising from this Agreement; and (v) in the event of any breach of this Agreement, that the Fund may assert any claims directly against the Underlying Investor for such breach and may assert such claims against the Subscriber to the extent the Subscriber is indemnified therefor by the Underlying Investor.

5) *Subscription and Acceptance*. The Subscriber hereby agrees (i) to become a shareholder of the Fund, and (ii) purchase Shares from the Fund in an aggregate amount equal to the Subscriber's Requested Subscription Amount in the manner set forth herein. Upon its execution hereof, the Fund hereby accepts the Subscriber's subscription for Shares, and hereby agrees to admit the Subscriber as a shareholder of the Fund.

6) *Counterparts*. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same instrument. For the avoidance of doubt, a Person's execution and delivery of this Agreement by electronic signature and electronic transmission (jointly, an "**Electronic Signature**"), including via Docusign or other similar method, shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such person and shall bind such person to the terms of this Agreement. The parties hereto agree that this Agreement and any additional information incidental hereto may be maintained as electronic records. Any person executing and delivering this Agreement by Electronic Signature further agrees to take any and all reasonable additional actions, if any, evidencing its intent to be bound by the terms of this Agreement, as may be reasonably requested by the Adviser.

7) *Electronic Delivery*. The Subscriber hereby consents to the electronic delivery via e-mail and/or posting on an intranet site ("**Electronic Delivery**") of documents (the "**Documents**") relating to the Fund generally. The Subscriber acknowledges that the Documents may be attached to e-mails, or may be posted on an intranet site, in one or more electronic formats, including Microsoft Word, Microsoft Excel, PDF and/or such other format as may be appropriate, and that the Subscriber must therefore use the appropriate computer program to open, view and print them. The Subscriber understands that Electronic Delivery presents a risk that delivery may be delayed or not completed for various reasons, including, without limitation, system outages, and that there may be certain costs associated with Electronic Delivery not otherwise associated with delivery in paper form, including, without limitation, online charges and printing costs. The Subscriber further understands that the Adviser will deploy technology intended to use encryption or other similar security measures to protect electronic communications with the Subscriber and that, for encryption and other measures to be effective, the Subscriber will need to implement and maintain reasonable security systems capable of accommodating those measures. The Subscriber acknowledges that the consent to Electronic Delivery provided by the Subscriber pursuant to this Section ‎7 is effective until revoked by the Subscriber. The Subscriber may revoke its consent to Electronic Delivery of the Documents relating to the Fund at any time by sending written notice of such revocation to the Adviser at 320 South Canal Street, Suite 4200, Chicago, IL 60606.

8) *Survival*. To the fullest extent permitted by law, the representations and warranties and covenants set forth in this Agreement shall survive the execution and delivery of this Agreement and the admission of the Subscriber as a shareholder of the Fund.

9) *Entire Agreement*. This Agreement and any side letter entered into with the Subscriber constitute the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and supersede all other prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof.

10) *Indemnification*. To the fullest extent permitted by applicable law, each Subscriber hereby undertakes that the representations and warranties made by the Subscriber in this Agreement are true and accurate. The Subscriber agrees to provide such information and to take such other actions as may be necessary or advisable for the Fund, as reasonably determined by the Adviser from time to time, to verify the accuracy of the Subscriber's representations and warranties herein or to comply with any law, rule or regulation to which the Fund may be subject. The Subscriber understands the meaning and legal consequences of the representations, warranties, acknowledgements, agreements and information contained in this Agreement, and unless and except as expressly prohibited by applicable statute in effect on the date hereof, hereby agrees to indemnify and hold harmless the Fund and any other indemnified party as set forth in the LLC Agreement and the Offering Memorandum (each such party, an "**Indemnitee**"), in each case to the fullest extent permitted by law, against any loss, liability, claim, damage or expense whatsoever (including, without limitation, any expense reasonably incurred in investigating, preparing or defending against any litigation commenced or threatened or any claim whatsoever) arising out of or based upon any false representation or warranty (including those on the signature pages hereto) or any breach or failure by the Subscriber to comply with any covenant or agreement made by the Subscriber herein or in any other document furnished by the Subscriber to any of the foregoing in connection with this transaction.

The Subscriber intends that all Indemnitees be entitled to be indemnified under this Agreement and have the right to enforce such indemnification as if they were parties hereto.

A person who is not a party to this Agreement shall not have any rights under this Agreement and may not, in its own right or otherwise, enforce any term of this Agreement except that each Indemnitee who is, in each case, not otherwise a party to this Agreement (each, a "**Beneficiary**") may in its own right enforce Section ‎3(j)(ii) or this Section ‎10 (as applicable). Notwithstanding any other provision of this Agreement, including the foregoing, the consent of or notice to any person who is not a party to this Agreement (including, without limitation, any Beneficiary) shall not be required for any termination, rescission or agreement to any variation, waiver, assignment, novation, release or settlement under this Agreement at any time.

11) *Miscellaneous*. To the fullest extent permitted by law, this Agreement shall not be assignable by any party hereto without the consent of all such parties. This Agreement shall be binding on and inure to the benefit of the legal representatives and permitted successors and assigns of the parties hereto. All dollar amounts used in this Agreement are denominated in U.S. Dollars. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any conflict or choice of law provisions that would make applicable the domestic substantive law of any other jurisdiction.

12) *Severability*. Each provision of this Agreement shall be considered severable and if for any reason any provision or provisions hereunder are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Agreement which are valid, enforceable and legal.

[*Remainder of page intentionally left blank*.]

**Execution**

Intending to be legally bound hereby, the parties have executed and delivered this Agreement effective on the date this Agreement is accepted by the Fund.

Name of Subscriber (include the name of trust, plan or other entity and the name of the trustee or other representative, if any, exactly as it should appear in the books and records of the Fund)

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| | | |
|:---|:---|:---|
| By: |  |  |
|  | Signature of person signing for Subscriber or for its trustee or other representative |  |
|  | Title: |  |
|  | Name of person signing (please print) | Date Submitted |
|  | Title of person signing |  |
|  | Witness (In the case of a Subscriber who is a natural person) |  |

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| | |
|:---|:---|
| Fund | Dollar amount of<br> <u>Requested Subscription Amount</u>: |
| Antares Strategic Credit Fund II LLC | $|

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In the case of a Subscriber who is a natural person and who is not a U.S. citizen or resident, such Subscriber's country of residence: ___________________________________________________________

In the case of a Subscriber that is a corporation, partnership, trust or other entity not organized under the laws of a state of the United States, the jurisdiction of organization of such Subscriber: ________________________________________________________________________________________________

Please check any of the following boxes that apply to Subscriber:

☐ <u>Plan Assets</u>. This box should be checked only if the Subscriber checked "Yes" to the first question on the Plan Asset Questionnaire.

☐ <u>BHC Partner</u>. This box should be checked only if the Subscriber is a bank holding company (as defined in Section 2(a) of the BHC Act), a savings and loan holding company (as defined in Section 10 of HOLA), a non-U.S. bank subject to the BHC Act pursuant to the International Banking Act of 1978, as amended, or is a company that controls, is controlled by, or is under common control with any such bank holding company, savings and loan holding company, or non-U.S. bank, with "control" having the meaning provided in Section 225.2(e) of Regulation Y issued by the Board of Governors of the Federal Reserve System.

☐ <u>Controlling Person</u>. This box should be checked only if the Subscriber is a person who has discretionary authority or control with respect to the assets of the Fund or any person who provides investment advice for a fee (direct or indirect) with respect to the assets of the Fund, or any affiliate of any such person.

☐ Distribution Reinvestment Plan. The Subscriber is automatically enrolled in the Fund's Distribution Reinvestment Plan. **Please check here if the Subscriber DOES NOT wish to be enrolled** in the Distribution Reinvestment Plan.

**PLAN ASSET QUESTIONNAIRE**

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| | |
|:---|:---|
| **<u>Plan Assets:</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Do any of the assets of the Subscriber constitute "plan assets" (*i.e.*, assets of a "benefit plan investor" as determined under the Plan Asset Regulations or otherwise)? The term "benefit plan investor" includes, for example, employee benefit plans subject to Part 4 of Subtitle B of Title I of ERISA, Individual Retirement Accounts and any other plans or arrangements to which Section 4975 of the Code applies and entities the underlying assets of which include "plan assets" by reason of a plan's investment in such entity.<br>☐ Yes ☐ No |
|  | If the Subscriber checks "yes", it must also check <u>all</u> boxes below that describe the Subscriber. The Subscriber is: |
|  | ☐ (a) an "employee benefit plan" within the meaning of Section 3(3) of ERISA that is subject to Part 4 of Subtitle B of Title I of ERISA. |
|  | ☐ (b) a "plan" described in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code. |
|  | ☐ (c) An insurance company separate account that includes assets of an "employee benefit plan" within the meaning of Section 3(3) of ERISA or of a "plan" described in Section 4975(e) of the Code, and the "employee benefit plan" or "plan" is subject to Part 4 of Subtitle B of Title I of ERISA or to Section 4975 of the Code. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ (d) an insurance company general account the assets of which are treated as including "plan assets" (as determined under Section 401(c) of ERISA and the regulations promulgated thereunder). Such assets are no more than:<br>___% subject to Part 4 of Subtitle B of Title I of ERISA or to Section 4975 of the Code |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ (e) a trust, partnership, fund, "fund of funds" or other entity, other than an insurance company separate or general account, at least some of whose investors are "benefit plan investors" within the meaning of Section 3(42) of ERISA. If this option (d) is checked, the percentage attributable to "benefit plan investors" as determined under the Plan Asset Regulations is no more than:<br>___% attributable to benefit plan investors |

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| | |
|:---|:---|
| **ANTARES STRATEGIC CREDIT FUND II LLC** | **ANTARES STRATEGIC CREDIT FUND II LLC** |
| By: |  |
|  | Name: |
|  | Title: |

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| |
|:---|
| $|
| Subscription Amount of the Subscriber |

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Date Accepted:  

**APPENDIX A\*\***

**Definitions**

1. *Terms Defined Elsewhere*. The following terms are defined elsewhere in this Agreement, as indicated
in the table below.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Defined In** |
| &nbsp;&nbsp;Adviser | &nbsp;&nbsp;Section 2)(g) |
| &nbsp;&nbsp;Agreement | &nbsp;&nbsp;Introduction |
| &nbsp;&nbsp;AML Questionnaire | &nbsp;&nbsp;Section 3)(i)(ii) |
| &nbsp;&nbsp;Annex | &nbsp;&nbsp;Section 3)(p) |
| &nbsp;&nbsp;Canadian Investor Questionnaire | &nbsp;&nbsp;Section 3)(i)(iii) |
| &nbsp;&nbsp;Close Associate | &nbsp;&nbsp;Section 3)(q) |
| &nbsp;&nbsp;Code | &nbsp;&nbsp;Section 3)(i) |
| &nbsp;&nbsp;Disqualifying Event | &nbsp;&nbsp;Section 3)(o) |
| &nbsp;&nbsp;Documents | &nbsp;&nbsp;Section ‎7 |
| &nbsp;&nbsp;EEA and UK Professional Investor Questionnaire | &nbsp;&nbsp;Section 3)(i)(iii) |
| &nbsp;&nbsp;Electronic Delivery | &nbsp;&nbsp;Section ‎7 |
| &nbsp;&nbsp;ERISA | &nbsp;&nbsp;Section 3)(m)(i) |
| &nbsp;&nbsp;Family Member | &nbsp;&nbsp;Section 3)(q) |
| &nbsp;&nbsp;FATCA | &nbsp;&nbsp;Section 3)(j)(i) |
| &nbsp;&nbsp;Foreign Bank | &nbsp;&nbsp;Section 3)(q) |
| &nbsp;&nbsp;Foreign Shell Bank | &nbsp;&nbsp;Section 3)(q) |
| &nbsp;&nbsp;High Risk or Non-Cooperative Jurisdiction or Territory | &nbsp;&nbsp;Section 3(q) |
| &nbsp;&nbsp;Investor Questionnaire | &nbsp;&nbsp;Section ‎3(i) |
| &nbsp;&nbsp;IRS | &nbsp;&nbsp;Section 3)(i) |
| &nbsp;&nbsp;LLC Agreement | &nbsp;&nbsp;Recitals |
| &nbsp;&nbsp;Offering Memorandum | &nbsp;&nbsp;Recitals |
| &nbsp;&nbsp;Plan Asset Questionnaire | &nbsp;&nbsp;Section 3)(m) |
| &nbsp;&nbsp;Plan Asset Regulations | &nbsp;&nbsp;Section 3)(m)(iii)(B) |
| &nbsp;&nbsp;Plan Fiduciary | &nbsp;&nbsp;Section 3)(m)(iii) |
| &nbsp;&nbsp;Politically Exposed Person | &nbsp;&nbsp;Section 3)(q) |
| &nbsp;&nbsp;Private Banking Account | &nbsp;&nbsp;Section 3)(q) |
| &nbsp;&nbsp;Regulated Affiliate | &nbsp;&nbsp;Section 3)(q) |
| &nbsp;&nbsp;Related Person | &nbsp;&nbsp;Section 3)(q) |
| &nbsp;&nbsp;Requested Subscription Amount | &nbsp;&nbsp;Recitals |
| &nbsp;&nbsp;SEC | &nbsp;&nbsp;Section 3)(g)(ii) |
| &nbsp;&nbsp;Senior Foreign Political Figure | &nbsp;&nbsp;Section 3)(q) |
| &nbsp;&nbsp;Shares | &nbsp;&nbsp;Recitals |
| &nbsp;&nbsp;Shareholders | &nbsp;&nbsp;Section 3)(j)(ii) |
| &nbsp;&nbsp;Shell Bank | &nbsp;&nbsp;Section 3)(q) |
| &nbsp;&nbsp;Subscriber | &nbsp;&nbsp;Introduction |
| &nbsp;&nbsp;Subscription Amount | &nbsp;&nbsp;Recitals |
| &nbsp;&nbsp;Underlying Investor | &nbsp;&nbsp;Section 4)(a)(i) |
| &nbsp;&nbsp;W-8 | &nbsp;&nbsp;Section 3)(i) |
| &nbsp;&nbsp;W-9 | &nbsp;&nbsp;Section 3)(i) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Other Defined Terms*. The following terms shall have the meanings specified:

"**Accredited Investor**" includes any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a natural person whose net worth (individually or with such person's spouse or Spousal Equivalent) exceeds $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a natural person who had an Individual Income in excess of $200,000 in each of the two most recent years or Joint Income with such person's spouse or Spousal Equivalent in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an individual who holds, in good standing, one or more professional certifications or designations or credentials from an accredited educational institution that the SEC has designated as qualifying an individual for accredited investor status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an organization described in Section 501(c)(3) of the Code, a corporation, limited liability company, Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a Sophisticated Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a broker or dealer registered pursuant to Section 15 of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an insurance company as defined in Section 2(13) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an investment company registered under the Investment Company Act or a business development company as defined in Section 2(a)(48) of the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an investment adviser registered under Section 203 of the Investment Advisers Act or pursuant to the laws of any U.S. state;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) an investment adviser relying on an exemption from registration with the SEC pursuant to Section 203(l) or (m) of the Investment Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a small business investment company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a rural business investment company as defined in Section 384A of the Consolidated Farm and Rural Development Act, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality thereof, for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) an employee benefit plan within the meaning of ERISA, if it has total assets in excess of $5,000,000, or if the plan fiduciary (as defined in Section 3(21) of ERISA) is a bank, savings and loan association, insurance company, or registered investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) a self-directed benefit plan, with investment decisions made solely by persons that are Accredited Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) an entity in which all of the equity owners are Accredited Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) an entity, of a type not listed in items (d)-(r) above, not formed for the purpose of acquiring the securities offered, owning Investments in excess of $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) a "family office," as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, was not formed for the purpose of investing in the issuer of the securities being offered or sold, has assets under management in excess of $5,000,000 and whose prospective investment in such issuer is directed by a Sophisticated Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) a "family client," as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, of a "family office," as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, whose prospective investment in the issuer of the securities being offered or sold is directed by such family office, and such family office is one (i) with assets under management in excess of $5,000,000, (ii) that was not formed for the specific purpose of investing in such issuer and (iii) whose prospective investment in the Fund is directed by a Sophisticated Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer.

"**Acts**" means the Securities Act, the Investment Company Act and the Investment Advisers Act.

"**EEA**" means the European Economic Area.

"**Employee Benefit Plan**" means: (a) any plan, fund, or program established or maintained by an employer or by an employee organization (or both) to the extent that such plan, fund, or program was established or maintained for the purpose of providing for its participants or their beneficiaries, through the purchase of insurance or otherwise, (i) medical, surgical, or hospital care benefits, or benefits in the event of sickness, accident, disability, death or unemployment, or vacation benefits, apprenticeship or other training programs, or daycare centers, scholarship funds, or prepaid legal services, or (ii) any benefit described in Section 302(c) of the Labor Management Relations Act, 1947, as amended (other than pensions on retirement or death, and insurance to provide such pensions); or (b) any plan, fund, or program established or maintained by an employer or by an employee organization (or by both) to the extent that by its expressed terms or as a result of surrounding circumstances such plan, fund, or program (i) provides retirement income to employees, or (ii) results in a deferral of income by employees for periods extending to the termination of covered employment or beyond. The determination of whether a plan, fund, or program constitutes an Employee Benefit Plan is made regardless of the method of calculating the contributions made to the plan, the method of calculating the benefits under the plan or the method of distributing benefits from the plan.

"**Exchange Act**" means the U.S. Securities Exchange Act of 1934, as amended, and its rules and regulations.

"**FOIA**" means the U.S. Freedom of Information Act, 5 U.S.C. § 552, as amended.

"**Indirect Shareholder**" means any person who beneficially owns securities of an entity that (a) would be an Investment Company but for the exemptions provided in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act and (b) is a direct or indirect owner of securities of the subscribing entity.

"**Individual Income**" means adjusted gross income, as reported for federal income tax purposes, minus income attributable to a spouse or to property owned by a spouse, increased by the following amounts (except for amounts attributable to a spouse or to property owned by a spouse): (a) the amount of any tax-exempt interest income (under Section 103 of the Code) received; (b) the amount of losses claimed as a limited partner in a limited partnership as reported on Schedule E of Form 1040; (c) any deduction claimed for depletion under Section 611 *et seq.* of the Code; (d) amounts contributed to an Individual Retirement Account or Keogh retirement plan (as defined in the Code); (e) alimony paid; and (f) any elective contributions to a cash or deferred arrangement under Section 401(k) of the Code.

"**Investment Advisers Act**" means the U.S. Investment Advisers Act of 1940, as amended, including its rules and regulations.

"**Investment Company**" is defined in Section 3(a)(1) of the Investment Company Act. Generally, an Investment Company means any issuer (a) that is engaged, holds itself out as engaged, or proposes to engage primarily in the business of investing, reinvesting, or trading in securities; (b) that has been engaged, is engaged, or proposes to engage in the business of issuing face-amount installment certificates, or that has such certificates outstanding; or (c) that is engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes to acquire investment securities whose value exceeds forty percent (40%) of the value of the issuer's total assets (exclusive of government securities and cash) on an unconsolidated basis.

"**Investments**" means any or all (a) securities (as defined in the Securities Act), except for securities of issuers controlled by the Subscriber ("**Control Securities**") unless (i) the issuer of the Control Securities is itself a registered or private investment company or is exempted from the definition of investment company by Rule 3a-6 or Rule 3a-7 under the Investment Company Act, (ii) the Control Securities represent securities of an issuer that files reports pursuant to Section 13 or 15(d) of the Exchange Act, (iii) the issuer of the Control Securities has a class of securities listed on a designated offshore securities market under Regulation S under the Securities Act, or (iv) the issuer of the Control Securities is a company with shareholders' equity of not less than $50 million determined in accordance with generally accepted accounting principles, as reflected in the company's most recent financial statements (provided such financial statements were issued within sixteen (16) months of the date of the Subscriber's purchase of the Shares); (b) futures contracts or options thereon held for investment purposes; (c) certain options on physical commodities and physical commodities held for investment purposes; (d) swaps and other similar financial contracts entered into for investment purposes; (e) real estate held for investment purposes; and (f) cash and cash equivalents held for investment purposes. Investments can be valued at cost or fair market value as of a recent date. Generally, the amount of any outstanding indebtedness incurred to acquire the investments should be deducted. In addition, other amounts may be required to be deducted from such valuation by Rule 2a51-1 under the Investment Company Act.

"**Joint Income**" means joint adjusted gross income, as reported for federal income tax purposes, increased by the following: (a) the amount of any tax-exempt interest income (under Section 103 of the Code) received; (b) the amount of losses claimed as a limited partner in a limited partnership as reported on Schedule E of Form 1040; (c) any deduction claimed for depletion under Section 611 *et seq.* of the Code; (d) amounts contributed to an Individual Retirement Account or Keogh retirement plan (as defined in the Code); (e) alimony paid; and (f) any elective contributions to a cash or deferred arrangement under Section 401(k) of the Code.

"**Securities Act**" means the U.S. Securities Act of 1933, as amended, and its rules and regulations.

"**Sophisticated Person**" means a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of the prospective investment.

"**Spousal Equivalent**" means a cohabitant occupying a relationship generally equivalent to that of a spouse.

"**UK**" means the United Kingdom of Great Britain and Northern Ireland.

**EXHIBIT A-1**

**Investor Questionnaire for Entities**

(See attached)

**ANTARES STRATEGIC CREDIT FUND II LLC**

**<u>INVESTOR QUESTIONNAIRE<br> FOR ENTITIES</u>**

This Questionnaire provides general information regarding the definitions of "accredited investor" and certain other terms, but such information is subject to the provisions of the relevant Acts and the rules and regulations promulgated thereunder, as well as to pronouncements and interpretations of the SEC and its staff. In completing the Subscription Agreement and this Questionnaire, investors should refer to the relevant Act and related rules and regulations, pronouncements and interpretations, and consult their legal counsel, in confirming their status as an accredited investor and in otherwise completing the subscription documents.

**I.** **Subscriber Information** (please print or type)

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| |
|:---|
| &nbsp;&nbsp;**Subscriber's Name:** |
| &nbsp;&nbsp;Name and Title of Authorized Signatory: |
| &nbsp;&nbsp;Entity is governed by the laws of: |
| &nbsp;&nbsp;Date Entity was formed: |
| &nbsp;&nbsp;Location of Subscription Agreement Execution: |
| &nbsp;&nbsp;Briefly describe the Subscriber's business: |
| &nbsp;&nbsp; <br> List all individuals who directly or indirectly own or hold at least five percent (5%) of the Subscriber's shares or interests:<sup>1</sup> |
| &nbsp;&nbsp;U.S. Taxpayer Identification Number: |
| &nbsp;&nbsp;Global Intermediate Identification Number: |
| &nbsp;&nbsp;Year End for U.S. Federal Income tax Purposes: |

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<sup>1</sup> Not applicable if the Subscriber is a publicly traded entity listed on an exchange.

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| |
|:---|
| &nbsp;&nbsp;**Subscriber's Name:** |
| &nbsp;&nbsp;Legal Address (used for tax reporting purposes; no P.O. boxes, please): |
| &nbsp;&nbsp;(Attention) |
| &nbsp;&nbsp;(Street) |
| &nbsp;&nbsp;(City, State, Zip Code and Country if not U.S.) |

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| |
|:---|
| &nbsp;&nbsp;**Wiring Instructions:** |
| &nbsp;&nbsp;Bank Name: |
| &nbsp;&nbsp;ABA#: |
| &nbsp;&nbsp;Account #: |
| &nbsp;&nbsp;Account Name: |
| &nbsp;&nbsp;Reference Info: |

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&nbsp;&nbsp;**Subscriber's Name:**

**Investor Communications:**

**Subscriber Contact Information**

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| | |
|:---|:---|
| &nbsp;&nbsp;*Primary Contact* | &nbsp;&nbsp;Full Name: |
|  | &nbsp;&nbsp;Email: |
|  | &nbsp;&nbsp;Company: |
|  | &nbsp;&nbsp;Address: |
|  | &nbsp;&nbsp;City, State ZIP: |
|  | &nbsp;&nbsp;Phone: |
|  | &nbsp;&nbsp;Fax: |
| &nbsp;&nbsp;*CC Contact* | &nbsp;&nbsp;Full Name: |
|  | &nbsp;&nbsp;Email: |
|  | &nbsp;&nbsp;Company: |
|  | &nbsp;&nbsp;Address: |
|  | &nbsp;&nbsp;City, State ZIP: |
|  | &nbsp;&nbsp;Phone: |
|  | &nbsp;&nbsp;Fax: |

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**Correspondence** **to be received *(please check as appropriate)*:**

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| | |
|:---|:---|
| Subscriber Statements | ☐ |
| Tax Correspondence | ☐ |
| Legal Correspondence | ☐ |
| Cash Distributions | ☐ |
| All of the above | ☐ |

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**II.** **Type of Entity** (please check one box only)

☐ Corporation ☐ Estate ☐ Individual Retirement Account <br> ☐ Partnership ☐ Irrevocable Trust ☐ Other (please specify): <br> ☐ Limited Liability Company ☐ Revocable Trust<sup>2</sup>

**III.** **Financial Information** 

1. **Total Net Worth in U.S. Dollars.** Please
 indicate your estimated net worth by checking the appropriate box.

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| | | |
|:---|:---|:---|
| ☐ | $0 - $999999 | $10000000 - $24999999 |
| ☐ | $1000000 - $1499999 | $25000000 - $49999999 |
| ☐ | $1500000 - $4999999 | $50,000,000+ |
| ☐ | $5000000 - $9999999 |  |

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2. **Are you an Accredited Investor (as defined in Rule 501 of Regulation D under the Securities Act)?** Please check all applicable
 boxes.

You are:

*For Corporations, Foundations, Endowments, Partnerships, Limited Liability Companies, Business Trusts and certain other entities:*

☐ A partnership, corporation, limited liability company, Code Section 501(c)(3) organization, or Massachusetts or similar business trust, not formed for the specific purpose of acquiring the Shares offered, with total assets in excess of $5,000,000.

☐ An entity where all equity owners are Accredited Investors (as defined in Appendix A).<sup>3</sup> **(NOT APPLICABLE FOR TRUSTS, OTHER THAN BUSINESS TRUSTS.) *If you checked this box only, each of your equity owners must provide a completed Investor Questionnaire for Individuals and Grantors of Revocable Trusts or Investor Questionnaire for Entities, as applicable. Also, please list the total number of your equity owners: ________***

<sup>2</sup> Each grantor and each trustee of a revocable trust which is a subscriber to the Fund must execute an Investor Questionnaire for Individuals and Grantors of Revocable Trusts or Investor Questionnaire for Entities, as applicable. In the event that the grantor of a subscribing revocable trust revokes the trust, such grantor agrees that it shall thereafter be liable for all the obligations of the trust as a subscriber. In addition, the subscribing trust represents that any representations and warranties made in this Subscription Agreement in respect of such trust are also true and correct in respect of the grantors of such trust.

<sup>3</sup> It is permissible to look through various forms of equity ownership to natural persons in determining the accredited investor status of entities under this item. If those natural persons are themselves accredited investors, and if all other equity owners of the entity seeking accredited investor status are accredited investors, then this item may be available.

*For Trusts:*

☐ A trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Shares offered, whose investment in the Fund is being directed by a Sophisticated Person (as defined in Appendix A).

☐ A trust having as its trustee or co-trustee a bank as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, acting in its fiduciary capacity and subscribing for the account of the trust.

☐ A revocable trust that may be amended or revoked at any time by the grantors thereof and all of the grantors of which are Accredited Investors (as defined in Appendix A). ***If you checked this box only, each of your grantors must provide a completed Investor Questionnaire for Individuals and Grantors of Revocable Trusts or Investor Questionnaire for Entities, as applicable.***

*For Employee Benefit Plans, Individual Retirement Accounts, and Keogh Plans:*

☐ An Employee Benefit Plan (other than a self-directed plan), whether or not subject to Title I of ERISA, whose investment decisions are made by a plan fiduciary (as defined in Section 3(21) of ERISA) which is either a bank, savings and loan association, insurance company or registered investment adviser. ***If you checked this box, please answer Question 3. Also, please fill in name of plan fiduciary:________________________****.*

☐ An Employee Benefit Plan (other than a self-directed plan), whether or not subject to Title I of ERISA, with total assets in excess of $5,000,000. ***If you checked this box, please answer Question 3.***

☐ An Employee Benefit Plan (other than a self-directed plan), with total assets in excess of $5,000,000, that is established and maintained by a state, its political subdivisions, or any of their respective agencies or instrumentalities. ***If you checked this box, please answer Question 3.***

☐ A self-directed plan (*i.e.*, an Individual Retirement Account or a tax-qualified defined contribution plan in which a participant may exercise control over the investment of assets credited to such participant's account) in which each participant is an Accredited Investor (as defined in Appendix A). ***If you checked this box, each plan participant must provide a completed Investor Questionnaire for Individuals and Grantors of Revocable Trusts. Also, please list the number of plan participants: _______***

*For Banks, Savings and Loan Associations, and Similar Institutions:*

☐ A bank as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity.

*For Insurance Companies:*

☐ An insurance company (as defined in Section 2(13) of the Securities Act).

*For Investment and Other Companies:*

☐ An investment company registered under the Investment Company Act.

☐ A private business development company as defined in Section 2(a)(48) of the Investment Company Act or a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act.

☐ A small business investment company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.

☐ A rural business investment company as defined in Section 384A of the Consolidated Farm and Rural Development Act, as amended.

*For Investment Advisers:*

☐ An investment adviser registered under Section 203 of the Investment Advisers Act or pursuant to the laws of any U.S. state.

☐ An investment adviser relying on an exemption from registration with the SEC pursuant to Section 203(l) or (m) of the Investment Advisers Act.

*For Broker Dealers:*

☐ A broker dealer registered pursuant to Section 15 of the Exchange Act.

*For Other Entities:*

☐ An entity, of a type not listed above, not formed for the specific purpose of acquiring the securities offered, owning Investments in excess of $5,000,000.

*For Family Offices and Clients:*

☐ A "family office," as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, was not formed for the purpose of investing in the issuer of the securities being offered or sold, has assets under management in excess of $5,000,000 and whose prospective investment in such issuer is directed by a Sophisticated Person.

☐ A "family client," as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, of a "family office," as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, whose prospective investment in the issuer of the securities being offered or sold is directed by such family office, and such family office is one (i) with assets under management in excess of $5,000,000, (ii) that was not formed for the specific purpose of investing in such issuer and (iii) whose prospective investment in the Fund is directed by a Sophisticated Person.

*Subscribers not Listed Above*:

☐ Please check here if you do not fall within any of the categories specified above.

3. **Employee Benefit Plans.** If required
 by Question 2, please answer all of the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Is the plan voluntary and contributory
 – *i.e.*, can participating employees decide whether to contribute their own after-tax
 funds to the plan?

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

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***If you answered "Yes" to (a), you may be required to submit a complete list of your security holders. Each security holder may be required to provide additional financial information.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Are the plan interests required to be
 registered under the Securities Act pursuant to SEC Release Nos. 33-6188 and 33-6281?

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Do the plan's governing documents
 permit its purchase of Shares ?

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

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4. **Formed for the Purpose of Investing in the Fund**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Is any person or entity that is in any
 way affiliated with or otherwise related to you also purchasing Share s
 or are you acting jointly or otherwise in concert with any other person or entity in connection
 with its purchase of Share s?

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Please check any of the following that
 apply to you:

☐ You were formed (or reformed) or are being operated for the purpose of investing in the Fund or in any other entity excluded from the definition of "investment company" (as defined in Section 3(a) of the Investment Company Act) by Section 3(c)(1) of the Investment Company Act, or for the purpose of circumventing the registration requirements of the Investment Company Act.

***For Entities Except Trusts: If "Yes," then each of your beneficial owners must provide a completed Investor Questionnaire for Individuals and Grantors of Revocable Trusts or Investor Questionnaire for Entities, as applicable. Also, please list the total number of your beneficial owners: ______***

***For Trusts: If "Yes," then please contact the Adviser for more information.***

☐ Your shareholders, members, partners, grantors, trustees or other beneficiaries or owners (or any other persons or entities having a relationship similar to any of the foregoing), as the case may be, if any, did or will contribute additional capital for the purpose of purchasing the Shares.

☐ You have invested more than forty percent (40%) of its total subscribed capital in any single entity, including the Fund, which is excluded from the definition of an investment company solely by reason of Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act.

☐ You permit your shareholders, members, partners, grantors, trustees or other beneficiaries or owners (or any other persons or entities having a relationship similar to the foregoing) to opt in or out of particular investments made by you, each such person does not participate in all investments made by you pro rata in accordance with its interest in you, or such person is consulted regarding participation (or non-participation) in particular investments or is allowed to determine whether or how much to invest in particular investments, including your investment in the Fund.

☐ On the date hereof (after giving effect to your acquisition of your Shares and the funding of all of your current investment commitments), you are either an "investment company" as that term is defined in Section 3(a) of the Investment Company Act or excepted from such definition of an "investment company" by the exceptions provided for in Section 3(c)(1) or 3(c)(7) of the Investment Company Act.

5. **Are you a Grantor Retained Annuity Trust, a Charitable Remainder Trust, or a private foundation?** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

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***If "Yes", please specify:***____________________________.

6. **Additional Questions for Entities**.

☐ (a) Did any of your beneficial owners (your "<u>Shareholders</u>") acquire their interests in you on or before April 30, 1996? ***If "Yes," please answer Question 6(b). If "No," please skip to Question 7.***

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

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☐ (b) Do you rely on Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act to avoid registration as an Investment Company (as defined in Appendix A)?

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

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7. **Investor Type**. Please indicate your
 investor type (You <u>must</u> select <u>only one</u> of the options below). If you are acting
 as trustee, agent, representative or nominee for a beneficial owner, please check the item
 that best describes the beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Financial Institution

☐ (A1) Broker-Dealer

☐ (A2) Registered Investment Company

☐ (A3) Commercial Investment Bank or Thrift

☐ (A4) Insurance Company

☐ (A5) Other Financial Institution (please specify): ______________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Pension Fund

☐ (B1) Corporate/Private <br> ☐ (B2) Public <br> ☐ (B3) Union/Taft-Hartley

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Non-Profit Organization

☐ (C1) Endowment <br> ☐ (C2) Foundation <br> ☐ (C3) Other Non-Profit Organization (please specify): ___________

☐ (D) Family Office

☐ (E) Private Fund

☐ (E1) Feeder Fund <br> ☐ (E2) Fund of Funds <br> ☐ (E3) Other Private Fund (please specify): ____________________

☐ (F) State or Municipality

☐ (G) Sovereign wealth fund or foreign official institution

☐ (H) Other (please specify) ____________________

8. **Pay to Play**. *(Please indicate either "yes" or "no" in response to each of the following questions)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Is the Subscriber a "government
 entity"<sup>4</sup> within the meaning of Rule 206(4)-5 under the Investment
 Advisers Act?

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Subscriber is acting as agent,
 representative or nominee for one or more investors, are any such investors a "government
 entity" within the meaning of Rule 206(4)-5 under the Investment Advisers Act?

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

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If the answer to question (b) is "Yes," please indicate the names of any such investors: _______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Subscriber is acting on behalf
 of one or more beneficial owners, are any such beneficial owners a "government entity"
 within the meaning of Rule 206(4)-5 under the Investment Advisers Act?

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

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If the answer to question (c) is "Yes," please indicate the names of any such investors: _______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Subscriber answered "Yes"
 to question (a), (b) or (c) above, the Subscriber hereby certifies that:

Other than the Pay to Play Rule, no "pay to play" or other similar compliance obligations would be imposed on the Fund, the Adviser or their affiliates in connection with the Subscriber's subscription.

Please check the box to indicate that the Subscriber is making such certification. ☐

If the Subscriber cannot make such certification, indicate in the space below all other "pay to play" laws, rules or guidelines, or lobbyist disclosure laws or rules, the Fund, the Adviser or their affiliates, employees or third-party placement agents would be subject to in connection with the Subscriber's subscription:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Please check the box in this question
 (e) if none of the statements above in this "10. Pay to Play" are applicable
 to the Subscriber.

<sup>4</sup> A "government entity" is defined in Rule 206(4)-5 as any state or political subdivision of a state, including: (i) any agency, authority, or instrumentality of the state or political subdivision; (ii) a pool of assets sponsored or established by the state or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to a "defined benefit plan" as defined in Section 414(j) of the Code (26 U.S.C. § 414(j)), or a state general fund; (iii) a plan or program of a government entity; and (iv) officers, agents, or employees of the state or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity.

9. **506(d) of Regulation D**. (*The Subscriber must write "True" in the space provided for all those statements below that apply to it. If any of the statements below do not apply to the Subscriber, the Subscriber must write "False" in the space provided and should contact the Adviser immediately as additional information or disclosures may be required and the Subscriber may not be eligible to purchase* Share *s of the Fund. For purposes of each of the below statements in this Question 9, the term "Subscriber" shall include both the Subscriber and its beneficial owners. The term "beneficial owner" has the same meaning as under Rule 13d-3 promulgated under the Exchange Act and includes any person who, directly or indirectly, has or shares, or is deemed to have or share: (1) the power to vote, or to direct the voting of, the Subscriber's* Share *s; and/or (2) the power to dispose, or to direct the disposition of, the Subscriber's* Share *s*.)

________ (A) ***<u>Convictions</u>.*** The Subscriber has <u>not</u> been convicted, within the last ten years, of any felony or misdemeanor:

&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) In connection with the purchase or sale of any 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;(2) Involving the making of any false filing with the SEC; 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;(3) Arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer,
investment adviser or paid solicitor of purchasers of securities.

________ (B) ***<u>Court Orders, Judgments or Decrees</u>.*** The Subscriber is <u>not</u> subject to any order, judgment or decree of any court of competent jurisdiction, entered within the last five years, that restrains or enjoins the Subscriber from engaging or continuing to engage in any conduct or practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In connection with the purchase or sale of any 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;(2) Involving the making of any false filing with the SEC; 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;(3) Arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer,
investment adviser or paid solicitor of purchasers of securities.

________ (C) ***<u>Agency Final Orders</u>.*** The Subscriber is <u>not</u> subject to a final order of a U.S. state securities commission (or an agency or officer of a U.S. state performing like functions); a U.S. state authority that supervises or examines banks, savings associations, or credit unions; a U.S. state insurance commission (or an agency or officer of a U.S. state performing like functions); an appropriate U.S. federal banking agency; the U.S. Commodity Futures Trading Commission; or the U.S. National Credit Union Administration 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;(1) Bars the Subscriber from: (i) association
 with an entity regulated by such commission, authority, agency, or officer; (ii) engaging
 in the business of securities, insurance or banking; or (iii) engaging in savings association
 or credit union activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Constitutes a final order based on a violation
 of any law, rule or regulation that prohibits fraudulent, manipulative or deceptive
 conduct entered within the last ten years.

________ ***<u>Definition of the term "final order"</u>.*** For the purposes of this questionnaire, the term "final order" means a written directive or declaratory statement issued by a federal or state agency described in this clause (C) under applicable statutory authority that provides for notice and an opportunity for hearing, which constitutes a final disposition or action by that federal or state agency.

________ (D) ***<u>SEC Orders</u>.*** The Subscriber is <u>not</u> subject to an order of the SEC entered pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of the Investment Advisers Act 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;(1) Suspends or revokes the Subscriber's registration as a broker, dealer, municipal securities dealer
or investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Places limitations on the activities, functions or operations of the Subscriber; 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;(3) Bars the Subscriber from being associated with any entity or from participating in the offering of any
penny stock.

________ (E) ***<u>SEC Cease and Desist Orders</u>.*** The Subscriber is <u>not</u> subject to any order of the SEC entered within the last five years that orders the Subscriber to cease and desist from committing or causing a violation or future violation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of
the Securities Act, Section 10(b) of the Exchange Act and 17 CFR 240.10b-5, Section 15(c)(1) of the Exchange Act and
Section 206(1) of the Investment Advisers Act, or any other rule or regulation thereunder; 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;(2) Section 5 of the Securities Act.

________ (F) ***<u>Securities Association or Securities Exchange Suspension or Expulsion</u>.*** The Subscriber is <u>not</u> suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

________ (G) ***<u>Refusal Order, Stop Order or Suspension of Regulation A Exemption</u>.*** The Subscriber has <u>not</u> filed (as a registrant or issuer), and was <u>not</u> and was <u>not</u> named as an underwriter in, any registration statement or Regulation A offering statement filed with the SEC that, within the last five years, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, and the Subscriber is <u>not</u> the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued.

________ (H) ***<u>U.S. Postal Service False Representation Order</u>.*** The Subscriber is <u>not</u> subject to a U.S. Postal Service false representation order entered within the last five years, and is not subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the U.S. Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations.

________ (I) To the best of its knowledge, the Subscriber is <u>not</u> currently the subject of any threatened or pending investigation, proceeding, action or other event that, if adversely determined, would give rise to any of the events described in clauses (A)-(H) above.

The representations and warranties in clauses (A)-(I) above shall be true and correct at all times while the Subscriber holds Shares in the Fund, and, notwithstanding any other provisions of the Agreement, if such representations and warranties are no longer true and correct then the Subscriber shall notify the Adviser in writing promptly.

10. **Public Access Law Matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber is subject to FOIA (as
 defined in Appendix A), any state public records access laws, any state or other jurisdiction's
 laws similar in intent or effect to FOIA, or any other similar statutory or legal right that
 might result in the disclosure of confidential information relating to the Fund (including
 as a result of ownership of Subscriber's or any parent of Subscriber's securities
 by a public entity or listing of such securities on a public exchange):

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

---

**IV.** **Tax Matters** 

1. Please indicate the treatment of the Subscriber
 for U.S. federal income tax purposes:

☐ Partnership

☐ C Corporation

☐ S Corporation

☐ Disregarded Entity

☐ Trust

☐ Grantor Trust

☐ Other, please explain ________________________________________

If the Subscriber is a disregarded entity or grantor trust for U.S. federal income tax purposes, please indicate the U.S. federal income tax treatment of the regarded tax owner of such disregarded entity or grantor trust:

In addition, please complete the remainder of this Part IV on behalf of the Subscriber or the Subscriber's ultimate regarded tax owner.

2. Indicate the Subscriber's country of
 residency:

3. Is the Subscriber eligible for the benefits
 of an income tax treaty with the United States? If yes, please indicate the treaty jurisdiction
 applicable to the Subscriber:

4. Is the Subscriber a "United States person"
 within the meaning of Section 7701(a)(30) of the Code?

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

---

5. Is the Subscriber a foreign government?

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

---

6. Is the Subscriber an organization that is exempt
 from U.S. federal income tax pursuant to Section 501(a) of the Code and subject
 to tax on "unrelated business taxable income" (as such term is used in Section 511-514
 of the Code)?

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

---

7. Is the Subscriber an organization that is exempt
 from U.S. federal income tax pursuant to Section 501(a) of the Code and exempt
 from tax on "unrelated business taxable income" (as such term is used in Section 511-514
 of the Code)?

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

---

8. Is the
 Subscriber (a) a trust any portion of which is treated (under subpart E of part I of
 subchapter J of chapter 1 of subtitle A of the Code) as owned by a natural person (*e.g*.,
 a grantor trust), (b) an entity disregarded for U.S. federal income tax purposes and
 owned (or treated as owned) by a natural person or a trust described in clause (a) of
 this sentence (*e.g*., a limited liability company with a single member), (c) an
 organization described in Section 401(a), Section 501(c)(17) or Section 509(a) of
 the Code, or (d) a trust permanently set aside or to be used for a charitable purpose?

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

---

If the question above was answered "Yes," please contact U.S. Bank Global Fund Services.

**EXHIBIT A-2**

**Investor Questionnaire for Individuals and<br> Grantors of Revocable Trusts**

(See attached)

**ANTARES STRATEGIC CREDIT FUND II LLC**

**<u>INVESTOR QUESTIONNAIRE<br> FOR INDIVIDUALS AND GRANTORS OF REVOCABLE TRUSTS</u>**

This Questionnaire provides general information regarding the definitions of "accredited investor" and certain other terms, but such information is subject to the provisions of the relevant Acts and the rules and regulations promulgated thereunder, as well as to pronouncements and interpretations of the SEC and its staff. In completing the Subscription Agreement and this Questionnaire, investors should refer to the relevant Act and related rules and regulations, pronouncements and interpretations, and consult their legal counsel, in confirming their status as an accredited investor and in otherwise completing the subscription documents.

**I.** **Type of Ownership: How will the Shares be held?** (please check one box only)

☐ Individual ☐ Grantor of a Revocable Trust\*\* <br> ☐ Joint Tenants with Rights of Survivorship\* ☐ Tenants in Common\* <br> ☐ Tenants by the Entirety\* ☐ Community Property\*

\* Please list name(s) of additional holder(s). Each additional holder must complete a separate Investor Questionnaire. ________________________________________________________________________

\*\* A Subscription Agreement and Investor Questionnaire must also be completed on behalf of both the Grantor and the trust itself.

\*\*\* Please note that Subscribers that are disregarded entities should fill out the Investor Questionnaire for Entities above, provided that grantors of Subscribers that are revocable trusts must also fill out this Investor Questionnaire for Individuals and Grantors of Revocable Trusts.

**II.** **Subscriber Information** (please print or type)

Name of Individual Subscriber or Grantor of Revocable Trust:  

Name and Title of Authorized Signatory, if applicable:  

Social Security Number, if applicable:  

Location of Subscription Agreement Execution:  

Residential Address (no P.O. boxes, please): <br> (Street)

  <br> (City, State, Zip Code and Country if not U.S.)

Correspondence Address (address to which the Fund's correspondence to the Subscriber should be sent, <u>if different</u> from the Residential Address listed above) (no P.O. boxes, please):

---

| |
|:---|
| (Street) |
| (City, State, Zip Code and Country if not U.S.) |

---

Telephone Number:  

Facsimile Number:  

E-Mail Address:  

Date of Birth:  

Tax Residence - State/Country:  

Year End for U.S. Federal Income Tax Purposes:  

Citizenship - Country:  

Occupation:  

Name and Address of Employer:   <br> (Name)

(Street)

  <br> (City, State, Zip Code and Country if not U.S.)

Name and Address of any additional person, if any, to whom notices and communications should be sent:

(Name)

(Street)

  <br> (City, State, Zip Code and Country if not U.S.)

 <br> (Phone Number) (Facsimile Number) (E-mail Address)

Wire Instructions for any amounts payable to the Subscriber:

---

| |
|:---|
| &nbsp;&nbsp;Bank: |
| &nbsp;&nbsp;Address: |
| &nbsp;&nbsp;Account Name: |
| &nbsp;&nbsp;ABA#\*: |
| &nbsp;&nbsp;Account #: |

---

\* Please use SWIFT # for non-U.S. banks.

**III.** **Financial Information** 

1. **Total Net Worth in U.S. Dollars.** Please indicate your estimated net worth<sup>5</sup> by checking
the appropriate box.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;$0 - $999999 | &nbsp;&nbsp;$10000000 - $24999999 |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;$1000000 - $1499999 | &nbsp;&nbsp;$25000000 - $49999999 |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;$1500000 - $4999999 | &nbsp;&nbsp;$50,000,000+ |
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;$5000000 - $9999999 |  |

---

2. Are you an Accredited Investor (as defined in Rule 501 of Regulation D under the Securities Act)?
Please check all boxes that apply to you.

☐ You are a person whose individual net worth<sup>1</sup> or joint net worth<sup>6</sup> with a spouse or Spousal Equivalent, is over $1,000,000.

<sup>5</sup> For purposes of calculating net worth, (1) a person's primary residence shall not be included as an asset, (2) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence, shall not be included as a liability (except that if the amount of such indebtedness outstanding exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability), and (3) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence shall be included as a liability.

<sup>6</sup> For purposes of calculating joint net worth, joint net worth can be the aggregate net worth of the investor and spouse or <u>Spousal Equivalent</u>, and assets need not be held jointly to be included in the calculation. Reliance on the joint net worth standard does not require that the securities be purchased jointly.

☐ You are a person who had individual income<sup>7</sup> in excess of $200,000 in each of the two most recent years, or joint income<sup>8</sup> with a spouse or Spousal Equivalent in excess of $300,000 in each of those years, and who has a reasonable expectation of reaching the same income level in the current year.

☐ You are a person who holds, in good standing, one or more professional certifications or designations or credentials from an accredited educational institution that the SEC has designated as qualifying an individual for accredited investor status.<sup>9</sup>

3. **Investor Type**. Please indicate your
 investor type (You <u>must</u> select <u>only one</u> of the options below).

☐ (A) Individual that is a United States person<sup>10</sup>

☐ (B) Individual that is a not a United States person

4. **506(d) of Regulation D**. (The Subscriber
 must write "True" in the space provided for all those statements below that apply
 to it. If any of the statements below do not apply to the Subscriber, the Subscriber must
 write "False" in the space provided and should contact the Adviser immediately
 as additional information or disclosures may be required and the Subscriber may not be eligible
 to purchase Shares of the Fund. For purposes of each of the below statements in this Question
 4, the term "Subscriber" shall include both the Subscriber and its beneficial
 owners. The term "beneficial owner" has the same meaning as under Rule 13d-3
 promulgated under the Exchange Act and includes any person who, directly or indirectly, has
 or shares, or is deemed to have or share: (1) the power to vote, or to direct the voting
 of, the Subscriber's Shares; and/or (2) the power to dispose, or to direct the
 disposition of, the Subscriber's Shares.)

<sup>7</sup> For purposes of this question, "individual income" means your adjusted gross income, as reported for federal income tax purposes, minus income attributable to a spouse or to property owned by a spouse, increased by the following amounts (except for amounts attributable to a spouse or to property owned by a spouse): (1) the amount of any tax-exempt interest income (under Section 103 of the Code) received; (2) the amount of losses claimed as a limited partner in a limited partnership as reported on Schedule E of Form 1040; (3) any deduction claimed for depletion under Section 611 et seq. of the Code; (4) amounts contributed to an Individual Retirement Account or Keogh retirement plan (as defined in the Code); (5) alimony paid; and (6) any elective contributions to a cash or deferred arrangement under Section 401(k) of the Code.

<sup>8</sup> For purposes of this question, "joint income" means your joint adjusted gross income, as reported for federal income tax purposes, increased by the following: (1) the amount of any tax-exempt interest income (under Section 103 of the Code) received; (2) the amount of losses claimed as a limited partner in a limited partnership as reported on Schedule E of Form 1040; (3) any deduction claimed for depletion under Section 611 et seq. of the Code; (4) amounts contributed to an Individual Retirement Account or Keogh retirement plan (as defined in the Code); (5) alimony paid; and (6) any elective contributions to a cash or deferred arrangement under Section 401(k) of the Code.

<sup>9</sup> For this purpose, the SEC has designated holders of a General Securities Representative license (Series 7), a Private Securities Offerings Representative license (Series 82) and an Investment Adviser Representative license (Series 65).

<sup>10</sup> "United States Person" has the meaning set forth in rule 203(m)-1 under the Investment Advisers Act.

________ (A) ***<u>Convictions</u>.*** The Subscriber has <u>not</u> been convicted, within the last ten years, of any felony or misdemeanor:

&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) In connection with the purchase or sale of any 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;(2) Involving the making of any false filing with the SEC; 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;(3) Arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer,
investment adviser or paid solicitor of purchasers of securities.

________ (B) ***<u>Court Orders, Judgments or Decrees</u>.*** The Subscriber is <u>not</u> subject to any order, judgment or decree of any court of competent jurisdiction, entered within the last five years, that restrains or enjoins the Subscriber from engaging or continuing to engage in any conduct or practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In connection with the purchase or sale of any 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;(2) Involving the making of any false filing with the SEC; 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;(3) Arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer,
investment adviser or paid solicitor of purchasers of securities.

________ (C) ***<u>Agency Final Orders</u>.*** The Subscriber is <u>not</u> subject to a final order of a U.S. state securities commission (or an agency or officer of a U.S. state performing like functions); a U.S. state authority that supervises or examines banks, savings associations, or credit unions; a U.S. state insurance commission (or an agency or officer of a U.S. state performing like functions); an appropriate U.S. federal banking agency; the U.S. Commodity Futures Trading Commission; or the U.S. National Credit Union Administration 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;(1) Bars the Subscriber from: (i) association with an entity regulated by such commission, authority,
agency, or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association
or credit union activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Constitutes a final order based on a violation of any law, rule or regulation that prohibits fraudulent,
manipulative or deceptive conduct entered within the last ten years.

***<u>Definition of the term "final order"</u>*** *.*** For the purposes of this questionnaire, the term "final order" means a written directive or declaratory statement issued by a federal or state agency described in this clause (C) under applicable statutory authority that provides for notice and an opportunity for hearing, which constitutes a final disposition or action by that federal or state agency.

________ (D) ***<u>SEC Orders</u>.*** The Subscriber is <u>not</u> subject to an order of the SEC entered pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of the Investment Advisers Act that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Suspends or revokes the Subscriber's registration as a broker, dealer, municipal securities dealer or investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Places limitations on the activities, functions or operations of the Subscriber; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Bars the Subscriber from being associated with any entity or from participating in the offering of any penny stock.

________ (E) ***<u>SEC Cease and Desist Orders</u>.*** The Subscriber is <u>not</u> subject to any order of the SEC entered within the last five years that orders the Subscriber to cease and desist from committing or causing a violation or future violation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of
the Securities Act, Section 10(b) of the Exchange Act and 17 CFR 240.10b-5, Section 15(c)(1) of the Exchange Act and
Section 206(1) of the Investment Advisers Act, or any other rule or regulation thereunder; 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;(2) Section 5 of the Securities Act.

________ (F) ***<u>Securities Association or Securities Exchange Suspension or Expulsion</u>.*** The Subscriber is <u>not</u> suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

________ (G) ***<u>Refusal Order, Stop Order or Suspension of Regulation A Exemption</u>.*** The Subscriber has <u>not</u> filed (as a registrant or issuer), and was <u>not</u> and was <u>not</u> named as an underwriter in, any registration statement or Regulation A offering statement filed with the SEC that, within the last five years, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, and the Subscriber is <u>not</u> the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued.

________ (H) ***<u>U.S. Postal Service False Representation Order</u>.*** The Subscriber is <u>not</u> subject to a U.S. Postal Service false representation order entered within the last five years, and is not subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the U.S. Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations.

________ (I) To the best of its knowledge, the Subscriber is <u>not</u> currently the subject of any threatened or pending investigation, proceeding, action or other event that, if adversely determined, would give rise to any of the events described in clauses (A)-(H) above.

The representations and warranties in clauses (A)-(I) above shall be true and correct at all times while the Subscriber holds Shares in the Fund, and, notwithstanding any other provisions of the Agreement, if such representations and warranties are no longer true and correct then the Subscriber shall notify the Adviser in writing promptly.

**IV.** **Tax Matters** 

1. Please indicate the treatment of the Subscriber
 for U.S. federal income tax purposes:

☐ Individual

☐ Joint Tenancy

☐ Disregarded Entity whose regarded tax owner is treated as an individual for U.S. federal income tax purposes

☐ Grantor Trust whose regarded tax owner is treated as an individual for U.S. federal income tax purposes

☐ Grantor Trust whose regarded tax owner is not treated as an individual for U.S. federal income tax purposes

☐ Other, please explain ________________________________________

2. Please indicate the Subscriber's (or
 the Subscriber's regarded tax owner's) country of residency:<br>
 _______________________________________________________________________

3. Is the Subscriber (or is the Subscriber's
 regarded tax owner) a "United States person" within the meaning of Section 7701(a)(30)
 of the Code?

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

---

4. Is the Subscriber (a) a trust any portion
 of which is treated (under subpart E of part I of subchapter J of chapter 1 of subtitle A
 of the Code) as owned by a natural person (*e.g*., a grantor trust), (b) an entity
 disregarded for U.S. federal income tax purposes and owned (or treated as owned) by a natural
 person or a trust described in clause (a) of this sentence (*e.g*., a limited liability
 company with a single member), (c) an organization described in Section 401(a),
 Section 501(c)(17) or Section 509(a) of the Code, or (d) a trust permanently
 set aside or to be used for a charitable purpose?

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;☐ | &nbsp;&nbsp;Yes | &nbsp;&nbsp;☐ | &nbsp;&nbsp;No |

---

If the question above was answered "Yes," please contact U.S. Bank Global Fund Services.

**EXHIBIT B**

**Anti-Money Laundering (AML) Questionnaire**

(See attached)

**ANTARES STRATEGIC CREDIT FUND II LLC**

**ANTI-MONEY LAUNDERING (AML) QUESTIONNAIRE**

**I.**  **<u>MINIMUM INFORMATION</u>** 

**<u>ALL Subscribers</u>** must provide the following information:

**a.** **Full Name of Subscriber:** 

**b.** **Address:** <sup>11</sup>

**c.** **Country of Citizenship or Domicile:** 

**d.** **Date of Birth (if applicable):** 

**e.** **Identification Number:** <sup>12</sup>

**f.** **Subscriber Type:** ☐ **Legal Entity** *(If the Subscriber is a "Legal Entity", please continue to Section II)* ☐ **Individual** (*If the Subscriber is an "Individual", the questionnaire is complete)* 

**II.**  **<u>ADDITIONAL SUBSCRIBER INFORMATION</u>** 

**<u>For Subscribers that are Legal Entities</u>**, verification of the identities of certain individuals associated with those entities must also be performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Is the Subscriber a private company, limited
 liability company, limited partnership, trust, nonprofit organization  **<u>OR</u>** other
 similar entity?

☐ YES (*If the Subscriber responded "Yes," please continue to part (B)*

☐ NO

<sup>11</sup> Individual: Current residential address. Entity: Registered address or principal place of business address if different to registered.

<sup>12</sup> U.S.: Taxpayer identification number or social security number. Non-U.S.: One or more of the following: a taxpayer identification number; passport number and country of issuance; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Does the Subscriber have any individual:
 (a) beneficial owners with more than a **ten percent (10%)** beneficial interest
 in the Subscriber; (b) trustees; (c) directors;  **<u>OR</u>** (d) officers?

☐ YES (*If the Subscriber responded "Yes," please provide information relating to a natural person on the next page (Attachment A), for each such individual. Therefore if a beneficial owner or trustee of a Subscriber is another legal entity, please provide the same information for all individual (a) beneficial owners with more than a ten percent (10%) beneficial interest in the Subscriber; (b) directors of the Subscriber; (c) officers of the Subscriber; AND (d) trustees of the Subscriber.)*

☐ NO

**III.**  **<u>REQUESTS FOR ADDITIONAL INFORMATION AND DOCUMENTATION</u>** 

The Adviser reserves the right to request additional documentation or information in order to properly complete its subscriber identification review.

**<u>Attachment A:</u>**

Please provide the following information below for all individual (a) beneficial owners with more than a **ten percent (10%)** beneficial interest in the Subscriber; (b) trustees of the Subscriber; (c) directors of the Subscriber; **<u>AND</u>** (d) officers of the Subscriber. **You may make additional copies of this page as necessary.**

**a.** **Full Name of Individual:** 

**b.** **Address:** 

**c.** **Country of Citizenship:** 

**d.** **Date of Birth:** 

**e.** **Identification Number:** 

**a.** **Full Name of Individual:** 

**b.** **Address:** 

**c.** **Country of Citizenship:** 

**d.** **Date of Birth:** 

**e.** **Identification Number:** 

**a.** **Full Name of Individual:** 

**b.** **Address:** 

**c.** **Country of Citizenship:** 

**d.** **Date of Birth:** 

**e.** **Identification Number:** 

**EXHIBIT C**

**Notice of Privacy Policy and Practices**

(See attached)

**PRIVACY NOTICE**

Antares Capital Credit Advisers LLC ("ACCA"), together with any investment fund managed by ACCA (each, a "Fund"), (collectively, "Antares") are committed to maintaining the privacy of their current and prospective investors. Antares recognizes that you entrust Antares with highly confidential personal and financial information, and Antares understands that protecting and safeguarding this information is important.

In the course of processing your Subscription Agreement and the related documents herein, and its ongoing dealings with you as an investor, Antares may obtain non-public personal information about investors or prospective investors who are individual persons ("non-public personal information"). This information may include:

● name,

● address,

● telephone number,

● e-mail address,

● taxpayer identification number,

● account number,

● transaction history, and

● other personal information of such an investor or prospective investor.

Antares may collect non-public personal information in a variety of ways, including:

● From you when you complete a Subscription Agreement, other forms and questionnaires or otherwise in the course of establishing an investor relationship with you.

● From your transactions with a Fund, its affiliates or others, such as, for example, your investment and withdrawal history.

If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides a Fund with personal information on individuals connected to you for any reason in relation to your investment with that Fund, this Privacy Notice will be relevant for those individuals and you should transmit this document to such individuals or otherwise advise them of its content.

Antares may use your non-public personal information for marketing purposes as well as for internal administration and analysis and for everyday business purposes. Antares may share your non-public personal information with its affiliates in connection with servicing your account, and subject to applicable law, may provide you with information about products and services that Antares or its affiliates believe may be of interest to you. Antares' affiliates, in turn, are not permitted to share your non-public personal information with non-affiliated entities, except as required or permitted by law. Antares does not disclose any non-public personal information about its investors or former investors to any nonaffiliated parties, except to third party service providers (such as administrators, accountants, auditors, bankers, prime brokers, insurers, lawyers, AML service providers, tax information service providers and other back-office service providers) who assist in the operation of its business, as permitted or required by law, or at your request/consent. Any transfer of personal information by a Fund or its duly authorized affiliates and/or delegates to countries not having an adequate level of protection shall be in accordance with the requirements of applicable law.

Antares restricts access to non-public personal information about you to those employees, agents or other parties who need to know that information. Antares maintains physical, electronic and procedural safeguards to protect your non-public personal information. Antares' Privacy Notice covers all individuals who are investors in a Fund, who have been investors in a Fund or who are considering an investment in a Fund.

Each Fund collects, stores and uses personal information for lawful purposes, including, in particular:

● where this is necessary for the performance of its rights and obligations under the Subscription Agreement and/or its constitutional and operational documents;

● where this is necessary for compliance with a legal and regulatory obligation to which it is subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or

● where this is necessary for the purposes of its legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

**BY DISCLOSING YOUR NON-PUBLIC PERSONAL INFORMATION TO ANTARES, YOU CONSENT TO THE COLLECTION, STORAGE AND PROCESSING OF YOUR NON-PUBLIC PERSONAL INFORMATION BY ANTARES IN A MANNER CONSISTENT WITH THIS PRIVACY NOTICE.**

This Privacy Notice is provided to you in accordance with the Securities and Exchange Commission's Regulation S-P. Antares, or one of its affiliates, will provide you with a copy of its Privacy Notice annually, and if any material changes occur to its Privacy Notice, Antares will notify you as promptly as practicable of such changes. If you have any questions about this Privacy Notice, please contact Mike Donahoe, Chief Compliance Officer at the following contact information:

Mike Donahoe

Chief Compliance Officer

Antares Capital LP

320 S. Canal Street, Ste 4200

Chicago, IL 60606

312-889-9920

Mike.Donahoe@Antares.com

**EXHIBIT D**

**EEA and UK Professional Investor Questionnaire**

(See attached)

**EEA and UK Professional Investor Questionnaire**

1.1 **EEA or UK subscribers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subscriber represents and warrants
 that it is a person or undertaking established, domiciled, or which has its registered office
 in one of the jurisdictions below, by checking the box applicable to it.

☐ Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain or Sweden; or

☐ UK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Subscriber further represents and warrants that it is a "professional investor"
 within the meaning of Article 4(1)(ag) of the EU Alternative Investment Fund Managers
 Directive (2011/61/EU) or Regulation 2 of the UK Alternative Investment Fund Managers Regulations
 2013 (as applicable), and meets at least one of the criteria below required to be a "professional
 client" as defined under Annex II of the Markets in Financial Instruments Directive (2004/39/EC) or under COBS 3.5 (Professional Clients) of the FCA Handbook (as applicable),
 by checking the box or boxes below that is applicable to it.

☐ An entity which is required to be authorized or regulated to operate in the financial markets.

☐ A large entity meeting at least two of the following three requirements on a company basis: (i) a balance sheet total pursuant to the balance sheet equivalent to not less than EUR 20,000,000; (ii) net turnover pursuant to the balance sheet equivalent to not less than EUR 40,000,000; and/or (iii) shareholders' equity pursuant to the balance sheet equivalent to not less than EUR 2,000,000.

☐ Countries, regions, national and regional authorities, public bodies that manage public debt, central banks and the European Central Bank as well as the European Investment Bank, the World Bank, the International Monetary Fund and other similar international or supranational organizations.

☐ An institutional investor other than those stated above whose main activity is to invest in financial instruments, including undertakings dedicated to the securitizing of assets or other financial transactions.

The Subscriber has provided the Adviser with documentation showing that at least one of the criteria above is met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Subscriber does not meet any of the criteria in Section 1.1‎(a), the Subscriber
 requests to be treated as a professional client by the Adviser. The Subscriber confirms that
 the Adviser has informed it of protections and investor compensation rights that the Subscriber
 may lose and confirms that it is aware of the consequences of being treated as a professional
 client. Furthermore, the Subscriber represents and warrants that it meets at least two of
 the criteria below, by checking the box or boxes below applicable to it.

☐ The Subscriber has carried out transactions, in significant size, on the relevant market at an average frequency of 10 per quarter over the previous four quarters.

☐ The size of the Subscriber's financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 500,000.

☐ The Subscriber works or have worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged.

The Subscriber has provided the Adviser with documentation showing that at least two of the criteria above is met.

**Subscribers to which the Shares were marketed in the EEA or UK who cannot make the representations in either Sections 1.1‎(a) or ‎(c) should contact the Adviser.**

## Exhibit 10.4

**Exhibit 10.4**

**DOCUMENT CUSTODY AGREEMENT**

**ANTARES STRATEGIC CREDIT FUND II LLC**

**(the "Company")**

**and**

**U.S. BANK NATIONAL ASSOCIATION<br> (the "Document Custodian")**

**Dated**

**May 14, 2025**

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
| Section 1. | Certain Definitions | 1 |
| Section 2. | Appointment of the Document Custodian | 4 |
| Section 3. | Delivery of Collateral Files | 4 |
| Section 4. | Release of Collateral Files | 5 |
| Section 5. | Further Obligations of the Document Custodian | 5 |
| Section 6. | Proper Instructions | 6 |
| Section 7. | Transmission of Collateral Files | 7 |
| Section 8. | Fees of the Document Custodian | 7 |
| Section 9. | Resignation or Removal of Document Custodian; Termination of Agreement | 8 |
| Section 10. | Representations | 9 |
| Section 11. | Notices | 9 |
| Section 12. | Concerning the Document Custodian | 10 |
| Section 13. | Force Majeure | 12 |
| Section 14. | Cooperation | 12 |
| Section 15. | Indemnification | 12 |
| Section 16. | Amendments | 13 |
| Section 17. | Effective Waiver | 13 |
| Section 18. | Severability | 13 |
| Section 19. | Binding Effect; Governing Law | 13 |
| Section 20. | Successors and Assigns; Third Party Benefit | 13 |
| Section 21. | Entire Agreement; Counterparts | 14 |
| Section 22. | Other Business | 14 |
| Section 23. | Reproduction of Documents | 14 |
| Section 24. | Confidentiality | 14 |
| Section 25. | Actions Necessary to Preserve Rights under Collateral Documents | 15 |
| Section 26. | SUBMISSION TO JURISDICTION; WAIVERS | 15 |
| Section 27. | Compliance with Applicable Law | 16 |
| Section 28. | Electronic Signatures | 16 |

---

i

---

| | |
|:---|:---|
| SCHEDULE I | RECOMMENDED DATA FILE CRITERIA |
| EXHIBIT A | AUTHORIZED REPRESENTATIVES |
| EXHIBIT B | FORM OF REQUEST FOR RELEASE |

---

ii

**DOCUMENT CUSTODY AGREEMENT**

This DOCUMENT CUSTODY AGREEMENT is made and entered into as of [●], 2025, by and between Antares Strategic Credit Fund II LLC (the "<u>Company</u>") and U.S. Bank National Association, a national banking association, organized under the laws of the United States, as document custodian (the "<u>Document Custodian</u>").

WHEREAS, the Company desires to engage the Document Custodian to act as document custodian for the Company with respect to certain assets (the "<u>Collateral</u>") in accordance with the terms and conditions of this Agreement and in accordance with Rule 206(4)-2 of the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"); and

WHEREAS, the Document Custodian is willing to act in such capacity as document custodian under and subject to the terms of this Agreement;

NOW, THEREFORE, the parties to this Agreement hereby agree as follows:

**Section 1.** **Certain Definitions.** (a) The words "herein," "hereof" and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision; and Section references refer to Sections of this Agreement. For the purposes of this Agreement, the following terms shall have the indicated meanings unless the context or use indicates another or different meaning and intent, and the definitions of such terms are equally applicable to the singular and the plural forms of such terms.

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended.

"<u>Advisers Act</u>" has the meaning set forth in the preamble hereto.

"<u>Agreement</u>" means this Document Custody Agreement and the schedules and exhibits hereto, as supplemented or amended from time to time.

"<u>Authorized Representative</u>" has the meaning set forth in Section 6(b) hereof.

"<u>Business Day</u>" means any day other than (i) a Saturday or Sunday, (ii) any day that is a legal holiday under the laws of the State of New York, or the city or state in which the Document Custodian's offices are located or (iii) any day on which commercial banks in the State of New York or the city or state in which the Document Custodian's offices are located are closed or authorized or permitted to close.

"<u>Collateral</u>" has the meaning set forth in the preamble hereto.

"<u>Collateral Documents</u>" means, with respect to any Collateral, the documents comprising the Collateral File for such Collateral received by the Document Custodian pursuant to this Agreement. With respect to the Collateral, the Document Custodian shall receive, originals or where indicated, copies (including electronic copies) of the following documents or instruments, all as specified on the related Collateral Schedule and the related document checklist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Collateral includes a promissory note (it being understood and agreed that nothing in this clause
(i) shall require the Company to request a promissory note under any underlying instrument):

&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) an original, executed copy of such promissory note; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the case of a noted loan where such note is missing, mutilated or lost, a copy of such executed promissory
note accompanied by an original "lost note" affidavit and indemnity, a copy of, the underlying promissory note, endorsed by
the Company (that may be in the form of an allonge or note power attached thereto) as required under the related underlying instruments
(and evidencing an unbroken chain of endorsements from each prior holder thereof evidenced in the chain of endorsements);

and, in the case of each of (A) and (B), a copy of each transfer document or instrument relating to such Collateral evidencing the assignment of such Collateral to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a noteless 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;(A) a copy of each transfer document or instrument relating to such noteless loan evidencing the assignment
of such noteless loan to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) originals or copies (including electronic copies) of each of the following: to the extent applicable to
the related loan: any related loan agreement and credit agreement, or similar instruments.

Any statement clarified by "if any" or "if applicable" shall only refer to whether or not such item is present in the Collateral File when delivered to the Document Custodian. The Document Custodian shall have no duty or obligation to determine if such item should have been included.

"<u>Collateral File</u>" means a file delivered to the Document Custodian by the Company pursuant to Section 3, containing the Collateral Documents relating to the Collateral, as set forth on the Collateral Schedule delivered to the Document Custodian.

"<u>Collateral Schedule</u>" means a listing of Collateral Files in computer readable standardized text formats, delivered or caused to be delivered by the Company to the Document Custodian, incorporating the fields listed on Schedule I hereto, and such other information and fields as may be mutually agreed upon by the Company and the Document Custodian and in a form satisfactory to the Company and the Document Custodian.

"<u>Confidential Information</u>" means any databases, computer programs, screen formats, screen designs, report formats, interactive design techniques and other similar or related information that may be furnished to the Company by the Document Custodian from time to time pursuant to this Agreement and any non-public information received by the Document Custodian in connection with the services described in this Agreement.

"<u>Delivery of Collateral Files</u>" means actual receipt by the Document Custodian at its designated office of the (i) Collateral Files and (ii) Collateral Schedule relating to such Collateral Files.

"<u>Investment Adviser</u>" means Antares Capital Credit Advisers LLC or any investment adviser identified to the Document Custodian by the Company in writing.

"<u>Officer's Certificate</u>" means a certificate signed by an officer (authorized to sign an Officer's Certificate) of the Company or other Person (on behalf of the Company) submitting a Collateral File to the Document Custodian or otherwise delivered an Officer's Certificate to the Document Custodian pursuant to this Agreement.

"<u>Person</u>" means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof.

"<u>Proper Instructions</u>" means the meaning set forth in Section 6(a) hereof.

"<u>Request for Release</u>" means a request for release of any Collateral File, which request shall be either (i) delivered to the Document Custodian substantially in the form of Exhibit B hereto or (ii) as otherwise agreed to between the Document Custodian and the Company.

"<u>Responsible Officer</u>" means, with respect to the Document Custodian, any officer, including any managing director, principal, vice president, assistant vice president, assistant treasurer, assistant secretary, trust officer or any other officer of the Document Custodian customarily performing functions similar to those performed by any of the above designated officers, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject, in each case, having direct responsibility for the administration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this Agreement unless the contrary intention appears:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reference to this Agreement or another agreement or instrument refers to such agreement or instrument
as the same may be amended, modified or otherwise rewritten from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a reference to a statute, ordinance, code or other law includes regulations and other instruments under
it and consolidations, amendments, re-enactments or replacements of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any term defined in the singular form may be used in, and shall include, the plural with the same meaning,
and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a reference to a Person includes a reference to the Person's executors, custodians, successors and
permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly
and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an agreement, representation or warranty on the part of two or more Persons binds them severally and not
jointly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any reference to "execute", "executed", "sign", "signed",
 "signature" or any other like term hereunder shall include execution by electronic signature (including, without limitation,
any .pdf file, .jpeg file, or any other electronic or image file, or any "electronic signature" as defined under the U.S.
Electronic Signatures in Global and National Commerce Act (" <u>E-SIGN</u> ") or the New York Electronic Signatures and Records
Act (" <u>ESRA</u> "), which includes any electronic signature provided by Adobe Fill & Sign, Adobe Sign, DocuSign,
or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the Document Custodian),
except to the extent the Document Custodian requests otherwise. Any such electronic signatures shall be valid, effective and legally binding
as if such electronic signatures were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes
hereunder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Headings are inserted for convenience and do not affect the interpretation of this Agreement

**Section 2.** **Appointment of the Document Custodian.** The Company hereby appoints the Document Custodian, and the Document Custodian hereby accepts its appointment, to act as the document custodian for the Company, to provide the services set forth in this Agreement, upon the terms and conditions set forth in this Agreement.

The Document Custodian acknowledges and agrees that it will hold possession of all Collateral Files delivered to it in accordance with this Agreement for the benefit of the Company. Collateral Files will be held in such a manner so as to clearly identify the Company's Collateral Files as segregated from the Collateral Files of any third party.

**Section 3.** **Delivery of Collateral Files**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall from time to time deliver or cause to be delivered Collateral Files, including each of the related Collateral Documents, to the Document Custodian to be held hereunder. With respect to each Delivery of Collateral Files, the Company shall provide or cause to be provided a related Collateral Schedule (in a form acceptable to the Company and the Document Custodian) to the Document Custodian with respect to such Collateral Files that are being delivered. The Document Custodian shall, not less than three (3) Business Days following receipt of such Collateral Schedule, confirm receipt of all related Collateral Documents or inform the Company of any Collateral Documents not received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In receiving any Collateral Files hereunder, and in maintaining any listing or providing any report or communication with respect to the Collateral Files or Collateral Documents held hereunder, the Document Custodian shall have no obligation to review or monitor any Collateral Files or Collateral Documents but shall only be required to hold those Collateral Files or other Collateral Documents received by it in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Document Custodian shall not be under any duty to review, inspect, examine or certify the Collateral Files or related Collateral Documents; and without limiting the foregoing, the Document Custodian shall be entitled to assume the genuineness of each such document and the genuineness and due authority of any signatures appearing thereon, shall be entitled to assume that each such document is what it purports to be. The Document Custodian shall have no liability for or obligation with respect to, and shall not be construed or obliged to make any representation or warranty as to: (i) the validity, legality, sufficiency, marketability, genuineness, due authorization, effectiveness, recordability, insurability, value, genuineness, collectability, transferability, contents or enforceability of any Collateral Document; (ii) the validity, adequacy or perfection, priority of any lien upon or security interest purported to be evidenced or created thereby; or (iii) to determine that the contents of any Collateral Document are appropriate for the represented purpose or that any Collateral Document has actually been recorded or filed, as maybe applicable, or that any Collateral Document is other than what it purports on its face to be.

**Section 4.** **Release of Collateral Files**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Collateral File is needed by the Company for the purpose of correction of errors therein or for one of the other purposes set forth in a Request for Release, the Company shall send to the Document Custodian a Request for Release. The Document Custodian shall release such Collateral Files within three (3) Business Days of its receipt of such completed Request for Release. Any request for release by the Company shall be in the form of the Request for Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company is authorized to transmit and the Document Custodian is authorized to accept signed facsimile or email copies of Requests for Release submitted in the form attached hereto as Exhibit B (or as otherwise agreed between the Document Custodian and the Company).

**Section 5.** **Further Obligations of the Document Custodian**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Maintenance of Facility</u>. The Document Custodian shall segregate and identify the Collateral Files on its automated data system and maintain custody of all Collateral Files received by it in secure and fire resistant facilities, all in accordance with customary standards for such custody and individually segregated from the Collateral Files of any other party and marked so as to clearly identify them as the property of the Company and in a manner consistent with Rule 17f-1 under the 1940 Act, as determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Insurance</u>. The Document Custodian shall, at its own expense, maintain at all times during the existence of this Agreement and keep in full force and effect insurance in amounts, with standard coverage and subject to deductibles, all as customary for insurance typically maintained by banks that act as document custodian. Upon written request from the Company, the Document Custodian shall provide evidence (which evidence may be in the form of a certificate of the respective insurer) that such insurance is in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Examination</u>. The Document Custodian shall upon not less than three (3) Business Days prior written notice permit (a) inspection during regular business hours of the Document Custodian (and subject to its usual charges for such access) by the Company (or by its auditors or agents when requested by the Company) of the Collateral Files, at such place or places where the related Collateral Files are deposited, and (b) the Company (or its auditors or agents when requested by the Company) to make copies of the Collateral Files. The Company shall be responsible for any expenses in connection with such inspection and copying. Any such inspection and copying shall be subject to the procedures of the Document Custodian. In addition, and not in limitation of the foregoing, the Company shall indemnify and hold the Document Custodian harmless from all claims, costs, expenses, losses and damages incurred by the Document Custodian as a result of the damage, loss or misplacement of any Collateral Files or Collateral Documents or other papers contained in the Collateral Files while in the possession of the Company (or its auditors or agents).

**Section 6.** **Proper Instructions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any instruction or direction delivered to the Document Custodian from the Company or the Investment Adviser (acting on the Company's behalf) shall be in writing and executed by an Authorized Representative (as defined below) and shall be delivered in accordance with Section 11 hereof. The Document Custodian and the Company may agree from time to time to accept other forms of instruction or direction. Any such instruction or direction delivered pursuant to this Section 6(a) shall be considered "<u>Proper Instructions.</u>"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any of the persons whose signatures and titles appear on Exhibit A (each, an "<u>Authorized Representative</u>") are authorized, acting singly, to act for the Company under this Agreement. The specimen signature for each such Authorized Representative of the Company or the Investment Adviser initially authorized hereunder is set forth on Exhibit A. From time to time, the Company or the Investment Adviser may, by delivering to the Document Custodian a revised exhibit, change the information previously given, but the Document Custodian shall be entitled to rely conclusively on the then current Exhibit until receipt of a superseding exhibit. Any electronically signed document delivered via electronic mail from a person purporting to be an Authorized Representative shall be considered signed or executed by such Authorized Representative on behalf of the applicable Person. The Document Custodian shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Document Custodian shall have no obligation to act in accordance with purported instructions to the extent that they conflict with applicable law or regulations. The Document Custodian shall not be liable for any loss resulting from a delay while it obtains clarification of any Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, in performing its duties under this Agreement, the Document Custodian is required to decide between alternative courses of action, the Document Custodian may (but shall not be obliged to) request written instructions (or, in its sole discretion, oral instructions followed by written confirmation thereof) from the Company as to the course of action desired by it, upon which the Document Custodian shall be entitled to conclusively rely. If the Document Custodian does not receive such instructions within two (2) Business Days after it has requested them, the Document Custodian may, but shall be under no duty to, take or refrain from taking any such courses of action. The Document Custodian shall act in accordance with instructions received from the Company in response to such request after such two (2) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company hereby authorizes and directs the Document Custodian to accept, rely and act upon instruction from the Investment Adviser, acting on behalf and in the name of the Company for all purposes hereunder, and the Custodian is authorized to recognize and act upon the instruction of the Investment Adviser, acting alone, on behalf and in the stead of the Company for all purposes hereunder; provided that such authorization and direction may be revoked at any time by an Authorized Representative who is an officer of the Company.

**Section 7.** **Transmission of Collateral Files**. Prior to any shipment of any Collateral Files or Collateral Documents hereunder pursuant to the request of the Company, the Company shall deliver to the Document Custodian written instructions as to the method of shipment and shipper(s) the Document Custodian is to utilize in connection with the transmission of Collateral Files or Collateral Documents in the performance of the Document Custodian's duties hereunder (which instruction shall include, if requested by the Document Custodian, billing account numbers maintained by the Company with such shipper(s) to allow for direct billing of the related charges to the Company). The Company shall arrange for the provision of such services at its sole cost and expense (or, at the Document Custodian's option, reimburse the Document Custodian for all costs and expenses incurred by the Document Custodian consistent with such instructions) and will maintain such insurance against loss or damage to Collateral Files or other loan documents as the Company deems appropriate.

Notwithstanding the foregoing, it is hereby expressly agreed that in the absence of express written instruction from the Company pursuant to the preceding terms, shipment may be made by the Document Custodian in any instance by means of any recognized overnight delivery or shipping service (it being hereby expressly acknowledged that United Parcel Service is one such recognized service, without implied limitation). All costs and risks of shipment shall be borne by the Company, and it is hereby expressly agreed that in no event shall the Document Custodian have any liability for any losses or damages to any Person, arising out of actions of the Document Custodian consistent with the instructions of the Company. Any costs of shipment that may be incurred or paid by the Document Custodian from time to time may be billed by the Document Custodian to the Company on a monthly basis and shall be due and payable when billed.

**Section 8.** **Fees of the Document Custodian**. It is understood that the Document Custodian will charge such fees for its services under this Agreement as are set forth in a separate agreement (the "<u>Fee Schedule</u>") between the Document Custodian and the Company, the payment of which, together with the Document Custodian's reasonable expenses (as described below) in connection herewith, shall be solely the obligation of the Company.

Subject to the Fee Schedule, the Company agrees to pay or reimburse to the Document Custodian upon its request from time to time, any and all reasonable and documented costs, disbursements, expenses and indemnification amounts (including without limitation reasonable fees and expenses of legal counsel, agents and experts) paid or incurred by the Document Custodian, in connection with (i) the preparation or execution of this Agreement, (ii) the transactions contemplated hereby, (iii) the administration of this Agreement, (iv) the performance by the Document Custodian of its duties and services under this Agreement or (v) the enforcement by the Document Custodian of this Agreement and its indemnification rights hereunder, from time to time (including without limitation costs and expenses of any legal or other action deemed necessary by the Document Custodian to collect any amounts owing to it under this Agreement).

Any such fees, expenses and indemnification amounts payable pursuant to this Section 8 shall be due and payable within thirty (30) days of request by the Document Custodian to the Company. If such fees, expenses and indemnification amounts are not paid within thirty (30) days from request by the Document Custodian (a "<u>Breach</u>"), the Document Custodian shall notify the Company of the failure to pay and the Company shall have thirty (30) days from receipt of such notice to cure such Breach (the "<u>Cure Period</u>"). If the Company does not cure the Breach within the Cure Period, the Document Custodian may resign effective immediately, and shall ship all Collateral Files (in accordance with Section 7) then held by the Document Custodian on behalf of the Company to the Company at its address as provided in Section 11.

The obligations of the Company under this Section 8 and such separate agreement shall survive the termination of this Agreement and the resignation or removal of the Document Custodian.

**Section 9.** **Resignation or Removal of Document Custodian; Termination of Agreement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Document Custodian may terminate its obligations under this Agreement upon ninety (90) days' prior written notice to the Company. In the event of such termination, (i) the Company shall appoint, by written instrument, a successor document custodian and (ii) the Document Custodian, promptly upon payment of any unpaid fees, expenses and indemnification amounts due to the Document Custodian, shall transfer to the successor document custodian, as directed, all Collateral Files being held by the Document Custodian under this Agreement. The Document Custodian's sole responsibility after the termination of its obligations as aforesaid shall be to safely maintain all of the Collateral Files and to deliver the same to a successor document custodian; provided, that if a successor document custodian has not accepted custodial responsibilities within the period set forth in the first sentence of this Section 9(a), the Document Custodian may, at the expense of the Company, either (i) deliver all Collateral Files to the Company, or (ii) petition any court of competent jurisdiction to name a successor document custodian. The Document Custodian shall not be responsible for the fees and expenses of any successor document custodian. Upon delivery of the Collateral Files to any successor document custodian or to the Company as provided in this paragraph, all duties and obligations of the Document Custodian shall cease and terminate. The payment of all costs and expenses relating to the transfer of the Collateral Files (including any shipping costs) upon termination shall be the sole responsibility of the Company. Notwithstanding the foregoing, the resignation of the Document Custodian shall not take effect until the earlier of (x) the date on which a successor document custodian has been engaged by the Company and (y) 30 days after the expiration of the notice period specified in the first sentence of this Section 9(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may at any time and without cause remove and discharge the Document Custodian from the performance of its duties under this Agreement upon at least sixty (60) days' written notice to from the Company to the Document Custodian. Such removal shall take effect upon (i) the appointment of a successor document custodian by the Company, and (ii) delivery of all the Collateral Files to the successor document custodian, which delivery shall be subject to, and shall be made promptly after, payment of the Document Custodian's unpaid fees, expenses and indemnification amounts. The payment of such successor document custodian's fees and expenses and all costs and expenses in connection with such transfer shall be the sole responsibility of the Company. If a successor document custodian is not appointed by the Company within the aforementioned ninety (90) days, the Document Custodian may, at the expense of the Company, deliver all the Collateral Files to the Company. Upon delivery of the Collateral Files to the Company as provided in this paragraph, all duties and obligations of the Document Custodian shall cease and terminate. The payment of all costs and expenses relating to the transfer of the Collateral Files (including any shipping costs) upon termination shall be the sole responsibility of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall terminate on the date on which the Company notifies the Document Custodian in writing that the Agreement is terminated. Upon the Document Custodian's receipt of both such written termination and the payment of any due and unpaid fees, expenses and indemnification amounts, the Document Custodian shall, within a reasonable time, deliver any remaining Collateral Files to the Company or its designee, as directed by the Company and at the Company's expense (including any shipping costs).

**Section 10.** **Representations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby represents and warrants to the Document Custodian that it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly authorized and executed this Agreement so as to constitute its valid and binding obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Document Custodian hereby represents and warrants to the Company that it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly authorized and executed this Agreement so as to constitute its valid and binding obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Document Custodian represents that it is a "qualified custodian" as defined by Rule 206(4)-2 under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Document Custodian maintains business continuity policies and standards that include data file backup and recovery procedures that comply with all applicable regulatory requirements.

**Section 11.** **Notices**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided herein, all Proper Instructions, notices or any other communications hereunder shall be in writing and shall be sent (i) certified or registered mail, postage prepaid, (ii) recognized courier or delivery service or (iii) facsimile, .pdf transmission or electronic mail, to the Company or the Document Custodian at the following address, as applicable (or such other address as either party may designate by written notice to the other party):

If to the Company, to:

Antares Strategic Credit Fund II LLC

Attention: Antares Capital Credit Advisers LLC

Telephone: (312) 638-4117

Email: AntaresCapitalCreditAdvisers@antares.com

If to the Document Custodian, to:

U.S. Bank National Association

1719 Otis Way

Florence, South Carolina 29501

Ref: Antares Capital Advisers LLC

Attention: Steven Garrett

Fax No.: (843) 676-8901

Email: steven.garrett@usbank.com

**Section 12.** **Concerning the Document Custodian.** The acceptance by the Document Custodian of its appointment hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or not so stated therein or herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Document Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the Collateral Files or the Collateral Documents except for such duties, obligations or responsibilities as are expressly and specifically set forth in this Agreement as duties obligations or responsibilities on its part to be performed, and the duties obligations and responsibilities of the Document Custodian shall be determined solely by the express provisions of this Agreement. No implied duties, obligations or responsibilities shall be read into this Agreement against, or on the part of, the Document Custodian. Notwithstanding anything to contrary herein, the Custodian has no responsibility for the Company's legal and regulatory compliance (including compliance with the Advisers Act or the 1940 Act) or any of its obligations to third parties, and the Custodian shall have no liability for acting in accordance with any Proper Instructions as contemplated hereunder. Any permissive right of the Document Custodian to take any action hereunder shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Document Custodian shall have no responsibilities or duties with respect to any Collateral File while such Collateral File is not in its possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Document Custodian may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt, electronic transmission or other paper or document furnished to it in accordance with this Agreement, not only as to its due execution and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine and signed or presented by the proper person (which in the case of any instruction from or on behalf of the Company shall be an Authorized Representative). The Document Custodian shall be entitled to presume the genuineness and due authority of any signature appearing thereon. The Document Custodian shall not be bound to make any independent investigation into the facts or matters stated in any such notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper or document, provided, however, that if the form thereof is specifically prescribed by the terms of this Agreement, the Document Custodian shall examine the same to determine whether it substantially conforms on its face to the requirements set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither the Document Custodian nor any of its directors, officers or employees shall be liable to anyone for any error of judgment, or for any act done or step reasonably taken or omitted to be taken by it (or any of its directors, officers of employees), or for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith, unless such action or inaction constitutes gross negligence, fraud, willful misconduct or bad faith of the Document Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Document Custodian shall not be liable for any action taken by it in good faith and reasonably believed by it to be within powers conferred upon it, or taken by it pursuant to any direction or instruction received by it in accordance with this Agreement, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Document Custodian may consult with, and obtain advice from, legal counsel selected in good faith, with respect to any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered, or omitted by the Document Custodian in good faith in accordance with the advice or opinion of such counsel. The reasonable costs and expenses of such advice or opinion shall be reimbursed by the Company pursuant to Section 8 hereof, subject to the Fee Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No provision of this Agreement shall require the Document Custodian to expend or risk its own funds, take any action hereunder (or omit to take any action) or otherwise incur any financial liability in the performance of its duties under this Agreement if it shall have grounds for believing that repayment of such funds or indemnity satisfactory is not assured to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Document Custodian may act or exercise its duties or powers hereunder through agents or attorneys, and the Document Custodian shall not be liable or responsible for the actions or omissions of any such agent or attorney appointed with due care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If the Document Custodian shall request instructions from the Company with respect to any act, action or failure to act in connection with this Agreement, the Document Custodian shall be entitled to refrain from taking such action and continue to refrain from acting unless and until the Document Custodian shall have received written instructions from the Company without incurring any liability therefor to the Company, or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In no event shall the Document Custodian be held liable for any lost profits or exemplary, punitive, special, indirect or consequential damages of any kind (including loss of profits or diminution in value) resulting from any action taken or omitted to be taken by it or them hereunder or in connection herewith even if advised of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Document Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto unless actually known by a Responsible Officer of the Document Custodian or unless (and then only to the extent received) in writing by the Document Custodian in accordance with Section 11 herein and specifically referencing this Agreement. Any other provision of this Agreement to the contrary notwithstanding, the Document Custodian shall have no notice of and shall not be bound by any of the terms and conditions of any other document or agreement unless the Document Custodian is a signatory party to that document or agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Document Custodian shall not be responsible for the preparation or filing of any reports or returns relating to federal, state or local income taxes with respect to this Agreement, other than in respect of the Document Custodian's compensation or for reimbursement of expenses; shall be under no obligation to verify the authenticity of any signature on any of the documents received or examined by it in connection with this Agreement or the authority or capacity of any person to execute or issue such document, except as provided in Section 6 of this Agreement with respect to Authorized Representatives; shall have no duty to ascertain whether or not any cash amount or payment has been received by the Company or any third person and shall not be required to perform any cash movement functions in relation to this Agreement; and shall not be required to value or produce a report detailing the value of the Collateral Files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Nothing in this Agreement shall be deemed to impose on the Document Custodian any duty to qualify to do business in any jurisdiction, other than (i) any jurisdiction where any Collateral File is or may be held by the Document Custodian from time to time hereunder, and (ii) any jurisdiction where its ownership of property or conduct of business requires such qualification and where failure to qualify could have a material adverse effect on the Document Custodian or its property or business or on the ability of the Document Custodian to perform its duties hereunder.

The provisions of this Section 12 shall survive the termination of this Agreement and the resignation or removal of the Document Custodian.

**Section 13.** **Force Majeure**. In no event shall any party hereto be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, events, circumstances or forces beyond its control, including, without limitation, nationalization, expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and practices of any securities market, power, mechanical, communications or other technological failures or interruptions, computer viruses or the like, loss or malfunctions of utilities, communications or computer (software and hardware) services, fires, floods, earthquakes or other natural disasters, civil or military disturbance, acts of war or terrorism, riots, revolution, acts of God, work stoppages, strikes, accidents, national disasters of any kind, nuclear or natural catastrophes, or other similar events or acts; errors by the Company (including any Authorized Representative) in its instructions to the Document Custodian; or changes in applicable law, regulation or orders.

**Section 14.** **Cooperation**. The Document Custodian shall reasonably cooperate with and supply such information in its possession, pertaining to the services under this Agreement and permitted by applicable law and regulation, to the entity or entities appointed by the Company (including accountants) as instructed by the Company pursuant to Proper Instructions.

**Section 15.** **Indemnification.** The Company agrees to indemnify and hold harmless the Document Custodian and its respective directors, officers, employees, agents, designees, successors and assigns from and against any and all liabilities, obligations, damages, penalties, claims, actions, judgments, suits, disbursements, losses, costs and expenses of any kind or nature, including reasonable fees and expenses of legal counsel, court costs and costs of appeal arising from or connected with, the Document Custodian's execution and performance of this Agreement and the enforcement of any provision hereunder, its participation in any transaction contemplated hereby, or the relationship between the Document Custodian and the Company created hereby, including but not limited to the claims of any third parties against the Document Custodian, except to the extent such loss, liability or expense results from the gross negligence, bad faith, fraud, or willful misconduct on the part of the Document Custodian.

The foregoing indemnifications shall survive the termination of this Agreement and the resignation or removal of the Document Custodian hereunder.

**Section 16.** **Amendments**. No amendment or waiver of any provision of this Agreement and no consent to any departure herefrom shall in any event be effective unless the same shall be in writing (including a writing evidenced by a facsimile transmission, PDF or electronic mail) and signed (whether by manual, facsimile, PDF or other electronic signature) by the parties hereto. No party hereto shall be required to execute any amendment that adversely affects its rights, duties, indemnities or immunities hereunder. However, with respect to any change in review procedure, this Agreement may be amended by mutual agreement between the parties hereto in the form of consent via electronic mail. Any such email shall reference this Agreement and shall specify that it is an amendment to the review procedures.

**Section 17.** **Effective Waiver**. In no instance shall any delay or failure to act be deemed to be or effective as a waiver by any party of any right, power or term hereunder, unless and except to the extent such waiver is set forth in an expressly written instrument signed by the party against whom it is to be charged.

**Section 18.** **Severability**. If any one or more of the provisions contained in this Agreement should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

**Section 19.** **Binding Effect; Governing Law**. This Agreement shall be binding and inure to the benefit of the parties hereto and their respective successors and assigns. This Agreement shall be construed in accordance with, and governed by the law of the State of New York, without giving effect to the conflict of law principles thereof.

**Section 20.** **Successors and Assigns; Third Party Benefit**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties and their respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this Agreement without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Person into which the Document Custodian may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Document Custodian shall be a party, or any Person to which all or substantially all of the document custody business of the Document Custodian may be sold or otherwise transferred, shall without the execution or filing of any paper or further act on the part of any parties hereto become the successor document custodian hereunder (including, without the prior written consent of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement is not intended for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties (other than successors and permitted assigns pursuant to this Section 19.

**Section 21.** **Entire Agreement; Counterparts.** This Agreement, together with the exhibits, schedules and other writings referred to herein or delivered pursuant hereto, constitutes the entire agreement and understanding of the parties with respect to the matters and transactions contemplated by this Agreement and supersedes any prior agreement and understandings with respect to those matters and transactions. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement (and by facsimile, electronic mail, .pdf transmission or other electronic transmission, which facsimile, electronic mail, .pdf transmission or other electronic transmission signatures shall be considered original executed counterparts).

**Section 22.** **Other Business**. Nothing herein shall prevent the Document Custodian or any of its affiliates from engaging in other business, or from entering into any other transaction or financial or other relationship with, or receiving fees from or from rendering services of any kind to the Company or any other Person. Nothing contained in this Agreement shall constitute the Company and/or the Document Custodian (and/or any other Person) as members of any partnership, joint venture, association, syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established by this Agreement.

**Section 23.** **Reproduction of Documents**. This Agreement and all schedules, exhibits, attachments and amendment hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic, facsimile, .pdf, electronic mail or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further production shall likewise be admissible in evidence.

**Section 24.** **Confidentiality.** The parties hereto agree that they and their advisors, including legal counsel, shall not disclose to any other Person and shall keep confidential the terms and conditions of this Agreement (including fee arrangements) and any amendment, supplement, Schedule or Exhibit hereto, as well as any Confidential Information. In the event that any party hereto or its advisors breaches any provision of this section, then, in addition to any other rights and remedies available to the non-breaching party, a non-breaching party shall be entitled to temporary and permanent injunctive relief against the breaching party without the necessity of proving actual damages. Notwithstanding the foregoing, Confidential Information may be disclosed by a party to the extent that (i) such party reasonably deems necessary to do so in working with taxing authorities or other governmental agencies or regulatory bodies or in order to comply with any applicable laws, (ii) any portion of the Confidential Information is required by law or requested by judicial or regulatory or supervisory process to be disclosed, or (iii) such disclosure is necessary to establish, make effective or enforce the Company's rights in the Collateral contained in the related Collateral File held by the Document Custodian pursuant to this Agreement.

**Section 25.** **Actions Necessary to Preserve Rights under Collateral Documents**. Notwithstanding the Delivery of Collateral Files to the Document Custodian, the Company acknowledges that the Document Custodian shall have no obligation to (i) collect or enforce any Collateral Document, (ii) take action to preserve or maintain the obligations of any party obligated under any Collateral Document, (iii) take action to protect, preserve or safeguard the rights of the Company against any Person under the Collateral Documents, or (iv) take action to obtain, preserve, safeguard, continue, perpetuate or enforce rights against any collateral which may secure repayment of any Collateral. The Company hereby expressly releases the Document Custodian from the obligation to take any such action.

**Section 26.** **SUBMISSION TO JURISDICTION; WAIVERS.** THE COMPANY AND THE DOCUMENT CUSTODIAN HEREBY IRREVOCABLY AND UNCONDITIONALLY:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR
RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING
IN THE BOROUGH OF MANHATTAN, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS
FROM ANY THEREOF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED
BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR
THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. AGREES THAT, WITH RESPECT TO THE COMPANY, SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE
EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID,
TO ITS ADDRESS SET FORTH IN SECTION 11 HEREIN OR AT SUCH OTHER ADDRESS OF WHICH EACH OTHER PARTY HERETO SHALL HAVE BEEN NOTIFIED
IN WRITING;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

**Section 27.** **Compliance with Applicable Law.** (a) In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering ("<u>Applicable Law</u>"), the Document Custodian is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Document Custodian. Accordingly, the Company agrees to provide to the Document Custodian upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Document Custodian to comply with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby acknowledges receipt of the following notice:

**"IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT**

**To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other legal entity, the Document Custodian will ask for documentation to verify its formation and existence as a legal entity. The Document Custodian may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation."**

**Section 28.** **Electronic Signatures**. By executing this Agreement, the Company hereby acknowledges and agrees, and directs the Document Custodian to acknowledge and agree and the Document Custodian does hereby acknowledge and agree, that execution of this Agreement, any Proper Instructions and any other notice, form or other document executed by the Company or the Document Custodian in connection with this Agreement, by electronic signatures (including, without limitation, any .pdf file, .jpeg file, or any other electronic or image file, or any "electronic signature" as defined under E-SIGN or ESRA, which includes any electronic signature provided using Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the Document Custodian) shall be permitted hereunder notwithstanding anything to the contrary herein and such electronic signatures shall be legally binding as if such electronic signatures were handwritten signatures. Any electronically signed document delivered via electronic mail from a person purporting to be an Authorized Representative shall be considered signed or executed by such Authorized Representative on behalf of the Company. The Company also hereby acknowledges that the Document Custodian shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

[SIGNATURES APPEAR ON NEXT PAGE.]

IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date and year first above written.

---

| | |
|:---|:---|
| **Antares STRATEGIC Credit FUND II LLC**, | **Antares STRATEGIC Credit FUND II LLC**, |
| as the Company | as the Company |
| By: | Antares Midco Inc., as Sole Member |
| By: | /s/Malvika Gupta |
| Name: Malvika Gupta | Name: Malvika Gupta |
| Title: Assistant Secretary | Title: Assistant Secretary |
| **U.S. BANK NATIONAL ASSOCIATION**, | **U.S. BANK NATIONAL ASSOCIATION**, |
| as Document Custodian | as Document Custodian |
| By: | /s/ Kenneth Brandt |
| Name: Kenneth Brandt | Name: Kenneth Brandt |
| Title: Vice President | Title: Vice President |

---

**SCHEDULE I**

**Recommended Data File Criteria**

Each of the items listed below must be in its own cell within either a CSV or Excel spreadsheet.

Data files should be sent electronically via email to your collateral review specialist at U.S. Bank.

· Asset Number

· Asset Name

---

| | |
|:---|:---|
| ★ | ***Please remember that the shipment of Collateral Files must come to U.S. Bank in the same order as the data file.*** |

---

Schedule I-1

**EXHIBIT A**

**AUTHORIZED REPRESENTATIVES**

**[On file with the Document Custodian.]**

Exhibit A-1

Request for Release of Documents

**EXHIBIT B**

**FORM OF REQUEST FOR RELEASE**

(attached)

![](tm2520958d1_ex10-4img001.jpg)

Request for Release of Documents

---

| | |
|:---|:---|
| **U.S. Bank Global Corporate Trust** <br> 1719 Otis Way <br> Florence, South Carolina 29501 | **Attention: Document Custody Services <br> Receiving Unit** <br> Email: dcs@usbank.com<br> Fax: (651) 695-6100 or (651) 695-6101 |

---

RE: Document Custody Agreement, dated as of [●], 2025 (the " <u>Document Custody Agreement</u> ") between Antares Strategic Credit Fund II LLC (the " <u>Company</u> ") and U.S. Bank National Association, as document custodian (the " <u>Document Custodian</u> ").

Pursuant to Section 4 of the Document Custody Agreement, we request the release of the Collateral Files relating to the Collateral listed on the attached Excel spreadsheet for the reason indicated below:

**Reason for Requesting Documents (Check One):**

---

| |
|:---|
| &nbsp;&nbsp;1) Collateral Paid in Full |
| &nbsp;&nbsp;2) Collateral being Substituted |
| &nbsp;&nbsp;3) Collateral being Liquidated by Company |
| &nbsp;&nbsp; 4) Other- Description Needed Below<br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Company: |
| &nbsp;&nbsp;Authorized Representative: |
| &nbsp;&nbsp;Name (Printed): |
| &nbsp;&nbsp;Title (Printed): |
| &nbsp;&nbsp;Date: |
| &nbsp;&nbsp;Phone: |

---

&nbsp;&nbsp;**File Delivery Instructions – Address Needed**

Upon Completion of Request, for Release, please scan and email the request to the appropriate DCS Vault Location.<br> If applicable, please indicate if the request is a "Rush" in the subject line. Please fax the form if you do not have access to email.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Florence: | &nbsp;&nbsp;dcsflorencescreleases@usbank.com |
| &nbsp;&nbsp;Frederick: | &nbsp;&nbsp;electronic.release.requests@usbank.com |
| &nbsp;&nbsp;Jacksonville: | &nbsp;&nbsp;dcsctsjacksonville.requests@usbank.com |
| &nbsp;&nbsp;Saint Paul: | &nbsp;&nbsp;dcs@usbank.com |
| &nbsp;&nbsp;St. Petersburg: | &nbsp;&nbsp;documentcustody.stpete@usbank.com |
| &nbsp;&nbsp;Rocklin: | &nbsp;&nbsp;dcs-rocklin@usbank.com |
| &nbsp;&nbsp;Tempe: | &nbsp;&nbsp;tempe.dcs.request@usbank.com |

---

Exhibit B-1

## Exhibit 10.5

**Exhibit 10.5**

CUSTODY AGREEMENT

dated as of May 14, 2025

by and between

Antares STRATEGIC Credit Fund II LLC

("Company")

and

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

("Custodian")

**<u>**TABLE OF CONTENTS**</u>**

<u>Page</u>

1. DEFINITIONS 1

2. APPOINTMENT
 OF CUSTODIAN 6

3. DUTIES
 OF CUSTODIAN 7

4. REPORTING 16

5. DEPOSIT
 IN U.S. SECURITIES SYSTEMS 17

6. SECURITIES
 HELD OUTSIDE OF THE UNITED STATES 17

7. CERTAIN
 GENERAL TERMS 20

8. COMPENSATION
 OF CUSTODIAN 23

9. RESPONSIBILITY
 OF CUSTODIAN 24

10. SECURITY
 CODES 27

11. TAX
 LAW 27

12. PROPRIETARY
 AND CONFIDENTIAL INFORMATION 28

13. EFFECTIVE
 PERIOD AND TERMINATION 29

14. REPRESENTATIONS
 AND WARRANTIES 31

15. PARTIES
 IN INTEREST; NO THIRD PARTY BENEFIT 32

16. NOTICES 32

17. CHOICE
 OF LAW AND JURISDICTION 32

18. ENTIRE
 AGREEMENT; COUNTERPARTS 33

19. AMENDMENT;
 WAIVER 33

20. SUCCESSOR
 AND ASSIGNS 34

21. SEVERABILITY 34

22. REQUEST
 FOR INSTRUCTIONS 34

23. OTHER
 BUSINESS 34

24. REPRODUCTION
 OF DOCUMENTS 35

25. MISCELLANEOUS 35

SCHEDULES

SCHEDULE A – Initial Authorized Persons

THIS CUSTODY AGREEMENT (this "<u>Agreement</u>") is dated as of May 14, 2025 and is by and between Antares STRATEGIC Credit Fund II LLC (and any successor or permitted assign, the "<u>Company</u>"), a Delaware limited liability company, and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (or any successor or permitted assign acting as custodian hereunder, the "<u>Custodian</u>"), a national banking association.

RECITALS

WHEREAS, the Company is a closed-end management investment company which will elect to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, the Company desires to retain U.S. Bank Trust Company, National Association to act as custodian for the Company and each Subsidiary hereafter identified to the Custodian;

WHEREAS, the Company desires that certain of the Company's Securities (as defined below) and cash be held and administered by the Custodian pursuant to this Agreement in compliance with Section 17(f) of the 1940 Act, concurrent with the entrance into a certain Document Custody Agreement between the Company and the Document Custodian (as defined therein) as of the date hereof;

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

1. **DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Defined Terms</u>. In addition to terms expressly defined elsewhere herein, the following words shall have the following meanings as used in this Agreement:

"<u>Account</u>" or "<u>Accounts</u>" means the Cash Account, the Securities Account, any Subsidiary Cash Account and any Subsidiary Securities Account, collectively.

"<u>Agreement</u>" means this Custody Agreement (as the same may be amended from time to time in accordance with the terms hereof).

"<u>Authorized Person</u>" has the meaning set forth in Section 7.4(a).

"<u>Business Day</u>" means any day that is not Saturday or Sunday and is not a legal holiday or a day in which banking institutions generally are authorized or obligated by law or regulation to remain closed in New York, New York, or the city in which the Custodian (pursuant to Section 16 hereunder) or any Sub-Custodian is located.

"<u>Cash Account</u>" means the segregated accounts to be established by the Custodian at U.S. Bank National Association to which the Custodian shall deposit or credit and hold any cash Proceeds received by it from time to time from or with respect to the Securities or the sale of the Securities of the Company, as applicable, which accounts shall be designated the "Antares Strategic Credit Fund II LLC Cash Interest Proceeds Account" and the "Antares Strategic Credit Fund II LLC Cash Principal Proceeds Account."

"<u>Company</u>" has the meaning set forth in the first paragraph of this Agreement.

"<u>Confidential Information</u>" means any databases, computer programs, screen formats, screen designs, report formats, interactive design techniques, and other similar or related information that may be furnished to the Company by the Custodian from time to time pursuant to this Agreement.

"<u>Custodian</u>" has the meaning set forth in the first paragraph of this Agreement.

"<u>Eligible Foreign Custodian"</u> has the meaning set forth in Rule 17f-5(a)(1), including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

"<u>Eligible Investment</u>" means any investment that at the time of its acquisition is one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) United States government and agency obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commercial paper having a rating assigned to such commercial paper by Standard & Poor's Rating Services or Moody's Investor Service, Inc. (or, if neither such organization shall rate such commercial paper at such time, by any nationally recognized rating organization in the United States of America) equal to one of the two highest ratings assigned by such organization, it being understood that as of the date hereof such ratings by Standard & Poor's Rating Services are "A1+" and "A1" and such ratings by Moody's Investor Service, Inc. are "P1" and "P2";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) interest bearing deposits in United States dollars in United States banks with an unrestricted surplus of at least U.S. $250,000,000, maturing within one year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) money market funds (including funds of the bank serving as Custodian or its affiliates) or United States government securities funds designed to maintain a fixed share price and high liquidity.

"<u>Eligible Securities Depository</u>" has the meaning set forth in Section (b)(1) of Rule 17f-7 under the 1940 Act.

"<u>ERISA</u>" has the meaning set forth in Section 14.1(c).

"<u>Federal Reserve Bank Book-Entry System</u>" means a depository and securities transfer system operated by the Federal Reserve Bank of the United States on which are eligible to be held all United States Government direct obligation bills, notes and bonds.

"<u>Financing Documents</u>" means any Loan Assignment Agreement, Participation Agreement, and any related instrument, security, credit agreement, assignment agreement and/or other agreements or documents, if any, that may be delivered to the Custodian pursuant to this Agreement.

"<u>Foreign Sub-custodian</u>" means and includes any Sub-Custodian appointed to administer any of the Company's Foreign Securities pursuant to Section 6.6 below.

"<u>Foreign Securities</u>" means Securities for which the primary market is outside the United States.

"<u>Investment Adviser</u>" means Antares Capital Credit Advisees LLC or any investment adviser identified to the Custodian by the Company in writing.

"<u>Loan</u>" means any U.S. dollar denominated commercial loan, or Participation therein, whether made by a bank or other financial institution and/or made in a direct lending capacity to the borrower thereunder or otherwise that by its terms provides for payments of principal and/or interest, including discount obligations and payment-in-kind obligations, acquired by the Company from time to time.

"<u>Loan Assignment Agreement</u>" has the meaning set forth in Section 3.3(b)(ii).

"<u>Participation</u>" means an interest in a Loan that is acquired indirectly by way of a participation from a selling institution.

"<u>Participation Agreement</u>" has the meaning set forth in Section 3.3(b)(ii).

"<u>Person</u>" means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof) unincorporated organization, or any government or agency or political subdivision thereof.

"<u>Plan-assets Vehicle</u>" has the meaning set forth in Section 14.1(c).

"<u>Proceeds</u>" means, collectively, (i) the net cash proceeds to the Company of any offering by the Company of any class of securities issued by the Company, (ii) all cash distributions, earnings, dividends, fees and other cash payments paid on the Securities (or, as applicable, Subsidiary Securities) by or on behalf of the issuer or obligor thereof, or applicable paying agent or administrative agent, (iii) the net cash proceeds of the sale or other disposition of the Securities (or, as applicable, Subsidiary Securities) pursuant to the terms of this Agreement (and any Reinvestment Earnings from investment of the foregoing) and (iv) the net cash proceeds to the Company of any borrowing or other financing by the Company, as delivered to and received by the Custodian from time to time.

"<u>Proper Instructions</u>" means instructions (including Trade Confirmations) received by the Custodian in form acceptable to it, from the Company, the Investment Adviser or any Person duly authorized by the Company or the Investment Adviser in any of the following forms acceptable to the Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by an Authorized Person (and delivered by hand, by mail, by electronic mail, by overnight courier or by facsimile);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by electronic mail (or other electronic transmission) from an Authorized Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in a communication utilizing access codes effected between electromechanical or electronic devices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other means as may be agreed upon from time to time by the Custodian and the party giving such instructions, including oral instructions and any SWIFT Transmissions (as defined herein).

"<u>Reinvestment Earnings</u>" has the meaning set forth in Section 3.6(b).

"<u>Securities</u>" means, collectively, (i) the investments, including Loans and Uncertificated Securities, acquired by the Company and delivered to the Custodian by the Company from time to time during the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments described in clause (i). For avoidance of doubt, the term "securities" includes stocks, shares, bonds, debentures, notes, mortgages or other obligations and any certificates, receipts, warrants or other instruments representing rights to receive, purchase, or subscribe for the same, or evidencing or representing any other rights or interests therein, or in any property or assets.

"<u>Securities Account</u>" means the segregated account to be established by the Custodian at U.S. Bank National Association to which the Custodian shall deposit or credit and hold the Securities (other than Loans or Uncertificated Securities) received by the Custodian pursuant to this Agreement, which account shall be designated the "Antares Strategic Credit Fund II LLC Securities Custody Account".

"<u>Securities Depository</u>" means The Depository Trust Company and any other clearing agency registered with the Securities and Exchange Commission under Section 17A of the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

"<u>Securities System</u>" means the Federal Reserve Book-Entry System, a clearing agency which acts as a Securities Depository, or another book entry system for the central handling of securities (including an Eligible Securities Depository).

"<u>Shares</u>" means the common shares of beneficial interest, par value $0.01 per share, of the Company.

"<u>Street Delivery Custom</u>" means a custom of the United States securities market to deliver securities which are being sold to the buying broker for examination to determine that the securities are in proper form.

"<u>Street Name</u>" means the form of registration in which the securities are held by a broker who is delivering the securities to another broker for the purposes of sale, it being an accepted custom in the United States securities industry that a security in Street Name is in proper form for delivery to a buyer and that a security may be re-registered by a buyer in the ordinary course.

"<u>Sub-Custodian</u>" shall mean and include (i) any branch of a "U.S. bank," as that term is defined in Rule 17f-5 under the 1940 Act, and (ii) any "Eligible Foreign Custodian", as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Company based on the standards specified in Section 3.14 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Company will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being held by a third party for the benefit of the Company; (v) that the Company's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Company will receive periodic reports with respect to the safekeeping of the Company's assets, including, but not limited to, notification of any transfer to or from the Company's account or a third party account containing assets held for the benefit of the Company. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Company assets as the specified provisions.

"<u>Subsidiary</u>" means, collectively, any subsidiary of the Company identified to the Custodian by the Company.

"<u>Subsidiary Cash Account</u>" shall have the meaning set forth in Section 3.13(b).

"<u>Subsidiary Securities</u>" means, collectively, (i) the investments, including Loans, acquired by a Subsidiary and delivered to the Custodian by such Subsidiary from time to time during the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments described in clause (i).

"<u>Subsidiary Securities Account</u>" shall have the meaning set forth in Section 3.13(a).

"<u>Trade Confirmation</u>" means a trade ticket or confirmation to the Custodian from the Company of the Company's acquisition of a Loan, and setting forth applicable information with respect to such Loan, in such form as may be acceptable to the Custodian and the Company.

"<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in the State of New York.

"<u>Uncertificated Security</u>" means a Security that is not represented by a physical certificate.

"<u>Underlying Loan Agreement</u>" means, with respect to any Loan, the document or documents evidencing the commercial loan agreement or facility pursuant to which such Loan is made.

"<u>Underlying Loan Documents</u>" means, with respect to any Loan, the related Underlying Loan Agreement together with any agreements and instruments (including any Underlying Note) executed or delivered in connection therewith.

"<u>Underlying Note</u>" means the one or more promissory notes executed by an obligor evidencing a Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Construction</u>. In this Agreement unless the contrary intention appears:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any reference to this Agreement or another agreement or instrument refers to such agreement or instrument
as the same may be amended, modified or otherwise rewritten from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a reference to a statute, ordinance, code or other law includes regulations and other instruments under
it and consolidations, amendments, re-enactments or replacements of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any term defined in the singular form may be used in, and shall include, the plural with the same meaning,
and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a reference to a Person includes a reference to the Person's executors, custodians, successors and
permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly
and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an agreement, representation or warranty on the part of two or more Persons binds them severally and not
jointly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a reference to the term "including" means "including, without limitation,";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a reference to any accounting term is to be interpreted in accordance with generally accepted principles
and practices in the United States, consistently applied, unless otherwise instructed by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reference to "execute", "executed", "sign", "signed",
 "signature" or any other like term hereunder shall include execution by electronic signature (including, without limitation,
any .pdf file, .jpeg file, or any other electronic or image file, or any "electronic signature" as defined under the U.S.
Electronic Signatures in Global and National Commerce Act (" <u>E-SIGN</u> ") or the New York Electronic Signatures and Records
Act (" <u>ESRA</u> "), which includes any electronic signature provided using Orbit, Adobe Sign, DocuSign, or any other similar
platform identified by the Company and reasonably available at no undue burden or expense to the Custodian), except to the extent the
Custodian requests otherwise. Any such electronic signatures shall be valid, effective and legally binding as if such electronic signatures
were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Headings</u>. Headings are inserted for convenience and do not affect the interpretation of this Agreement.

2. **APPOINTMENT OF CUSTODIAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Appointment and Acceptance</u>. (a) The Company hereby appoints the Custodian as custodian of certain Securities and Proceeds owned by the Company and the Subsidiaries (as applicable) and delivered to and received by Custodian from time to time during the period of this Agreement, on the terms and conditions set forth in this Agreement (which shall include any addendum hereto which is hereby incorporated herein and made a part of this Agreement), and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement with respect to it and subject to and in accordance with the provisions hereof. Any Account may contain any number of sub-accounts for the convenience of the Custodian or as required by the Company or the Subsidiaries (as applicable) for convenience in administering such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Instructions</u>. The Company agrees that it shall from time to time provide, or cause to be provided, to the Custodian all necessary instructions and information, and shall respond promptly to all inquiries and requests of the Custodian, as may reasonably be necessary to enable the Custodian to perform its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Company Responsible For Directions</u>. The Company is solely responsible for directing the Custodian with respect to deposits to, withdrawals from and transfers to or from the Accounts. Without limiting the generality of the foregoing, the Custodian has no responsibility for the Company's legal and regulatory compliance (including the 1940 Act), any of its obligations to third-parties in respect of the Accounts, and the Custodian shall have no liability for the application of any funds made with Proper Instructions of the Company. The Company shall be solely responsible for properly instructing all applicable payors to make all appropriate payments to the Custodian for deposit to the Accounts, and for properly instructing the Custodian with respect to the allocation or application of all such deposits.

3. **DUTIES OF CUSTODIAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Segregation</u>. All Securities, Subsidiary Securities and non-cash property held by the Custodian, as applicable, for the account of the Company or Subsidiary, respectively (other than Securities and Subsidiary Securities maintained in a Securities Depository or Securities System), shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash property of the other series of the Company, if applicable) and shall be identified as subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Securities Custody Account</u>. The Custodian shall open and maintain at U.S. Bank National Association a segregated account in the name of the Company, subject only to order of the Custodian, in which the Custodian shall enter and carry, subject to Section 3.3(b), all Securities (other than Loans and Uncertificated Securities), cash and other investment assets of the Company which are delivered to it in accordance with this Agreement. For the avoidance of doubt, the Custodian shall not be required to credit or deposit Loans or Uncertificated Securities in the Securities Account but shall instead maintain a register of such Loans or Uncertificated Securities, containing such information as the Company and the Custodian may reasonably agree and marked so as to clearly identify them as the property of the Company.

The Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such Securities and investments except pursuant to the direction of the Company (or the Investment Adviser on its behalf) under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Delivery of Cash and Securities to Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall deliver, or cause to be delivered, to the Custodian certain of the Company's Securities,
cash and other investment assets, including (a) payments of income, payments of principal and capital distributions received by the
Company with respect to such Securities, cash or other assets owned by the Company at any time during the period of this Agreement and
(b) all Proceeds. With respect to assets other than Loans, such assets shall be delivered to the Custodian in its role as, and (where
relevant) at the address identified for, the Custodian. Except to the extent otherwise expressly provided herein, delivery of Securities
to the Custodian shall be in Street Name or other good delivery form. The Custodian shall not be responsible for such Securities, cash
or other assets until actually delivered to, and received by it. With respect to Securities (other than Loans, Uncertificated Securities
and assets in the nature of "general intangibles" (as hereinafter defined)) held by the Custodian in its capacity as a "securities
intermediary" (as defined in Section 8-102 of the Uniform Commercial Code as in effect in the State of New York (the "UCC")),
the Custodian shall be obligated to exercise due care in accordance with reasonable commercial standards in discharging the duties as
a securities intermediary to hold such Securities. A Security will be deemed to be "delivered" to the Custodian when the Company
delivers such Security in the following manner: (i) if such Security is a Certificated Security or an instrument (other than a Security
held in a Securities System), then in physical certificated form in the name of the Company or its nominee, (ii) if such Security
is an Uncertificated Security or in the form of uncertificated share(s) or other interest (other than a Security held in a Securities
System), then delivery of confirmation statements which identify such shares or interests as being recorded in the name of the Company
or its nominee, (iii) if such Security is held in a Securities System or maintained in one or more omnibus accounts at the Custodian,
its agents or Sub-Custodians, then delivery of confirmation that such Security is held in the Securities System or maintained through
one or more omnibus accounts in the name of the Custodian (or its nominee) who shall identify the same on its books and records as held
for the account of the Company, or (iv) in such other good delivery form that may be agreed to by the Custodian from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) In connection with its acquisition of a Loan, an Uncertificated Security or other delivery of a
 Security constituting a Loan, the Company shall deliver or cause to be delivered to the Custodian a properly completed Trade
 Confirmation containing such information in respect of such Loan or Uncertificated Security as the Custodian may reasonably require
 in order to enable the Custodian to perform its duties hereunder in respect of such Loan or Uncertificated Security on which the
 Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may
 require.

(ii) Notwithstanding any term hereof or elsewhere to the contrary, (a) it is hereby expressly acknowledged that (i) interests in Loans or Uncertificated Securities may be acquired by the Company (or a Subsidiary) from time to time which are not evidenced by, or accompanied by delivery of, a Security or an instrument, as that term is defined in Section 9-102(a)(4a) of the UCC, and may be evidenced solely by delivery to the Custodian of (x) a facsimile or electronic copy of an assignment agreement ("<u>Loan Assignment Agreement</u>") in favor of the Company as assignee or, in respect of any Loan acquired by participation interest, a participation agreement (a "<u>Participation Agreement</u>") in favor of the Company as participant or (y) a copy of the register of the underlying issuer of such interest evidencing registration of such equity interest on the books and records of the applicable issuer to the name of the Company (or its nominee) and (ii) any such Loan Assignment Agreement or Participation Agreement (and the registration of the related Loan on the books and records of the applicable obligor or bank agent) shall be registered in the name of the Company (or its nominee), and (b) nothing herein shall require the Custodian to credit to the Securities Account or to treat as a financial asset (within the meaning of Section 8-102(a)(9) of the UCC) any such Loan or other asset in the nature of a general intangible (as defined in Section 9-102(a)(42) of the UCC) or to "maintain" a sufficient quantity thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Custodian may assume the genuineness of any such Financing Document it may receive and the genuineness and due authority of any signatures appearing thereon, and shall be entitled to assume that each such Financing Document it may receive is what it purports to be. If an original "security" or "instrument" as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, is or shall be or becomes available with respect to any Loan to be held by the Custodian under this Agreement, it shall be the sole responsibility of the Company to make or cause delivery thereof to the Custodian, and the Custodian shall not be under any obligation at any time to determine whether any such original security or instrument has been or is required to be issued or made available in respect of any Loan or to compel or cause delivery thereof to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Contemporaneously with the acquisition of any Loan, the Company shall (a) cause any appropriate Financing Documents evidencing such Loan to be delivered to the Custodian; (b) if requested by the Custodian, provide to the Custodian an amortization schedule of principal payments and a schedule of the interest payable date(s) identifying the amount and due dates of all scheduled principal and interest payments for such Loan and (c) provide to the Custodian a properly completed Trade Confirmation containing such information in respect of such Loan as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require; (d) take all actions necessary for the Company to acquire good title to such Loan; and (e) take all actions as may be necessary (including appropriate payment notices and instructions to bank agents or other applicable paying agents or administrative agents) to cause (A) all payments in respect of the Loan to be made to the Custodian and (B) all notices, solicitations and other communications in respect of such Loan to be directed to the Company. The Custodian shall have no liability for any delay or failure on the part of the Company to provide necessary information to the Custodian, or for any inaccuracy therein or incompleteness thereof, or for any delay or failure on the part of the Company to give such effective payment instruction to bank agents and other paying agents or administrative agents, in respect of the Loans. With respect to each such Loan, the Custodian shall be entitled to rely on any information and notices it may receive from time to time from the related bank agent, obligor, participating bank, nationally recognized pricing service or vendor, reputable financial information reporting source or similar party with respect to the related Loan, and shall be entitled to update its records (as it may deem necessary or appropriate), or from the Company, on the basis of such information or notices received, without any obligation on its part independently to verify, investigate or recalculate such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Release of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall release and if applicable, ship for delivery, or direct its agents or Sub-Custodian
to release and if applicable, ship for delivery, as the case may be, Securities of the Company held by the Custodian, its agents or its
Sub-Custodian from time to time upon receipt of Proper Instructions (which shall, among other things, specify the Securities to be released,
with such delivery and other information as may be necessary to enable the Custodian to perform), which may be standing instructions (in
form acceptable to the Custodian) in the following cases:

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to an issuer thereof, or its agent, for transfer into the name of the Custodian or of any nominee of the
Custodian or into the name of any of its agents or Sub-Custodian or their nominees or for exchange for a different number of bonds, certificates
or other evidence representing the same aggregate face amount or number of units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to brokers clearing banks or other clearing agents for examination in accordance with the Street Delivery
Custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) for exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization
or readjustment of the Securities of the issuer of such Securities, or pursuant to any deposit agreement (unless otherwise directed by
Proper Instructions, the new securities and cash, if any, are to be delivered to the Custodian, its agents or its Sub-Custodian);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants,
rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities (unless otherwise
directed by Proper Instructions, the new securities and cash, if any, are to be delivered to the Custodian, its agents or its Sub-Custodian);
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) for any other purpose, but only upon receipt of Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Registration of Securities</u>. Securities held by the Custodian, its agents or its Sub-Custodian (other than bearer securities or securities held in a Securities System) shall be registered in the name of the Company or its nominee; or, at the option of the Custodian (if the Company and the Custodian determine that such Security cannot be held in the name of the Company), in the name of the Custodian or in the name of any nominee of the Custodian, or in the name of its agents or its Sub-Custodian or their nominees, in each case, for the benefit of the Company; or if directed by the Company by Proper Instruction, may be maintained in Street Name. The Custodian, its agents and its Sub-Custodian shall not be obligated to accept Securities on behalf of the Company under the terms of this Agreement unless such Securities (other than Loans) are in Street Name or other good deliverable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Bank Accounts and Management of Cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Proceeds and other cash received by the Custodian from time to time shall be deposited into or credited
to the respective Cash Account as designated by the Company. All amounts deposited into or credited to the designated Cash Account shall
be subject to clearance and receipt of final payment by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amounts held in each respective Cash Account from time to time may be invested in Eligible Investments
pursuant to specific written Proper Instructions (which may be standing instructions) received by the Custodian from an Authorized Person
acting on behalf of the Company. Such investments shall be subject to availability and the Custodian's then applicable transaction
charges (which shall be at the Company's expense). Absent receipt of such Proper Instructions from the Company, the Custodian shall
have no obligation to invest (or otherwise pay interest on) amounts on deposit in each respective Cash Account. In no instance will the
Custodian have any obligation to provide investment advice to the Company. Any earnings from such investment of amounts held in the Cash
Accounts from time to time (collectively, " <u>Reinvestment Earnings</u> ") shall be redeposited in the respective Cash Account
(and may be reinvested pursuant to specific Proper Instructions of the Company). The Custodian shall have no liability for any losses
on any investments made as described herein, unless such losses result from the Custodian's gross negligence, willful misconduct
or bad faith. For avoidance of doubt, the Custodian shall not be under any obligation to determine whether any investment constitutes
an Eligible Investment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Company shall at any time request a withdrawal of amounts from any of the Cash Accounts,
the Custodian shall be entitled to liquidate, and shall have no liability for any loss incurred as a result of the liquidation of, any
investment of the funds credited to such account as needed to provide necessary liquidity, unless such losses result from the Custodian's
gross negligence, willful misconduct or bad faith. Investment instructions may be in the form of standing instructions (in the form of
Proper Instructions acceptable to Custodian).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company acknowledges that cash deposited or invested with any bank (including the bank acting as Custodian)
may make a margin or generate banking income for which such bank shall not be required to account to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for
administration of its duties hereunder with notice to be provided to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 Foreign Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the receipt of Proper Instructions, the Custodian, its agents or its Sub-Custodian may (but shall
not be obligated to) enter into all types of contracts for foreign exchange on behalf of the Company, upon terms acceptable to the Custodian
and the Company (in each case at the Company's expense), including transactions entered into with the Custodian, its Sub-Custodian
or any affiliates of the Custodian or the Sub-Custodian. The Custodian shall have no liability for any losses incurred in or resulting
from the rates obtained in such foreign exchange transactions; and absent specific and acceptable Proper Instructions, the Custodian shall
not be deemed to have any duty to carry out any foreign exchange on behalf of the Company. The Custodian shall be entitled at all times
to comply with any legal or regulatory requirements applicable to currency or foreign exchange transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company acknowledges that the Custodian, any Sub-Custodian or any affiliates of the Custodian or any
Sub-Custodian, involved in any such foreign exchange transactions may make a margin or generate banking income from foreign exchange transactions
entered into pursuant to this section for which they shall not be required to account to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Collection of Income</u>. Subject to Section 7.8 hereof, the Custodian, its agents or its Sub-Custodian shall use reasonable efforts to collect on a timely basis all income and other payments with respect to the Securities held hereunder to which the Company shall be entitled, to the extent consistent with usual custom in the securities custodian business in the United States. Such efforts shall include collection of interest income, dividends and other payments with respect to registered domestic securities if on the record date with respect to the date of payment by the issuer the Security is registered in the name of the Custodian or its nominee (or in the name of its agent or Sub-Custodian, or their nominee); and interest income, dividends and other payments with respect to bearer domestic securities if, on the date of payment by the issuer such securities are held by the Custodian or its Sub-Custodian or agent; provided, however, that in the case of Securities held in Street Name, the Custodian shall use commercially reasonable efforts only to timely collect income. In no event shall the Custodian's agreement herein to collect income be construed to obligate the Custodian to commence, undertake or prosecute any legal proceedings. If the Custodian receives a written notice of default or refusal to pay with respect to the Securities from an issuer or transfer agent, the Custodian shall forward such notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 Payment of Moneys.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon receipt of Proper Instructions, which may be standing instructions, the Custodian shall pay out from
the respective Cash Account designated by the Company (or remit to its agents or its Sub-Custodian, and direct them to pay out) moneys
of the Company on deposit therein in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon the purchase of Securities for the Company pursuant to such Proper Instructions; and such purchase
may, unless and except to the extent otherwise directed by Proper Instructions, be carried out by the Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in accordance with the customary or established practices and procedures in the jurisdiction or market
where the transactions occur, including delivering money to the seller thereof or to a dealer therefor (or any agent for such seller or
dealer) against expectation of receiving later delivery of such securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the case of a purchase effected through a Securities System, in accordance with the rules governing
the operation of such Securities System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for the purchase or sale of foreign exchange or foreign exchange agreements for the account of the Company,
including transactions executed with or through the Custodian, its agents or its Sub-Custodian, as contemplated by Section 3.7 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for the payment of distributions, inclusive of accompanying shareholder servicing and/or distribution
fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for the repurchase of Shares pursuant to tender offers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) for any other purpose directed by the Company, but only upon receipt of Proper Instructions specifying
the amount of such payment, and naming the Person or Persons to whom such payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time or times, the Custodian shall be entitled to pay (i) itself from any of the Cash Accounts,
whether or not in receipt of express direction or instruction from the Company, any undisputed amounts due and payable to it pursuant
to Section 8 hereof, and (ii) as otherwise permitted by Section 7.5, Section 9.4 or Section 13.5 below, provided,
however, that in each case (i) the Custodian shall have first invoiced or billed the Company for such amounts and the Company shall
have failed to pay such amounts within thirty (30) days after the date of such invoice or bill, and (ii) all such payments shall
be accounted for to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Proxies</u>. The Custodian will, with respect to the Securities held hereunder, use reasonable efforts to cause to be promptly executed by the registered holder of such Securities proxies received by the Custodian from its agents or its Sub-Custodian or from issuers of the Securities being held for the Company, without indication of the manner in which such proxies are to be voted, and upon receipt of Proper Instructions shall promptly deliver to the applicable issuer such proxies, proxy soliciting materials and notices relating to such Securities. In the absence of such Proper Instructions, or in the event that such Proper Instructions are not received in a timely fashion, the Custodian shall be under no duty to act with regard to such proxies. Notwithstanding the above, neither Custodian nor any nominee of Custodian shall vote any of the Securities held hereunder by or for the account of the Company, except in accordance with Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Communications Relating to Securities</u>. The Custodian shall transmit promptly to the Company all written information (including proxies, proxy soliciting materials, notices, pendency of calls and maturities of Securities and expirations of rights in connection therewith) received by the Custodian, from its agents or its Sub-Custodian or from issuers of the Securities being held for the Company. The Custodian shall have no obligation or duty to exercise any right or power, or otherwise to preserve rights, in or under any Securities unless and except to the extent it has received timely Proper Instruction from the Company in accordance with the next sentence. The Custodian will not be liable for any untimely exercise of any right or power in connection with Securities at any time held by the Custodian, its agents or Sub-Custodian unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Custodian has received Proper Instructions with regard to the exercise of any such right or power;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Custodian, or its agents or Sub-Custodian are in actual possession of such Securities,

in each case, at least three (3) Business Days prior to the date on which such right or power is to be exercised. Notwithstanding the foregoing, in the event the Custodian shall receive Proper Instructions with regard to the exercise of any right or power less than three (3) Business Days prior to the date on which such right or power is to be exercised, the Custodian shall use reasonable best efforts to exercise such right or power as promptly as practicable. It will be the responsibility of the Company to notify the Custodian of the Person to whom such communications must be forwarded under this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Records</u>. The Custodian shall create and maintain complete and accurate records relating to its activities under this Agreement with respect to the Securities, cash or other property held for the Company under this Agreement. To the extent that the Custodian, in its sole opinion, is able to do so, the Custodian shall provide assistance to the Company (at the Company's reasonable request made from time to time) by providing sub-certifications regarding certain of its services performed hereunder to the Company in connection with the Company's certification requirements pursuant to applicable law, including the Sarbanes-Oxley Act of 2002, as amended. All such records shall be the property of the Company and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Company, upon reasonable request with at least five (5) Business Days' prior written notice and at the Company's expense. The Custodian shall, at the Company's request, supply the Company with a tabulation of securities owned by the Company and held by the Custodian and shall, when requested to do so by the Company and for such compensation as shall be agreed upon between the Company and the Custodian, include, to the extent applicable, the certificate numbers in such tabulations, to the extent such information is available to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 Custody of Subsidiary Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the request of the Company, with respect to each Subsidiary identified to the Custodian by the Company,
there shall be established by the Custodian at U.S. Bank National Association a segregated account to which the Custodian shall deposit
and hold any Subsidiary Securities (other than Loans) (and any Proceeds received by it in the form of dividends in kind) and any cash
Proceeds received by it from time to time from or with respect to Subsidiary Securities received by it pursuant to this Agreement, which
account shall be designated the "[INSERT NAME OF SUBSIDIARY] Securities Account" (the " <u>Subsidiary Securities Account</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the request of the Company, with respect to each Subsidiary identified to the Custodian by the Company,
there shall be established by the Custodian at U.S. Bank National Association segregated accounts to which the Custodian shall deposit
and hold any cash Proceeds received by it from time to time from or with respect to Subsidiary Securities, which accounts shall be designated
the "[INSERT NAME OF SUBSIDIARY] Cash Principal Proceeds Account" and "[INSERT NAME OF SUBSIDIARY] Cash Interest Proceeds
Account" (together, the " <u>Subsidiary Cash Accounts</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the maximum extent possible, the provisions of this Agreement regarding Securities of the Company,
the Securities Account and the Cash Account shall be applicable to any Subsidiary Securities, cash and other investment assets, Subsidiary
Securities Account and Subsidiary Cash Accounts, respectively. The parties hereto agree that the Company shall notify the Custodian in
writing as to the establishment of any Subsidiary as to which the Custodian is to serve as custodian pursuant to the terms of this Agreement;
and identify in writing any accounts the Custodian shall be required to establish for such Subsidiary as herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Responsibility for Property Held by Sub-Custodians</u>. The Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities Depositories or (ii) Eligible Foreign Custodians. The Custodian's responsibility with respect to the selection or appointment of a Sub-Custodian (other than an affiliate of the Custodian) shall be limited to a duty to exercise reasonable care and good faith in the selection of such Sub-Custodian in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. To the extent permitted by applicable law, the Custodian shall request each Sub-Custodian to identify on its own books and records that any assets held at such Sub-Custodian by Custodian on behalf of its customers belong to customers of the Custodian, such that it is readily apparent that such assets do not belong to the Custodian or such Sub-Custodian. With respect to any costs, expenses, damages, liabilities, or claims (including attorneys' and accountants' fees) incurred as a result of the acts or the failure to act by any Sub-Custodian (other than an affiliate of the Custodian), the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities, or claims from such Sub-Custodian; provided that the Custodian's sole liability in that regard shall be limited to amounts actually received by it from such Sub-Custodian (exclusive of related costs and expenses incurred by the Custodian).

4. **REPORTING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Custodian shall render to the Company a monthly report of (i) all deposits to and withdrawals from the Cash Account during the month, and the outstanding balance (as of the last day of the preceding monthly report and as of the last day of the subject month) and (ii) an itemized statement of the Securities held pursuant to this Agreement as of the end of each month, all transactions in the Securities during the month, as well as a list of all Securities transactions that remain unsettled at that time, and (iii) such other matters as the parties may agree from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 For each Business Day, the Custodian shall render to the Company a daily report of (i) all deposits to and withdrawals from the Cash Account for such Business Day and the outstanding balance as of the end of such Business Day, and (ii) a report of settled trades of Securities for such Business Day, and (iii) a report of all Securities (inclusive of Loans) positions as of the end of the prior Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Custodian shall have no duty or obligation to undertake any market valuation of the Securities under any circumstance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Custodian shall provide the Company, promptly upon request, with such reports as are reasonably available to it and as the Company may reasonably request from time to time, on the internal accounting controls and procedures for safeguarding securities, which are employed by the Custodian (or any Sub Custodian appointed hereunder, to the extent available to the Custodian).

5. **DEPOSIT IN U.S. SECURITIES SYSTEMS** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If requested by the Company, the Custodian shall provide to the Company copies of all notices received
from the U.S. Securities System of transfers of Securities for the account of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Anything to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Company
for any direct loss, damage, cost, expense, liability or claim to the Company resulting from use of any Securities System (other than
to the extent resulting from the gross negligence, fraud, willful misconduct or bad faith of the Custodian itself or from failure of the
Custodian to enforce effectively such rights as it may have against the U.S. Securities System).

6. **SECURITIES HELD OUTSIDE OF THE UNITED STATES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Appointment of Foreign Sub-custodian</u>. The Company hereby authorizes and instructs the Custodian in its sole discretion to employ one or more Foreign Sub-custodians to act as Eligible Securities Depositories or as Sub-Custodian to hold the Securities and other assets of the Company maintained outside the United States, subject to the Company's approval in accordance with this section. If the Custodian wishes to appoint a Foreign Sub-custodian to hold property of the Company subject to this Agreement, it will so notify the Company and provide it with information reasonably necessary to determine any such new Foreign Sub-custodian's eligibility under Rule 17f-5 under the 1940 Act, including a copy of the proposed agreement with such Foreign Sub-custodian. The Company shall at the meeting of its board of trustees (the "<u>Board of Trustees</u>") next following receipt of such notice and information give a written approval or disapproval of the proposed action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Assets to be Held</u>. The Custodian shall limit the Securities and other assets maintained in the custody of the Foreign Sub-custodian to: (a) Foreign Securities and (b) cash and cash equivalents in such amounts as the Company (through Proper Instructions) may determine to be reasonably necessary to effect the Company's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Omnibus Accounts</u>. The Custodian may hold Foreign Securities and related Proceeds with one or more Foreign Sub-custodians in each case in a single account with such Foreign Sub-custodian that is identified as belonging to the Custodian for the benefit of its customers; provided however, that the records of the Custodian with respect to Securities and related Proceeds that are property of the Company maintained in such account(s) shall identify by book-entry those Securities and other property as belonging to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Reports Concerning Foreign Sub-custodian</u>. The Custodian will supply to the Company, upon request from time to time, statements in respect of the Securities held by Foreign Sub-custodians or Eligible Securities Depositories, including an identification of the Foreign Sub-custodians and Eligible Securities Depositories having physical possession of the Foreign Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Transactions in Foreign Custody Account</u>. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Securities received by a Foreign Sub-custodian for the account of the Company may be effected in accordance with the customary established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Foreign Sub-custodian</u>. Each contract or agreement pursuant to which the Custodian employs a Foreign Sub-custodian shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Company will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Company's assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors (except a claim of payment for their safe custody or administration) or, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Company's assets will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being held by a third party for the benefit of the Company; (v) that the Company's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Company will receive periodic reports with respect to the safekeeping of the Company's assets, including notification of any transfer to or from a Company's account or a third party account containing assets held for the benefit of the Company. Such contract may contain, in lieu of any or all of the provisions specified above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Company assets as the specified provisions, in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 Custodian's Responsibility for Foreign Sub-custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to its responsibilities under this Section 6, the Custodian agrees to exercise reasonable
care, prudence and diligence such as a person having responsibility for the safekeeping of property of the Company would exercise. The
Custodian further agrees that the Foreign Securities will be subject to reasonable care, based on the standards applicable to the Custodian
in the relevant market, if maintained with each Foreign Sub-custodian, after considering all factors relevant to the safekeeping of such
assets, including: (i) the Foreign Sub-custodian's practices, procedures, and internal controls, including the physical protections
available for certificated securities (if applicable), the method of keeping custodial records, and the security and data protection practices;
(ii) whether the Foreign Sub-custodian has the requisite financial strength to provide reasonable care for Company assets; (iii) the
Foreign Sub-custodian's general reputation and standing and, in the case of Eligible Securities Depository, the Eligible Securities
Depository's operating history and number of participants; and (iv) whether the Company will have jurisdiction over and be
able to enforce judgments against the Foreign Sub-custodian, such as by virtue of the existence of any offices of the Foreign Sub-custodian
in the United States or the Sub-Custodian's consent to service of process in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the end of each calendar quarter, or at such other times as the Company's Board of Trustees deems
reasonable and appropriate based on the circumstances of the Company's foreign custody arrangements, the Custodian shall provide
written reports notifying the Board of Trustees of the Company as to the placement of the Foreign Securities and cash of the Company with
a particular Foreign Sub-custodian and of any material changes in the Company's foreign custody arrangements. The Custodian shall promptly
take such steps as may be required to withdraw assets of the Company from any Foreign Sub-custodian that has ceased to meet the requirements
of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian shall establish a system to monitor the appropriateness of maintaining the Company's
assets with a particular Foreign Sub-custodian and the performance of the contract governing the Company's arrangements with such
Foreign Sub-custodian. To the extent the Custodian holds Foreign Securities and related Proceeds with one or more Eligible Securities
Depositories, the Custodian shall provide the Company with an analysis of the custody risks associated with maintaining assets with such
Eligible Securities Depository and shall monitor such custody risks on a continuing basis and promptly notify the Company of any material
change in these risks. The Custodian agrees to exercise reasonable care, prudence and diligence in performing its obligations under this
clause (c). If the Custodian determines that a custody arrangement with an Eligible Securities Depository no longer meets the requirements
of this section, the Company's Foreign Securities must be withdrawn from such depository as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian's responsibility with respect to the selection or appointment of a Foreign Sub-custodian
shall be limited to a duty to exercise reasonable care in the selection or retention of such Foreign Sub-custodian in light of prevailing
settlement and securities handling practices, procedures and controls in the relevant market. With respect to any costs, expenses, damages,
liabilities, or claims (including attorneys' and accountants' fees) incurred as a result of the acts or the failure to act
by any Foreign Sub-custodian, the Custodian shall take reasonable action to recover and, at the request of the Company, assist the Company
in recovering, such costs, expenses, damages, liabilities, or claims from such Foreign Sub-custodian; provided that the Custodian's
sole liability in that regard shall be limited to amounts actually received by it from such Foreign Sub-custodian (exclusive of related
costs and expenses incurred by the Custodian). The Custodian shall have no responsibility for any act or omission (or the insolvency of)
any Securities System (including an Eligible Securities Depository).

7. **CERTAIN GENERAL TERMS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>No Duty to Examine Financing Documents</u>. Nothing herein shall obligate the Custodian to review or examine the terms of any Financing Document, underlying instrument, certificate, credit agreement, indenture, loan agreement, promissory note, or other financing document evidencing or governing any Security to determine the validity, sufficiency, marketability or enforceability of any Security (and shall have no responsibility for the genuineness or completeness thereof) or for the Company's title to any related Loan, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Resolution of Discrepancies</u>. In the event of any discrepancy between the information set forth in any report provided by the Custodian to the Company and any information contained in the books or records of the Company, the Company shall promptly notify the Custodian thereof and the parties shall cooperate to diligently resolve the discrepancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Improper Instructions</u>. Notwithstanding anything herein to the contrary, the Custodian shall not be obligated to take any action (or forebear from taking any action), which it reasonably determines (at its sole option) to be contrary to the terms of this Agreement or applicable law. In no instance shall the Custodian be obligated to provide services on any day that is not a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will give written notice to the Custodian, in form acceptable to the Custodian, specifying
the names and specimen signatures (whether manual, facsimile, pdf or other electronic signature) of persons authorized to give Proper
Instructions (collectively, " <u>Authorized Persons</u> " and each is an " <u>Authorized Person</u> ") which notice
shall be signed (whether manual, facsimile, pdf or other electronic signature) by an Authorized Person previously certified to the Custodian.
The Custodian shall be entitled to rely upon the identity and authority of such persons until it receives written notice from an Authorized
Person of the Company to the contrary. The initial Authorized Persons are set forth on <u>Schedule A</u> attached hereto and made a part
hereof (as such <u>Schedule A</u> may be modified from time to time by written notice from the Company to the Custodian). The Custodian
shall be entitled to accept and act upon Proper Instructions sent by unsecured email, facsimile transmission or other similar unsecured
electronic methods. If such person on behalf of the Company (or the Investment Adviser on its behalf) elects to give the Custodian email
or facsimile instructions (or instructions by a similar electronic method) and the Custodian in its discretion elects to act upon such
instructions, the Custodian's reasonable understanding of such instructions shall be deemed controlling. The Custodian shall not
be liable for any losses, costs or expenses arising directly or indirectly from the Custodian's reliance upon and compliance with
such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. The
Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Custodian,
including without limitation the risk of the Custodian acting on unauthorized instructions, and the risk of interception and misuse by
third parties and acknowledges and agrees that there may be more secure methods of transmitting such instructions than the method(s) selected
by it and agrees that the security procedures (if any) to be followed in connection with its transmission of such instructions provide
to it a commercially reasonable degree of protection in light of its particular needs and circumstances. The Company hereby authorizes
and directs the Custodian to accept, rely and act upon instruction from the Investment Adviser, acting on behalf and in the name of the
Company for all purposes hereunder, and the Custodian is authorized to recognize and act upon the instruction of the Investment Adviser,
acting alone, on behalf and in the stead of the Company for all purposes hereunder; provided that such authorization and direction may
be revoked at any time by an Authorized Person who is an officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian shall have no responsibility or liability to the Company (or any other person or entity),
and shall be indemnified and held harmless by the Company, in the event that a subsequent written confirmation of an oral instruction
fails to conform to the oral instructions received by the Custodian. The Custodian shall not have an obligation to act in accordance with
purported instructions to the extent that they conflict with applicable law or regulations, local market practice or the Custodian's
operating policies and practices. The Custodian shall not be liable for any loss resulting from a delay while it obtains clarification
of any Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company hereby agrees that directions given by it pursuant to secure financial messaging services
provided by SWIFT (" <u>SWIFT Transmissions</u> ") are deemed to Proper Instructions for all purposes hereunder. The Company
instructs the Custodian to accept and record SWIFT Transmissions initiated by the Company (or the Advisor on its behalf) to the same extent
that written wire transfer instructions are accepted and processed by the Custodian. The Custodian may conclusively rely on SWIFT Transmissions
and the Custodian shall be entitled to and the Company agrees to provide any verification of information as requested by the Custodian,
including the call back process to an individual designated by the Company as authorized to provide such verification. The Custodian may
also request, and the Company will provide, an additional signed direction (whether by manual, facsimile, .pdf or other electronic signature)
in connection with any SWIFT Transmission. For purposes of compliance with any incumbency certificate of the Company, all instructions
received by the Custodian through the methodology described herein shall be deemed in compliance with the procedures outlined therein
(to the extent applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Actions Permitted Without Express Authority</u>. The Custodian may, at its discretion, without express authority from the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make payments to itself as described in or pursuant to Section 3.9(b), or to make payments to itself
or others for reasonable and documented expenses of handling securities or other similar items relating to its duties under this Agreement,
provided that (i) the Custodian shall have first invoiced or billed the Company for such amounts and the Company shall have failed
to pay such amounts within thirty (30) days after the date of such invoice or bill, and (ii) all such payments shall be accounted
for to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) surrender Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) endorse for collection cheques, drafts and other negotiable instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in general, except as directed in Proper Instructions, attend to all nondiscretionary details in connection
with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Evidence of Authority</u>. The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate instrument or paper reasonably believed by it to be genuine and to have been properly executed (whether manual, facsimile, pdf or other electronic signature) or otherwise given by or on behalf of the Company by an Authorized Person. The Custodian may receive and accept a certificate signed (whether manual, facsimile, pdf or other electronic signature) by any Authorized Person as conclusive evidence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the authority of any person to act in accordance with such certificate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any determination or of any action by the Company as described in such certificate,

and such certificate may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary from an Authorized Person of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Receipt of Communications</u>. Any communication received by the Custodian on a day which is not a Business Day or after 3:30 p.m., Eastern time (or such other time as is agreed by the Company and the Custodian from time to time), on a Business Day will be deemed to have been received on the next Business Day (but in the case of communications so received after 3:30 p.m., Eastern time, on a Business Day, the Custodian will use reasonable efforts to process such communications as soon as possible after receipt).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Actions on the Loans</u>. Except as provided expressly herein, the Custodian shall have no duty or obligation hereunder to take any action on behalf of the Company, to communicate on behalf of the Company, to collect amounts or proceeds in respect of, or otherwise to interact or exercise rights or remedies on behalf of the Company, with respect to any of the Loans. Except as provided expressly herein, all such actions and communications are the responsibility of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Confidentiality</u>. The parties hereto agree that they and their advisors, including legal counsel, shall not disclose to any other Person and shall keep confidential all Confidential Information, including the terms and conditions of this Agreement (including fee arrangements) and any amendment, supplement, Schedule or Exhibit hereto consistent with Section 12 herein. In the event that any party hereto or its advisors breaches any provision of this section, then, in addition to any other rights and remedies available to the non-breaching party, a non-breaching party shall be entitled to temporary and permanent injunctive relief against the breaching party without the necessity of proving actual damages. Notwithstanding the foregoing, Confidential Information may be disclosed by a party to the extent that (i) such party reasonably deems necessary to do so in working with taxing authorities or other governmental agencies or regulatory bodies or in order to comply with any applicable laws, or (ii) any portion of the Confidential Information is required by law or requested by judicial or regulatory or supervisory process to be disclosed.

8. **COMPENSATION OF CUSTODIAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Fees</u>. The Custodian shall be entitled to compensation for its services in accordance with the terms of that certain fee letter dated on or around the date hereof (as the same may be amended, modified or supplemented from time to time, the "<u>Fee Letter</u>") between the Company and the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Expenses</u>. Subject to and to the extent provided in the Fee Letter, the Company agrees to pay or reimburse to the Custodian upon its request from time to time all reasonable and documented costs, disbursements, advances, expenses (including reasonable and documented fees and expenses of legal counsel) incurred, and any disbursements and advances made (including any account overdraft resulting from any settlement or assumed settlement, provisional credit, chargeback, returned deposit item, reclaimed payment or claw-back, or the like), in connection with the preparation, execution or enforcement of this Agreement, or in connection with the transactions contemplated hereby or the administration of this Agreement or performance by the Custodian of its duties and services under this Agreement, from time to time (including without limitation costs and expenses of any action by the Custodian to collect any amounts owing to it under this Agreement, so long as the Custodian is awarded all or a part of such costs or expenses).

9. **RESPONSIBILITY OF CUSTODIAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>General Duties</u>. The Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the Securities or Proceeds except for such duties as are expressly and specifically set forth in this Agreement, and the duties and obligations of the Custodian shall be determined solely by the express provisions of this Agreement. No implied duties, obligations or responsibilities shall be read into this Agreement against, or on the part of, the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall be entitled to refrain from taking any action unless it has such instruction (in the
form of Proper Instructions) from the Company as it reasonably deems necessary, and shall be entitled to require, upon notice to the Company,
that Proper Instructions to it be in writing. The Custodian shall have no liability for any action (or forbearance from action) taken
pursuant to the Proper Instruction of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever the Custodian is entitled or required to receive or obtain any communications or information
pursuant to or as contemplated by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably
acceptable to it and otherwise in accordance with any applicable terms of this Agreement; and whenever any report or other information
is required to be produced or distributed by the Custodian, it shall be in form, content and medium reasonably acceptable to it and the
Company, and otherwise in accordance with any applicable terms of this Agreement.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian may rely on and shall be protected in acting or refraining from acting in reliance upon
any written notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper, electronic
communication or document furnished to it (including any of the foregoing provided to it by facsimile or electronic means), not only as
to its due execution and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith
believes to be genuine and signed (whether manual, facsimile, pdf or other electronic signature), sent or presented by the proper person
(which in the case of any instruction from or on behalf of the Company shall be an Authorized Person); and the Custodian shall be entitled
to presume the genuineness and due authority of any signature (whether manual, facsimile, pdf or other electronic signature) appearing
thereon. The Custodian shall not be bound to make any independent investigation into the facts or matters stated in any such notice, instruction,
statement, certificate, request, waiver, consent, opinion, report, receipt, electronic communication or other paper or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Custodian nor any of its directors, officers or employees shall be liable to anyone for any
error of judgment, or for any act done or step taken or omitted to be taken by it (or any of its directors, officers or employees), or
for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith, unless such action or inaction
constitutes gross negligence, willful misconduct, fraud or bad faith on its part. The Custodian shall not be liable for any action taken
by it in good faith and reasonably believed by it to be within powers conferred upon it, or taken by it pursuant to any direction or instruction
by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for
such action. Except as provided herein, the Custodian shall not be under any obligation at any time to ascertain whether the Company is
in compliance with (i) the 1940 Act, the regulations thereunder, or the Company's investment objectives and policies then in
effect or (ii) any restrictions, covenants, limitations or obligations to which the Company may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event shall any party hereunder be liable for any indirect, incidental, special, punitive or consequential
damages (including lost profits or diminution of value), whether or not it has been advised of the likelihood of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian may consult with, and obtain advice from, legal counsel selected in good faith with respect
to any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or
advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by
the Custodian in good faith in accordance with the opinion and directions of such counsel; the reasonable cost of such services shall
be reimbursed pursuant to Section 8.2 above and in accordance with the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto unless
actually known by an officer working in its Global Corporate Trust group and charged with responsibility for administering this Agreement
or unless (and then only to the extent received) in writing by the Custodian at the applicable address(es) as set forth in Section 16
hereof and specifically referencing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No provision of this Agreement shall require the Custodian to expend or risk its own funds, or to take
any action (or forbear from action) hereunder which might in its judgment involve any expense or any financial or other liability unless
it shall be furnished with acceptable indemnification. Nothing herein shall obligate the Custodian to commence, prosecute or defend legal
proceedings in any instance, whether on behalf of the Company or on its own behalf or otherwise, with respect to any matter arising hereunder,
or relating to this Agreement or the services contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The permissive right of the Custodian to take any action hereunder shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Custodian may act or exercise its duties or powers hereunder through agents, Sub-Custodians or attorneys,
and the Custodian shall not be liable or responsible for the actions or omissions of any such agent, Sub-Custodian or attorney (other
than an affiliate of the Custodian) appointed with reasonable due care.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall and does hereby indemnify and hold harmless the Custodian and any Foreign Sub-custodian
and each of its officers, directors, employees, attorneys, agents, advisors, successors and assigns (collectively, the " <u>Indemnified Persons</u> " and each an " <u>Indemnified Person</u> ") for and from any and all costs and expenses (including reasonable
and documented attorney's fees and expenses), and any and all losses, damages, claims (whether brought by or involving the Company
or any third party) and liabilities, that may arise, be brought against or incurred by an Indemnified Person whether brought by or involving
any third party or the Company and whether direct, indirect or consequential, as a result of or arising from any claim, demand, suit,
action or proceeding (including any inquiry or investigation) by any person, including without limitation the Company or any Subsidiary,
and any advances or disbursements made by the Custodian (including in respect of any Account overdraft, returned deposit item, chargeback,
provisional credit, settlement or assumed settlement, reclaimed payment, claw-back or the like), as a result of, relating to, or arising
out of this Agreement, or the administration or performance of the Custodian's duties hereunder, the enforcement of any provision
of this Agreement or the relationship between the Company (including, for the avoidance of doubt, any Subsidiary) and the Custodian created
hereby, other than such liabilities, losses, damages, claims, costs and expenses as are directly caused by the Custodian's action
or inaction constituting gross negligence, fraud, willful misconduct or bad faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian shall have and is hereby granted a continuing lien upon and security interest in, and right
of set-off against, the Account, and any funds (and investments in which such funds may be invested) held therein or credited thereto
from time to time, whether now held or hereafter required, and all proceeds thereof, to secure the payment of any amounts that may be
owing to the Custodian under or pursuant to the terms of this Agreement, whether now existing or hereafter arising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Force Majeure</u>. Without prejudice to the generality of the foregoing and subject to Section 14.2(d) below, the Custodian shall be without liability to the Company for any damage or loss resulting from or caused by events or circumstances beyond the Custodian's reasonable control including nationalization, expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and practices of any securities market, power, mechanical, communications or other technological failures or interruptions, computer viruses or the like, fires, floods, earthquakes or other natural disasters, civil and military disturbance, acts of war or terrorism, riots, revolution, acts of God, work stoppages, strikes, national disasters of any kind, or other similar events or acts; or changes in applicable law, regulation or orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Cooperation</u>. The Custodian shall reasonably cooperate with and supply such information in its possession, pertaining to the services under this Agreement and permitted by applicable law and regulation, to the entity or entities appointed by the Company (including accountants) as instructed by the Company pursuant to Proper Instructions.

10. **SECURITY CODES** 

If the Custodian issues to the Company security codes, passwords or test keys in order that it may verify that certain transmissions of information, including Proper Instructions, have been originated by the Company, the Company shall take all commercially reasonable steps to safeguard any security codes, passwords, test keys or other security devices which the Custodian shall make available.

11. **TAX LAW** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Domestic Tax Law</u>. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the Company or the Custodian as custodian of the Securities or the Proceeds, by the tax law of the United States or any state or political subdivision thereof. The Custodian shall be kept indemnified by and be without liability to the Company for such obligations including taxes, (but excluding any income taxes assessable in respect of compensation paid to the Custodian pursuant to this Agreement) withholding, certification and reporting requirements, claims for exemption or refund, additions for late payment interest, penalties and other expenses (including legal expenses) that may be assessed against the Company, or the Custodian as custodian of the Securities or Proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Foreign Tax Law</u>. It shall be the responsibility of the Company to notify the Custodian of the obligations imposed on the Company, or the Custodian as custodian of any foreign securities or related Proceeds, by the tax law of foreign (e.g., non-U.S.) jurisdictions, including responsibility for withholding and other taxes, assessments or other government charges, certifications and government reporting. The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to cooperate with the Company with respect to any claims for exemption or refund under the tax law of the jurisdictions for which the Company has provided such information.

12. **PROPRIETARY AND CONFIDENTIAL INFORMATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Company, all records and other information relative to the Company and prior, present, or potential shareholders of the Company (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder and to cause any Sub-Custodian utilized by it to agree to all of the foregoing, except the Custodian may disclose such information (x) to regulatory authorities having jurisdiction over the Custodian or the Company or its affiliates or subsidiaries, as required by law or regulation, provided that the Custodian will promptly report such disclosure to the Company if disclosure is permitted by applicable law and regulation (y) to the Custodian's or the Company's respective directors, officers, employees, attorneys, accountants, agents or advisors who have a need to know such information in the course of the performance of its duties hereunder or (z) when so requested by the Company. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Company or its agent, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Further, the Custodian will adhere to the privacy policies adopted by the Company pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Company and its shareholders. In addition, the Custodian has implemented and will maintain an effective information security program reasonably designed to protect information relating to shareholders (such information, "<u>Personal Information</u>"), which program includes sufficient administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) insure the security and confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal Information that could result in substantial harm or inconvenience to the Company or any shareholder (the "<u>Information Security Program</u>"). The Information Security Program complies and shall comply with reasonable information security practices within the industry. Upon written request the Custodian shall provide a written description of its Information Security Program to the Company. The Custodian shall notify the Company in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any information of the Company (any or all of the foregoing referred to individually and collectively for purposes of this provision as a "<u>Security Breach</u>"). The Custodian shall promptly investigate and remedy and bear the cost of the measures (including notification to any affected parties), if any, to address any Security Breach. The Custodian shall bear the cost of the Security Breach if the Custodian is determined to be responsible for such Security Breach. In addition to, and without limiting the foregoing, the Custodian shall promptly cooperate with the Company and any of its affiliates as well as each of their respective regulators (which shall be done at the Custodian's expense if the Custodian is determined to be responsible for such Security Breach) to prevent, investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 The Company agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Company may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Custodian. Information which has become known to the public through no wrongful act of the Company or any of its employees, agents or representatives, and information that was already in the possession of the Company prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Notwithstanding anything herein to the contrary, (i) the Company shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Company's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) upon the Company's written consent, the Custodian shall be permitted to include the name of the Company in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

13. **EFFECTIVE PERIOD AND TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>Effective Date</u>. This Agreement shall become effective as of its due execution (whether manual, facsimile, pdf or other electronic signature) and delivery by each of the parties. This Agreement shall continue in full force and effect until terminated as hereinafter provided. This Agreement may only be amended by mutual written agreement of the parties hereto. This Agreement may be terminated by the Custodian or the Company pursuant to Section 13.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <u>Termination</u>. This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified in any written notice of termination given by either party to the other not later than sixty (60) days prior to the effective date of termination specified therein, and (b) such other date of termination as may be mutually agreed upon by the parties in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 <u>Resignation</u>. The Custodian may at any time resign under this Agreement by giving not less than sixty (60) days advance written notice thereof to the Company. The Company may at any time remove the Custodian under this Agreement by giving not less than sixty (60) days advance written notice to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 <u>Successor</u>. Prior to the effective date of termination of this Agreement, or the effective date of the resignation or removal of the Custodian, as the case may be, the Company shall give Proper Instruction to the Custodian designating a successor Custodian, if applicable. The Custodian shall, upon receipt of Proper Instruction from the Company (i) deliver directly to the successor Custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Company and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Company at the successor Custodian, provided that the Company shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Company, transfer to each successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under the Agreement (if such form differs from the form in which the Custodian has maintained the same, the Company shall pay any reasonable and documented expenses associated with transferring the data to such form) and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement. For the avoidance of doubt, no resignation of the Custodian or termination of this Agreement shall be effective until a successor Custodian has been appointed (and has accepted such appointment) in accordance with this Section 13.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 <u>Payment of Fees, etc</u>. Upon termination of this Agreement or resignation of the Custodian, in accordance with the Fee Letter, the Company shall pay to the Custodian such compensation, and shall likewise reimburse the Custodian for its costs, expenses and disbursements, as may be due as of the date of such termination or resignation (or removal, as the case may be). All indemnifications in favor of the Custodian under this Agreement shall survive the termination of this Agreement, or any resignation or removal of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 Final Report. In the event of any resignation or removal of the Custodian, the Custodian shall provide to the Company a complete final report or data file transfer of any Confidential Information as of the date of such resignation or removal.

14. **REPRESENTATIONS AND WARRANTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <u>Representations of the Company</u>. The Company represents and warrants to the Custodian that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in giving any instructions which purport to be "Proper Instructions" under this Agreement,
the Company will act in accordance with the provisions of its governing documents and any applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company is not a Plan-Assets Vehicle (as defined below); (ii) the Company is not subject to the
Employee Retirement Income Security Act of 1974, as amended (" <u>ERISA</u> "), (iii) the aggregate interest in any class
of equity interests by any benefit plan investors (as such term is interpreted under ERISA) for whose benefit or account the Accounts
for such Company is held does not equal or exceed 25% of the outstanding interests and (iv) neither the portfolio of the Securities
or the Accounts for such Company is deemed to be assets of an employee benefit plan which is subject to ERISA. If for any reason the Company
breaches or otherwise fails to comply with any of the foregoing representations, warranties, or covenants, then (i) the Custodian's
duties hereunder with respect to such Company terminates immediately upon such breach, regardless of whether the Custodian received notice
of such breach or provided notice of termination and promptly thereafter, the Company and the Custodian shall negotiate in good faith
to enter into a separate ERISA fund custody agreement, (ii) the Company will promptly notify the Custodian of such breach, (iii) the
Company acknowledges that the Custodian does not act as investment manager of the Securities or the Accounts and (iv) the Company
acknowledges that the Custodian does not provide any services as a "fiduciary" with respect to the Company within the meaning
of ERISA §3(21). For purposes herein, " <u>Plan-assets Vehicle</u> " means an investment contract, product, or entity that
holds plan assets (as determined pursuant to ERISA §§3(42) and 401 and 29 CFR §2510.3-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <u>Representations of the Custodian</u>. The Custodian hereby represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the power and authority to enter into and perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has duly authorized, executed and delivered this Agreement so as to constitute its valid and binding
obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is qualified to act as a custodian pursuant to Section 26(a)(1) of the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that it maintains business continuity policies and standards that include data file backup and recovery
procedures that comply with all applicable regulatory requirements.

15. **PARTIES IN INTEREST; NO THIRD PARTY BENEFIT** 

This Agreement is not intended for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties (other than successors and permitted assigns pursuant to Section 20).

16. **NOTICES** 

Any Proper Instructions shall be given to the following address (or such other address as either party may designate by written notice to the other party), and otherwise any notices, approvals and other communications hereunder shall be sufficient if made in writing and given to the parties at the following address (or such other address as either of them may subsequently designate by notice to the other), given by (i) certified or registered mail, postage prepaid, (ii) recognized courier or delivery service, (iii) electronic mail or (iv) confirmed facsimile, with a duplicate sent on the same day by first class mail, postage prepaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Company or any Subsidiary, to

Antares Strategic Credit Fund II LLC

Attention: Antares Capital Credit Advisers LLC

Telephone: (312) 638-4117

Email: AntaresCapitalCreditAdvisers@antares.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Custodian, to

U.S. Bank Trust Company, National Association

Global Corporate Trust

214 North Tryon Street, 26th Floor

Charlotte, NC 28202-1078

Attention: Christopher Hagen

Reference: Antares Strategic Credit Fund II LLC

Email: christopher.hagen@usbank.com, and

AntaresBDCCustody@usbank.com

17. **CHOICE OF LAW AND JURISDICTION** 

This Agreement shall be construed, and the provisions thereof interpreted under and in accordance with and governed by the laws of the State of New York for all purposes (without regard to its choice of law provisions) except to the extent such laws are inconsistent with the federal securities laws, including the 1940 Act, in which case such federal securities laws shall govern. All actions and proceedings relating to or arising from, directly or indirectly, this Agreement may be brought in New York State or U.S. federal courts located within the City of New York, State of New York and the Company and the Custodian hereby submit to personal jurisdiction of such courts for such actions or proceedings. The Company and the Custodian each hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury and any objection to laying of venue in such courts on grounds of forum nonconveniens in respect of any claim based upon, arising out of or in connection with this Agreement. No actions or proceedings relating to or arising from, directly or indirectly, this Agreement shall be brought in a forum outside of the United States of America.

18. **ENTIRE AGREEMENT; COUNTERPARTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 <u>Complete Agreement</u>. This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters addressed herein and supersedes and terminates as of the date hereof, all prior agreements, acknowledgements or understandings, oral or written between the parties to this Agreement relating to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 <u>Counterparts</u>. This Agreement may be executed (whether manual, facsimile, PDF, or other electronic signature) in any number of counterparts, and all counterparts taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 <u>Facsimile and Electronic Signatures</u>. The exchange of copies of this Agreement and of signature pages by facsimile, PDF, or other electronic transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. By executing this Agreement, the Company hereby acknowledges and agrees, and directs the Custodian to acknowledge and agree and the Custodian does hereby acknowledge and agree, that execution of this Agreement, any Proper Instructions and any other notice, form or other document executed by the Company or the Custodian in connection with this Agreement, by electronic signature (including, without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any other "electronic signature" as defined under E-SIGN or ESRA, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the Custodian) shall be permitted hereunder notwithstanding anything to the contrary herein and such electronic signatures shall be legally binding as if such electronic signatures were handwritten signatures. Any electronically signed document delivered via email from a person purporting to be an Authorized Person shall be considered signed or executed by such Authorized Person on behalf of the Company. The Company also hereby acknowledges that the Custodian shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

19. **AMENDMENT; WAIVER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 <u>Amendment</u>. This Agreement may not be amended except by an express written instrument duly executed by each of the Company and the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 <u>Waiver</u>. In no instance shall any delay or failure to act be deemed to be or effective as a waiver of any right, power or term hereunder, unless and except to the extent such waiver is set forth in an express written instrument signed by the party against whom it is to be charged.

20. **SUCCESSOR AND ASSIGNS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 <u>Successors Bound</u>. The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties and their respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this Agreement without the written consent of the other party; provided, however, that the foregoing shall not limit the ability of the Custodian to delegate certain duties or services to or perform them through agents or attorneys appointed with due care as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 <u>Merger and Consolidation</u>. Any corporation or association into which the Custodian may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any corporation or association to which the Custodian transfers all or substantially all of its corporate trust business shall be the successor of the Custodian hereunder, and shall succeed to all of the rights, powers and duties of the Custodian hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto. For avoidance of doubt, no corporation or association (as described above) shall succeed to the rights, powers and duties of the Custodian hereunder unless it is a qualified custodian pursuant to Section 26(a)(1) of the 1940 Act.

21. **SEVERABILITY** 

The terms of this Agreement are hereby declared to be severable, such that if any term hereof is determined to be invalid or unenforceable, such determination shall not affect the remaining terms.

22. **REQUEST FOR INSTRUCTIONS** 

If, in performing its duties under this Agreement, the Custodian is required to decide between alternative courses of action, the Custodian may (but shall not be obliged to) request written instructions from the Company as to the course of action desired by it. If the Custodian does not receive such instructions within two (2) Business Days after it has requested them, the Custodian may, but shall be under no duty to, take or refrain from taking any such courses of action. The Custodian shall act in accordance with instructions received from the Company in response to such request after such two (2) Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.

23. **OTHER BUSINESS** 

Nothing herein shall prevent the Custodian or any of its affiliates from engaging in other business, or from entering into any other transaction or financial or other relationship with, or receiving fees from or from rendering services of any kind to the Company or any other Person. Nothing contained in this Agreement shall constitute the Company and/or the Custodian (and/or any other Person) as members of any partnership, joint venture, association, syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established by this Agreement.

24. **REPRODUCTION OF DOCUMENTS** 

This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further production shall likewise be admissible in evidence.

25. **MISCELLANEOUS** 

The Company acknowledges receipt of the following notice:

" **<u>IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT</u>.**

**To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other legal entity the Custodian will ask for documentation to verify its formation and existence as a legal entity. The Custodian may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation."**

*[PAGE INTENTIONALLY ENDS HERE. SIGNATURES APPEAR ON NEXT PAGE.]*

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed and delivered by a duly authorized officer, intending the same to take effect as of the date first written above.

---

| | |
|:---|:---|
| **Antares STRATEGIC Credit FUND II LLC,** | **Antares STRATEGIC Credit FUND II LLC,** |
| as the Company | as the Company |
| By: Antares Midco Inc., as Sole Member | By: Antares Midco Inc., as Sole Member |
| By: | /s/Malvika Gupta |
| Name: Malvika Gupta | Name: Malvika Gupta |
| Title: Assistant Secretary | Title: Assistant Secretary |
| **U.S. BANK TRUST COMPANY, NATIONAL **ASSOCIATION**,** | **U.S. BANK TRUST COMPANY, NATIONAL **ASSOCIATION**,** |
| as Custodian | as Custodian |
| By: | /s/ Scott DeRoss |
| Name: Scott DeRoss | Name: Scott DeRoss |
| Title: Vice President | Title: Vice President |

---

**<u>SCHEDULE A</u>**

On file with the Custodian

## Exhibit 10.6

**Exhibit 10.6**

**EXPENSE SUPPORT AND CONDITIONAL REIMBURSEMENT AGREEMENT**

This Expense Support and Conditional Reimbursement Agreement (the "**Agreement**") is made as of June 26, 2025, by and among ANTARES STRATEGIC CREDIT FUND II LLC, a Delaware limited liability company (the "**Fund**"), and ANTARES CAPITAL CREDIT ADVISERS LLC, a Delaware limited liability company (the "**Adviser**").

WHEREAS, the Fund is a non-diversified, closed-end management investment company that intends to 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 June 26, 2025, entered between the Fund and the Adviser, as may be amended or restated (the "**Investment Advisory Agreement**"); and

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 net asset value, 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:

**1.**  **<u>Adviser Expense Payments to the Fund</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On a monthly basis, the Adviser shall pay Other Operating Expenses of the Fund on the Fund's behalf (each such payment, a "**Required Expense Payment**") such that Other Operating Expenses of the Fund do not exceed 1.00% (on annualized basis) of the Fund's
net asset value. For purposes of this Agreement, "**Other Operating Expenses**" means the Fund's total organization
and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including
the Fund's allocable portion of compensation (including salaries, bonuses and benefits), overhead (including rent, office equipment
and utilities) and other expenses incurred by the Administrator (as defined in the Fund's Private Placement Memorandum (the "**PPM** ")
in performing its administrative obligations under the Administration Agreement (as defined in the PPM)), excluding the Management Fee
(as defined in the PPM), Investment Income Incentive Fee (as defined in the PPM) and Capital Gains Incentive Fees (as defined in
the PPM) owed to the Administrator in its capacity as the Fund's investment adviser, financing fees and costs, brokerage commissions,
placement agent fees, costs and expenses of distributing and placing the common shares, extraordinary expenses and any interest expenses
owed by the Fund, all as determined in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At such times as the Adviser determines, the Adviser may elect to pay certain additional expenses of the Fund on the Fund's
behalf (each such payment, a "**Voluntary Expense Payment**" and together with a Required Expense Payment, the "**Expense Payments** "). In making a Voluntary Expense Payment, the Adviser will designate, as it deems necessary or advisable, what type
of expense it is paying (including, whether it is paying organizational or offering expenses); provided that no portion of a Voluntary
Expense Payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser's obligation to make a Required Expense Payment shall automatically become a liability of the Adviser and the Fund's
right to receive a Required Expense Payment shall be an asset of the Fund on the last calendar day of the applicable month. Any Required
Expense Payment shall be paid by the Adviser to the Fund in any combination of cash or other immediately available funds and/or offset
against amounts due from the Fund to the Adviser or its affiliates at the request of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's right to receive a Voluntary Expense Payment shall be an asset of the Fund upon the Adviser committing in writing
to pay the Voluntary Expense Payment. Any Voluntary Expense Payment that the Adviser has committed to pay shall be paid by the Adviser
to the Fund in any combination of cash or other immediately available funds upon the request of the Fund, and/or offset against amounts
due from the Fund to the Adviser or its affiliates.

**2.**  **<u>Reimbursement of Expense Payments by the Fund</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to
the Fund's shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount
of such excess being hereinafter referred to as "**Excess Operating Funds** "), the Fund shall pay such Excess Operating
Funds, or a portion thereof in accordance with Sections 2(b) and 2(c), as applicable, to the Adviser until such time as all Expense
Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month have been reimbursed.
Any payments required to be made by the Fund pursuant to this Section 2(a) shall be referred to herein as a "**Reimbursement Payment**." For purposes of this Agreement, "**Available Operating Funds**" means the sum of (i) the Fund's
net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the
Fund's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends
and other distributions paid to the Fund on account of investments in portfolio companies (to the extent such amounts listed in clause
(iii) are not included under clauses (i) and (ii) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of the Reimbursement Payment for any calendar month shall equal the lesser of (i) the Excess Operating Funds in such
month and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Fund within three years prior to the last
business day of such calendar month that have not been previously reimbursed by the Fund to the Adviser; provided that the Adviser may
waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar month, in which case such waived amount
will remain unreimbursed Expense Payments reimbursable in future months pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Agreement, no Reimbursement Payment for any month shall be made if: (1) the
Effective Rate of Distributions Per Share declared by the Fund at the time of such Reimbursement Payment is less than the Effective Rate
of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, (2) the Fund's
Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense
Payment was made to which such Reimbursement Payment relate, or (3) the Fund's Other Operating Expenses at the time of such
Reimbursement Payment exceeds 1.00% of the Fund's net asset value. For purposes of the Agreement, "**Effective Rate of Distributions Per Share**" means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns
of capital, distribution rate reductions due to distribution and shareholder servicing fees, and declared special dividends or special
distributions, if any. The "**Operating Expense Ratio**" is calculated by dividing Operating Expenses, less organizational
and offering expenses, base management and incentive fees owed to the Adviser, shareholder servicing and/or distribution fees, and interest
expense, by the Fund's net assets. "**Operating Expenses**" means all of the Fund's operating costs and expenses
incurred, as determined in accordance with generally accepted accounting principles for investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business
day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable
month. In connection with any Reimbursement Payment, the Fund may deliver a notice. The Reimbursement Payment for any calendar month shall
be paid by the Fund to the Adviser in any combination of cash or other immediately available funds as promptly as possible following such
calendar month and in no event later than forty-five days after the end of such calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Reimbursement Payments hereunder shall be deemed to relate to the earliest unreimbursed Expense Payments made by the Adviser to
the Fund within three years prior to the last business day of the calendar month in which such Reimbursement Payment obligation is accrued.

**3.**  **<u>Termination and Survival</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated, without the payment of any penalty, by the Fund or the Adviser at any time, with or without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall automatically terminate in the event of (i) the termination by the Fund of the Investment Advisory Agreement;
(ii) the board of trustees 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
shareholders receive shares 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;(d) Sections 3 and 4 of this Agreement shall survive any termination of this Agreement. Notwithstanding anything to the contrary, Section 2
of this Agreement shall survive any termination of this Agreement with respect to any Expense Payments that have not been reimbursed by
the Fund to the Adviser.

**4.**  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise
affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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;(c) 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 New York. 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 New York 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 Amended and Restated Declaration of Trust or Bylaws, as each may be amended or restated, or to relieve or
deprive the board of trustees 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;(d) 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;(e) 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;(f) 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.

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.

---

| | |
|:---|:---|
| **ANTARES STRATEGIC CREDIT FUND II LLC** | **ANTARES STRATEGIC CREDIT FUND II LLC** |
| By: | /s/ Monica Kelsey |
| Name: | Monica Kelsey |
| Title: | Chief Financial Officer |
| **ANTARES CAPITAL CREDIT ADVISERS LLC** | **ANTARES CAPITAL CREDIT ADVISERS LLC** |
| By: | /s/ Donna Yip |
| Name: | Donna Yip |
| Title: | Vice President |

---

*[Signature Page to Expense Support and Conditional Reimbursement Agreement]*

## Exhibit 10.7

**Exhibit 10.7**

DISTRIBUTION REINVESTMENT PLAN

Effective June 26, 2025

This Distribution Reinvestment Plan (the "Plan") is adopted by Antares Strategic Credit Fund II LLC (the "Fund").

1. *Distribution Reinvestment*. As agent for the shareholders (the "Shareholders") of the Fund who (i) purchase the Fund's common shares of beneficial interest (collectively the "Shares") pursuant to the Fund's private offering (the "Offering"), or (ii) purchase Shares pursuant to any future offering of the Fund, and who do not opt out of participating in the Plan (the "Participants"), the Fund will apply all dividends and other distributions declared and paid in respect of the Shares held by each Participant and attributable to the class of Shares purchased by such Participant (the "Distributions"), including Distributions paid with respect to any full or fractional Shares acquired under the Plan, to the purchase of additional Shares of the same class for such Participant.

2. *Effective Date*. The effective date of this Plan shall be June 26, 2025.

3. *Procedure for Participation*. Any Shareholder who has received the Fund's private placement memorandum will automatically become a Participant unless they elect not to become a Participant by noting such election on their subscription agreement. If any Shareholder initially elects not to be a Participant, they may later become a Participant by subsequently completing and executing an enrollment form or any appropriate authorization form as may be available from the Fund or U.S. Bancorp Fund Services, LLC d/b/a/ U.S. Bank Global Fund Services (the "Plan Administrator"). Participation in the Plan will begin with the next Distribution payable after acceptance of a Participant's subscription, enrollment or authorization. Shares will be purchased under the Plan as of the first calendar day of the month (the "Purchase Date") following the record date of the Distribution.

4. *Purchase of Shares*.

a. The Fund shall use newly-issued Shares to implement the Plan.
The number of newly-issued Shares to be issued to a Shareholder shall be determined by dividing the total dollar amount of the Distribution
payable to such Shareholder by a price equal to the net asset value as of the Purchase Date. Shares issued pursuant to the Plan will
have the same voting rights as Shares issued pursuant to the Offering. The Fund shall pay the Plan Administrator's fees under the
Plan.

b. No upfront selling commissions will be payable with respect
to Shares purchased pursuant to the Plan, but such Shares will be subject to ongoing distribution and/or shareholder servicing fees,
as applicable. Participants in the Plan may purchase fractional Shares so that 100% of the Distributions will be used to acquire Shares.

5. *Notice*. Any notice or other communication required or permitted to be given by any provision of this Plan shall be in writing and addressed to U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services at 615 East Michigan St., Milwaukee, WI 53202 if to the Plan Administrator, or such other addresses as may be specified by written notice to all Participants. Notices to a Participant may be given by letter addressed to the Participant at the Participant's last address of record with the Fund. Each Participant shall notify the Fund promptly in writing of any change of address.

6. *Taxes*. THE REINVESTMENT OF DISTRIBUTIONS DOES NOT RELIEVE A PARTICIPANT OF ANY INCOME TAX LIABILITY THAT MAY BE PAYABLE ON THE DISTRIBUTIONS. INFORMATION REGARDING POTENTIAL TAX INCOME LIABILITY OF PARTICIPANTS MAY BE FOUND IN THE PUBLIC FILINGS MADE BY THE FUND WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "SEC").

7. *Share Certificates*. The ownership of the Shares purchased through the Plan will be in book-entry form unless and until the Fund issues certificates for its outstanding Shares.

8. *Termination by Participant*. A Participant may terminate participation in the Plan at any time, without penalty, by delivering notice to the Plan Administrator. Such notice must be received by the Plan Administrator five business days in advance of the first calendar day of the next month in order for a Participant's termination to be effective for such month. Any transfer of Shares by a Participant to a non-Participant will terminate participation in the Plan with respect to the transferred Shares. If a Participant elects to tender its Shares in full, any Shares issued to the Participant under the Plan subsequent to the expiration of the tender offer will be considered part of the Participant's prior tender, and Participant's participation in the Plan will be terminated as of the valuation date of the applicable tender offer. Any Distributions to be paid to such Shareholder on or after such date will be paid in cash on the scheduled Distribution payment date. Upon termination of Plan participation for any reason, future Distributions will be distributed to the Shareholder in cash.

9. *Amendment, Suspension or Termination by the Fund*. The Board of Trustees may by majority vote amend any aspect of the Plan; provided that the Plan cannot be amended to eliminate a Participant's right to terminate participation in the Plan and that notice of any material amendment must be provided to Participants at least 10 business days prior to the effective date of that amendment. The Board of Trustees may by majority vote suspend or terminate the Plan for any reason upon 10 business days' written notice to the Participants.

10. *Liability of the Fund*. The Fund shall not be liable for any act done in good faith, or for any good faith omission to act, including, without limitation, any claims or liability (i) arising out of failure to terminate a Participant's account upon such Participant's death prior to timely receipt of notice in writing of such death or (ii) with respect to the time and the prices at which Shares are purchased or sold for a Participant's account. To the extent that indemnification may apply to liabilities arising under the Securities Act, or the securities laws of a particular state, the Fund has been advised that, in the opinion of the SEC and certain state securities commissioners, such indemnification is contrary to public policy and, therefore, unenforceable.

11. *Applicable Law*. These terms and conditions shall be governed by the laws of the State of Delaware.

## Exhibit 10.8

**Exhibit 10.8**

**DISTRIBUTION AGREEMENT**

THIS AGREEMENT is made and entered into as of this ___ day of __________, 2025, by and between Antares Strategic Credit Fund II LLC, a Delaware limited liability company (the "Fund") and Quasar Distributors, LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Fund is a non-diversified, closed-end management investment company that has elected to be governed as a business development company under the Investment Company Act of 1940, as amended (the "1940 Act") and is authorized to issue Shares of beneficial interest ("Shares");

WHEREAS, the Fund desires to retain the Distributor as its principal underwriter in connection with the offering of the Shares of the Fund;

WHEREAS, the Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"); and

WHEREAS, the Distributor is willing to act as principal underwriter for the Fund on the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1. Appointment of Distributor.** The Fund hereby appoints the Distributor as its principal underwriter for the distribution of Shares of the Fund, on the terms and conditions set forth in this Agreement, and the Distributor hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement.

**2. Services and Duties of the Distributor.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor agrees to act as the principal underwriter of the Fund for the distribution of Shares of the Fund upon the terms described in the Private Placement Memorandum. As used in this Agreement, the term "Private Placement Memorandum" shall mean the current private placement memorandum, as amended or supplemented, relating to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. During the offering of Shares of the Fund, the Distributor shall use commercially reasonable efforts to distribute the Shares. All orders for Shares shall be made through financial intermediaries or directly to the Fund, or its designated agent. Such purchase orders shall be deemed effective at the time and in the manner set forth in the Private Placement Memorandum. The Fund or its designated agent will confirm orders and subscriptions upon receipt, will make appropriate book entries and, upon receipt of payment therefor, will issue the appropriate number of Shares in uncertificated form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall maintain membership with the NSCC and any other similar successor organization to sponsor a participant number for the Fund so as to enable the Shares to be traded through FundSERV or the Alternative Investment Product ("AIP") services of the Depository Trust & Clearing Corporation ("DTCC"), as applicable. The Distributor shall not be responsible for any operational matters associated with FundSERV or Networking transactions. In addition, if AIP is applicable, the Distributor will serve as Non-Settling AIP sponsor and shall not be responsible for any operational matters associated with trades or subscription to AIP services of DTCC transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor acknowledges and agrees that it is not authorized to provide any information or make any representations regarding the Fund other than as contained in the Private Placement Memorandum and any sales literature and advertising materials specifically approved by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor agrees to review all proposed marketing materials for compliance with applicable FINRA and SEC advertising rules and regulations and shall file with FINRA those marketing materials that it believes are in compliance with such laws and regulations. The Distributor agrees to furnish to the Fund any comments provided by regulators with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund agrees to redeem or repurchase Shares tendered by shareholders of the Fund in accordance with the Fund's obligations in the Private Placement Memorandum and the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Distributor may, in its discretion, and shall, at the request of the Fund, enter into agreements with qualified broker-dealers and other financial intermediaries (the "Financial Intermediaries") in order that such Financial Intermediaries may sell Shares of the Fund. The form of any dealer agreement shall be approved by the Fund ("Standard Dealer Agreement"). The Distributor shall not be obligated to make any payments to the Financial Intermediaries or other third parties, unless (i) Distributor has received a payment from the Fund pursuant to such Fund's plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act ("Plan") and (ii) such Plan has been approved by the Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Distributor, in its agreements with Financial Intermediaries, will require that the Financial Intermediaries offer Shares only to persons who the Financial Intermediary reasonably believes are "accredited investors," as defined in Rule 501(a) of Regulation D under the Securities Act, and who meet the financial qualifications set forth in the Private Placement Memorandum, if any, or in any suitability letter or memorandum sent to it by the Fund and will only make offers to persons in the jurisdictions in which it is advised in writing that the Shares are qualified for sale or that such qualification is not required. In offering Shares, the Distributor, in its agreements with Financial Intermediaries, will require that the Financial Intermediary comply with the provisions of all applicable rules and regulations relating to the suitability of investors, the provisions of Exchange Act Rule 15l-1 ("Regulation Best Interest") and applicable laws of the jurisdiction of which such investor is a resident. The Distributor, in its agreements with Financial Intermediaries, will require that the Financial Intermediaries shall sell Shares only to those persons who are eligible to purchase such shares as described in the Private Placement Memorandum and only through those Financial Intermediaries who are authorized to sell such shares. The Distributor, in its agreements with the Financial Intermediaries, shall require the Financial Intermediaries to maintain, for at least six years, a record of the information obtained to determine that an investor meets the financial qualification and suitability standards imposed on the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Distributor shall not be obligated to sell any certain number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The Distributor shall prepare reports for the Board regarding its activities under this Agreement as from time to time shall be reasonably requested by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. The services furnished by the Distributor hereunder are not to be deemed exclusive and the Distributor shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Notwithstanding anything herein to the contrary, the Distributor shall not be required to register as a broker or dealer in any specific jurisdiction or to maintain its registration in any jurisdiction in which it is now registered, other than the 50 states of the United States, Washington D.C., Puerto Rico, Guam, and U.S. Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. It is understood that the Distributor will not provide due diligence to participating broker-dealers.

**3. Representations, Warranties and Covenants of the Fund.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund hereby represents and warrants to the Distributor, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and in good standing under the laws of its jurisdiction of incorporation/organization
and has elected to operate as a business development company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized, executed and delivered by the Fund and, when executed and delivered,
will constitute a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute,
rule, regulation, order or judgment binding on it and no provision of its charter, bylaws/operating agreement or any contract binding
it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Shares are validly authorized and, when issued in accordance with the description in the Private Placement
Memorandum, will be fully paid and nonassessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Private Placement Memorandum and any marketing material prepared by the Fund or its agents do not
and shall not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading, and that all statements or information furnished to the Distributor pursuant to this Agreement
shall be true and correct in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Fund owns, possesses, licenses or has other rights to use all patents, patent applications, trademarks
and service marks, trademark and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology,
know-how and other intellectual property (collectively, "Intellectual Property") necessary for or used in the conduct of the
Fund's business and for the offer, issuance, distribution and sale of the Fund Shares in accordance with the terms of the Private
Placement Memorandum and this Agreement, and such Intellectual Property does not and will not breach or infringe the terms of any Intellectual
Property owned, held or licensed by any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all necessary approvals, authorizations, consents or orders of or filings with any federal, state, local
or foreign governmental or regulatory commission, board, body, authority or agency have been or will be obtained by the Fund in connection
with the issuance and sale of the Shares, including registration of the Shares under the Securities Exchange Act of 1934, as amended,
and any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Fund will not take any action that would cause the Distributor to be in violation of FINRA Rule 2310.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund shall take, or cause to be taken, all necessary action to register the Shares under the federal and all applicable state securities laws and to maintain an effective Registration Statement for such Shares in order to permit the sale of Shares as herein contemplated. The Fund authorizes the Distributor to use the Private Placement Memorandum, in the form furnished to the Distributor from time to time, in connection with the sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund agrees to advise the Distributor promptly in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of any material correspondence or other communication by the Securities and Exchange Commission ("SEC")
or its staff relating to the Fund, including requests by the SEC for amendments to the Registration Statement or Private Placement Memorandum
;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event of the issuance by the SEC of any stop-order suspending the effectiveness of the Registration
Statement then in effect or the initiation of any proceeding for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of the happening of any event which makes untrue any statement of a material fact made in the Private
Placement Memorandum or which requires the making of a change in such Private Placement Memorandum in order to make the statements therein
not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the event that it determines to suspend the sale of Shares at any time in response to conditions in
the securities markets or otherwise or to suspend the redemption of Shares of the Fund at any time as permitted by the 1940 Act or the
rules of the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) of the commencement of any litigation or proceedings against the Fund or any of their officers or directors
in connection with the issue and sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Fund shall file such reports and other documents as may be required under applicable federal and state laws and regulations, including state blue sky laws, and shall notify the Distributor in writing of the states in which the Shares may be sold and of any changes to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund shall fully cooperate in the efforts of the Distributor to arrange for the distribution of Shares. In addition, the Fund shall keep the Distributor fully informed of its affairs and shall provide to the Distributor from time to time copies of all information, financial statements, and other papers that the Distributor may reasonably request for use in connection with the distribution of Shares, including, without limitation, certified copies of any financial statements prepared for the Fund by their independent public accountants and such reasonable number of copies of the most current Private Placement Memorandum and annual and interim reports to shareholders as the Distributor may request. The Fund shall forward a copy of any SEC filings, including the Registration Statement, to the Distributor within one business day of any such filings. The Fund represents that it will not use or authorize the use of any marketing material unless and until such materials have been approved and authorized for use by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Fund shall provide and cause each other agent or service provider to the Fund, including the Fund's transfer agent and investment adviser, to provide, to Distributor in a timely and accurate manner all such information (and in such reasonable medium) that the Distributor may reasonably request that may be necessary for the Distributor to perform its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Fund has adopted reasonably designed policies and procedures pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Fund (and relevant agents) shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent the unauthorized access to or use of, records and information relating to the Fund and the owners of the Shares.

**4. Representations, Warranties and Covenants of the Distributor.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and existing under the laws of the jurisdiction of its organization, with full power
to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized, executed and delivered by the Distributor and, when executed
and delivered, will constitute a valid and legally binding obligation of the Distributor, enforceable in accordance with its terms, subject
to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors
and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute,
rule, regulation, order or judgment binding on it and no provision of its charter, operating agreement or any contract binding it or affecting
its property which would prohibit its execution or performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it is registered as a broker-dealer under the 1934 Act, is a member in good standing of FINRA and is registered
as a broker or dealer in the 50 states of the United States, Washington D.C., Puerto Rico, Guam, and U.S. Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with all matters relating to this Agreement, the Distributor will comply with the applicable requirements of the 1933 Act, the 1934 Act, the 1940 Act, the regulations of FINRA, including without limitation FINRA Rules 2040, 2111, 2310, 5110 and 5141 and all other applicable federal or state laws and regulations to the extent such laws, rules, and regulations relate to Distributor's role as the principal underwriter of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall promptly notify the Fund of the commencement of any litigation or proceedings against the Distributor or any of its managers, officers or directors in connection with the issue and sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor, in its agreements with Brokers, will require that the Brokers offer Shares only to persons who the Broker reasonably believes are "accredited investors," as defined in Rule 501(a) of Regulation D under the Securities Act, and who meet the financial qualifications set forth in the Private Placement Memorandum, if any, or in any suitability letter or memorandum sent to it by the Company and will only make offers to persons in the jurisdictions in which it is advised in writing that the Shares are qualified for sale or that such qualification is not required. In offering Shares, the Managing Dealer, in its agreements with Brokers, will require that the Broker comply with the provisions of all applicable rules and regulations relating to the suitability of investors, the provisions of Exchange Act Rule 15l-1 ("Regulation of Best Interest") and applicable laws of the jurisdiction of which such investor is a resident. The Managing Dealer, in its agreements with Brokers, will require that the Brokers shall sell Shares only to those persons who are eligible to purchase such shares as described in the Private Placement Memorandum and only through those Brokers who are authorized to sell such shares. The Managing Dealer, in its agreements with the Brokers, shall require the Brokers to maintain, for at least six years, a record of the information obtained to determine that an investor meets the financial qualification and suitability standards imposed on the offer and sale of the Shares.

**5. Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In consideration of Distributor's services in connection with the distribution of Shares of the Fund, Distributor shall receive the compensation set forth in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except as specified in Section 5A, Distributor shall be entitled to no compensation or reimbursement of expenses for services provided by Distributor pursuant to this Agreement. Distributor may receive compensation from the Fund's investment adviser related to its services hereunder or for additional services all as may be agreed to between the investment adviser and Distributor.

**6. Expenses.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund shall bear all costs and expenses in connection with registration of the Shares with the SEC and the applicable states, as well as all costs and expenses in connection with the offering of the Shares and communications with its shareholders, including but not limited to (i) fees and disbursements of its counsel and independent public accountants; (ii) costs and expenses of the preparation, filing, printing and mailing of Private Placement Memorandum and amendments thereto, as well as related marketing material; (iii) costs and expenses of the preparation, printing and mailing of annual and interim reports, proxy materials and other communications to shareholders of the Fund; (iv) FINRA filing fees; and (v) fees required in connection with the offer and sale of Shares in such jurisdictions as shall be selected by the Fund pursuant to Section 3(D) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall bear the expenses of registration or qualification of the Distributor as a dealer or broker under federal or state laws and the expenses of continuing such registration or qualification. The Distributor does not assume responsibility for any expenses not expressly assumed hereunder.

**7. Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund shall indemnify, defend and hold the Distributor, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "Distributor Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the reasonable costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Losses") that any Distributor Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or relating to (i) the Distributor serving as principal underwriter of the Fund pursuant to this Agreement; (ii) the Fund's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (iii) the Fund's failure to comply with any applicable securities laws or regulations; or (iv) any claim that the Private Placement Memorandum, shareholder reports, sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading under any applicable statute or the common law any violation of any rule of FINRA or of the SEC or any other jurisdiction wherein Shares of the Fund is sold, provided, however, that the Fund's obligation to indemnify any of the Distributor Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Private Placement Memorandum, annual or interim report, or any such advertising materials or sales literature in reliance upon and in conformity with information relating to the Distributor and furnished to the Fund or its counsel by the Distributor in writing for use in such Private Placement Memorandum, shareholder reports, or sales literature and advertising materials. In no event shall anything contained herein be so construed as to protect the Distributor against any liability to the Fund or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

The Fund's agreement to indemnify the Distributor Indemnitees with respect to any action is expressly conditioned upon the Fund being notified of such action or claim of loss brought against any Distributor Indemnitee, within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Distributor Indemnitee, unless the failure to give notice does not prejudice the Fund. Such notification shall be given by letter or by telegram addressed to the Fund's President, but the failure so to notify the Fund of any such action shall not relieve the Fund from any liability which the Fund may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, or alleged omission, otherwise than on account of the Fund's indemnity agreement contained in this Section 7(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Losses, but if the Fund elects to assume the defense, such defense shall be conducted by counsel chosen by the Fund and approved by the Distributor, which approval shall not be unreasonably withheld. In the event the Fund elects to assume the defense of any such suit and retain such counsel, the Distributor Indemnitee(s) in such suit shall bear the fees and expenses of any additional counsel retained by them. If the Fund does not elect to assume the defense of any such suit, or in case the Distributor does not, in the exercise of reasonable judgment, approve of counsel chosen by the Fund or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Fund and the Distributor Indemnitee(s), the Fund will reimburse the Distributor Indemnitee(s) in such suit, for the fees and expenses of any counsel retained by Distributor and them. The Fund's indemnification agreement contained in Sections 7(A) and 7(B) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Distributor Indemnitee(s) and shall survive the delivery of any Shares and the termination of this Agreement. This agreement of indemnity will inure exclusively to the Distributor's benefit, to the benefit of each Distributor Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund shall advance attorney's fees and other expenses incurred by a Distributor Indemnitee in defending any claim, demand, action or suit which is the subject of a claim for indemnification pursuant to this Section 7 to the maximum extent permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor shall indemnify, defend and hold the Fund, their affiliates, and each of their respective directors, officers, employees, representatives, and any person who controls or previously controlled the Fund within the meaning of Section 15 of the 1933 Act (collectively, the "Fund Indemnitees"), free and harmless from and against any and all Losses that any Fund Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or based upon (i) the Distributor's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Distributor's failure to comply with any applicable securities laws or regulations; or (iii) any claim that the Private Placement Memorandum, sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with, information furnished to the Fund by the Distributor in writing for use in such Private Placement Memorandum, sales literature and advertising materials or other information filed or made public by the Fund. In no event shall anything contained herein be so construed as to protect the Fund against any liability to the Distributor to which the Fund would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

The Distributor's agreement to indemnify the Fund Indemnitees is expressly conditioned upon the Distributor's being notified of any action or claim of loss brought against a Fund Indemnitee, such notification to be given by letter or telegram addressed to the Distributor's President, within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon the Fund Indemnitee, unless the failure to give notice does not prejudice the Distributor. The failure so to notify the Distributor of any such action shall not relieve the Distributor from any liability which the Distributor may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, otherwise than on account of the Distributor's indemnity agreement contained in this Section 7(D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Losses, but if the Distributor elects to assume the defense, such defense shall be conducted by counsel chosen by the Distributor and approved by the Fund Indemnitee, which approval shall not be unreasonably withheld. In the event the Distributor elects to assume the defense of any such suit and retain such counsel, the Fund Indemnitee(s) in such suit shall bear the fees and expenses of any additional counsel retained by them. If the Distributor does not elect to assume the defense of any such suit, or in case the Fund does not, in the exercise of reasonable judgment, approve of counsel chosen by the Distributor or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Distributor and the Fund Indemnitee(s), the Distributor will reimburse the Fund Indemnitee(s) in such suit, for the fees and expenses of any counsel retained by the Fund and them. The Distributor's indemnification agreement contained in Sections 7(D) and (E) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Fund Indemnitee(s) and shall survive the delivery of any Shares and the termination of this Agreement. This Agreement of indemnity will inure exclusively to the Fund's benefit, to the benefit of each Fund Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. No person shall be obligated to provide indemnification under this Section 7 if such indemnification would be impermissible under the 1940 Act, the 1933 Act, the 1934 Act or the rules of FINRA; provided, however, in such event indemnification shall be provided under this Section 7 to the maximum extent so permissible.

**8. Dealer Agreement Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Both parties acknowledge and agree that certain large and significant broker-dealers, such as (without limitation) Merrill Lynch, UBS and Morgan Stanley (all such brokers referred to herein as the "Brokers"), require that Distributor enter into dealer agreements (the "Non-Standard Dealer Agreements") that contain certain representations, undertakings and indemnification that are not included in the Standard Dealer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To the extent that Distributor enters into any Non-Standard Dealer Agreement, after review and approval by the Fund, the Fund shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) Distributor's actions or failures to act pursuant to any Non-Standard Dealer Agreement; (b) any representations made by Distributor in any Non-Standard Dealer Agreement to the extent that Distributor is not required to make such representations in the Standard Dealer Agreement; or (c) any indemnification provided by Distributor under a Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Fund or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard Dealer Agreement or by reason of Distributor's reckless disregard of its obligations or duties under the Non-Standard Dealer Agreement.

**9. Limitations on Damages.** Neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other Party, whether or not the likelihood of such losses or damages was known by the Party.

**10. Force Majeure.** Neither Party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; provided, however, that in each specific case such circumstance shall be beyond the reasonable control of the party seeking to apply this force majeure clause.

**11. Duration and Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective on the Effective Date. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically in effect for successive one-year periods, provided such continuance is specifically approved at least annually by (i) the Fund's Board or (ii) the vote of a majority of the outstanding voting securities of the Fund, in accordance with Section 15 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, by the Fund (i) through a failure to renew this Agreement at the end of a term or (ii) upon mutual consent of the parties. Further, this Agreement may be terminated upon no less than 60 days' written notice, by either the Fund through a vote of a majority of the members of the Board who are not interested persons, as that term is defined in the 1940 Act, and have no direct or indirect financial interest in the operation of this Agreement or by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor.

&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 in the 1940 Act and the rules thereunder.

**12. Anti-Money Laundering Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each of Distributor and the Fund acknowledge that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "AML Acts"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants to the other that it is in compliance with and will continue to comply with the AML Acts and applicable regulations in all relevant respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each of Distributor and the Fund agrees that it will take such further steps and cooperate with the other as may be reasonably necessary, to facilitate compliance with the AML Acts, including but not limited to the provision of copies of its written procedures, policies and controls related thereto ("AML Operations"). Distributor undertakes that it will grant to the Fund, the Fund's anti-money laundering compliance officer and appropriate regulatory agencies, reasonable access to copies of Distributor's AML Operations, and related books and records to the extent they pertain to the Distributor's services hereunder. It is expressly understood and agreed that the Fund and the Fund's compliance officer shall have no access to any of Distributor's AML Operations, books or records pertaining to other clients or services of Distributor.

**13. Privacy.** In accordance with Regulation S-P, the Distributor will not disclose any non-public personal information, as defined in Regulation S-P, received from the Fund regarding any Fund shareholder; provided, however, that the Distributor may disclose such information to any party as necessary in the ordinary course of business to carry out the purposes for which such information was disclosed to the Distributor. The Distributor shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to consumers and customers of the Fund.

The Fund represents to the Distributor that it has adopted a Statement of its privacy policies and practices as required by Securities and Exchange Commission Regulation S-P and agrees to provide to the Distributor a copy of that statement annually. The Distributor agrees to use reasonable precautions to protect, and prevent the unintentional disclosure of, such non-public personal information.

**14. Confidentiality.** During the term of this Agreement, the Distributor and the Fund may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means non-public or proprietary information belonging to the Distributor or the Fund which is of value to such party and the disclosure of which could result in a competitive or other disadvantage to either party, including, without limitation, financial information, business practices and policies, know-how, trade secrets, market or sales information or plans, customer lists, business plans, and all provisions of this Agreement. Confidential Information does not include: (i) information that was known to the receiving Party before receipt thereof from or on behalf of the Disclosing Party; (ii) information that is disclosed to the Receiving Party by a third person who has a right to make such disclosure without any obligation of confidentiality to the Party seeking to enforce its rights under this Section; (iii) information that is or becomes generally known in the trade without violation of this Agreement by the Receiving Party; or (iv) information that is independently developed by the Receiving Party or its employees or affiliates without reference to the Disclosing Party's information.

Each party will protect the other's Confidential Information with at least the same degree of care it uses with respect to its own Confidential Information and will not use the other party's Confidential Information other than in connection with its obligations hereunder. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by any regulatory or self-regulatory agency; (ii) it is advised by counsel that it may incur liability for failure to make such disclosure; (iii) requested to by the other party; provided that in the event of (i) or (ii) the disclosing party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable and cooperate with the other party (at such other party's expense) in any efforts to prevent such disclosure.

**15. Notices.**

Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed facsimile, electronic mail, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

---

| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To Distributor:** | &nbsp;&nbsp;(ii) **To the Fund:** |
| &nbsp;&nbsp;Quasar Distributors, LLC<br> Attn: Legal Department<br> Three Canal Plaza, Suite 100<br> Portland, ME 04101<br> Telephone: (207) 553-7110<br> Email: legal@foreside.com | &nbsp;&nbsp;Antares Strategic Credit Fund II LLC<br> Attn: Corporate Legal<br> 320 South Canal Street, Suite 4200<br> Chicago, IL 60661<br> Telephone: (312) 638-4117<br> Email: legalnotices@antares.com |

---

**16. Modifications.** The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by the Distributor and the Fund. If required under the 1940 Act, any such amendment must be approved by the Fund's Board, including a majority of the Fund's Board who are not interested persons, as such term is defined in the 1940 Act, of any party to this Agreement, by vote cast in person at a meeting for the purpose of voting on such amendment.

**17. Governing Law.** This Agreement shall be construed in accordance with the laws of the State of New York, without regard to the conflicts of law principles thereof.

**18. Entire Agreement.** This Agreement constitutes the entire agreement between the Parties hereto and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

**19. Survival.** The provisions of Sections 5, 6, 7, 8, 9, 13, 14, 17, and 19 of this Agreement shall survive any termination of this Agreement.

**20. Miscellaneous.** 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. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both the Distributor and the Fund and no presumptions shall arise in favor of any party by virtue of authorship of any provision of this Agreement. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

**21. Counterparts.** This Agreement may be executed by the Parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

---

| | |
|:---|:---|
| Antares Strategic Credit Fund II LLC | Antares Strategic Credit Fund II LLC |
| By: |  |
|  | Name: |
|  | Title: |
| Quasar Distributors, LLC | Quasar Distributors, LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

EXHIBIT A

<u>Compensation</u>

<u>SALES LOADS</u>:

Any and all upfront commissions on sales of Shares notified by the Fund in writing to the Distributor in respect of a particular Financial Intermediary up to the maximum such upfront commission rate set forth in the Private Placement Memorandum in effect at the time of sale of such Shares.

Such commissions shall not exceed the amounts set forth in the Private Placement Memorandum and shall be paid by the Distributor to the applicable Financial Intermediaries as set forth in the Registration Statement and only after, for so long as and to the extent that the Distributor has received such sales loads from the Fund.

<u>DISTRIBUTION FEE</u>:

The Fund will pay the Distributor an ongoing quarterly fee at the rate set forth in the Private Placement Memorandum and such fee shall be paid by the Distributor to the applicable Financial Intermediaries as set forth in the Private Placement Memorandum and only after, for so long as and to the extent that the Distributor has received such distribution fee from the Fund.

## Exhibit 10.9

**Exhibit 10.9**

**ANTARES STRATEGIC CREDIT FUND II LLC**

**DISTRIBUTION AND SERVICING PLAN** 

June 26, 2025

This Distribution and Servicing Plan (the "Plan") has been adopted in conformity with Rule 12b-1 (the "Rule") under the Investment Company Act of 1940, as amended (the "1940 Act"), by Antares Strategic Credit Fund II LLC, a Delaware limited liability company (the "Fund"), with respect to its classes of shares of beneficial interest (each, a "Class") listed on Appendix A, as amended from time to time, subject to the terms and conditions set forth herein.

**1.** **Distribution Fee and Shareholder Servicing Fee** 

a. The Fund may pay to Quasar Distributors LLC (the "Managing Dealer"), in its capacity as principal underwriter of the Fund's shares of beneficial interest, with respect to and at the expense of each Class listed on Appendix A, a fee for (i) distribution and sales support services (the "Distribution Fee"), as applicable, and/or (ii) shareholder services (the "Servicing Fee"), and each as more fully described below (together, the "Shareholder Servicing and/or Distribution Fee"), such fee to be paid at the rate per annum of the aggregate NAV as of the beginning of the first calendar day of each applicable month of the Class specified with respect to such Class under the column "Shareholder Servicing and/or Distribution Fee" on Appendix A. The Distribution Fee under the Plan will be used primarily to compensate the Managing Dealer for such services provided in connection with the offering and sale of shares of the applicable Class, and to reimburse the Managing Dealer for related expenses incurred, including payments by the Managing Dealer to compensate or reimburse brokers, other financial institutions or other industry professionals (collectively, "Selling Agents"), for distribution services and sales support services provided and related expenses incurred by such Selling Agents. Payments of the Distribution Fee on behalf of a particular Class must be in consideration of services rendered for or on behalf of such Class. However, joint distribution or sales support financing with respect to the shares of the Class (which financing may also involve other investment portfolios or companies that are affiliated persons of such a person, or affiliated persons of the Managing Dealer) are permitted in accordance with applicable law. Payments of the Servicing Fee will be used to compensate the Managing Dealer for personal services and/or the maintenance of shareholder accounts services provided to shareholders in the related Class and to reimburse the Managing Dealer for related expenses incurred, including payments by the Managing Dealer to compensate or reimburse brokers, dealers, other financial institutions or other industry professionals that are furnishing such services. Payments of the Shareholder Servicing and/or Distribution Fee may be made without regard to expenses actually incurred.

**2.** **Calculation and Payment of Fees** 

The amount of the Shareholder Servicing and/or Distribution Fee payable with respect to each Class listed on Appendix A will be calculated at the rate per annum of the aggregate NAV as of the beginning of the first calendar day of each applicable month, payable monthly in arrears, at the applicable annual rates indicated on Appendix A. The Shareholder Servicing and/or Distribution Fee will be calculated and paid separately for each Class.

**3.** **Approval of Plan** 

The Plan will become effective, as to any Class (including any Class not currently listed on Appendix A), upon its approval by (a) a majority of the Board of Trustees, including a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Fund and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan ("Qualified Trustees"), pursuant to a vote cast in person at a meeting called for the purpose of voting on the approval of the Plan (or as may otherwise be permitted by applicable law and regulations or by orders of the Securities and Exchange Commission), and (b) if the Plan is adopted for a Class after any public offering of shares of the Class or the sale of shares of the Class to persons who are not affiliated persons of the Fund, affiliated persons of such persons, promoters of the Fund, or affiliated persons of such promoters, a majority of the outstanding voting securities (as defined in the 1940 Act) of such Class.

**4.** **Continuance of the Plan** 

The Plan will continue in effect with respect to a Class for one year from the date of execution, and from year to year thereafter indefinitely so long as such continuance is specifically approved at least annually by the Fund's Board of Trustees in the manner described in Section 3(a) above.

**5.** **Implementation** 

All agreements with any person relating to implementation of this Plan with respect to any Class shall be in writing, and any agreement related to this Plan with respect to any Class shall provide: (a) that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of the Qualified Trustees or by a majority vote of the outstanding voting securities of the relevant Class, on not more than 60 days' written notice to any other party to the agreement; and (b) that such agreement shall terminate automatically in the event of its assignment (as defined under the 1940 Act).

**6.** **Termination** 

This Plan may be terminated at any time with respect to the shares of any Class by vote of a majority of the Qualified Trustees, or by a majority vote of the outstanding voting securities of the relevant Class.

**7.** **Amendments** 

The Plan may not be amended with respect to any Class so as to increase materially the amount of the Shareholder Servicing and/or Distribution Fee with respect to such Class without approval in the manner described in Section 3(a) above and by a majority vote of the outstanding voting securities of the relevant Class. All material amendments to this Plan shall be approved in the manner provided for approval of this Plan in Section 3(a) above.

**8.** **Written Reports** 

While the Plan is in effect, the Fund's Board of Trustees will receive, and the Trustees will review, at least quarterly, written reports complying with the requirements of the Rule, which set out the amounts expended under the Plan and the purposes for which those expenditures were made.

**9.** **Preservation of Materials** 

The Fund will preserve copies of the Plan, any agreement relating to the Plan and any report made pursuant to Section 8 above, for a period of not less than six years (the first two years in an easily accessible place) from the date of the Plan, agreement or report.

APPENDIX A TO DISTRIBUTION AND SERVICING PLAN

ANTARES STRATEGIC CREDIT FUND II LLC

---

| | |
|:---|:---|
| **Class of Shares of Beneficial Interest** | **Shareholder Servicing and/or Distribution Fee** |
| Common Shares | 0.85% Shareholder Servicing and/or Distribution Fee |

---

## Exhibit 10.10

**Exhibit 10.10**

**TRANSFER AGENT SERVICING AGREEMENT**

**THIS AGREEMENT** is made and entered into as of the last date on the signature page, but is effective as of the date in Section 12, by and among **ANTARES STRATEGIC CREDIT FUND II LLC**, a Delaware limited liability company (the "Fund"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. Bank Global Fund Services**, a Wisconsin limited liability company ("Fund Services").

WHEREAS, the Fund is a closed-end management investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "1940 Act" or the "Act");

WHEREAS, the Fund is authorized to offer and sell common shares of beneficial interest in the Fund (collectively, the "Shares");

WHEREAS, Fund Services is, among other things, in the business of administering transfer agent functions for the benefit of its customers; and

WHEREAS, the Fund desires to retain Fund Services to provide transfer agent services.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1.** **Appointment of Fund Services as Transfer Agent** 

The Fund hereby appoints Fund Services as transfer agent of the Fund on the terms and conditions set forth in this Agreement, and Fund Services hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of Fund Services shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against Fund Services hereunder.

**2.** **Services and Duties of Fund Services** 

Fund Services shall provide the following transfer agent services to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Receive and process orders for the purchase of Shares in accordance with applicable rules under the
1940 Act and other applicable regulations, and as specified in the Fund's registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Process, generally on the day of receipt or as promptly as possible based upon volume, any subscription
agreements or purchase orders received from prospective holders of Shares (such holder of Shares, "Shareholders") that are
in good order, as set forth on the registration statement, and promptly reject any subscriptions not received in good order. The processing
of in good order subscriptions 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;i. Acceptance and tracking of in good order subscriptions during the subscription period, and the provision
of reporting to the Fund on cumulative subscription requests.

&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. Prompt delivery of payment and supporting documentation to the Fund's custodian(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. Issuance of the appropriate number of uncertificated Shares once the Net Asset Valuation ("NAV")
for such purchase date becomes available, with such uncertificated Shares being held in the appropriate Shareholder account.

&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. Arrange for issuance of Shares obtained through transfers of funds from Shareholders' accounts at
financial institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Process tender offers and related repurchase requests received in good order and, where relevant, deliver
appropriate documentation to the Fund. The processing of in good order repurchase requests 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;i. Delivery (by data file, electronic delivery or mail, as instructed by the Fund) of tender / repurchase
notifications to Shareholders or intermediary dealers.

&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. Acceptance and tracking of submitted repurchase requests during the open tender window, and the provision
of reporting to the Fund on cumulative repurchase requests.

&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. Acceptance and processing of tender withdraw requests, and making corresponding adjustments the repurchase
tracking / reporting, as appropriate.

&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. Facilitation of pro-ration (to the extent required) and early repurchase discount 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;v. Upon the approval of the Fund, the repurchase and retirement of the appropriate number of Shares once
the NAV for such repurchase date becomes available, and the associated disbursement of funds (upon receipt from the Fund) to the corresponding
Shareholder or intermediary dealer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Prepare and transmit payments for distributions declared by the Fund, after deducting any amount required
to be withheld by any applicable laws, rules and regulations and in accordance with Shareholder instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Administer the Fund's distribution reinvestment plan, including:

&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. Acceptance and processing of Shareholder opt-in and opt-out elections.

&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. Tracking of Shareholder election statuses, and reporting to the Fund on such statuses, when requested.

&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. Completion of the share issuance and purchase transactions in relation to distributions payable to Shareholders
participating in the distribution reinvestment plan once the NAV applicable to such distribution date becomes available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Process transfers of Shares in accordance with the Shareholder's or intermediary dealer's
instructions and as permitted by the Fund's registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Maintain Shareholder records of the Fund and process changes to Shareholder records, as necessary, including,
but not limited to, name and address changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Prepare ad-hoc reports as necessary at prevailing rates. Any ad-hoc reports in excess of $5,000 shall
be pre-approved in writing by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Prepare certified Shareholder lists for use in connection with any annual or special shareholder meetings;
provide Shareholder account information upon Shareholder, intermediary dealer or Fund request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Prepare and deliver (by data file, electronic delivery or mail, as instructed by the Fund) confirmations,
and statements of account to Shareholders, intermediary dealers or the Fund's vendor of choice for all purchases, repurchases, redemptions,
and other confirmable transactions as agreed upon with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Prepare and deliver (by data file, electronic delivery or mail, as instructed
by the Fund) (i) account statements and performance reports on a monthly basis; (ii) shareholder reports on annual basis,
in a form approved by the Fund to Shareholders, intermediary dealers or the Fund's vendor of choice; and (iii) any other mailings
to shareholders, including but not limited to amendments to the Fund's offering documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Withhold as required by federal law, taxes on shareholder accounts, and perform and pay backup withholding,
as required, for all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Prepare and file U.S. Treasury Department Forms 1099, 1042, 1042S and other appropriate forms and information
required with respect to dividends, distributions and repurchases for all shareholders, and deliver (by data file, electronic delivery
or mail, as instructed by the Fund) such forms to Shareholders, intermediary dealers or the Fund's vendor of choice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Calculate the appropriate distribution and / or shareholder servicing fees due to each intermediary dealer
in accordance with the schedules and instructions delivered to Fund Services by the Fund or the Fund's managing dealer or distributor
("Managing Dealer"), and, with the Fund's approval, provide the Fund's custodian instructions for the payment
of such fees to the Managing Dealer or intermediary dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Calculate and track the cumulative placement fees and distribution and/ shareholder servicing fees paid
by each Shareholder holding Class S Shares or Class D Class Shares relative to the 10% cap on such fees described in the
registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Reimburse the Fund each month for all losses resulting from "as of" processing errors for
which Fund Services is responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Answer correspondence from Shareholders, intermediary dealers and others relating to Fund Services'
duties hereunder within required time periods established by applicable regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Provide service and support to financial intermediaries including but not limited to trade placements,
settlements and corrections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications
reasonably requested by the Fund in connection with any certification required of the Fund pursuant to the Sarbanes-Oxley Act of 2002
("SOX Act") or any rules or regulations promulgated by the U.S. Securities and Exchange Commission ("SEC")
thereunder, provided the same shall not be deemed to change Fund Services' standard of care as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) In order to assist the Fund in satisfying the requirements of Rule 38a-1 under the 1940 Act, Fund
Services will provide the Fund's Chief Compliance Officer with reasonable access to Fund Services' Fund records relating to
the services provided by it under this Agreement, and will provide quarterly compliance reports and related certifications regarding any
Material Compliance Matter (as defined in the 1940 Act) involving Fund Services that affect or could affect the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) Fund Services shall use reasonable efforts to provide the same services with respect to any new, additional
functions or features or any changes or improvements to existing functions or features as provided for in the Fund's instructions,
prospectus or application as amended from time to time, for the Fund provided (i) Fund Services is advised in advance by the Fund
of any changes therein, (ii) the mode of operations utilized by Fund Services as then constituted supports such additional functions
and features, and (iii) Fund Services and the Fund have mutually agreed on any additional fees, if the new, additional functions
or features increase the service level.

**3.** **Lost Shareholder Due Diligence Searches and Servicing** 

The Fund hereby acknowledges that Fund Services has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Costs associated with such searches will be passed through to the Fund as a miscellaneous expense in accordance with the fee schedule set forth in <u>Exhibit A</u> hereto. If a shareholder remains lost and the shareholder's account unresolved after completion of the mandatory Rule 17Ad-17 search, the Fund hereby authorizes Fund Services to conduct a more in-depth search in order to locate the lost shareholder before the shareholder's assets escheat to the applicable state, to enter into agreements with vendors to conduct such additional searches, and to charge the costs of such additional searches to the account of the lost shareholder

**4.** **Anti-Money Laundering and Red Flag Identity Theft Prevention Programs** 

The Fund acknowledges that it has had an opportunity to review, consider and comment upon the written procedures provided by Fund Services describing various tools used by Fund Services which are designed to promote the detection and reporting of potential money laundering activity and identity theft by monitoring certain aspects of shareholder activity as well as written procedures for verifying a customer's identity (collectively, the "Procedures"). Further, the Fund and Fund Services have determined that the Procedures, as part of the Fund's overall anti-money laundering program and Red Flag Identity Theft Prevention program, are reasonably designed to: (i) prevent the Fund from being used for money laundering or the financing of terrorist activities; (ii) prevent identity theft; and (iii) to achieve compliance with the applicable provisions of the Bank Secrecy Act, Fair and Accurate Credit Transactions Act of 2003 and the USA Patriot Act of 2001 and the implementing regulations thereunder.

Based on this determination, the Fund hereby instructs and directs Fund Services to implement the Procedures, as applicable, on the Fund's behalf, as such may be amended from time to time. It is contemplated that these Procedures will be amended from time to time by Fund Services and any such amended Procedures will be provided to the Fund. Should the Fund desire that Fund Services perform services not provided for in the Procedures, such additional services and the associated cost must be specifically detailed in the attached fee schedule.

The Fund acknowledges and agrees that although it is directing Fund Services to implement the Procedures on its behalf, Fund Services is implementing the Procedures as a service provider to the Fund and the Fund is and remains ultimately responsible for complying with all applicable laws, rules, and regulations with respect to anti-money laundering, customer identification, identity theft prevention, economic sanctions, and terrorist financing, whether under the AML Rules, or otherwise, such as, the establishment and board adoption of its own formal anti-money laundering program and the designation of its own anti-money laundering officer, as applicable.

The Fund further acknowledges and agrees that certain portions of the Procedures are applicable to certain products, entities, structures, or geographies and, accordingly, certain portions of the Procedures may not be implemented with respect to the Fund. The Fund has had the opportunity to discuss the Procedures with Fund Services, and the Fund understands and agrees which portions of the Procedures may not be implemented on behalf of the Fund. Without limitation of the foregoing, Fund Services shall not be responsible for providing anti-money laundering or customer identification services with respect to certain intermediary or dealer-controlled customer accounts (i.e., level 0 sub-accounts through the Fund/SERV system operated by the National Securities Clearing Corporation) and other fund client relationships where there is a sub-transfer agency or similar arrangement between the Fund and the intermediary.

The Fund hereby directs, and Fund Services acknowledges, that Fund Services shall (i) permit federal regulators access to such information and records maintained by Fund Services and relating to Fund Services' implementation of the Procedures, on behalf of the Fund, as they may request, and (ii) permit such federal regulators to inspect Fund Services' implementation of the Procedures on behalf of the Fund.

**5.** **Compensation** 

Fund Services shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time by the mutual consent of both parties). Fund Services shall also be reimbursed for such miscellaneous expenses as set forth on <u>Exhibit A</u> hereto as are reasonably incurred by Fund Services in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. Antares Capital Credit Advisers LLC (the "Administrator") and/or the Fund shall notify Fund Services in writing within thirty (30) calendar days following receipt of each invoice if the Administrator and/or the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within thirty (30) calendar days of the day on which the parties agree to the amount to be paid.

**6.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund hereby represents and warrants to Fund Services, which representations and warranties shall be
deemed to be continuing throughout the term of this Agreement unless otherwise stated below, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund is duly organized and existing under the laws of the jurisdiction of its organization, with full
power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite
action and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured
parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute,
rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its
property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All records of the Fund (including, without limitation, all shareholder and account records) provided
to Fund Services by the Fund are accurate and complete and Fund Services is entitled to rely on all such records in the form provided;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Fund has a reasonable belief that it knows the true identity of all shareholders of the Fund as of
the date of this Agreement including, to the extent applicable, the beneficial owners of such shareholders, and Fund Services is entitled
to rely on such identification by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Fund Services hereby represents and warrants to the Fund, which representations and warranties shall be
deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power
to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all
requisite action and constitutes a valid and legally binding obligation of Fund Services, enforceable in accordance with its terms, subject
to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors
and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, including any applicable data protection laws, and has obtained all regulatory approvals necessary to carry on
its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter,
bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To the best of its knowledge, no legal or administrative proceedings have been instituted or threatened
which would impair Fund Services' ability to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Its entrance into this Agreement shall not cause a material breach or be in a material conflict with any
other agreement or obligation of Fund Services, or any law or regulation applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) It has all the necessary facilities, equipment and personnel to perform the duties and obligations under
this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) It is a registered transfer agent under the Exchange Act and has such licenses and/or authorizations as
may be required to place shares through the Alternative Investment Product Services (AIP) system.

**7.** **Standard of Care; Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fund Services shall exercise reasonable care in the performance of its duties under this Agreement. Fund
Services shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties
under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond Fund
Services' control, except a loss arising out of or relating to Fund Services' refusal or failure to comply with the terms
of this Agreement or from its bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement.
Notwithstanding any other provision of this Agreement, if Fund Services has exercised reasonable care in the performance of its duties
under this Agreement, the Fund shall indemnify and hold harmless Fund Services from and against any and all claims, demands, losses, expenses,
and liabilities of any and every nature (including reasonable and documented attorneys' fees) that Fund Services may sustain or incur
or that may be asserted against Fund Services by any person arising out of any action taken or omitted to be taken by it in performing
the services hereunder (i) in accordance with the foregoing standards, (ii) in reliance upon any written instruction provided
to Fund Services by the Fund's investment adviser or by any duly authorized officer of the Fund, as approved by the Fund's
Board of Directors (the "Board of Directors"), except for any and all claims, demands, losses, expenses, and liabilities arising
out of or relating to Fund Services' refusal or failure to comply with the terms of this Agreement or from its bad faith, gross
negligence or willful misconduct in the performance of its duties under this Agreement (provided that, for the avoidance of doubt, the
parties acknowledge and agree that this indemnity shall not cover events that occur subsequent to the termination of this Agreement).
This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement.
As used in this paragraph, the term "Fund Services" shall include Fund Services' directors, officers and employees.

Fund Services shall indemnify and hold the Fund harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising out of any action taken or omitted to be taken by Fund Services as a result of Fund Services' refusal or failure to comply with the terms of this Agreement, bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of Fund Services, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund" shall include the Fund's directors, officers and employees.

In no case shall either party be liable to the other for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such) under this Agreement; or (ii) any delay by reason of circumstances not reasonably foreseeable and beyond its reasonable control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, or riots.

In the event of a mechanical breakdown or failure of communication or power supplies beyond its control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. Fund Services shall as promptly as possible under the circumstances notify the Fund in the event of any service interruption that materially impacts Fund Services' duties under this Agreement. Fund Services will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of Fund Services as soon as practicable. Fund Services agrees that it shall, at all times, have reasonable business continuity and disaster recovery contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the Fund shall be entitled to inspect Fund Services' premises and operating capabilities, books and records maintained on behalf of the Fund at any time during regular business hours of Fund Services, upon reasonable notice to Fund Services. Fund Services shall promptly notify the Fund upon discovery of any material administrative error (or group, pattern or practice of errors that, when taken together could constitute a material administrative error), and shall consult with the Fund about the actions it intends to take to correct the error prior to taking such actions. A "material administrative error" means any error which the Fund's management, including its Chief Compliance Officer, would reasonably need to know to oversee Fund compliance. Moreover, Fund Services shall obtain and provide the Fund, at such times as the Fund may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of Fund Services relating to the services provided by Fund Services under this Agreement.

Notwithstanding the above, Fund Services reserves the right to reprocess and correct administrative errors (and shall do so in any case promptly upon request of the Fund). Any reprocessing of administrative errors shall be at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In order that the indemnification provisions contained in this section shall apply, it is understood that
if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised
of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable
care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim
for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification.
In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense
of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek indemnification
under this section. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will
be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The indemnity and defense provisions set forth in this Section 7 shall indefinitely survive the termination
and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If Fund Services is acting in another capacity for the Fund pursuant to a separate agreement, nothing
herein shall be deemed to relieve Fund Services of any of its obligations in such other capacity.

**8.** **Data Necessary to Perform Services** 

The Fund or its agent shall furnish to Fund Services the data necessary to perform the services described herein at such times and in such form as mutually agreed upon. For the avoidance of doubt, Fund Services agrees that, to the extent required in order to carry out any of its obligations hereunder, Fund Services will coordinate with all other service providers of the Fund as may be requested and authorized by the Fund, including each custodian of the Fund, as appropriate. If Fund Services is also acting in another capacity for the Fund, nothing herein shall be deemed to relieve Fund Services of any of its obligations in such capacity.

**9.** **Proprietary and Confidential Information** 

Fund Services agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders) including all shareholder trading information, and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where Fund Services may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities provided that to the extent permitted by law, Fund Services shall provide the Fund notice prior to such disclosures, or (iii) when so requested by the Fund. Records and other information which have become known to the public through no wrongful act of Fund Services or any of its employees, agents or representatives, and information that was already in the possession of Fund Services prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph. Fund Services acknowledges that it may come into possession of material nonpublic information with respect to the Fund and confirms that it has in place effective procedures to prevent the use of such information in violation of applicable insider trading laws.

Further, Fund Services will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm Leach Bliley Act, as may be modified from time to time. In this regard, Fund Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders. In addition, Fund Services has implemented and will maintain an effective information security program reasonably designed to protect information relating to Shareholders (such information, "Personal Information"), which program includes sufficient administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) insure the security and confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal Information that could result in substantial harm or inconvenience to the Fund or any Shareholder (the "Information Security Program"). The Information Security Program complies and shall comply with reasonable information security practices within the industry. Upon written request from the Fund, Fund Services shall provide a written description of its Information Security Program. Fund Services shall promptly notify the Fund in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any Personal Information (any or all of the foregoing referred to individually and collectively for purposes of this provision as a "Security Breach"). Fund Services shall promptly investigate and remedy, and bear the cost of the measures (including notification to any affected parties), if any, to address any Security Breach. Fund Services shall bear the cost of the Security Breach only if Fund Services is determined to be responsible for such Security Breach.

In addition to, and without limiting the foregoing, Fund Services will promptly cooperate with the Fund, any of its affiliates, or any of the Fund's or its affiliates' regulators at Fund Services' expense (only if Fund Services is determined to be responsible for such Security Breach) to prevent, investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.

Fund Services will provide the Fund with certain copies of third party audit reports (e.g., SSAE 16 or SOC 1) through access to Fund Services' CCO Portal (limited to two persons) to the extent such reports are available and related to services performed or made available by Fund Services under this Agreement. The Fund acknowledges and agrees that such reports are confidential and that it will not disclose such reports except to its employees and service providers who have a need to know and have agreed to obligations of confidentiality applicable to such reports.

Notwithstanding the foregoing, Fund Services will not share any nonpublic personal information concerning any of the Fund's shareholders to any third party unless specifically directed by the Fund or allowed under one of the exceptions noted under the Gramm Leach Bliley Act.

**10.** **Records** 

Fund Services shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Fund, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. Fund Services agrees that all such records prepared or maintained by Fund Services relating to the services to be performed by Fund Services hereunder are the property of the Fund and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Fund or their designee on and in accordance with its request. Fund Services agrees to provide any records necessary to the Fund to comply with the Fund's disclosure controls and procedures and internal control over financial reporting adopted in accordance with the SOX Act. Without limiting the generality of the foregoing, Fund Services shall cooperate with the Fund and assist the Fund, as necessary, by providing information to enable the appropriate officers of the Fund to (i) execute any required certifications and (ii) provide a report of management on the Fund's internal control over financial reporting (as defined in Sections 13a-15(f) or 15a-15(f) of the Exchange Act).

**11.** **Compliance with Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including
but not limited to compliance with the Act, the Internal Revenue Code of 1986, the SOX Act, the USA Patriot Act of 2001 and the policies
and limitations of the Fund relating to its portfolio investments as set forth in its registration statement. Fund Services' duties
and services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance and oversight responsibility with
respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The foregoing shall not affect Fund Services' responsibilities for compliance and related matters
delegated to Fund Services by the Fund as expressly provided herein. Fund Services shall comply with changes to all regulatory requirements
affecting its services hereunder to the Fund and shall implement any necessary modifications to the services prior to the deadline imposed,
or extensions authorized by, the regulatory or other governmental body having jurisdiction for such regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If, and to the extent that, the General Data Protection Regulation (EU) 2016/679, as amended ("GDPR")
or the Cayman Islands Data Protection Law, 2017, as amended ("DPL"), are applicable to Fund Services and the Fund the following
provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The parties agree Fund Services is a "Data Processor" under GDPR and DPL, as applicable, in
the performance of its services under this Agreement. Notwithstanding the foregoing, the parties agree Fund Services is a "Data
Controller" under GDPR and DPL, as applicable, solely for the purpose of fulfilling its own pre-contractual AML/KYC new fund client
onboarding obligations. In either case, the Fund shall ensure that all necessary and appropriate consents, disclosures and notices, including
data subject consents, are in place to enable the processing of "Personal Data" (as defined by GDPR and DPL) by Fund Services,
the transfer of Personal Data to Fund Services, and the transfer of Personal Data by Fund Services to third countries or regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The parties further agree the Fund is a "Data Controller" under GDPR and DPL, as applicable.
The Fund, either alone or jointly with others, determines or controls the content, use, purpose and means of processing the Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Fund Services shall process the Personal Data: (i) in accordance with instructions of the Fund pursuant
to this Agreement and any authorized persons list executed pursuant thereto, for the purpose of discharging Fund Services' obligations
under this Agreement; and (ii) when required by law or regulation, or required or requested by any court or regulator (each a "Processing
Order") to which Fund Services is subject. In the event Fund Services receives a request to process Personal Data pursuant to any
Processing Order, it shall, to the extent legally permissible and reasonably practicable under the circumstances, notify the Fund prior
to processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Fund is solely responsible for developing and implementing its internal policies and procedures with
respect to GDPR and DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Fund Services 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;i. ensure that persons handling Personal Data on its behalf are subject to confidentiality obligations similar
to those contained in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. implement appropriate technical and organizational measures to protect Personal Data including against
unauthorized or unlawful processing and against accidental loss, damage or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. only appoint sub-processors with the prior written consent of the Fund (standing instructions or general
written authorization are sufficient), and only if the sub-processors provide sufficient guarantees in writing to Fund Services that they
have implemented appropriate technical and organizational measures in such a manner that processing will comply with GDPR and DPL, as
applicable<sup>1</sup>;

&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. beyond the initial appointment, inform the Fund of any intended material changes concerning the addition
or replacement of sub-processors, thereby giving the Fund the opportunity to object;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. taking into account the nature of the processing, reasonably assist the Fund by appropriate technical
and organizational measures, insofar as possible, to enable the Fund to comply with its obligation to respond to requests for exercising
a data subject's rights under GDPR or DPL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. provide reasonable assistance to the Fund in ensuring their compliance with obligations regarding Personal
Data breaches, data protection impact assessments and prior consultation subject to the nature of the processing and the information reasonably
available to Fund Services, and inform the Fund of Personal Data breaches without undue delay;

<sup>1</sup> For the avoidance of doubt, Fund Services' affiliates and third party software providers will be used as sub-processors under this Agreement, and the Fund hereby authorizes such use.

&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. at the written direction of the Fund, delete or return all Personal Data to the Fund after the end of
the provision of services under this Agreement relating to processing, and delete existing copies of Personal Data unless applicable law
or internal data retention or backup procedures require the storage of such Personal Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. make available to the Fund all information reasonably necessary to demonstrate compliance with GDPR or
DPL, as applicable, and allow for and reasonably cooperate with audits, including inspections, conducted by the Fund or its auditor; and
immediately inform the Fund if, in its opinion, the Fund's instructions regarding this subsection infringes on GDPR or DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Each party shall comply with any other applicable law or regulation which implements GDPR and DPL in relation
to the Personal Data. Nothing in this Agreement shall be construed as preventing either party from taking such other steps as are necessary
to comply with GDPR, DPL or any other applicable data protection laws.

**12.** **Term of Agreement; Amendment** 

This Agreement shall become effective as of June 26, 2025 and will continue in effect for a period of three (3) years; such term may be extended with the mutual consent of both parties. This Agreement may be terminated by either party upon giving 120 days' prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within fifteen (15) days of notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by Fund Services and the Fund, and authorized or approved by the Board of Directors.

**13.** **Duties in the Event of Termination** 

In the event that, in connection with termination, a successor to any of Fund Services' duties or responsibilities hereunder is designated by the Fund by written notice to Fund Services, Fund Services will promptly, upon such termination and, except in the case of a material breach by Fund Services, in which case all expenses shall be borne by Fund Services, at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by Fund Services under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which Fund Services has maintained the same, the Fund shall pay any reasonable and documented expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from Fund Services' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Fund. The Fund shall also pay any fees associated with record retention and/or tax reporting obligations that Fund Services is obligated under applicable law, regulation, or rule to continue following the termination.

**14.** **Assignment** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of Fund Services, or by Fund Services without the written consent of the Fund accompanied by the authorization or approval of the Board of Directors.

**15.** **Governing Law** 

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the Act or any rule or order of the SEC thereunder.

**16.** **Services not Exclusive** 

Nothing in this Agreement shall limit or restrict Fund Services from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

**17.** **No Agency Relationship** 

Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

**18.** **Invalidity** 

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

**19.** **Notices** 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to Fund Services shall be sent to:

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Attn: GFS Contracts

Email: GFSContracts@usbank.com

and notice to the Fund shall be sent to:

Antares Strategic Credit Fund II LLC

c/o Antares Capital Credit Advisers LLC

320 South Canal Street,

Suite 4200

Chicago, IL 60606

**20.** **Multiple Originals** 

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**21.** **Entire Agreement** 

This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements, arrangements and understandings, whether written or oral.

SIGNATURES ON NEXT PAGE

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| | |
|:---|:---|
| **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: |  |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |
| **Antares STRATEGIC Credit Fund II LLC** | **Antares STRATEGIC Credit Fund II LLC** |
| By: | /s/ Monica Kelsey |
| Name: Monica Kelsey | Name: Monica Kelsey |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| Date: June 27, 2025 | Date: June 27, 2025 |

---

**Exhibit A**

**Transfer Agent Servicing Agreement Fee Schedule**

Transfer Agency/Investor Services Fee Schedule\*

■ $40,000 - per year, Base Fee Per CUSIP

■ $13.00 - per open account for Open Accounts

■ $3.00 - per closed account for Closed Accounts

CUSIP Setup

■ $5,000 - per CUSIP, CUSIP Fee

**PA Port**

■ $10,000 - Annual fee

■ $15,000 - One-time standard set up charge

● Customization charged at vendor's current hourly rate

**Data Output**

■ $1,875 - One-time standard set up for periodic statements and confirms

● Customization charged at vendor's current hourly rate

Chief Compliance Officer Support Fee

■ $3,000 per year

***Miscellaneous Expenses***

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred:

brokerage fees, telephone toll-free lines, inbound calls, mailing, sorting and postage, stationery, envelopes, service/data conversion, AML verification services, special reports, record retention, lost shareholder search, disaster recovery charges, Fed wire charges, shareholder/dealer print out (daily confirms, investor statements, tax, checks, and commissions), voice response (VRU) maintenance and development, data communication and implementation charges, return mail processing, travel, FATCA and other compliance mailings.

***Additional Services***

Additional services not included above shall be mutually agreed upon at the time of the service being added. Available but not included above are the following services- client dedicated line data access, programming charges, physical certificate processing, CUSIP setup and additional services mutually agreed upon.

In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

\*Subject to annual CPI increase-All Urban Consumers - U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

Fees are calculated pro rata and billed quarterly.

**The quarterly fee for an open account shall be charged in the quarter during which an account is opened through the quarter in which such account is closed. The quarterly fee for a closed account shall be charged in the quarter following the quarter during which such account is closed.**

Fees for Special Situation:

■ Fee will be assessed.

Rule 2a-5 Reporting (valuation reporting and support):

■ $2,000 per fund

Customized delivery of data:

■ TBD

RIC Core Tax Services

M-1 book-to-tax adjustments at fiscal and excise year-end, prepare tax footnotes in conjunction with fiscal year-end audit, Prepare Form 1120-RIC federal income tax return and relevant schedules, Prepare Form 8613 and relevant schedules, Prepare Form 1099-MISC Forms, Prepare Annual TDF FBAR (Foreign Bank Account Reporting) filing, Prepare state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

Optional Tax Services RIC

■ $5,000 per year - Prepare book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations
(CFCs)

■ $1,000 per additional estimate - Additional Capital Gain Dividend Estimates - (First two included in
core services)

■ $1,500 per additional return - State tax returns - (First two included in core services)

Partnership Core Tax Services

■ Fund book to tax analysis (Excluding specific MLP Investment Structures)

■ LP and GP tax allocation calculations as a component of Schedule K-1 disclosures

■ Fund Treasury filings including FINCEN Form 114 (F/K/A TDF 90-22.1 Foreign Account Returns) upon
request

■ File Form 1099 Miscellaneous upon request

■ Semi Annual and Annual Provision if applicable

■ Form 8937 if applicable

Partnership Optional Tax Services - (in addition to Standard Services)

***Federal Tax Returns***

■ Prepare partnership federal income tax returns for master or standalone investment fund (up to 100 investors):

■ $2,000 - $5,000 Prepare partnership federal income tax returns for feeder entity (up to 100 K-1s)

■ Prepare Federal and State extensions (If Applicable); Included in the return fees

■ $2,500 per blocker - Prepare corporate federal tax returns and analysis for US blocker entities

■ $2,000 per blocker - Prepare corporate federal tax returns and analysis for foreign blocker entities

■ $2,000 per SPV - Prepare tax analysis for Special Purpose Vehicles (SPV's)

■ $5,000 Additional Per PFIC request - PFIC Statements

■ Coordinate filings and help facilitate payments to federal and local governments (If Applicable); Included
in the return fees

■ $3,000 Per Estimate request - Prepare K-1 estimates

***State Tax Returns***

■ $1,000 per fund - State tax notice consultative support and resolution

■ $250 - Prepare New York Form IT- 204-LL

■ $1,500 per state return - Prepare state income tax returns for funds and blocker entities

● $2,000 per state return - Sign state income tax returns

● Included with preparation of returns - Assist in filing state income tax returns

*Additional fee for Returns with over 100 investors to be added based on complexity.*

*Note Increase analysis due to side pocket allocation analysis may result in additional fees.*

*Note US Corporation preparation fees do not include 1099-DIV reporting*

Tax Reporting - C-Corporations

***Federal Tax Returns***

■ $25,000 - Prepare corporate Book to tax calculation, average cost analysis and cost basis role forwards,
and federal income tax returns for investment fund (Federal returns & 1099 Breakout Analysis)

■ Included in the return fees - Prepare Federal and State extensions (If Applicable)

■ $2,000 Per estimate - Prepare provision estimates

***State Tax Returns***

■ $1,500 per state return - Prepare state income tax returns for funds and blocker entities

● $2,000 per state return - Sign state income tax returns

● Included with preparation of returns - Assist in filing state income tax returns

● $1,000 per fund - State tax notice consultative support and resolution

## Exhibit 10.11

**Exhibit 10.11**

Antares Strategic Credit Fund II LLC<br> 320 South Canal Street, Suite 4200<br> Chicago, Illinois 60661

Re: <u>Waiver of Certain Advisory Fees under the Investment Advisory Agreement between Antares Capital Credit Advisers LLC and Antares Strategic Credit Fund II LLC</u>

This waiver letter agreement (this "<u>Waiver Letter</u>") to the Investment Advisory Agreement, dated as of June 26, 2025 (as may be amended and/or restated from time to time, the "<u>Agreement</u>"), between Antares Capital Credit Advisers LLC, a Delaware limited liability company (the "<u>Adviser</u>"), and Antares Strategic Credit Fund II LLC, a Delaware limited liability company (the "<u>Fund</u>"), is made as of the 15<sup>th</sup> day of July, 2025. Capitalized terms used but not defined herein have the meanings ascribed to them in the Agreement.

Pursuant to this Waiver Letter, the Adviser hereby irrevocably waives, which may be effected by a rebate or otherwise, (i) any base management fee due from the Fund to the Adviser under Section 5(a) of the Agreement and (ii) any incentive fee from the Fund to the Adviser under Section 5(b) of the Agreement through February 28, 2026.

This Waiver Letter and the rights and obligations of the parties hereto shall be governed by, and construed and enforced in accordance with, the laws of the State of New York without regard to the choice of law or conflicts of law principles thereof that would result in the application of the law of any other jurisdiction. For so long as the Fund is regulated as a business development company under the 1940 Act, this Waiver Letter shall also be construed in accordance with the applicable provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"), in such case, to the extent the applicable laws of the State of New York or any of the provisions herein conflict with the provisions of the 1940 Act or the Advisers Act, the 1940 Act and the Advisers Act shall control.

This Waiver Letter may be executed in counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.

*[Signature Page Follows]*

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **ANTARES CAPITAL CREDIT ADVISERS LLC.** | **ANTARES CAPITAL CREDIT ADVISERS LLC.** |
| By: | /s/ Tyler W. Lindblad |
| Name: | Tyler W. Lindblad |
| Title: | VP/ Chief Investment Officer |

---

---

| | |
|:---|:---|
| Acknowledged and Agreed**:** | Acknowledged and Agreed**:** |
| **ANTARES STRATEGIC CREDIT FUND II LLC** | **ANTARES STRATEGIC CREDIT FUND II LLC** |
| By: | /s/ Malvika Gupta |
| Name: | Malvika Gupta |
| Title: | Chief Compliance Officer |

---

## Exhibit 10.12

**Exhibit 10.12**

Antares Strategic Credit Fund II LLC<br> 320 South Canal Street, Suite 4200<br> Chicago, Illinois 60661

Re: <u>Waiver Letter Agreement between Antares Strategic Credit Fund II LLC and Antares Capital Credit Advisers LLC</u>

This waiver letter agreement (this "<u>Waiver Letter</u>") by and between Antares Strategic Credit Fund II LLC, a Delaware limited liability company (the "<u>Fund</u>"), and Antares Capital Credit Advisers LLC, a Delaware limited liability company (the "<u>Adviser</u>"), is effective as of July 15, 2025.

The Adviser intends to pay on behalf of the Fund certain of the Fund's organizational expenses (the "<u>Organizational Expenses</u>") . The Adviser hereby agrees to waive reimbursement by the Fund for such Organizational Expenses the Adviser incurs or has incurred on the Fund's behalf in an aggregate amount not to exceed $250,000 during the period ending on the date of the initial closing for purchases of Common Shares by unaffiliated investors (the "<u>Initial Closing Date</u>"); <u>provided</u>, <u>however</u>, that if the Adviser waives such Organizational Expenses pursuant to the foregoing sentence, the Fund shall reimburse the Adviser for payments of any such Organizational Expenses (each such payment, an "<u>Expense Payment</u>") pursuant to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative
distributions accrued to the Fund's shareholders based on distributions declared with respect to record dates occurring in such
calendar month (the amount of such excess being hereinafter referred to as " <u>Excess Operating Funds</u> "), the Fund shall
pay such Excess Operating Funds, or a portion thereof in accordance with paragraphs (b) and (c) below, as applicable, to the
Adviser until such time as all Expenses Payments made by the Adviser within three years prior to the last business day of such calendar
month have been reimbursed. Any payments required to be made by the Fund pursuant to this paragraph (a) shall be referred to herein
as a " <u>Reimbursement Payment</u>." For purposes of this Waiver Letter, " <u>Available Operating Funds</u> " means
the sum of (i) the Fund's net investment company taxable income (including net short-term capital gains reduced by net long-term
capital losses), (ii) the Fund's net capital gains (including the excess of net long-term capital gains over net short-term
capital losses) and (iii) dividends and other distributions paid to the Fund on account of investments in portfolio companies (to
the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of the Reimbursement Payment for any calendar month shall equal the lesser of (i) the
Excess Operating Funds in such month and (ii) the aggregate amount of all Expense Payments made by the Adviser within three years
prior to the last business day of such calendar month that have not been previously reimbursed by the Fund to the Adviser; provided that
the Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar month, in which case
such waived amount will remain unreimbursed Expense Payments reimbursable in future months pursuant to the terms of this Waiver Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Waiver Letter, no Reimbursement Payment for any month
shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Fund at the time of such Reimbursement Payment
is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment
relates, (2) the Fund's Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense
Ratio at the time the Expense Payment was made to which such Reimbursement Payment relate, or (3) the Fund's Operating Expenses
at the time of such Reimbursement Payment exceeds 1.00% of the Fund's net asset value. For purposes of the Waiver Letter, " <u>Effective Rate of Distributions Per Share</u> " means the annualized rate (based on a 365 day year) of regular cash distributions per share
exclusive of returns of capital, distribution rate reductions due to distribution and shareholder servicing fees, and declared special
dividends or special distributions, if any. The " <u>Operating Expense Ratio</u> " is calculated by dividing Operating Expenses,
less organizational and offering expenses, base management and incentive fees owed to the Adviser, shareholder servicing and/or distribution
fees, and interest expense, by the Fund's net assets. " <u>Operating Expenses</u> " means all of the Fund's operating
costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's obligation to make a Reimbursement Payment shall automatically become a liability of
the Fund on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such
payment for the applicable month. In connection with any Reimbursement Payment, the Fund may deliver a notice. The Reimbursement Payment
for any calendar month shall be paid by the Fund to the Adviser in any combination of cash or other immediately available funds as promptly
as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Reimbursement Payments hereunder shall be deemed to relate to the earliest unreimbursed Expense Payments
made by the Adviser within three years prior to the last business day of the calendar month in which such Reimbursement Payment obligation
is accrued.

This Waiver Letter contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof and thereof. This Waiver Letter shall be construed in accordance with the laws of the State of New York. For so long as the Fund is regulated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), this Waiver Letter shall also be construed in accordance with the applicable provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"), in such case, to the extent the applicable laws of the State of New York or any of the provisions herein conflict with the provisions of the 1940 Act or the Advisers Act, the 1940 Act and the Advisers Act shall control.

This Waiver Letter may be executed in counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.

Remainder of Page Intentionally Blank

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **Antares Capital Credit Advisers LLC** | **Antares Capital Credit Advisers LLC** |
| By: | /s/ Tyler W. Lindblad |
| Name: | Tyler W. Lindblad |
| Title: | VP / Chief Investment Officer |

---

---

| | |
|:---|:---|
| **ACKNOWLEDGED AND AGREED:** | **ACKNOWLEDGED AND AGREED:** |
| **Antares Strategic Credit Fund II LLC** | **Antares Strategic Credit Fund II LLC** |
| By: | /s/ Malvika Gupta |
| Name: | Malvika Gupta |
| Title: | Chief Compliance Officer |

---

## Exhibit 14.1

**Exhibit 14.1**

**Appendix C**

**Joint Code of Ethics**

**INTRODUCTION**

This Code of Ethics (the "**Code of Ethics**") has been adopted by the Antares Private Credit Fund, Antares Strategic Credit Fund and Antares Strategic Credit Fund II LLC (the "**Companies**" and individually, a "**Company**") pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The purpose of the Code of Ethics is to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Companies may abuse their fiduciary duty to each Company, and otherwise to deal with the types of conflict of interest situations to which Rule 17j-1 is addressed. Antares Capital Credit Advisers LLC serves as each Company's investment adviser (the "Adviser" or "ACCA").

The main purpose of the Code of Ethics is to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of a Company may abuse their fiduciary duty to a Company and to otherwise deal with the types of conflict of interest situations to which Rule 17j-1 is addressed.

The Code of Ethics is based on the principle that (i) the trustees/directors and officers of a Company and (ii) the Companies' investment adviser, Antares Capital Credit Advisers LLC, owe a fiduciary duty to the relevant Company and accordingly have an obligation to ensure that the personnel of a Company and the Adviser conduct their personal securities transactions in a manner that does not interfere with a Company's transactions or otherwise take unfair advantage of their relationship with a Company and that business development company personnel should not take inappropriate advantage of their positions. All trustees/directors, managers, officers and employees of a Company and the Adviser (***"Covered Personnel"***) are expected to adhere to this general principle as well as to comply with all of the specific provisions of this Code of Ethics that are applicable to them. Any Covered Personnel who are affiliated with another entity that is a registered investment adviser is, in addition, expected to comply with the provisions of the code of ethics that has been adopted by such other investment adviser.

Technical compliance with the Code of Ethics will not automatically insulate any Covered Personnel from scrutiny of transactions that show a pattern of compromise or abuse of the individual's fiduciary duty to a Company. Accordingly, all Covered Personnel must seek to avoid any actual or potential conflicts between their personal interests and the interests of a Company and its shareholders. In sum, all Covered Personnel shall place the interests of a Company before their own personal interests.

All Covered Personnel must read and retain this Code of Ethics of Ethics.

**Section II.** **Definitions**

(A) ***"Access Person"*** means any trustee, employee, officer or Advisory Person (as defined below) of the Company or the Adviser.

(B) An ***"Advisory Person"*** of the Company or the Adviser means: (i) any employee of the Company or the Adviser, or any company in a Control (as defined below) relationship to the Company or the Adviser, who in connection with his or her regular functions or duties makes, participates in, or obtains information regarding the purchase or sale of any Covered Security (as defined below) by the Company, or whose functions relate to the making of any recommendation with respect to such purchases or sales; and (ii) any natural person in a Control relationship to the Company or the Adviser, who obtains information concerning recommendations made to the Company with regard to the purchase or sale of any Covered Security by the Company.

(C) ***"Beneficial Ownership"*** is interpreted in the same manner as it would be under Rule 16a-1(a)(2) ****under the Securities Exchange Act of 1934, as amended (the ***"1934 Act"***) in determining whether a person is a beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder.

(D) ***"Chief Compliance Officer"*** means the Chief Compliance Officer of the Company or the Adviser.

(E) ***"Control"*** shall have the same meaning as that set forth in Section 2(a)(9) of the Act.

(F) ***"Covered Security"*** means a security as defined in Section 2(a)(36) of the Act, including, but not limited to: any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

***"Covered Security"*** does <u>not</u> include: (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 open-end investment companies registered under the Act. References to a Covered Security in this Code of Ethics (e.g., a prohibition or requirement applicable to the purchase or sale of a Covered Security) shall be deemed to refer to and to include any warrant for, option in, or security immediately convertible into that Covered Security, and shall also include any instrument that has an investment return or value that is based, in whole or in part, on that Covered Security (collectively, ***"Derivatives"***). Therefore, except as otherwise specifically provided by this Code of Ethics: (i) any prohibition or requirement of this Code of Ethics applicable to the purchase or sale of a Covered Security shall also be applicable to the purchase or sale of a Derivative relating to that Covered Security; and (ii) any prohibition or requirement of this Code of Ethics applicable to the purchase or sale of a Derivative shall also be applicable to the purchase or sale of a Covered Security relating to that Derivative.

(G) ***"Independent Director"*** means a trustee of the Company who is not an "interested person" of the Company within the meaning of Section 2(a)(19) of the Act.

(H) ***"Initial Public Offering"*** means an offering of securities registered under the Securities Act of 1933, as amended (the "***1933 Act***"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

(I) ***"Investment Personnel"*** of the Company or the Adviser means: (i) any employee of the Company or the Adviser (or of any company in a Control relationship to the Company or the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Company; and (ii) any natural person who controls the Company or the Adviser and who obtains information concerning recommendations made to the Company regarding the purchase or sale of securities by the Company.

(J) ***"Limited Offering"*** means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(6) thereof or pursuant to Rule 504, Rule 505, or Rule 506 thereunder.

(K) ***"Security Held or to be Acquired"*** by the Company means: (i) any Covered Security which, within the most recent 15 days: (A) is or has been held by the Company; or (B) is being or has been considered by the Company or the Adviser for purchase by the Company; and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in Section II (K)(i).

(L) ***"17j-1 Organization"*** means the Company or the Adviser, as the context requires.

**Section III. Objective and General Prohibitions**

Covered Personnel may not engage in any investment transaction under circumstances in which the Covered Personnel benefits from or interferes with the purchase or sale of investments by a Company. In addition, Covered Personnel may not use information concerning the investments or investment intentions of a Company, or their ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of a Company.

Covered Personnel may not engage in conduct that is deceitful, fraudulent or manipulative, or that involves false or misleading statements, in connection with the purchase or sale of investments by the Company. In this regard, Covered Personnel should recognize that Rule 17j-1 makes it unlawful for any affiliated person of a Company, or any affiliated person of an investment adviser for a Company, in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by a Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) employ any device, scheme or artifice to defraud a Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make any untrue statement of a material fact to a Company or omit to state to a Company a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon a Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) engage in any manipulative practice with respect to a Company.

Further, creating or passing false rumors with the intent to manipulate securities prices or markets may violate the antifraud provisions of federal securities laws. Such conduct is contradictory to this Code of Ethics, as well as a Company's expectations regarding appropriate behavior of its Covered Personnel. Covered Personnel are prohibited from knowingly circulating false rumors or sensational information that might reasonably be expected to affect market conditions for one or more securities, sectors, or markets, or improperly influencing any person or entity.

Covered Personnel should recognize that a violation of this Code of Ethics or of Rule 17j-1 may result in the imposition of: (1) sanctions as provided by Section VIII below; or (2) administrative, civil and, in certain cases, criminal fines, sanctions or penalties.

**Section IV. Insider Trading**

Trading in the stock, bonds or other securities of a company by a person who is aware of material, non-public information about that company may be considered "insider trading." Information is "material" if a reasonable investor would consider such information important in a decision to buy, hold or sell the securities. Information is non-public until it has been broadly disclosed to the marketplace and the marketplace has had time to absorb the information. Examples of adequate disclosure include public filings with the SEC and the issuance of press releases.

Insider trading and the sharing of material, non-public information with any other person who then trades in securities or passes the information on further (called "tipping") is illegal. The personal consequences of insider trading or tipping can be severe and include possible imprisonment and significant fines. Individuals who involve themselves in insider trading or tipping may be subject to immediate termination.

Covered Personnel, and household and immediate household family members of such Covered Personnel (collectively, "**Insiders**") may not buy or sell (i) securities of a Company, including but not limited to common shares of the Company, or (ii) derivative instruments in respect of a Company's securities (collectively, "**Company Securities**") at any time when such has material, non-public information concerning a Company. This prohibition continues whenever and for as long as the Insider knows material, non-public information.

No Insider may disclose material, non-public information to any other person (including family members) except in accordance with the Adviser's policies and procedures regarding the handling of such information. In addition, Insiders should take care before trading on the recommendation of others to ensure that the recommendation is not the result of an illegal "tip".

No Insider who receives or has access to a Company's material, non-public information may comment on stock price movements or rumors of other Company developments (including discussions in Internet "chat rooms") that are of possible significance to the investing public unless it is part of the Insider's job (such as investor relations) or the Insider has been specifically authorized by either of the President of the Company or the Chief Financial Officer of the Company in each instance. If you inadvertently comment on stock price movements or rumors or disclose material, non-public information to a third party you must contact the Chief Compliance Officer immediately. In addition, it is generally the practice of each Company not to respond to inquiries and/or rumors concerning the Company's affairs, including with respect to any potential change to the Company's dividend rate, earnings or capital structure, repurchase or distribution of the Company's securities or acquisitions, divestitures or similar transactions. If you receive inquiries concerning a Company from the media or inquiries from securities analysts or other members of the financial community, you should refer such inquiries, without comment, to the Adviser's Investor Relations Department.

Each Company's Chief Compliance Officer or his or her designee is available to respond to questions regarding the sale or purchase of the Company's securities or of any other company's publicly traded stock, bonds or other securities.

**Section V.** **Pre-Clearance Procedures for Trading in Company Securities**

These procedures apply to all Insiders, except for certain persons specified by the Chief Compliance Officer who (i) do not devote substantially all working time to the activities of the Company and (ii) do not have access to information about the day-to-day investment activities of the Company (hereinafter referred to as "Restricted Persons"). For the avoidance of doubt, Restricted Persons include all persons who are subject to the filing requirements under Section 16 of the U.S. Securities Exchange Act of 1934, as amended (the "**Exchange Act**") (hereinafter referred to as "**Section 16 Persons**").

A. Pre-Clearance.

No Restricted Person may trade in Company Securities without first obtaining pre-clearance by the Chief Compliance Officer or his or her designee. To obtain pre-clearance, Restricted Persons must complete and submit a preclearance request within the Adviser's automated personal trading system. Restricted Persons must wait until they receive approval through such personal trading system or directly from the CCO before entering into a trade. Restricted Persons will be required to make certain certifications each time a request for pre-approval is made, including that they have no knowledge that would cause the trade to violate the general trading principles set forth above. Section 16 Persons must also notify the Chief Compliance Officer or his or her designee about the planned date of a trade to ensure timely filing of any report required under Section 16 of the Exchange Act.

B. Suspension of Trading

From time to time, each Company may require that trustees/directors, officers, selected employees and/or others suspend trading in Company Securities because of developments that have not yet been disclosed to the public (a "Suspension Period"). *All those affected shall not trade in Company Securities while the Suspension Period is in effect, and shall not disclose to others that a Suspension Period has been instituted*. Though these Suspension Periods generally will arise because the Company is involved in a highly sensitive transaction, they may be declared for any reason. If a Company declares a Suspension Period to which you are subject, the Chief Compliance Officer or his designee will notify you when it begins and ends.

C. Hardship Exception

You may request a hardship exemption for during a Suspension Period, as applicable, if you are not in possession of material, non-public information and are not otherwise prohibited from trading pursuant to this Policy or any applicable securities trading policies of the Adviser. Hardship exemptions are granted infrequently and only in exceptional circumstances. Any request for a hardship exemption should be made to the Chief Compliance Officer.

**Section VI. Reporting Requirements**

Unless excepted by sub-section B of this Section V, all Access Persons are subject to the below itemized reporting requirements.

A. Reports

*Quarterly Reports*. All Access Persons must file with the Companies quarterly reports of personal investment transactions by the 30th day of January, April, July and October (*i.e.*, by the thirtieth day following the end of the calendar quarter). The quarterly reports must include all personal investment transactions in securities, other than Exempt Securities, in which an Access Person has any direct or indirect beneficial ownership and which were conducted during the respective calendar quarter. The quarterly report must also include the personal investment transactions of the Access Person's Related Persons which were conducted during the respective calendar quarter. For purposes of the quarterly transaction reporting, the reporting Access Person shall complete a form of report prepared by the Companies or the Adviser which contains all the information required by Rule 17j-1.

<u>Every Access Person must file a quarterly report when due even if such person and/or their Related Persons made no purchases or sales of securities during the period covered by the report. Access Persons are charged with the responsibility for making their quarterly reports.</u>

*Initial Holdings Reports.* Within 10 days of becoming an Access Person, all Access Persons must provide an initial holdings report to include a listing of all securities, other than Exempt Securities, in which the Access Person has any direct or indirect beneficial ownership. The initial holdings report must also include the holdings of the Access Person's Related Persons. The information in the initial holdings report must be current as of a date no more than 45 days prior to the date the person became an Access Person. The initial holdings report should show all securities held in an Access Person's brokerage accounts and the brokerage accounts of an Access Person's Related Persons. For purposes of the initial holdings reporting, the reporting Access Person shall complete a form of report prepared by the Companies or the Adviser which contains all the information required by Rule 17j-1.

*Annual Reports*. In addition to the quarterly report due by the 30th day in January, all Access Persons must complete an annual holdings report. This annual report must include a listing of <u>all</u> securities, other than Exempt Securities, in which the Access Person has any direct or indirect beneficial ownership. The information in the annual report must be current as of a date no more than 45 days preceding the filing date of the annual report. The annual report should show all securities, other than Exempt Securities, held in an Access Person's brokerage accounts and in the brokerage accounts of an Access Person's Related Persons or held elsewhere (*i.e.*, physical securities, private placements, partnership interests, etc.). For purposes of the annual holdings reporting, the reporting Access Person shall complete a form of report prepared by the Companies or the Adviser which contains all the information required by Rule 17j-1.

*Broker Statements and Trade Confirmations*. All Access Persons and their Related Persons must maintain their brokerage accounts with a Designated Broker, unless an exception has been granted by the Chief Compliance Officer. All new Access Persons or Related Persons will have specific timeframes during which to close or transfer their brokerage accounts to a Designated Broker.

The Chief Compliance Officer will direct brokers of accounts in which the Access Person or a Related Person has a beneficial interest to supply the Companies, on a timely basis, duplicate copies of trade confirmations and periodic broker account statements (or relevant data).

Access Persons must provide a list of all their brokerage accounts (including those of any Related Persons and those over which the Access Person does not have any direct or indirect influence or control) to the Companies upon becoming an Access Person. An Access Person must also promptly notify the Companies of any new or terminated accounts thereafter.

The reports required to be submitted under this section shall be delivered to the Chief Compliance Officer using MyComplianceOffice. The Chief Compliance Officer shall review such reports to determine whether any transactions recorded therein constitute a violation of the Code of Ethics. Before making any determination that a violation has been committed by any Access Person, such Access Person shall be given an opportunity to supply additional explanatory material. The Chief Compliance Officer shall maintain copies of the reports as required by Rule 17j-1(f).

B. Exceptions to Reporting Requirements

*Access Person with No Influence or Control*. An Access Person is not required to file an initial holdings report, a quarterly transaction report or an annual holdings report for transactions effected for, or holdings in, any account over which the Access Person does not have any direct or indirect influence or control (*e.g.*, managed accounts or blind trusts).

*Independent Directors*. An Independent Director of the Company who would be required to make a report pursuant to sub-section A of this Section V solely by reason of being a trustee of a Company is not required to make an initial holdings report or an annual holdings report, and is only required to make a quarterly transaction report if the Independent Director, at the time of the transaction, knew or, in the ordinary course of fulfilling the Independent Director's official duties as a trustee of a Company, should have known that (i) the Company has engaged in a transaction in the same security within the last 15 days or is engaging or going to engage in a transaction in the same security within the next 15 days, or (ii) the Company or the Adviser has within the last 15 days considered a transaction by the Company in the same security or is considering a transaction by the Company in the same security or within the next 15 days is going to consider a transaction by the Company in the same security. The Independent Director of the Company is also not subject to the brokerage statement and trade confirmation requirements*.*

*Access Person covered by the Adviser's code of ethics.* Notwithstanding the reporting requirements set forth in sub-section A of this Section V, an Access Person who is also an Access Person of the Adviser (as defined in the Adviser's code of ethics) need not make an initial holdings report, a quarterly transaction report or an annual holdings report if all of the information required by the reports was provided pursuant to the Adviser's code of ethics and would duplicate information required to be recorded pursuant to this Code of Ethics.

**Section VII. Annual Certification**

A. *Initial and Annual Certifications*. All Access Persons are required to certify that they have read and understand this Code of Ethics and recognize that they are subject to the provisions hereof and will comply with the policy and procedures stated herein. Further, all Access Persons are required to certify annually that they have complied with the requirements of this Code of Ethics and that they have reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of such policies.

B. *Board Review*. Each Company and the Adviser shall prepare an annual written report to each Company's board of trustees/directors (the "**Board**" to be presented at a meeting of the Board of each year that shall:

◻ summarize existing procedures concerning personal investing, including pre-clearance policies and the monitoring of personal investment activity after pre-clearance has been granted, and any changes in the procedures during the past year;

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| | |
|:---|:---|
| ◻ | describe any issues arising under this Code of Ethics or the Adviser's code of ethics or its procedures since the last report to the Board including, but not limited to, information about any material violations of this Code of Ethics or the Adviser's code of ethics or its procedures and any sanctions imposed during the past year; |

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◻ identify any recommended changes in existing restrictions or procedures based upon experience under this Code of Ethics or the Adviser's code of ethics, evolving industry practice or developments in applicable laws and regulations;

◻ contain such other information, observations and recommendations as deemed relevant by a Company or the Adviser; and

◻ certify that the Companies and the Adviser have each adopted a code of ethics with procedures reasonably necessary to prevent Access Persons from violating the provisions of Rule 17j-1(b) or this Code of Ethics.

**Section VIII. Confidentiality**

No Access Person shall reveal to any other person any information regarding securities transactions by a Company or consideration by a Company or the Adviser of any such securities transaction. Notwithstanding the preceding sentence, but subject to compliance with the Policies and Procedures for Compliance with Regulation FD of a Company, such Access Person may dispense such information without obtaining prior written approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) when there is a public report containing the same information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) when such information is dispensed in accordance with compliance procedures established to prevent conflicts of interest between a Company and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) when such information is reported to trustees/directors of a Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) in the ordinary course of his or her duties on behalf of a Company.

All information obtained from any Access Person hereunder shall be kept in strict confidence, except that reports of securities transactions hereunder will be made available to the SEC or any other regulatory or self-regulatory organization to the extent required by law or regulation.

**Section IX. Reporting a Code Violation**

If any trustee, officer, partner or employee of a Company or the Adviser becomes aware of violations or suspected violations of this Code of Ethics or of applicable laws, rules or regulations relating to a Company's operations, he or she must promptly report them in accordance with the procedures set forth in the Companies' Whistleblower Policy, which is available on the Adviser's intranet.

**Section X. Recordkeeping**

Each Company or the Adviser, as applicable, shall maintain at its principal place of business and in an easily accessible place (a) a copy of each code of ethics that was in effect at any time during the past five years; (b) a record of any violation of the Code of Ethics, and of any action taken as a result of the violation, for at least five years after the end of the fiscal year in which the violation occurs; (c) a copy of each initial holdings report, quarterly transaction report or annual holdings report, including any information provided in lieu of such reports, made by an Access Person pursuant to this Code of Ethics for at least five years after the end of the fiscal year in which the report was made or the information provided; (d) a record of all persons who were considered to be Access Persons during the past five years; (e) a copy of each annual report to the Board for at least five years after the report was made, for at least the first two years in an easily accessible place; and (f) a record of any pre-approvals of investments by Access Persons in private placements during the preceding five years. These records must be made available to the SEC or any representative of the SEC at any time for reasonable periodic, special or other examinations.

**Section XI. Waivers**

Any waiver of this Code of Ethics for executive officers or trustees/directors may be made only by the Board or a committee of the Board. To the extent required, any such waiver shall be promptly disclosed in accordance with applicable rules and regulations (including NASDAQ Stock Market Rules).

**Section XII. Notification of Reporting Obligation and Review of Reports**

Each Access Person shall receive a copy of this Code of Ethics and be notified of his or her reporting obligations. All reports shall be timely submitted by Access Persons to the Company in accordance with this Code of Ethics.

**Section XIII. Implementation**

Each Company may cause any of the reporting, oversight or other functions under this Code of Ethics, and any procedures adopted to prevent Access Persons from violating this Code of Ethics, to be implemented jointly with the Adviser in a manner deemed by the Chief Compliance Officer to be consistent with the requirements of this Code of Ethics and Rule 17j-1. This may include, without limitation, establishing combined procedures and documentation for the pre-clearance of personal investment transactions and combined certifications by Access Persons (or any subset of Access Persons) that they have complied with the requirements of this Code of Ethics and the Adviser's code of ethics. In addition, the Chief Compliance Officer may delegate to one or more officers of each Company or the Adviser any responsibility, authority or function of the Chief Compliance Officer under this Code of Ethics.

**Section XIV. Sanctions**

Upon discovering a violation of this Code of Ethics, the Board may impose any sanctions it deems appropriate, including the issuance of a letter of censure against any trustee, officer or employee of a Company or the suspension or termination of any officer or employee of a Company, or recommend any sanction it deems appropriate to the Adviser for any violations of this Code of Ethics by its Access Persons. Any Board member to which a violation of this Code of Ethics relates must recuse himself or herself from any discussion or decision with respect to the handling and/or imposition of sanctions regarding such violation.

**Section XV. ADOPTION AND APPROVAL OF CODES OF ETHICS**

Each Company's Board, including a majority of its Independent Directors, must approve this Code of Ethics and the Adviser's code of ethics. The Board must approve any material change to this Code of Ethics or the Adviser's code of ethics no later than six months after the adoption of such change. Before approving this Code of Ethics and the Adviser's code of ethics, the Board must receive from each of the Companies and the Adviser a certification that each Company or the Adviser, as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating this Code of Ethics or the Adviser's code of ethics. Each Company's Board must approve the Adviser's code of ethics before initially retaining services of the Adviser as each Company's investment adviser.

**SCHEDULE A - ACKNOWLEDGMENT AND CERTIFICATION**

I acknowledge receipt of the Joint Code of Ethics of Antares Strategic Credit, Antares Private Credit Fund Company and Antares Strategic Credit Fund II LLC. I have read and understand such Code of Ethics and agree to be governed by it at all times. Further, if I have been subject to the Code of Ethics during the preceding year, I certify that I have complied with the requirements of the Code of Ethics and have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code of Ethics.

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|:---|
| (Signature) |
| (Please print name) |
| Date: |

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## Exhibit 14.2

**Exhibit 14.2**

![](tm2520958d1_ex14-2sp01img001.jpg)

**ANTARES CAPITAL LP** 

**ANTARES CAPITAL ADVISERS LLC** 

**ANTARES CAPITAL CREDIT ADVISERS LLC** 

**AND** 

**ANTARES LIQUID CREDIT STRATEGIES LLC** 

**RIA** 

**COMPLIANCE MANUAL** 

**THIS MANUAL IS THE PROPERTY OF ANTARES CAPITAL LP ("<u>ANTARES</u>")**, **ANTARES CAPITAL ADVISERS LLC ("<u>ACA</u>"), ANTARES CAPITAL CREDIT ADVISERS LLC ("<u>ACCA</u>") AND ANTARES LIQUID CREDIT STRATEGIES LLC, A RELYING ADVISER OF ACA ("<u>ALCS</u>" AND, TOGETHER WITH ACA AND ACCA, THE "<u>ADVISERS</u>" AND EACH, AN "<u>ADVISER</u>"). ANTARES AND THE ADVISERS ARE REFERRED TO COLLECTIVELY HEREIN AS THE "<u>FIRM</u>". THIS MANUAL MUST BE RETURNED TO THE FIRM SHOULD AN EMPLOYEE'S ASSOCIATION WITH THE FIRM TERMINATE FOR ANY REASON. THE CONTENTS OF THIS MANUAL ARE CONFIDENTIAL AND UNLESS APPROVED BY COMPLIANCE AND INTERNAL LEGAL SHOULD NOT BE REVEALED TO THIRD PARTIES. THIS MANUAL IS NOT A FULL OPERATIONS PROCEDURES MANUAL. IT IS INTENDED TO GIVE SUFFICIENT INFORMATION AND GUIDANCE SUCH THAT ALL ANTARES EMPLOYEES ("<u>ANTARES EMPLOYEES</u>"), ADVISERS EMPLOYEES ("<u>ADVISERS EMPLOYEES</u>", AND TOGETHER WITH ANTARES EMPLOYEES, "<u>EMPLOYEES</u>") MAY GAIN AN UNDERSTANDING OF THE RULES AND REQUIREMENTS TO WHICH THE FIRM MAY BE SUBJECT. TO RETAIN FLEXIBILITY, NEW POLICIES, GUIDANCE AND AMENDMENTS MAY BE COMMUNICATED BY E-MAIL OR EVEN VERBALLY BEFORE ULTIMATELY BEING INCORPORATED INTO THIS MANUAL. SUCH COMMUNICATIONS SHOULD BE CONSIDERED TO BE AS VALID AND BINDING AS THE FORMAL GUIDANCE CONTAINED IN THIS MANUAL. THIS MANUAL IS ACCOMPANIED BY A VARIETY OF APPENDICES, WHICH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME. THESE APPENDICES GENERALLY CONTAIN THE FIRM'S POLICIES AND PROCEDURES WITH REGARD TO CERTAIN SPECIFIED MATTERS. THE APPENDICES ARE AN INTEGRAL PART OF THE FIRM'S COMPLIANCE PROGRAM AND EACH SHALL BE CONSIDERED A PART OF THIS MANUAL. WHERE THE INFORMATION OR GUIDANCE HEREIN DOES NOT APPEAR TO ADDRESS YOUR PARTICULAR SITUATION, YOU SHOULD CONSULT WITH THE ANTARES CHIEF COMPLIANCE OFFICER OR INTERNAL LEGAL COUNSEL.**

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| | | | |
|:---|:---|:---|:---|
| **Owner** | Chief Compliance Officer | **Date Created** | 01/19/2016 |
| **Company Level Approver** | Antares Capital Executive Committee | **Revision Dates** | 11/02/2022 |
| **Company Level Approver** | Antares Capital Executive Committee | **Revision Dates** | 05/26/2023 |
| **Company Level Approver** | Antares Capital Executive Committee | **Revision Dates** | 05/24/2024 |
| **Company Level Approver** | Antares Capital Executive Committee | **Revision Dates** | 11/22/2024 |

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**For Internal Use Only. May Not Be Reproduced or Redistributed.**

**Contents**

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| | | |
|:---|:---|:---|
| I. | INTRODUCTION | 5.0 |
| II. | MAINTENANCE AND REVIEW OF COMPLIANCE MANUAL | 6.0 |
|  | Reviews of the Manual | 6.0 |
|  | Amendments | 6.0 |
|  | Monitoring and Testing by Compliance | 6.0 |
|  | Training | 7.0 |
|  | Questions | 7.0 |
| III. | REPORTING CONCERNS & NON-RETALIATION | 8.0 |
| IV. | INSIDE INFORMATION AND CONFIDENTIALITY | 9.0 |
|  | Prohibition on Insider Trading | 9.0 |
|  | Employee Responsibilities | 9.0 |
|  | Institutional Securities Transactions and Loan Trades | 10.0 |
|  | Protecting Confidentiality | 10.0 |
| V. | ANTI-MONEY LAUNDERING/ KNOW YOUR CUSTOMER/ SANCTIONS | 12.0 |
|  | Anti-Money Laundering/ Know Your Customer | 12.0 |
|  | Screening | 12.0 |
|  | Economic and Trade Sanctions | 12.0 |
|  | Red Flags | 12.0 |
|  | Transaction Monitoring | 13.0 |
| VI. | DEALINGS WITH THIRD-PARTIES | 14.0 |
|  | Paying Industry Experts for Research | 14.0 |
|  | Employee Involvement in Litigation or Proceedings | 14.0 |
|  | Dealings with Government and Industry Regulators | 14.0 |
|  | Improper Payments | 14.0 |
|  | Gifts and Entertainment | 14.0 |
|  | Gifts and Entertainment Given to State and Local Pension Officials | 15.0 |
|  | Gifts and Entertainment Given to Union Officials | 15.0 |
|  | Gifts and Entertainment Given to Foreign Governments and "Government Instrumentalities" | 15.0 |
|  | Gifts and Entertainment Given to ERISA Plan Fiduciaries | 15.0 |
|  | Serving as Officers, Trustees and/or Directors of Outside Organizations, or Board Observers | 16.0 |
|  | Complying with Competition Laws | 16.0 |
|  | Anti-boycott Requests | 16.0 |
|  | Review of Third-Party Service Providers | 16.0 |
| VII. | PROTECTING THE FIRM'S ASSETS | 18.0 |
|  | Conflicts of Interest | 18.0 |
|  | Outside Business Activities | 18.0 |
|  | Improper Use of Antares Property | 18.0 |
|  | Protection of Antares' Name | 18.0 |
|  | Intellectual Property | 18.0 |
|  | Disaster Recovery and Business Continuity | 18.0 |
| VIII. | POLITICAL AND CHARITABLE CONTRIBUTIONS AND PUBLIC POSITIONS | 19.0 |
|  | Political and Charitable Contributions | 19.0 |
|  | Public Positions | 19.0 |
|  | Background | 19.0 |

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| | | |
|:---|:---|:---|
|  | Restrictions on the Receipt of Advisory Fees | 19.0 |
|  | Restrictions on Payments for the Solicitation of Clients or Investors | 20.0 |
|  | Restrictions on the Coordination or Solicitation of Contributions | 20.0 |
|  | Guidance Regarding Bona-Fide Charitable Contributions | 20.0 |
|  | Pre-Clearance Procedures | 20.0 |
|  | Required Documentation | 21.0 |
| IX. | ELECTRONIC COMMUNICATIONS | 22.0 |
|  | Devices | 22.0 |
|  | Correspondence | 22.0 |
|  | E-mail and Instant Messaging | 22.0 |
|  | Blogs, Social Media Sites and other Public Forums | 22.0 |
|  | Prohibited Communications | 23.0 |
|  | Security | 24.0 |
|  | Reporting Problems | 24.0 |
| X. | CUSTOMER CLIENT/INVESTOR COMPLAINTS | 25.0 |
| XI. | ADVERTISING AND MARKETING | 26.0 |
|  | General Guidelines for Preparation of Marketing Materials | 28.0 |
|  | False or Misleading Statements | 28.0 |
|  | Superlative Statements | 28.0 |
|  | Substantiation of Claims | 29.0 |
|  | Responding to Questionnaires, Surveys, and Other Communications | 29.0 |
|  | Marking Documents for Internal Use | 29.0 |
|  | Providing Information to Third-Party Databases | 29.0 |
|  | Books and Records | 29.0 |
|  | Government Approvals | 29.0 |
|  | Certain Specific Guidelines for Common Marketing Practices | 30.0 |
|  | Use of Endorsements or Testimonials | 30.0 |
|  | Guidelines for Performance Related Information | 32.0 |
|  | Use of Third-Party Rankings | 36.0 |
|  | Interactions with the Media | 37.0 |
|  | Private Placements of Interests | 37.0 |
|  | Tracking Offering Documents and Fund Marketing Materials | 38.0 |
|  | Private Placement Marketing Activities by the Advisers' Employees | 38.0 |
|  | Marketing Private Funds in the EU | 38.0 |
|  | General Solicitation and General Advertising | 38.0 |
|  | Issuer Disqualification | 39.0 |
|  | Substantive, Pre-Existing Relationships | 39.0 |
|  | Investor Qualifications | 39.0 |
|  | Form D | 39.0 |
| XII. | CLIENT AND DATA PRIVACY | 40.0 |
|  | Information Sharing with Affiliates | 40.0 |
|  | State and non-U.S. Privacy Requirements | 40.0 |
|  | Disclosure of Client Information | 40.0 |
|  | Identity Theft Prevention | 41.0 |
|  | Access to the Advisers' Premises | 41.0 |
|  | Information Stored in Hard Copy Formats | 41.0 |
|  | Cyber Security Generally | 42.0 |
|  | Cyber-Security Controls | 42.0 |
|  | Working in Public Places | 42.0 |

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| | | |
|:---|:---|:---|
|  | Discarding Nonpublic Personal Information | 43.0 |
|  | Address Changes | 43.0 |
|  | Delivery of Privacy Notice | 43.0 |
|  | Responding to Privacy Breaches | 43.0 |
|  | Website Privacy Policy | 43.0 |
| XIII. | MAINTENANCE AND DISSEMINATION OF DISCLOSURE DOCUMENTS AND FILINGS | 44.0 |
|  | Written Agreement | 44.0 |
|  | Fund Documents | 44.0 |
|  | Form ADV | 44.0 |
|  | Requirements Regarding the Maintenance and Dissemination of Form ADV | 45.0 |
|  | State Requirements | 46.0 |
|  | Form PF | 46.0 |
|  | Classification of "Large" Private Fund Advisers | 46.0 |
|  | Updates to Form PF | 47.0 |
| XIV. | DUTY TO SUPERVISE | 48.0 |
| XV. | MAINTENANCE OF BOOKS AND RECORDS | 49.0 |
|  | Maintenance of Required Records | 49.0 |
|  | Corporate Records | 49.0 |
|  | Maintaining Records Electronically | 49.0 |
|  | Destruction Policy | 49.0 |
| XVI. | CUSTODY AND SAFEGUARDING OF ASSETS | 51.0 |
|  | Definition of Custody | 51.0 |
|  | General Requirements for Advisers with Custody | 51.0 |
|  | Privately Offered Pooled Investment Vehicles | 52.0 |
|  | Independent Surprise Asset Verifications | 52.0 |
|  | Inadvertent Receipt of Client Funds or Securities | 52.0 |
|  | Loan Documentation – Custody Procedures | 53.0 |
|  | The Private Funds - Custody Procedures | 53.0 |
|  | Controls – Madison Capital SEC Staff Letter | 53.0 |
|  | Books and Records Requirements | 54.0 |
| XVII. | FEE BILLING AND EXPENSE REIMBURSEMENT | 55.0 |
|  | Fees and Expenses | 55.0 |
|  | Expense Reimbursement / Allocation Procedure | 56.0 |
| XVIII. | PRINCIPAL & CROSS TRANSACTIONS | 58.0 |
| XIX. | PROXY VOTING & CONSENTS | 59.0 |

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| | | |
|:---|:---|:---|
| APPENDIX A: | THE ADVISERS' CODE OF ETHICS | 61.0 |
| APPENDIX B: | REQUIRED BOOKS AND RECORDS | 67.0 |
| APPENDIX C: | PRIVACY NOTICE | 80.0 |
| APPENDIX D: | PERSONAL SECURITIES TRANSACTIONS ESCALATION | 83.0 |
| APPENDIX E: | ALLOCATION POLICIES AND PROCEDURES | 86.0 |
| APPENDIX F: | INVESTMENT VALUATION | 107.0 |
| APPENDIX G: | SOCIAL MEDIA POLICY | 113.0 |
| APPENDIX H: | APPROVED BROKERS | 117.0 |
| APPENDIX I: | DO'S AND DON'TS TO CONSIDER WITH THE PUBLIC AND THE PRESS WHEN MARKETING THE PRIVATE FUNDS | 119.0 |

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| | | |
|:---|:---|:---|
| APPENDIX J: | ANTARES CAPITAL PRIVACY POLICY | 121 |
| APPENDIX K: | BEST EXECUTION | 133 |
| APPENDIX L: | CUSTODY CONTROL MATRIX | 137 |
| APPENDIX M: | BDC POLICIES AND PROCEDURES | 140 |
| APPENDIX N: | LIQUID CREDIT ("LC") MATERIAL NON-PUBLIC INFORMATION ("MNPI") CONTROL AND MONITORING | 144 |
| APPENDIX O: | CROSS TRADE POLICY AND PROCEDURES | 149 |

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**I. <u>INTRODUCTION</u>**

This Compliance Manual (the "<u>Manual</u>") is intended to give Employees a general understanding of the laws, regulatory rules and requirements that apply to the Firm. In addition, the Manual sets out policies and procedures that apply to the business activities of the Firm. With respect to the BDCs, applicable policies and procedures can be found in the BDCs' Compliance Manual ("<u>BDC Manual</u>").

Each Adviser is or will be registered with the Securities and Exchange Commission ("<u>SEC</u>") as an investment adviser, and the Manual contains policies and procedures that support the Advisers' compliance with various provisions of the Investment Advisers Act (the "<u>Advisers Act</u>") and related rules, as well as certain other statutes and rules applicable to the Advisers as investment advisers. ACA and ALCS serve as the investment adviser to private investment funds, separately managed accounts, and CLO issuers and ACCA serves as the investment adviser to the BDCs (defined below). The term "Clients" collectively refers to the advisory accounts advised by the Advisers including, without limitation, private funds, the BDCs, separately managed accounts, and CLO issuers.

Every Antares Employee is also an "Access Person" of the Advisers, and as such must comply with the policies and procedures that apply to Antares' business as well as those that apply to the Advisers' businesses. In addition, all Employees, in their capacity as "Access Persons" of the Advisers, must acknowledge and abide by the Advisers Code of Ethics (the "<u>Code of Ethics</u>") included as Appendix A to this Manual. The Code of Ethics is predicated on the principle that the Advisers owe a fiduciary duty to their respective Clients.

Employees should:

● Gain an understanding of the policies and procedures contained in this Manual;

● Learn the details of policies and procedures that apply to their roles;

● Promptly raise any concerns about potential violations of any Firm policies or procedures and understand the different channels for raising concerns.

Adherence to the Firm's policies and procedures is mandatory. Employees who violate the Firm's policies and procedures may be subject to disciplinary action, up to and including termination of employment.

This Manual should accurately reflect the Firm's business practices. Employees should speak to the Antares Chief Compliance Officer ("CCO") or in his or her absence, a representative from the Compliance Team ("Compliance"), regarding any questions about the Manual or if you feel the Manual should be changed or updated.

Additional regulatory requirements apply to investment advisers to Business Development Company ("BDC") clients, which are funds that elect to be regulated pursuant to Section 54A of the Investment Company Act. These requirements are described more fully in the BDC Compliance Manual and in Appendix M of the Manual.

**II. <u>MAINTENANCE AND REVIEW OF COMPLIANCE MANUAL</u>**

***Reviews of the Manual***

Rule 206(4)-7 of the Advisers Act requires investment advisers to (1) develop an internal compliance program and to adopt and implement a written set of policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules thereunder and (2) review and document in writing, no less frequently than annually, the adequacy of such policies and procedures. The CCO of each Adviser, the Antares General Counsel (the "<u>GC</u>") and his or her delegate and the Antares Executive Committee shall conduct this review and document the findings in writing. Rule 38a-1 under the Investment Company Act also requires business development companies, including the BDCs, to maintain a written set of policies and procedures reasonably designed to prevent violations of the Federal Securities Laws. See BDC Manual Section XIII (Compliance and Oversight) for compliance procedures applicable to the BDCs.

The reviews will include, in part, specific consideration of the following:

● Any compliance matters that arose during the previous year;

● Any changes in the business activities of the Firm (or any affiliated entities);

● Any changes or additions to Antares' or the Advisers' respective policies; and

● Any changes to applicable laws, rules or regulations or interpretations thereof that might suggest a need to revise the Manual and the BDC Manual.

1. The CCO shall be responsible for coordinating the reviews (annually, or on an as-needed basis) of
 the Manual and Antares' compliance
policies and procedures.

2. The CCO shall report any known material violations of the Manual to the Antares Executive Committee and
the GC, and if necessary, Antares Human Resources and the CCO of the BDCs.

***Amendments***

In developing the Manual, the Firm has considered the material risks associated with activities engaged in and by the business. This risk evaluation process is an ongoing one, and the Manual will be periodically reviewed and amended to ensure that the Firm's policies and procedures are maintained to address existing or evolving risks.

All material amendments of the Manual shall be conveyed to Employees. Moreover, at least annually, Compliance will make a copy of the Manual available to Employees, making note of all material amendments.

***Monitoring and Testing by Compliance***

Compliance will monitor and periodically test compliance with the Firm's policies and procedures. In addition to contemporaneous monitoring of individual transactions and other activities, Compliance and other managers periodically analyze the Firm's books and records to detect patterns that may be indicative of compliance breaches. These forensic tests seek to identify patterns showing potentially abusive activity. Examples of forensic tests may include:

● Reviewing activity in selected Client accounts at each Adviser over an extended period to determine whether that Client's account was being managed in accordance with its stated objectives and restrictions;

● Comparing an Employee's personal securities transactions against a restricted securities list during a period of time in order to detect potential insider trading; and

● Using software to perform keyword and random searches of Employees' emails or instant messages.

This Manual does not describe all of Antares' forensic testing activities in order to preserve the effectiveness of such testing.

***Training***

All new Employees are required to complete training as part of the new employee onboarding process. Compliance also coordinates compliance training for all Employees on an annual basis. In addition, material changes to these policies and procedures are communicated to Employees as necessary.

***Questions***

All questions regarding this Manual should be directed to Compliance or the GC.

**III. <u>REPORTING CONCERNS & NON-RETALIATION</u>**

Employees are obligated to promptly raise concerns, even if they are not certain a violation has occurred, or if they believe that the Firm's policies, practices or procedures are not being followed.

To report a concern, Employees should contact any one or more of the following:

● Director of Human Resources;

● Chief Compliance Officer (the "CCO")

● supervisor/manager;

● General Counsel;

● Members of the Executive Committee;

● Anonymously online at antares.ethicspoint.com; or

● With respect to the BDCs, the CCO of the BDCs and/or members of the respective Audit Committee of the BDCs. See Appendix D in the BDC Manual.

The Firm seeks to limit sharing the identity of any reporting Employee on a "need-to-know" basis in order to carry out an investigation or to otherwise protect the interest of the Firm or as required by law, regulation or court order. Employees are expected to cooperate fully and honestly in any investigations.

The Firm has a zero-tolerance policy for any retaliation, whether direct or indirect, against Employees who raise concerns. Such retaliation is grounds for discipline up to and including dismissal. To that end, Employees should report all material concerns to the CCO, or the applicable resources listed above.

Nothing contained in this Manual restricts the ability of an Employee to report matters to the SEC, or other regulators, or the Department of Justice, or to take any other action in conformance with the SEC's Whistleblower Rules under Section 21F of the U.S. Securities Exchange Act of 1934. While Employees are encouraged to report any concerns as discussed above prior to consulting with outside entities, internal reporting is not required.

**IV. <u>INSIDE INFORMATION AND CONFIDENTIALITY</u>**

***Prohibition on Insider Trading***

Insider trading means buying or selling securities of a company while in possession of material non-public information ("<u>MNPI</u>") about that company. Tipping means disclosing MNPI about a company – for example, to a relative, colleague or friend – to enable the person to buy or sell securities of the company on the basis of such information. These guidelines are designed to avoid even the appearance of insider trading and tipping. They are not meant to restrict the freedom of Employees to make appropriate personal investments or the Firm's right to lawfully use MNPI in the ordinary conduct of its business.

"Material, Non-Public Information" consists of two key concepts:

● Material: Information that a reasonable investor could view as material in making an investment decision to buy or sell the security or if released would affect the security's price.

● Non-Public: Information that has not been widely disseminated to investors generally (for example, through a public filing with a government regulator or a public announcement/press release through a major news outlet). Information is considered to be available generally only when enough time has elapsed to permit the public to digest the information. It is important to note that even following a public announcement of a major corporate transaction, many aspects of the matter may remain non-public.

In addition, case law indicates that to be actionable, MNPI must be used or shared in breach of a duty.

Violation of the laws prohibiting insider trading could both damage the Firm's reputation and subject the Firm to significant civil liability and fines. Insider trading is a criminal offense in most countries where Antares does business and Employees violating the laws could face criminal penalties.

Additionally, Section 204A of the Advisers Act requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse of MNPI by such investment adviser or any person associated with such investment adviser. Accordingly, the Firm has established standards of conduct for Employees and/or representatives who obtain MNPI in the course of their employment or affiliation with the Firm.

Employees are strictly forbidden from engaging in insider trading or tipping, either personally or on behalf of the Clients. These insider trading policies and procedures apply to all Employees as well as any transactions in any securities by family members, trusts, or corporations, directly or indirectly controlled by such persons, as discussed in the Code of Ethics. The policy also applies to transactions by corporations in which the Employee is an officer, director, or 10% or greater stockholder, as well as transactions by partnerships of which the Employee is a partner unless the Employee has no direct or indirect influence or control over the partnership.

***Employee Responsibilities***

● Employees should never personally buy, sell, or recommend or suggest that anyone else buy or sell, the securities of any company while they have MNPI about that company.

● When Employees obtain information on a public company that may be MNPI, they must complete and submit the Add/Remove Form in MyComplianceOffice ("MCO"). This includes information garnered by Clients or prospective Clients that plan to issue public securities received in the course of your employment. If it is determined that the information is MNPI, the company will be placed on an Antares Restricted Security List.

● Simultaneously, if applicable, Compliance will email an independent contact at CPP Investments (" <u>CPP</u> ") the legal name of the entity about which the Firm has MNPI so that CPP can perform their own evaluation for potential conflicts. When the company is added to the Antares Restricted Security List, Employees are prohibited from trading in that company's securities for Clients or in personal securities trading accounts.

● The Antares Restricted Security List is reviewed on an ongoing basis to determine if the Firm continues to possess MNPI on companies that have been on the list for at least six months. If it is determined by Compliance that the Firm no longer has MNPI based on follow-up, analysis and review with the employee(s) who originally submitted the MCO Add/Remove request, the company will be removed from the Antares Restricted Security List and Compliance will notify CPP.

● Employees must not disclose MNPI to anyone outside Antares (including family members), except when they reasonably believe such disclosure is needed to enable the Firm to carry on its business properly and effectively, and the appropriate steps have been taken by the Firm to prevent the misuse of the information. Employees must consult with Compliance to determine if the sharing of the MNPI is appropriate and, if so, what steps are required to ensure the information is distributed with all required safeguards.

● To further protect the Firm, Employees are required to follow the personal securities transactions pre-clearance policy described in the Code of Ethics.

Determining whether information is MNPI is fact specific and requires careful assessment of the inferences a reasonable person would draw from a given set of facts. MNPI may include but is not limited to: financial forecasts or projections; changes in accounting procedures; expansion or curtailment of operations; significant product developments; major litigation; changes in management; contests for corporate control; anticipated public offerings of securities; and proposed transactions such as re-financings, tender or exchange offers, acquisitions, divestitures, mergers or restructurings. Certainty is not required; information may be deemed to be MNPI even when it relates to uncertain or contingent events.

If questions arise, Employees should consult Compliance prior to trading any security or disclosing any information.

***Institutional Securities Transactions and Loan Trades***

Employees must follow all Antares procedures as in effect from time to time with respect to institutional purchases and sales of securities and purchases and sales of loans in the secondary debt trading market, which have been designed to ensure the appropriate treatment of MNPI and material non-syndicate level information in the Firm's institutional transactions.

***Protecting Confidentiality***

In the course of their employment, Employees frequently receive third-party confidential information: non-public information provided by an external source (such as a Client or customer) with the expectation that the information will be kept confidential and used solely for legitimate business purposes.

Employees may also have access to Antares confidential information: non-public information, analyses and plans that are created or obtained by the Firm for the Firm's business purposes (other than that which constitutes third party-confidential information).

Employees may communicate and use third-party confidential information and Antares confidential information only for a legitimate business purpose in accordance with applicable laws, regulations and other legal (e.g., contractual) restrictions. Specifically, Employees must:

● Safeguard information consistent with the Firm's policies and procedures;

● Treat as confidential all third-party confidential information provided directly or indirectly by customers and prospective customers;

● Not share, discuss or otherwise disclose third-party confidential information or Antares confidential information, except with those who have a legitimate business purpose for the benefit of Antares, in accordance with applicable laws and regulations (including those relating to insider trading) and other legal restrictions (for example, third-party confidentiality obligations);

● Exercise caution when discussing sensitive information in hallways, elevators, trains, airplanes or other public places or in conversations with family and friends;

● Keep customers' identities confidential and use code names for sensitive projects (in particular for transactions involving public companies);

● Consult with Legal and Compliance on any questions regarding the confidential treatment of information; and

● Notify Legal and Compliance if they are concerned confidential information may have been disclosed inappropriately.

● Not provide proprietary models or other research without prior approval.

● Not share research obtained from third-party research firms

**V. <u>ANTI-MONEY LAUNDERING/ KNOW YOUR CUSTOMER/ SANCTIONS</u>**

***Anti-Money Laundering/ Know Your Customer***

The Firm will only conduct business with reputable customers and third-party vendors who are involved in legitimate business activities and whose funds are derived from legitimate sources. The Firm implements Know Your Customer ("<u>KYC</u>") and Anti-Money Laundering ("<u>AML</u>") procedures and will take reasonable steps to ensure that the Firm does not accept forms of payment that have been identified as means of laundering money. The Firm's integrity and reputation could be severely damaged by failing to detect those customer or third-party vendor relationships and transactions that place us at risk.

***Screening***

Before closing a new deal, whenever a material modification occurs, or when engaging a new vendor, certain entities need to be screened for both KYC and AML purposes. This does not include a simple refinancing of a deal unless there are new or additional key parties.

Entities to be screened include the following:

● Borrowers under the credit agreement;

● Co-Borrowers, if/when they borrow or become the primary or secondary source of principal, interest and fee payments;

● Guarantors, if/when they make payments on behalf of the Borrower or Co-Borrower;

● Executive management, including the CEO and CFO;

● Beneficial owners of greater than 25% of consolidated ownership & 10% for high-risk accounts as outlined below in red flags; and

● Vendors providing third party services as well as majority shareholders, beneficial owners, C-Suite executives and controlling members associated with those vendors.

Screening excludes: (a) any entity that is wholly owned by the ultimate parent, keeping in mind that screening is required on the ultimate parent entity; and (b) equity funds of a private equity sponsor and investors in those equity funds.

***Economic and Trade Sanctions***

The Firm complies with applicable economic and trade sanctions, including those implemented and enforced by the Treasury Department's Office of Foreign Assets Control ("<u>OFAC</u>"). Accordingly, the Firm has implemented procedures to address compliance with sanctions requirements and is committed to not engaging in transactions with individuals or entities identified on the <u>OFAC's Sanctions</u> or <u>Specially Designated Nationals</u> ("SDN") list.

***Red Flags***

During the life cycle of a deal or vendor relationship, any potential red flags indicative of a financial crime (including money laundering and evasion or violation of economic sanctions) should be raised immediately to Compliance. This includes discovery that a potential customer or third-party vendor is doing business in a "high risk" country, which may include more than those countries listed on the OFAC list. It is also imperative that a determination that a potential customer or third-party vendor would be considered "high risk" based on the nature of its business is raised to Compliance as well. Red flags may also include misrepresentation of financial statements, suspicious activity or behavior (for example, the submission of unusual or questionable identification documents that cannot be readily verified) or suspected criminal behavior.

Any questions or concerns regarding AML, KYC, sanctions or red flag reporting should be raised to Compliance.

***Transaction Monitoring***

Tracking and monitoring monetary transactions are an integral part of the Firm's AML procedures. Accordingly, the Firm takes the necessary risk-based steps to help prevent and detect money laundering efforts. The Operations group monitors wire activity associated with customer accounts, and reports and/or escalates unusual or suspicious activity.

<u>Incoming and Outgoing Accounts</u>

Antares' risk personnel obtain from customers all incoming and outgoing bank accounts and provide that information to the Operations group. If an account is not in the sub-ledger system, then it is the applicable account manager's responsibility to obtain and provide the information to the Operations group.

<u>Preferred Forms of Payment</u>

Preferred forms of payment include:

● Bank Wire;

● ACH;

● Pre-approved third-party vendor payments from an ACH provider; and

● Payments made using online bank payment processing from a U.S. regulated bank.

These preferred forms of payment should be communicated effectively to the customer when a deal is closed. Any Employee who receives a payment in a form other than those described above should notify Compliance to determine next steps.

<u>Monitoring for Suspicious Activity</u>

With respect to incoming payments, the Operations group will monitor account activity for events that include, but are not limited to:

● Unusual payments that may be an attempt to launder money. These might include:

● Payments by third parties without a logical relationship to the customer; or

● Payments from unexpected parties and sources or foreign banks without U.S. affiliates.

Outgoing payments by Operations, should be made to the customer of record or a vendor the customer has identified as acceptable as long as the vendor has been screened against the various watchlists. Changes to outgoing payments (e.g., wire instructions) should be confirmed verbally with the customer of record and followed up with a written confirmation request. If any of the above referenced red flags or other suspicious activity is discovered, Compliance must be informed as soon as possible so that next steps can be determined.

**VI. <u>DEALINGS WITH THIRD-PARTIES</u>**

***Paying Industry Experts for Research***

Employees may consult with approved paid industry experts as part of Antares' research process. The Firm typically contacts such consultants through third-party research providers.

Employees who wish to speak with a paid industry expert must abide by all appropriate compliance procedures, which include but are not limited to the following:

● The third-party expert network will generate a list of prospective experts based on information provided by the deal team (i.e., company name, industry, products, etc.);

● The third-party expert network will screen each prospective expert prior to any engagement, which will include a questionnaire designed by Compliance. The output of the questionnaire will be sent to Compliance for approval;

● There should be no use of any expert who currently works for a public company or has worked for a public company within the past 6 months;

● All expert discussions should be in a single-blind format (i.e., deal teams must not disclose that they are from Antares and must not disclose the name of the target company); and

● The third-party expert may not be engaged for public companies (equity or debt) or public carve-outs, nor should there be usage of an expert who is a direct competitor of Antares.

Any requests for exceptions to the above guidelines must be approved by Compliance. A complete list of the guidelines surrounding the use of expert networks is outlined in the "Expert Networks: Program Updates" document that can be found on SharePoint.

***Employee Involvement in Litigation or Proceedings***

Employees must notify Legal and/or Compliance immediately if they become involved in or threatened with litigation or an administrative investigation or proceeding related to their employment at the Firm. This would include becoming subject to any judgment, order or arrest, or if they are contacted by any regulatory authority.

***Dealings with Government and Industry Regulators***

Neither the Firm, nor its Employees, nor any agent or other intermediary may make payments of any kind to any government official, self-regulatory official, or other similar person or entity, within the United States or abroad, for the purpose of obtaining or retaining business, or for the purpose of influencing favorable consideration of any application for a business activity or other matter. This covers all types of payments, including less expensive items such as coffee and drinks, even to minor government officials and industry regulators, regardless of whether the payment would be considered legal under the circumstances. Employees should avoid even the appearance of impropriety in their dealings with industry and government regulators and officials.

***Improper Payments***

Neither the Firm, nor its Employees, nor any agent or other intermediary may engage in bribery in any business dealings across the globe. Such improper payments can take many forms, including cash, gifts, meals, travel, entertainment, loans, charitable contributions, political contributions or offers of employment. This applies to all situations including countries or industries where it might be a generally accepted practice or when competitors do so.

***Gifts and Entertainment***

Employees are not permitted to give or receive business related gifts of more than $100 per year per client. Exception requests must be in writing and may only be granted by Compliance and an Executive Committee member.

Gifts that are coordinated by the Chief Marketing and Communications Officer in association with group events have a limit of $250 per year per client. Exception requests must be in writing and may only be granted by Compliance and an Executive Committee member. This policy excludes gifts of a reasonable nature, given or received, that contain a company logo.

Entertainment must be usual, customary, reasonable and appropriate and the person (or someone from that person's company) providing the tickets or entertainment must be present at the event. Otherwise, this is considered a gift and falls under the $100 gift limit.

Gifts and entertainment are prohibited for any government official, regulator or employee of a sovereign wealth fund as well as entities and employees of entities who receive government reimbursement e.g. healthcare related companies receiving Medicaid and Medicare reimbursement.

All gifts and entertainment for asset management clients must be precleared through MCO.

***Gifts and Entertainment Given to State and Local Pension Officials***

Antares must be mindful that numerous state and municipal regulations exist around the exchange of gifts and entertainment with such officials. Accordingly, gifts and entertainment are prohibited for these officials.

***Gifts and Entertainment Given to Union Officials***

Any gift or entertainment provided by Antares to a labor union or a union official in excess of $250 per fiscal year must be reported on Department of Labor Form LM-10 within 90 days following the end of Antares's fiscal year. Consequently, Employees must obtain pre-clearance approval before giving any gifts or entertainment to labor unions or union officials. Pre-clearance approval must be obtained from the CCO through MCO.

***Gifts and Entertainment Given to Foreign Governments and "Government Instrumentalities"***

The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona-fide travel costs for certain legitimate business purposes. However, the availability of these exceptions is limited and is dependent on the relevant facts and circumstances.

Civil and criminal penalties for violating the FCPA can be severe. Antares and its Employees must comply with the spirit and the letter of the FCPA at all times. Employees must obtain written pre-clearance approval from the CCO through MCO prior to giving anything of value that might be subject to the FCPA except food and beverages that are provided during a legitimate business meeting and that are clearly not lavish or excessive.

***Gifts and Entertainment Given to ERISA Plan Fiduciaries***

Antares is prohibited from giving gifts or entertainment with an aggregate value exceeding $250 per year to any ERISA plan fiduciary. Consequently, Employees must obtain pre-clearance approval through MCO before giving any gifts or entertainment to ERISA plan fiduciaries.

Employees must consult with the Compliance Team if there are questions as to whether gifts and entertainment need to be pre-cleared and/or reported in connection with this policy.

***Serving as Officers, Trustees and/or Directors of Outside Organizations, or Board Observers***

Employees may, under certain circumstances, be granted permission by the CCO to serve as directors, trustees or officers of outside organizations. These organizations may include public or private corporations, partnerships, and charitable foundations or other not-for-profit institutions. With prior permission from the CCO, Employees may also receive compensation for such activities. This prior permission requirement excludes local community or religious organizations.

Special considerations apply to the appointment of any Employee to the board of directors or as a board observer of any company in which Antares has a direct or indirect equity interest or other beneficial or ownership interest or in any company that has a business relationship with Antares or its affiliates. Such appointments will also require the approval of the GC or in the GC's discretion, the Executive Committee.

***Complying with Competition Laws***

Employees must comply with all applicable competition laws and regulations in the conduct of the Firm's business and refrain from entering into any agreements, understandings or information exchanges with the Firm's competitors that undermine competition. Employees must follow all Antares procedures and guidelines as in effect from time to time with respect to participation in trade associations and communications with competitors on competitively sensitive topics.

***Anti-boycott Requests***

U.S. federal laws establish substantial penalties for cooperating with restrictive trade practices or boycotts against countries or persons not boycotted by the United States and for failing to report boycott-related requests to the U.S. government. In order to help ensure the Firm does not agree to prohibited or reportable boycott terms, any potential request received by the Firm to comply with a boycott must be immediately reported to Compliance for review. Employees should not respond to any potential boycott request prior to receiving guidance from Compliance.

***Review of Third-Party Service Providers***

The Firm utilizes both affiliated and unaffiliated service providers. When entering into agreements with such parties, the Firm should ensure that the parties are completing the contracted services. Failure by third-party service providers to meet their obligations could not only subject the Firm to undue risk but could subject Clients to unnecessary risks associated with the inadequate or failed completion of the contracted services.

The Firm should conduct appropriate due diligence of service providers and supervise any service providers retained by it to assist in the furnishing of advisory services to Clients.

Employees responsible for the initial and ongoing evaluation of service providers should, where applicable and appropriate:

● Determine the exact services to be provided by the service provider and include precise descriptions of the services in the Firm's agreement with the service provider;

● Obtain an executed written agreement with the service provider that acknowledges the services being provided to the Firm under the terms of the agreement;

● Conduct informal reviews of provider's service levels, such as eliciting feedback from those Employees who actually use the services; and

● Conduct more detailed reviews of service providers, including on-site visits or the review of due diligence questionnaires, as necessary. Such reviews may address, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The service provider's satisfaction of contractual obligations;

o The cost of the service;

o The service provider's responsiveness to the Firm;

o Whether technology used by the service provider enhances or impedes the services being provided;

o The service provider's procedures for the safeguarding of information provided in
order to perform services, including whether personal information of Clients or investors may be accessed and related cyber security controls;

o The service provider's organizational structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The service provider's institutional resources;

o The service provider's internal controls;

o The service provider's business continuity plans;

o Conflicts of interest between the service provider and the Firm or any of its Clients;

o Any changes since the time of the last review affecting the provider or the services under
consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Any anticipated changes that will affect the provider or the services under consideration;
and

o Any other applicable considerations.

The responsible Employee should inform the CCO of any material findings that may run contradictory to the Firm's policies or damage the Firm's brand. Copies of any documentation or work papers associated with any reviews that are conducted should be provided to Compliance.

**VII. <u>PROTECTING THE FIRM'S ASSETS</u>**

***Conflicts of Interest***

Employees should avoid activities or relationships either that may cause potential conflicts with their responsibilities to the Firm or create the appearance of a conflict with their jobs or the Firm's interests or those of Clients. Employees should never misuse or use for personal gain the Firm's resources, intellectual property ("<u>IP</u>"), time or facilities, and they should not take for their own personal benefit any opportunities that the Firm could have an interest in that they discover through the use of their position at the Firm or with the Firm's information or property.

Employees will, at least annually, be required to complete the Antares Conflicts of Interest Questionnaire and disclose all of their outside activities, financial interests and relationships that may present either a conflict or the appearance of one.

***Outside Business Activities***

Employment outside of Antares or any other outside activity by Employees may result in possible impermissible conflicts of interest for the individual or for the Firm.

While Antares does not explicitly prohibit other employment, outside business activities must be reviewed and cleared by Compliance and Human Resources, and include, but are not limited to:

● Employment by, engagement with or otherwise receiving compensation in exchange for goods or services from any entity or individual other than Antares;

● Serving as an officer, director, etc. of any other entity (except as related to job duties at the Firm); or

● Ownership interest in any non-publicly traded company or other private investments.

***Improper Use of Antares Property***

No Employee may utilize property of the Firm or utilize the services of the Firm for their personal benefit or the benefit of another person or entity except in accordance with the policy described under the Electronic Communications section below concerning reasonable personal use or with approval of the Executive Committee. For this purpose, "property" means both tangible and intangible property, including Antares premises, equipment, supplies, information, business plans, business opportunities, confidential research, intellectual property or proprietary processes, and ideas for new research or services.

***Protection of Antares' Name***

Employees should at all times be aware that the Firm's name, reputation and credibility are valuable assets and must be safeguarded from any potential misuse. Care should be exercised to avoid the unauthorized use of the Firm's name in any manner that could be misinterpreted to indicate a relationship between the Firm and any other entity or activity.

***Intellectual Property***

The Firm protects its IP and respects valid IP rights of other people and organizations. In addition to refraining from using Antares' IP for personal purposes, Employees should not bring, access, keep, share or use a third party's proprietary information (including from previous employers) without first consulting with and receiving prior approval from Legal or Compliance.

***Disaster Recovery and Business Continuity***

As of the date of this Manual, the Firm's disaster recovery and business continuity procedures are outlined in the Information Technology Disaster Recovery Procedures and Business Continuity Methodology managed by IT and the Facilities Director, respectively and can be found on the Firm's SharePoint site.

**VIII. <u>POLITICAL AND CHARITABLE CONTRIBUTIONS AND PUBLIC POSITIONS</u>**

***Political and Charitable Contributions***

As the Advisers may develop business relationships with certain public pension funds or other government entities, "Pay-to-Play" guidelines require that all contributions made to any political entity, individual candidate, official or Political Action Committee ("PAC") must be pre-cleared through MCO. Note that if the political contribution will be to a state or local candidate, directly or indirectly through a PAC, the contribution is limited to $350 per election to an elected official or candidate for whom the individual is entitled to vote, and up to $150 per election to an elected official or candidate for whom the individual is not entitled to vote.

Political contributions by the Firm or its employees to politically connected individuals or entities with the intention of influencing such individuals or entities for business purposes are strictly prohibited.

Neither the Firm nor its employees are permitted to make any "in kind" contributions that are attributable to the Firm, such as utilizing Antares resources for campaign activities. Generally, Employees may donate their time during non-work hours or while on vacation or leave; however, such volunteer efforts may not be undertaken as a means to evade the provisions of any laws and must not be attributable to any Adviser. An Employee's expenditure during volunteer activities may be deemed to be a political contribution. If there are questions as to the permissibility of any such activity, Employees must notify Compliance prior to the commencement of their volunteer efforts.

***Public Positions***

Employees may not hold a public office if it in any way conflicts with the Firm's business. Employees must obtain approval of the CCO, the GC and the Executive Committee prior to seeking or accepting an appointment to a public office.

***Background***

Individuals may have important personal reasons for seeking public office, supporting candidates for public office, or making charitable contributions. However, such activities could pose risks to an investment adviser.

For example, federal and state "pay-to-play" laws have the potential to significantly limit an adviser's ability to manage assets and provide other services to government-related Clients and investors.

Rule 206(4)-5 (the "<u>Pay-to-Play Rule</u>") limits political contributions to state and local government officials, candidates, and political parties by:

● Registered investment advisers or investment advisers claiming certain exemptions from registration;

● Firms that solicit clients or investors on behalf of such advisers; and

● "Covered associates" (as defined below) of the entities listed above.

The Pay-to-Play Rule defines "contributions" broadly to include gifts, loans, the payment of debts, and the provision of any other thing of value. The Pay-to-Play Rule also includes a provision that prohibits any indirect action that would be prohibited if the same action were done directly (for example, asking a friend or spouse to contribute to an official or candidate on your behalf).

***Restrictions on the Receipt of Advisory Fees***

The Pay-to-Play Rule prohibits the receipt of compensation from a government entity for advisory services for <u>two years</u> following a contribution to any official of that "government entity" that exceed specified de minimis levels. This prohibition also applies to "covered associates" of the adviser.

A "covered associate" of an adviser is defined to include:

● Any general partner, managing member or executive officer, or other individual with a similar status or function;

● Any employee that solicits a government entity for the adviser, as well as any direct or indirect supervisor of that employee; and

● Any political action committee controlled by the adviser or by any person that meets the definition of a "covered associate."

However, there is an exception available for contributions from natural persons of $150 per election if the contributor is not eligible to vote for the candidate, or $350 per election if the contributor is eligible to vote for the candidate. An exception is also available for otherwise prohibited contributions that are returned, so long as the contribution in question did not exceed $350, is discovered within four months of being given, and is returned within 60 days of being discovered. The exception for returned contributions is available no more than twice per calendar year for advisers with 50 or fewer employees; advisers with more than 50 employees can rely on this exception three times per calendar year. However, an adviser cannot rely on the exception for returned contributions more than once for any particular employee, irrespective of the amount of time that passes between returned contributions.

The restrictions on contributions and payments imposed by the Pay-to-Play Rule applies to the activities of individuals for the two years before they became covered associates of an investment adviser. However, for covered associates who are not involved in soliciting clients or investors, the look-back period is six months instead of two years.

***Restrictions on Payments for the Solicitation of Clients or Investors***

The Pay-to-Play Rule prohibits the compensation of any person to solicit a government entity unless the solicitor is an officer or employee of the adviser, or unless the recipient of the compensation (i.e., solicitation fee) is another registered investment adviser or a registered broker/dealer.

However, a registered investment adviser will be ineligible to receive compensation for soliciting government entities if the adviser or its covered associates made, coordinated, or solicited contributions or payments to the government entity during the prior two years.

***Restrictions on the Coordination or Solicitation of Contributions***

The Pay-to-Play Rule prohibits an adviser and its covered associates from coordinating or soliciting any contribution or payment to an official of a government entity, or a related local or state political party. These restrictions generally relate to fundraising and similar activities. Employees should seek to avoid having their names appear on fundraising materials, or the perception that they are raising funds on behalf of officials or candidates.

***Guidance Regarding Bona-Fide Charitable Contributions***

In Political Contributions by Certain Investment Advisers, Advisers Act Release No. 3043 (July 1, 2010) the SEC indicated that charitable donations to legitimate not-for-profit organizations, even at the request of an official of a government entity, would not implicate the Pay-to-Play Rule.

***Pre-Clearance Procedures***

If an Employee is considering making a political contribution (monetary or "in kind") to any state, local or federal government entity, official, candidate, political party, or political action committee, the potential contributor must seek pre-clearance from Compliance using the MCO electronic form. Political contributions that may require pre-clearance include cash donations, as well as substantive donations of resources, such as the use of conference rooms or communication systems or the use of your home for political purposes. If pre-clearance is granted, it is valid for seven days before and after the intended contribution date. Any contributions outside of this date range or different amounts require re-approval. Compliance will consider whether the proposed contribution is consistent with restrictions imposed by the Pay-to-Play Rule, and to the extent practicable, Compliance will seek to protect the confidentiality of all information regarding each proposed contribution.

The Firm generally requires that an Employee making a donation to a political action committee or similar group, obtain a certification from such political action committee or group that contributions will not be used to make or provide, directly or indirectly, (i) any gift, subscription, loan, advance or deposit of money or anything of value, to any official of, or candidate for, a U.S. state or local office or political subdivision, including any agency, authority or instrumentality of such U.S. state or political subdivision or any official of a U.S. state or local office or political subdivision seeking a federal elective office, or (ii) payment to a political party of a U.S. state or locality, including any election committee.

Compliance will meet with any individuals who are expected to become "covered associates" to discuss their past political contributions. The review will address the prior six months for potential covered associates who will have no involvement in the solicitation of Clients or investors; contributions for all other potential covered associates will be reviewed for the prior two years. Compliance will prepare a memorandum documenting the discussion's scope and findings, which will be signed by the CCO and by the individual in question and will be retained by Compliance.

Any political contribution by the Firm, rather than its Employees, must be pre-cleared by Compliance, irrespective of the proposed amount or recipient of the contribution.

***Required Documentation***

For purposes of the Pay-to-Play Rule, Compliance will maintain a chronological list of contributions, a list of all Clients and investors that meet the definition of a "government entity" for the past five years as well as a list of covered associates.

**IX. <u>ELECTRONIC COMMUNICATIONS</u>**

This section applies to all electronic communications, including e-mail, text messaging and instant messaging (hereafter, "electronic communications"). Employees are reminded that the Firm requires Employees to act with integrity, competence, dignity, and in an ethical manner when dealing with the public, Clients, prospects, their employer, and their fellow Employees. An Employee's use of Antares' electronic devices and modes of communication (e.g., e-mail, text messages, instant messages, computer, Internet and the internet) are held to the same standard as all other business communications, including compliance with our anti-discrimination and anti-harassment policies. The Firm expects its Employees to use good judgment in their use of these devices, applications and systems and always assume that nothing written in an e-mail communication is private.

***Devices***

To adhere to regulatory requirements, all Employees are required to use Antares issued devices for business related electronic communications (e.g., phones, computers, and tablets) and not their personal devices.

***Correspondence***

Any written electronic communications sent by an Employee to Clients, customers, service providers, another Employee, or any other party, including, without limitation, e-mail and facsimile , should be treated in the same manner and with the same care as letters or other official communications on Antares' letterhead.

***E-mail and Instant Messaging***

Employees must take great care in preparing and sending both internal and external electronic communications. The same care should be taken in creating these communications as that which is taken when creating a new marketing or promotional piece.

● Employees should not use public e-mail services (i.e., Gmail, Yahoo Mail, etc.) for business purposes, and unless there are extenuating circumstances, should not forward confidential or sensitive information to a public email service.

● Employees are permitted to make reasonable personal use of their Antares e-mail account to send or receive personal e-mails. However, such use should not interfere with the Firm's business activities or involve a meaningful amount of an Employee's time or the Firm's resources.

● As always, all electronic communications, whether business or personal, must be appropriate in both tone and content. Employees acknowledge that the Firm and its authorized agents have the right to access and obtain all electronic communications, including, without limitation personal electronic communications that Employees send or receive through Antares computers, devices or systems. Employees acknowledge that all of their electronic communications may be subject to, at any time and without notice to Employee, monitoring and review by the Firm and/or its authorized agents as permitted or required by law.

***Blogs, Social Media Sites and other Public Forums***

The Firm does not prohibit Employees from posting on public forums, such as blogs or social media sites like Facebook or LinkedIn, outside of work. However, the Firm does impose the following restrictions on these types of activities:

● Employees may not indicate that they work for the Firm in a public forum if other information posted on that site could cause harm to Antares' reputation. For example, an Employee's affiliation with Antares should not be posted on the same site that contains sexually explicit content or an affiliation with an intolerant or highly controversial organization.

● An Employee may not make negative statements about the Firm's competitors, past, current or potential Clients, colleagues, subsidiaries, affiliates, partners, suppliers or other business partners.

● Employees must treat others with respect and must not use ethnic slurs, personal insults, obscenity, or engage in any conduct that would violate other applicable Antares policies.

● Asset Management and Funding Employees, other employees involved in promoting the Asset Management business, and members of each Adviser's Investment Committee and Antares' Executive Committee must remove any endorsements, recommendations, or testimonials posted by Clients or Investors, or disable the ability to create such posts, on all blogs or social networking sites they control.

● Employees may only conduct business related to Antares using electronic systems that have been provided and approved by Antares. The approved systems include Outlook, Teams, Bloomberg Messaging, and text messaging on company phones. If there is a business need to communicate on another system, Employees should contact Compliance.

● Employees should not use non-Antares authorized e-mail or messaging services for business purposes, and unless there are extenuating circumstances, should not forward confidential or sensitive information to a public email service. Such prohibited applications include, but are not limited to, personal email services (e.g., Gmail, Yahoo Mail, etc.), WhatsApp, WeChat, Facebook Messager, Discord, Signal, Telegram, LinkedIn Messaging and Twitter.

● Employees may not activate any feature that would allow a social networking site to access contact information stored on Antares's email systems.

Information about the Firm that is posted in a public forum might be construed as an advertisement and may be subject to regulations. Consequently, Employees are prohibited from posting information about the Firm (other than their title and general role within Antares) in any public forum without the explicit pre-approval from the Communications and Marketing team. All approved and posted materials, together with supporting records must also be maintained in a manner consistent with the Firm's records policy.

● The Firm holds information about its customers in strict confidence. Employees must never identify an individual as being a customer or post any non-public information about a customer in a public forum, unless the customer has provided prior consent.

● The Firm prohibits Employees from sharing proprietary information about its operations or investment decisions in any public forum.

See Appendix G for Antares Social Media Policy

***Prohibited Communications***

The Firm prohibits Employees from using its electronic devices to do any of the following:

● Download or transmit harassing, discriminatory, pornographic, obscene, violent, defamatory, offensive, derogatory or otherwise unlawful, inappropriate or unprofessional images or materials;

● Transmit externally any documents marked "Antares Confidential" and/or "For Internal Distribution Only" or forward any e-mail automatically to an outside e-mail account other than to outside counsel for business purposes;

● "Hack" or attempt to gain unauthorized access to computers or databases, tamper or interfere with electronic security mechanisms, misrepresent a user's identity (e.g., "spoofing") or disseminate intentionally any viruses or other destructive programs;

● Establish a personal business or use the Firm's facilities for personal profit; or

● Download, install or execute software, including patches and upgrades, without prior approval of Information Technology.

***Security***

The Internet and telephonic communication are not secure environments. Files and electronic communications, can be intercepted and read by technically savvy individuals, including the Firm's competitors. Employees should attempt to limit the amount of confidential, classified, or proprietary information that is transmitted electronically to only that which is absolutely necessary and required to conduct their jobs.

***Reporting Problems***

If sensitive information is lost, disclosed to unauthorized parties or suspected of being lost or disclosed, Employees shall immediately notify the CCO or Information Technology. In addition, the CCO or Information Technology should be notified if any unauthorized use of the Firm's information systems has taken place or is suspected of taking place. All unusual system behavior, such as missing files, frequent systems crashes, misrouted messages and the like should be reported immediately.

**X. <u>CUSTOMER CLIENT/INVESTOR COMPLAINTS</u>**

From time to time, and despite its greatest efforts, the Firm may receive complaints from Clients or investors regarding services or related matters. The Firm needs to respond to such complaints and correct or improve its business dealings in an effort to prevent future complaints. Complaints should be brought to the attention of Compliance immediately upon receipt.

A complaint is a statement alleging any specific fact, if proven, would represent a violation or breach of law, contract or duty and must be initiated by or on behalf of the Client or investor and must involve a specific grievance. It may be difficult to judge whether or not a communication constitutes a "complaint." For example, a mere statement of dissatisfaction about an investment or about investment performance in most cases does not constitute a complaint. A few specific examples are provided below and Employees are always encouraged to discuss with Legal or Compliance.

Compliance or Legal shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. Investigate all customer complaints and respond to all customer complaints in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain all written complaints submitted and all related correspondence in the designated complaint file;

&nbsp;&nbsp;&nbsp;&nbsp;3. Acknowledge receipt of the complaint to the complainant by the method the complaint was received or by
faster method, in a timely manner, unless a regulator/government requests a specific timeframe for the response;

&nbsp;&nbsp;&nbsp;&nbsp;4. If the complaint was delivered orally, create a short memorandum describing the complaint based on facts
obtained from knowledgeable Employees, including the date the complaint was received, the customer name, a description of the complaint,
individuals identified in the complaint, how the Firm intends on resolving the complaint and any additional remarks; and

&nbsp;&nbsp;&nbsp;&nbsp;5. Maintain all records with respect to such complaint in the customer complaint file.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Not a complaint** | &nbsp;&nbsp;**Complaint** |
| &nbsp;&nbsp;This month you charged me the default rate on my | &nbsp;&nbsp;This is the third month in a row that you've charged |
| &nbsp;&nbsp;loan. | &nbsp;&nbsp;me the wrong interest rate. There must be a |
|  | &nbsp;&nbsp;systemic issue with the way you put borrowers into |
| | &nbsp;&nbsp;default. |
| &nbsp;&nbsp;I was not able to get assistance after regular |  |
| &nbsp;&nbsp;business hours. | |
| &nbsp;&nbsp;I'm not happy with the rate you're charging me. | &nbsp;&nbsp;You've violated the usury laws of Illinois and I'm |
|  | &nbsp;&nbsp;bringing this to the attention of the Attorney |
|  | &nbsp;&nbsp;General. |
|  | &nbsp;&nbsp;The management fee was not calculated in |
|  | &nbsp;&nbsp;accordance with the management agreement. |
|  | &nbsp;&nbsp;I think you guys have been hacked because my |
|  | &nbsp;&nbsp;financial documents ended up on the internet and |
|  | &nbsp;&nbsp;you're the only ones who have access to them. You |
| | &nbsp;&nbsp;must not have any IT security. |

---

**XI. <u>ADVERTISING AND MARKETING</u>**

The Advisers Act governs investment adviser advertising. Rule 206(4)-1 under the Advisers Act (the "Marketing Rule") provides that an Advertisement (as defined below) may not:

● Include any untrue statement of a material fact, or omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it was made, not misleading;<sup>1</sup>

● Include a material statement of fact that the investment adviser does not have a reasonable basis<sup>2</sup> for believing it will be able to substantiate upon demand by the SEC;

● Include information that would reasonably be likely to cause an untrue or misleading implication or inference to be drawn concerning a material fact relating to the investment adviser<sup>3</sup>;

● Discuss any potential benefits to clients or investors connected with or resulting from the investment adviser's services or methods of operation without providing fair and balanced treatment of any material risks or material limitations associated with the potential benefits;

● Include a reference to specific investment advice provided by the investment adviser where such investment advice is not presented in a manner that is fair and balanced; <sup>4</sup>

● Include or exclude performance results, or present performance time periods, in a manner that is not fair and balanced; <sup>5</sup> or

● Otherwise be materially misleading. <sup>6</sup>

<sup>1</sup> For example, the SEC noted that advertising that an adviser's performance was positive during the last fiscal year may be misleading if the adviser omitted that an index or benchmark consisting of a substantively comparable portfolio of securities experienced significantly higher returns during the same period. To avoid making a misleading statement, the SEC noted that the adviser in this example could include the relevant index or benchmark or otherwise disclose that the adviser's performance, although positive, significantly underperformed the market.

<sup>2</sup> The SEC noted that advisers would be able to demonstrate this reasonable belief in a number of ways, including, for example, by making a record contemporaneous with the advertisement demonstrating the basis for their belief.

<sup>3</sup> The SEC noted that this provision will prohibit an adviser from making a series of statements in an advertisement that literally are true when read individually, but whose overall effect is reasonably likely to create an untrue or misleading inference or implication about the investment adviser. For instance, if an adviser were to state accurately in an advertisement that it has "more than a hundred clients that have stuck with me for more than ten years," the SEC believes it may create a misleading implication if the adviser actually has a very high turnover rate of clients. Additionally, this provision will prohibit an adviser from stating that all of its clients have seen profits, even if true, without providing appropriate disclosures if it only has two clients, as it may be reasonably likely to cause a misleading inference by potential clients that they would have a high chance of profit by hiring the adviser as well.

<sup>4</sup> The SEC believes that case studies and any other similar information about the performance of portfolio companies are specific investment advice, subject to this general prohibition. The SEC has noted, for example, that it would not be fair and balanced for an adviser to present, in an advertisement, case studies only reflecting profitable investments (when there are also similar unprofitable investments). To meet the fair and balanced standard, according to the SEC, an adviser may, for example, disclose the overall performance of the relevant investment strategy or private fund for at least the relevant period covered by the list of investments.

<sup>5</sup> As an example, the SEC noted that presenting performance results over a very short period of time (e.g., two months), or over inconsistent periods of time, may result in performance portrayals that are not reflective of the adviser's general results and thus generally would not be fair and balanced. Additionally, an advertisement that highlights one period of extraordinary performance with only a footnote disclosure of unusual circumstances that have contributed to such performance may not be fair and balanced, depending on whether there are other sufficient clear and prominent disclosures.

<sup>6</sup> As an example of an advertisement that would be subject to this catch-all provision, the SEC explained that if an adviser provided accurate disclosures, but presented them in an unreadable font, such an advertisement would be materially misleading and prohibited.

Rule 206(4)-1 applies to the marketing of pooled investment vehicles that rely on Section 3(c)(1) and 3(c)(7), including the investors in private funds, as well as to managed accounts, but does not apply to the marketing of registered investment companies or BDCs.

The above restrictions are referred to in this Policy as "General Prohibitions".<sup>7</sup>

The term "Advertisement" under the Marketing Rule means:<sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any direct or indirect communication an investment adviser makes to more than one person, or to one or more persons if the communication includes hypothetical performance,<sup>9</sup> that offers the investment adviser's investment advisory services with regard to securities to prospective clients or investors in a private fund advised by the investment adviser or offers new investment advisory services with regard to securities to current clients or investors in a private fund advised by the investment adviser but does **not include**: <sup>10</sup>

● extemporaneous, live, oral communications; <sup>11</sup>

● information contained in a statutory or regulatory notice, filing, or other required communication, provided that such information is reasonably designed to satisfy the requirements of such notice, filing, or other required communication; or

● a communication that includes hypothetical performance that is provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o in response to an unsolicited request for such information from a prospective or current client or investor
in a private fund advised by the investment adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o to a prospective or current investor in a private fund advised by the investment adviser in a one-on-one
communication; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any "endorsement" or "testimonial" for which an investment adviser provides compensation, directly or indirectly, but does not include any information contained in a statutory or regulatory notice, filing, or other required communication, provided that such information is reasonably designed to satisfy the requirements of such notice, filing, or other required communication. <sup>12</sup>

The following provides additional guidance regarding what constitutes an "Advertisement" under the Marketing Rule:

● An Advertisement generally does not include materials intended and used to attract borrowers/lending opportunities, so long as such communications do not also offer investment advisory services. Information regarding performance of investments or referencing a specific fund may be offering investment advisory services and should not be included in materials designed to attract borrowers and lending opportunities.

● An Advertisement generally does not include generic brand content, educational material, or market commentary.

<sup>7</sup> See Rule 206(4)-1(a).

<sup>8</sup> See Rule 206(4)-1(e)(1)

<sup>9</sup> For additional information regarding use of hypothetical performance information in advertisements, please refer to the discussion in the Hypothetical Performance section of the Manual.

<sup>10</sup> Depending on the particular facts and circumstances, third-party information also may be attributable to an adviser under this prong. For example, an adviser may distribute information generated by a third party or a third party could include information about an adviser's investment advisory services in the third party's materials. In these scenarios, whether the third-party information is attributable to the adviser will require an analysis of the facts and circumstances to determine (i) whether the adviser has explicitly or implicitly endorsed or approved the information after its publication (adoption) or (ii) the extent to which the adviser has involved itself in the preparation of the information (entanglement).

<sup>11</sup> According to the SEC, extemporaneous communications do not include prepared remarks or speeches, such as those delivered from scripts.

<sup>12</sup> Unlike the first prong described above, this prong does not exclude extemporaneous, live, oral communications or one-on-one communications. For additional information regarding testimonials and endorsements, please refer to the discussion in the Use of Endorsements or Testimonials section of this Manual.

● While a response to an unsolicited request for "hypothetical performance" (as described in greater detail below) may be excluded from the definition of Advertisement, any affirmative effort by the Firm intended or designed to induce an investor to request hypothetical performance information would render the request solicited and thus not eligible for this exclusion.

● While one-on-one communications, such as presentations or meeting with one specific client or prospective client, may be excluded from the definition of Advertisement if they do not contain "hypothetical performance" (as described in greater detail below), a presentation (e.g., a deck) distributed to various investors in on-on–one meetings will still constitute Advertisements even if small, customizing changes have been made.

● The following may be Advertisements, depending on their content and the circumstances under which they are disseminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Scripted speeches, previously–recorded oral communications
and prepared remarks;

o Communications that are indirect (e.g., provided to a third party for dissemination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Investor letters and investor reporting (e.g., updates and materials distributed on a regular basis);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Standardized
due diligence questionnaires.

Communications that do not meet the definition of "Advertisement" are not covered by the specific requirements of the Marketing Rule, <u>but are still subject to the anti-fraud provisions of the Advisers Act</u>. **All advertising and marketing materials, whether written or delivered orally, produced or disseminated by the Firm must be reviewed by Compliance and Legal for conformity with applicable rules and regulations promulgated under state and federal laws and guidelines.** Employees should seek guidance from the Legal & Compliance if they are in need of further information regarding any of the issues highlighted in this Policy.

***General Guidelines for Preparation of Marketing Materials***

 ****

***False or Misleading Statements***

Employees are prohibited from communicating with the public or investors in written or oral form (or disseminating any third party's communications) if such communications contain any untrue statement of a material fact or that are otherwise false or misleading. Marketing materials that are deceptive or misleading in their overall effect, even if it could be argued that no single statement of a material fact is incorrect, are nevertheless prohibited. In considering whether marketing materials are misleading, the following factors should be considered:

● The presence or absence of any explanations and disclosures necessary to make the materials not misleading;

● The general economic or financial conditions affecting any assumptions in the materials;

● Any representations of future gains, income or expenses;

● Any portrayals of past performance that imply that past results may be repeated in the future, or that cannot be justified under the circumstances;

● Any discussion of benefits of the investment without giving equal prominence to the risks or limitations associated therewith; and

● Any exaggerated or unsubstantiated claims.

When following this Policy's guidelines, it is important to note that whether a particular communication is false or misleading may depend on the facts and circumstances involved in its use including the implications or inferences drawn from its total context as well as the nature of the audience to which it is addressed. Consider the overall context in which the communication is made, the audience to which it is directed, the overall clarity of the communication and the use of footnotes.

***Superlative Statements***

Marketing materials may not include superlative words or statements (such as "superior", "leading", "top-notch", etc.) that may cause a customer to believe that he/she could not obtain comparable services elsewhere. In addition, marketing materials must not contain exaggerated or unsubstantiated claims (as discussed further below), and shall adopt a balanced approach to marketing products and services.

***Substantiation of Claims***

When stating facts in any marketing materials, an Adviser's belief that the fact is accurate must be substantiated by making a record contemporaneous with the Advertisement demonstrating the basis for the belief. The Firm must be able to justify statements such as "we have achieved long-term out-performance" and "Antares has highly rated investment processes." Substantiation of such claims may be accomplished in a number of ways, including, but not limited to, maintaining historical data. Moreover, Antares must be able to produce evidence of the substantiation upon request (which is likely to be made by SEC staff examiners). If a claim cannot be substantiated, the claim must be removed or, if appropriate, clarified that it is an opinion or belief, rather than an assertion of fact.

***Responding to Questionnaires, Surveys, and Other Communications***

Questionnaires, surveys, and other communications furnished to third parties that publish reports about Antares or the Advisers are considered marketing materials for purposes of this Policy and may be Advertisements. Prior to dissemination, Compliance and Legal will review the questionnaire for accuracy.

***Marking Documents for Internal Use***

Any material that is solely for distribution internally to Antares and its affiliates must contain the legend "Internal Use Only" and may not be provided to persons who are not Employees.

***Providing Information to Third-Party Databases***

The Firm may, from time to time, provide information to third-party databases. The Firm must have reasonable assurance that the third-party databases do not intend on using information about the Firm in any manner that could be deemed a form of general solicitation or advertising. Employees are prohibited from providing any information to third-party databases unless approved by the Marketing and Communications team, as well as Legal and/or Compliance.

***Books and Records***

In its books and records, the Firm is required to maintain copies of all marketing materials. These materials may include brochures, newsletters, web sites, article reprints, press related marketing materials, letters to current or prospective clients, responses to RFPs, quarterly and annual data provided to consultants, consultant questionnaires, presentations developed for seminars or client meetings and e-mails. This list is not intended to be exhaustive.

***Government Approvals***

None of the Firm's marketing materials may contain any statement that suggests that the materials have been approved or reviewed by the SEC.

***Certain Specific Guidelines for Common Marketing Practices***

The Marketing Rule imposes certain additional requirements on Advertisements that contain certain types of information, including: endorsements and testimonials, performance information and third-party rankings. When including these types of information in Advertisements, the following additional rules (in addition to the General Prohibitions) must be observed:

***Use of Endorsements or Testimonials***

The Marketing Rule imposes certain additional requirements on any Advertisement that includes an endorsement or testimonial, which are defined under the Marketing Rule as follows: <sup>13</sup>

● An "Endorsement" means any statement by a person other than a current client or investor in a private fund advised by the investment adviser that (i) indicates approval, support or recommendation of the investment adviser or its supervised persons or describes that person's experience with the investment advisor or its supervised persons;<sup>14</sup> (ii) directly or indirectly solicits any current or prospective client or investor to be a client of, or an investor in a private fund advised by, the investment adviser; or (iii) refers any current or prospective client or investor to be a client of, or an investor in a private fund advised by, the investment adviser. Endorsements include placement agent activities to market private fund interests and use of parties such as social media influencers to promote the investment adviser.

● A "Testimonial" means any statement by a current client or investor in a private fund advised by the investment adviser: (i) about the client's or investor's experience with the investment adviser or its supervised persons; (ii) that directly or indirectly solicits any current or prospective client or investor to be a client of, or an investor in a private fund advised by, the investment adviser; or (iii) that refers any current or prospective client or investor to be a client of, or an investor in a private fund advised by, the investment adviser. The inclusion in an Advertisement of positive statements from the Firm's clients would generally be considered testimonials.

Arrangements with placement agents will be considered endorsements and are subject to the requirements set forth in the Marketing Rule applicable to endorsements. No Employee will issue, distribute, or otherwise use, any other Advertisement or other marketing material that includes a testimonial or endorsement without prior approval by Compliance and Legal and subject to the restrictions set forth below.

**Required Disclosures ("Full Disclosure Requirement")**

An investment adviser must disclose, or reasonably believe that the person giving the testimonial or endorsement discloses, the following at the time the testimonial or endorsement is disseminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Clearly and prominently: (A) that the testimonial was given by a current client or investor, and the endorsement was given by a person other than a current client or investor, as applicable; (B) that cash or non-cash compensation was provided for the testimonial or endorsement, if applicable;<sup>15</sup> and (C) a brief statement of any material conflicts of interest on the part of the person giving the testimonial or endorsement resulting from the investment adviser's relationship with such person.

● It should be noted that "compensation" for these purposes is interpreted broadly to include non-cash compensation such as fee waivers, reduced advisory fees, directed brokerage that compensates brokers for soliciting investors, sales awards and other prizes, gifts and entertainment.

● The SEC has noted that the required disclosures described above should appear close to the associated statement such that the statement and disclosures are read at the same time, rather than referring a reader somewhere else to obtain the disclosures. The SEC has further noted that in cases in which an oral testimonial or endorsement is provided, it would be consistent with the clear and prominent standard if the disclosures are provided in a written format, so long as they are provided at the time of the testimonial or endorsement.

<sup>13</sup> The SEC has interpreted the scope of activities that constitute endorsements or testimonials broadly. Website reviews of an advisor's advisory services, and referrals of investors (even if infrequent) from lawyers or other service providers could, depending on the facts and circumstances, fall within the scope of the Marketing Rule.

<sup>14</sup> The SEC has noted that testimonials and endorsements include statements about an adviser or its supervised persons' qualities (e.g., trustworthiness, diligence or judgment).

<sup>15</sup> The SEC believes that whether or not an adviser has provided compensation in exchange for a testimonial or endorsement will depend on the particular facts and circumstances and that the timing of compensation relative to an endorsement or testimonial is relevant in determining whether an adviser is providing compensation for the testimonial or endorsement. Further, the SEC has expressed a belief that there will be a mutual understanding of a quid pro quo, whether explicit or inferred based on facts and circumstances, for most compensated endorsements or testimonials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The material terms of any compensation arrangement, including a description of the compensation provided or to be provided, directly or indirectly, to the person for the testimonial or endorsement ("Compensation Arrangement Disclosure Requirement").

● For purposes of the Compensation Arrangement Disclosure Requirement, the SEC has noted that disclosures only need to include the material terms of any compensation arrangement. These disclosures also need not include detailed information about the calculation of the compensation payable to each person giving a testimonial or endorsement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A description of any material conflicts of interest on the part of the person giving the testimonial or endorsement resulting from the investment adviser's relationship with such person and/or any compensation arrangement ("Material Conflicts Disclosure Requirement").

● For purposes of the Material Conflicts Disclosure Requirement, the SEC has noted that there should be explicit disclosure that the promoter, due to such compensation, has an incentive to recommend the investment adviser, resulting in a material conflict of interest.

Disclosures may be provided through paper or electronically, so long as any such electronic delivery is affected consistent with existing SEC guidance on electronic delivery of documents. The documents required pursuant to the Compensation Arrangement Disclosure Requirement and Material Conflicts Disclosure Requirement may be provided through hyperlinks, in a separate disclosure document or any other similar methods.

**Disqualification**

In general, the Advisers may not compensate a person, directly or indirectly, for a testimonial or endorsement if it knows, or in the exercise of reasonable care should know, that the person giving the testimonial or endorsement is an ineligible person at the time the testimonial or endorsement is disseminated ("Disqualification Requirement").<sup>16</sup>

**Exemptions**

Under the Marketing Rule, certain testimonials or endorsements are exempt from parts of the foregoing requirements, as set forth below:

● A testimonial or endorsement disseminated for no compensation or de minimis compensation is not required to comply with the Written Agreement Requirement (as defined below) and the Disqualification Requirement. Under the Marketing Rule, "de minimis compensation" means compensation paid to a person for providing a testimonial or endorsement of a total of $1,000 or less (or the equivalent value in non-cash compensation) during the preceding 12 months.

● A testimonial or endorsement by the investment adviser's partners, officers, directors, or employees, or a person that controls, is controlled by, or is under common control with the investment adviser, or is a partner, officer, director or employee of such a person is not required to comply with the Full Disclosure Requirement or the Written Agreement Requirement, provided that the affiliation between the investment adviser and such person is readily apparent to or is disclosed to the client or investor at the time the testimonial or endorsement is disseminated and the investment adviser documents such person's status at the time the testimonial or endorsement is disseminated.

<sup>16</sup> Under the Marketing Rule, an "ineligible person" is a person who is subject either to a "disqualifying Commission action" or to any "disqualifying event," and certain of that person's employees and other persons associated with an ineligible person. See Rule 206(4)-1(e)(9); See Rule 206(4)-1(e)(3) and (4) for the defined terms "disqualifying Commission action" and "disqualifying event." As noted below, any person covered by Rule 506(d) of Regulation D of the U.S. Securities Act of 1933 with respect to a Rule 506 securities offering is exempted from this prohibition, provided that the person's involvement would not disqualify the offering under that rule.

● A testimonial or endorsement by a broker or dealer registered with the SEC under Section 15(b) of the Securities Exchange Act of 1934 (the "Exchange Act") is not required to comply with:

● The Full Disclosure Requirement if the testimonial or endorsement is a recommendation subject to Rule 15l-1 (Regulation Best Interest) under the Exchange Act;

● The Compensation Arrangement Disclosure Requirement and Material Conflicts Disclosure Requirement if the testimonial or endorsement is provided to a person that is not a retail customer, as that term is defined in Rule 15l-1 under the Exchange Act; and

● The Disqualification Requirement if the broker or dealer is not subject to statutory disqualification, as defined under Section 3(a)(39) of the Exchange Act.

● A testimonial or endorsement by a person that is covered by Rule 506(d) of Regulation D under the Securities Act with respect to a Rule 506 securities offering under the Securities Act and whose involvement would not disqualify the offering under that Rule is not required to comply with the Disqualification Requirement.

**Adviser Oversight and Compliance** 

In reviewing any endorsement or testimonial contained in an Advertisement, Legal and Compliance will:

● Confirm that the relevant Adviser has a reasonable basis for believing that the testimonial or endorsement complies with the above requirements, and

● If a person is being compensated for giving an endorsement or testimonial, ensure that the relevant Adviser has entered into a written agreement with such person that describes the scope of the agreed-upon activities and the terms of compensation for those activities ("Written Agreement Requirement").

**Use of Placement Agents by an Adviser**

If an Adviser uses a placement agent, the Adviser must comply with the Full Disclosure Requirement, the Adviser Oversight and Compliance requirements (including the Written Agreement Requirement) and the Disqualification requirements; provided that, in the case of an affiliated placement agent, so long as the affiliation between the Adviser and such affiliated placement agent is readily apparent, the Adviser will not be required to comply with the Full Disclosure Requirement and the Written Agreement Requirement. In addition, if the affiliated placement agent is an SEC-registered broker-dealer and is not subject to statutory disqualification under the Exchange Act, the Disqualification requirements will not apply.

***Guidelines for Performance Related Information***

When distributing material that includes performance information (e.g., internal rate of return, multiple of cost, etc.) – whether it is portfolio data for a fund or a composite, or any other model or actual results - Employees must ensure that such Advertisements comply with the specific requirements under the Marketing Rule set forth below, as applicable. The Advisers must also maintain records or documents necessary to form the basis for or demonstrate the calculation of the performance or rate of return used in any Advertisement.

**General Disclosures Related to Performance**

All Advertisements that include performance information should also contain a statement that past performance does not guarantee future results.

**Gross versus Net Performance**

An Advertisement may not include presentation of gross performance (including presentations of gross extracted performance or gross hypothetical performance), unless the Advertisement also presents net performance: (i) with at least equal prominence to, and in a format designed to facilitate comparison with, the gross performance; and (ii) calculated over the same time period, and using the same type of return and methodology, as the gross performance. Presentations of gross and net performance must be clearly labelled, cover the same time period and be accompanied by sufficient disclosure of any factors necessary to make the figures comparable.

Gross performance means the performance results of a portfolio (or portions of a portfolio that are included in extracted performance, if applicable, and as further described below) before the deduction of all fees and expenses that a client or investor has paid or would have paid in connection with the investment adviser's investment advisory services to the relevant portfolio. Net performance means the performance results of a portfolio (or portions of a portfolio that are included in extracted performance, if applicable) after the deduction of all fees and expenses that a client or investor has paid or would have paid in connection with the investment adviser's investment advisory services to the relevant portfolio.

For purposes of calculating net performance, the Marketing Rule permits:

● An Advertisement to reflect the deduction of a model fee when doing so would result in performance figures that are no higher than if the actual fee had been deducted. Any such model fee must be equal to the highest fee charged to the intended audience to whom the Advertisement is disseminated.<sup>17</sup>

● An Advertisement to exclude custodian fees paid to a bank or other third-party organization for safekeeping funds and securities (including in a model fee). To the extent a client or investor pays investment adviser, rather than a third party, for custodial services, the investment adviser must deduct the custodial fee in calculating net performance for purposes of the Advertisement.

As referenced in the discussion of the definition of "Advertisement" above, certain one-on-one presentations may not be Advertisements and therefore not subject to the requirement that net performance be presented alongside gross performance. Any presentation of gross performance without the presentation of net performance in a communication under these circumstances shall be subject to the specific approval, in writing, by Legal & Compliance.

**Prescribed Time Periods (for Performance of Clients other than Private Funds)**

Except in the case of performance for a private fund, all other performance in an Advertisement under the Marketing Rule must include performance results of the same portfolio or composite aggregation for one-, five-, and ten-year periods, each presented with equal prominence and ending on a date that is no less recent than the most recent calendar year-end; except that if the relevant portfolio did not exist for a particular prescribed period, then the life of the portfolio must be substituted for that period ("Required Presentation Timeframe").

**Related Performance (e.g., Past Performance of the Same Investment Adviser)**

Related performance means the performance results of one or more related portfolios, either on a portfolio-by-portfolio basis or as a composite aggregation of all portfolios falling within stated criteria.

While the Marketing Rule does not require the presentation of related performance, an Advertisement may only include any related performance, if it includes all related portfolios, except that related portfolios may be excluded if:

● the advertised performance results are not materially higher than if all related portfolios had been included; and

● the exclusion of any related portfolio does not alter the presentation of any applicable time periods prescribed by the Required Presentation Timeframe.

**Extracted Performance (e.g., Subset Performance)**

Extracted performance means the performance results of a subset of investments extracted from a single portfolio. Issues related to extracted performance may arise where the investment adviser seeks to highlight the performance results of a particular type of investment within a more comprehensive portfolio. An Advertisement may not include any extracted performance, unless the Advertisement provides, or offers to provide promptly, the performance results of the total portfolio from which the performance was extracted.

<sup>17</sup> The SEC has noted that if the fee to be charged to the intended audience of a presentation containing performance information is anticipated to be higher than the actual fees charged in the net performance presented, the adviser must use a model fee that reflects the anticipated fee to be charged in order not to violate the rule's general prohibitions.

**Predecessor Performance**

Predecessor performance means investment performance achieved by a group of investments consisting of an account or a private fund that was not advised at all times during the period shown by the investment adviser advertising the performance. Predecessor performance issues may arise when an investment adviser hires new investment professionals, or acquires a new investment advisory business and seeks to use their performance track record from their prior firm.

Under the Marketing Rule, an Advertisement may not include any predecessor performance unless:

● the person or persons who were primarily responsible for achieving the prior performance results manage accounts at the advertising adviser;

● the accounts managed at the predecessor investment adviser are sufficiently similar to the accounts managed at the advertising investment adviser that the performance results would provide relevant information to clients or investors;

● all accounts that were managed in a substantially similar manner are advertised unless the exclusion of any such account would not result in materially higher performance and the exclusion of any account does not alter the presentation of the Required Presentation Timeframe; and

● the Advertisement clearly and prominently includes all relevant disclosures, including that the performance results were from accounts managed at another entity.

**Hypothetical Performance** 

Hypothetical performance includes, but is not limited to; (i) performance derived from model portfolios; (ii) performance that is back tested by the application of a strategy to data from prior time periods when the strategy was not actually used during those time periods; and (iii) targeted or projected performance returns with respect to any portfolio or to the investment advisory services with regard to securities offered in the Advertisement.

● "Target" returns in the context of the Marketing Rule reflect an investment adviser's aspirational performance goals.

● "Projected" returns reflect an investment adviser's performance estimate, which is often based on historical data and assumptions.

Hypothetical performance includes results based on actual performance but being presented in a different context. For instance, combining the actual performance of two live portfolios to show what the results might have been had they been combined could be construed as hypothetical performance.

Note that hypothetical performance can include (i) forecasted<sup>18</sup> portfolios, including gross and net return information; (ii) target<sup>19</sup> net return attribution; and (iii) composite net performance. When composites are used, enhanced disclosure may be needed as they may carry a greater potential to mislead investors than performances extracted from a single portfolio. Additionally, composite performance may not reflect the holdings of any actual investor due to potential cherry-picking.

When including hypothetical performance in Advertisements, the following policies and procedures must be followed.

<sup>18</sup> See Rule 206(4)-1(e)(8)(i)(C) which provides that "targeted or projected performance returns with respect to any portfolio or to the investment advisory services with regard to securities offered in the advertisement" constitutes "hypothetical performance".

<sup>19</sup> See footnote 18.

● Before distributing any Advertisement containing hypothetical performance, the following determinations must be made by Legal and Compliance that:

● The hypothetical performance is relevant to the likely financial situation and investment objectives of the intended audience of the Advertisement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If there have been frequent previous requests from investors for hypothetical
performance of the type proposed to be provided, it may be reasonable to conclude that the information will be relevant to similarly situated
investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The assumptions made in calculating the hypothetical performance should
be assumptions reasonably applicable to the likely terms and conditions of the recipient's investment with the relevant Adviser.

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| | |
|:---|:---|
| ◾ | For example, (i) if a prospective investor will bear higher fees and/or additional expenses than those reflected in the hypothetical performance or (ii) if targeted performance data assumes the use of leverage and the intended audience will likely invest on an unlevered basis, the information may not be relevant for the audience. |
| ◾ | If there are material differences between the program shown in the hypothetical performance and the strategy expected to be pursued by the recipient, such differences should be disclosed. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Legal and Compliance must document and maintain evidence to support the conclusion that the hypothetical
performance is relevant to the intended audience.

● The intended audience for the hypothetical performance has expertise and resources to understand the hypothetical performance information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The recipient's status as a qualified purchaser and
its history of investments with the Firm may support this determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If the hypothetical performance presentation is particularly complex, additional investigation may be
necessary to determine the recipient's level of expertise and resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If Antares raises funds or accounts for investors that are not qualified purchasers (e.g., funds relying
on the 3(c)(1) exemption under the Investment Company Act), Legal and Compliance may prescribe additional procedures to ensure that
any such investors to whom hypothetical performance information is distributed have resources sufficient to enable them to interpret and
understand such information.

● Information must be provided so the intended audience understands the criteria and assumptions used in calculating the hypothetical performance:

● The disclosures accompanying the hypothetical performance presentation should be robust and clearly describe the calculation methodology. Investment advisers must provide information that includes any assumptions on which the hypothetical information rests (e.g., in the case of targeted or projected returns, the adviser's view of the likelihood of a given event occurring). Information must be provided (or, in the case of a private fund investor, the investment advisor must offer to provide promptly) sufficient information to enable the intended audience to understand the risks and limitations of using the hypothetical performance in the advertisement in making investment decisions.

---

| | |
|:---|:---|
| ◾ | Risk information should include risks of hypothetical performance generally and to the specific hypothetical performance presented (e.g., if applicable, that hypothetical performance reflects certain assumptions but that the adviser generated dozens of other, varying performance results applying different assumptions). Risk information should also include any known reasons why the hypothetical performance might differ from actual performance of a portfolio – e.g., that the hypothetical performance does not reflect cash flows into or out of the portfolio. |

---

● Compliance with the general prohibitions prohibits presenting hypothetical performance in Advertisements in a materially misleading way.<sup>20</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o This process will often require collaboration among the investment team, finance and operations, legal,
investor relations and compliance to craft appropriate disclosures. Outside counsel may also be consulted at the discretion of Legal and
Compliance.

---

| | |
|:---|:---|
| ◾ | Legal and Compliance must receive sufficient understanding of how the data was collected, how the calculation methodology works and what assumptions were applied in order to ensure that the disclosure crafted to accompany the hypothetical performance presentation is accurate and complete. |
| ◾ | The rationale and reasonableness of the material assumptions used in the presentation should be reviewed, and disclosure must identify the material assumptions. |
| ◾ | In some circumstances, it may be appropriate to explain how different assumptions may have affected the performance results shown. |

---

● Hypothetical information is clearly and prominently labelled as such, with disclaimers indicating that the results do not represent results of actual trading using client assets and may not reflect the material market or economic factors that might have influenced the performance of an actual trading program, and the risks and limitations of using such hypothetical performance when making investment decisions.

● Legal and Compliance will be responsible for maintaining evidence documenting the above determinations.

Preparation and use of composite performance is subject to additional guidelines that may be established by an Adviser from time to time.

***Use of Third-Party Rankings***

From time to time, an investment adviser may consider using a rating or ranking they were awarded from a third party. <sup>21</sup>

The SEC has noted that the ordinary course of business requirement in the definition distinguishes third-party ratings from testimonials and endorsements that resemble third-party ratings, but that are not made by persons who are in the business of providing ratings or rankings. Third-party ratings meeting this definition therefore need not comply with the requirements applicable to testimonials and endorsements.

However, in addition to the General Prohibitions, the use of any third party ranking in an advertisement must comply with the following specific conditions:

● The relevant Adviser must have a reasonable basis for believing that any questionnaire or survey used in the preparation of the third-party rating is structured to make it equally easy for a participant to provide favorable and unfavorable responses and is not designed or prepared to produce any predetermined result (and Legal & Compliance should maintain evidence of this determination); and

<sup>20</sup> The SEC has noted that it would view an Advertisement as including an untrue statement of material fact if the advertised hypothetical performance reflected the application of rules, criteria, assumptions, or general methodologies that were materially different from those stated or applied in the underlying information of such hypothetical performance. The SEC has also stated that it believes it would be materially misleading for an advertisement to present hypothetical performance that discusses any potential benefits resulting from the adviser's methods of operation without providing fair and balanced discussion of any associated material risks or material limitations associated with the potential benefits.

<sup>21</sup> The Marketing Rule defines a third-party rating as "a rating or ranking of an investment adviser provided by a person who is not a related person (as defined in the Form ADV Glossary of Terms), and such person provides such ratings or rankings *in the ordinary course of its business*." (emphasis added).

● The material clearly and prominently discloses, or the Adviser reasonably believes that the third-party rating clearly and prominently discloses:

● The date on which the rating was given and the period of time upon which the rating was based;

● The identity of the third party that created and tabulated the rating; and

● If applicable, that compensation has been provided directly or indirectly in connection with obtaining or using the third-party rating.

***Interactions with the Media***

Any media inquiries should be promptly forwarded to the Communications Leader or VP of Communications. All Employees must obtain pre-clearance from the Communication team prior to communicating with the media. Media communications may constitute Advertisements and be subject to the restrictions set forth above. If pre-clearance is granted, Employees must also adhere to the following standards:

● Never mention or discuss the private funds, even indirectly;

● Be careful to avoid disclosing any nonpublic information, including information about client positions, or trading strategies;

● Do not make any false or misleading statements, or omit any material information;

● Do not make any statements that are exaggerated, unbalanced, inflammatory, defamatory, libelous, inappropriate, unduly controversial, or that would otherwise reflect poorly on Antares;

● Avoid the use of superlatives such as best, worst, most, least, highest, lowest, always, and never;

● Clearly distinguish between facts and opinions;

● Make it clear when a personal opinion may not reflect Antares's position;

● Do not make forecasts about Antares's anticipated performance;

● Only make forecasts about general economic or market trends where there is a reasonable basis for such forecasts;

● All discussions, including those regarding positions or investment strategies, should be balanced by descriptions of any applicable risks or drawbacks; and

● Be aware of the financial sophistication of the information's ultimate recipient;

● Unless authorized to do so, do not speak on behalf of the Firm;

● When speaking to the media, someone from the communications team must be on the phone or with you in the interview; or

● When speaking at a conference where media is present, pre-authorization must be attained through the Antares Event Tracking Form in MCO and message points need to be cleared with the Communications team.

***Private Placements of Interests***

Antares has implemented policies and procedures designed to ensure that any offerings under Regulation D satisfy the requirements thereof. This Policy does not address all possible situations. Any questions regarding marketing of private placements should be referred to Legal or Compliance who may consult with Outside Counsel as appropriate.

Investment advisers to funds offering securities that are not registered under the Securities Act may rely on several exemptions from registration, chiefly among them is the safe harbor provided by Regulation D under the Securities Act. While Antares relies on Regulation D for certain funds, Antares does not always rely on Regulation D. However, any fund relying on Regulation D must, among other things, either (a) not be offered through any form of general solicitation or general advertising, or (b) only accept investors that the issuer has taken reasonable steps to verify are accredited investors.

***Tracking Offering Documents and Fund Marketing Materials***

The Advisers will monitor and document the distribution of a fund's private placement memoranda and other marketing materials. Such monitoring and documentation can help an investment adviser demonstrate that it did not engage in general solicitation in offering a fund relying on Regulation D.

***Private Placement Marketing Activities by the Advisers' Employees***

Rule 3a4-1 under the Exchange Act provides a non-exclusive safe harbor from the definition of a "broker" for certain associated persons of an issuer conducting a private placement. In order to rely on primary elements of the Rule 3a4-1 safe harbor, an employee of an adviser who is involved in marketing private fund assets (a) must not receive compensation based directly or indirectly on transactions in securities, (b) must be intending to perform substantial duties on behalf of the issuer at the end of the offering, (c) may not participate in more than one offering every 12 months, and (d) must comply with the other conditions set forth in Rule 3a4-1. The Rule 3a4-1 safe harbor is not the sole way in which an adviser and its employees could avoid being deemed "brokers."

To the extent any Employees will be covered, supervised employees of both the Firm and a registered broker-dealer, such Employees will be subject to both SEC and FINRA regulations and both this Manual and the Registered Representative Compliance and Supervisory Procedures Manual, as, and to the extent, applicable under the circumstances.

***Marketing Private Funds in the EU***

The Alternative Investment Fund Managers Directive ("AIFMD") is a European Union ("EU") regulation that governs the following activities:

● Management an Alternative Investment Fund ("AIF") in the EU; and

● Marketing an AIF into the EU, regardless of where the adviser or the fund is based.

"Marketing" has been defined under AIFMD as, "any direct or indirect offering or placement at the initiative of the AIFM or on behalf of the AIFM of units or shares in an AIF it manages to or with investors domiciled in the European Union." This definition may be interpreted differently by each individual regulator within the EU. The United Kingdom Financial Conduct Authority ("UK FCA") states that an 'offering or placement' occurs when a person seeks to raise capital by making a unit or share of an AIF available for purchase by a potential investor. This would include a contractual offer which can be accepted by a potential investor. It is likely that providing a potential investor with high-level information about an adviser would not be considered marketing. However, in the UK and elsewhere in the EU, such 'pre-marketing' activity could be deemed an activity that would require compliance with national private placement rules in the relevant jurisdiction.

Passive marketing, or "reverse solicitation," is not included in the definition of "marketing" under the AIFMD. An adviser would not be subject to the AIFMD solely because it responds to genuine inquiries from prospective investors. However, a firm relying on the "reverse solicitation" exemption must be able to demonstrate that any marketing to investors from the EU was at the initiative of the prospect. Reliance on the "reverse solicitation" exception is determined on a country by country basis.

***General Solicitation and General Advertising***

All forms of general solicitation and general advertising regarding funds conducting private placements are prohibited including:

● Any advertisement, article, notice, or other communication published in any newspaper, magazine, newsletter or similar media, or available on a publicly accessible website, or broadcast over television or radio. This includes not only paid advertising, or articles authored by Antares personnel, but also references to a fund in an article or broadcast by a third party, if Antares or its personnel are the identified or unidentified source of the reference.

● Any seminar, conference or meeting whose attendees have been invited by any general solicitation or general advertising.

***Issuer Disqualification***

Paragraph (d) of Rule 506 under Regulation D ("Bad Actor Rule") prohibits issuers (i.e. vehicles managed by Antares) from relying on Regulation D if certain individuals or entities, including an investor holding a 20% or greater beneficial interest in a fund, have been found to have engaged in securities-related misconduct described in the Bad Actor Rule.

The Investor Relations Team is responsible for obtaining certifications from placement agents and any 20%+ owners of a fund relying on Regulation D confirming that they have not engaged in disqualifying conduct identified in the Bad Actor rule. The Compliance Team is responsible for obtaining certifications from employees and board members confirming that they have not engaged in disqualifying conduct identified in the Bad Actor Rule.

***Substantive, Pre-Existing Relationships***

Antares will document the existence of a substantive pre-existing relationship with each prospective investor in the privately offered funds. Employees and any other individuals or entities soliciting the privately offered funds will document the existence of a pre-existing relationship with each prospective Investor. Completed documentation will be retained by the Investor Relations Team.

***Investor Qualifications***

Each fund relying on Regulation D must be particularly careful to document its reasonable belief that each investor is an accredited investor. The Investor Relations Team reviews all subscription requests to ensure that there is a reasonable belief that each Investor in a fund relying on Regulation D is an accredited investor and/or qualified purchaser or knowledgeable employee, as applicable.

Determining whether a specific individual or entity is eligible to invest can be difficult depending on the relevant facts and circumstances. Employees should consult with the Legal and Compliance Team regarding any uncertainty as to whether an individual or entity meets the relevant criteria.

***Form D***

Rule 503 of Regulation D and the general instructions to Form D state that all issuers offering securities in reliance on an exemption under Regulation D or Section 4(a)(2) of the Securities Act (including a private fund or BDC conducting a private placement) must file Form D electronically with the SEC no later than fifteen days after the first sale of securities and must amend the filing to correct a material error, to reflect a change with respect to certain information previously provided and on an annual basis, not later than the anniversary date of the prior filing for offerings that remain open as of that date, thereafter until the offering terminates.

An amendment to Form D is not required to reflect certain minimal changes, which include a change in: (i) a fund's revenues or aggregate net asset value; (ii) the total offering amount, if the change is a decrease, or if the change, together with all other changes in that amount since the previously filed notice, does not result in an increase of more than 10%; (iii) the amount of securities sold in the offering or the amount remaining to be sold; and (iv) the total number of investors who have invested in the offering.

In addition to the SEC filing, a copy of the Form D must also be filed in certain states in which the securities are marketed to prospective investors. Form D is a brief notice that includes the names and addresses of the issuer's owners and promoters and general information about the issuer.

Antares utilizes outside counsel to file Form D on its behalf. However, the Legal and Compliance Team will be responsible for ensuring that Form Ds and related state filings, including any required annual or other amendments, are appropriately filed with the SEC and states.

**XII. <u>CLIENT AND DATA PRIVACY</u>**

The SEC's Regulation S-P (Privacy of Consumer Financial Information) ("<u>Reg S-P</u>"), which was adopted to comply with Section 504 of the Gramm-Leach-Bliley Act, requires investment advisers to disclose to their clients who are natural persons their policies and procedures regarding the use and safekeeping of client records and information, employee personal information, third-party confidential information and the Firm's confidential information (together, "<u>Confidential Information</u>"). It is incumbent on each Employee who may receive Confidential Information to use reasonable efforts to safeguard such information in compliance with applicable privacy and information security laws and in accordance with the policies and procedures adopted by the Firm and described herein. This type of information might include social security numbers, income, assets, risk tolerance and transaction history.

***Information Sharing with Affiliates***

Regulation S-AM ("<u>Reg S-AM</u>") prohibits a registered investment adviser from using information about an individual customer that has been obtained from an affiliated entity for marketing purposes unless the information sharing practices have been disclosed and the consumer has not opted out.

***State and non-U.S. Privacy Requirements***

In addition to Reg S-P and Reg S-AM, certain states and non-U.S. jurisdictions have adopted consumer privacy laws that may be applicable to investment advisers with clients or investors who are residents of those states or jurisdictions.

***Disclosure of Client Information***

The Firm will not disclose Client/customer records and information, including Nonpublic Personal Information (defined below) and consumer report information (collectively, "<u>Client Information</u>") to anyone outside of the Firm unless such sharing of information is permitted or required by law and is in accordance with the Firm's policies on protecting confidentiality.

● Client Information may only be given to third parties under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o To other firms as directed by customers, such as accountants,
lawyers, etc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o To specified family members (as authorized by law and/or
the customer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o To third parties for a legitimate business purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o To regulators and others, when required by law.

● At times, Client Information may be reviewed by the Firm's outside service providers (i.e., accountants, lawyers, consultants, etc.). If appropriate, the Firm may review the entities' privacy policies to ensure that Client Information is not used in a manner that is contrary to these privacy guidelines.

● Any suspected breaches of the Firm's privacy guidelines must be reported to the CCO.

● Employees should follow a "clean desk" policy, defined as refraining from leaving paper files containing personal and/or confidential information in plain sight and securely disposing of sensitive information.

● Individual passwords for computers and other systems should be kept private and should not be shared with others.

"<u>Nonpublic Personal Information</u>" is defined under Reg S-P as "personally identifiable financial information; and any list, description, or other grouping of consumers (and publicly available information pertaining to them) that is derived using any personally identifiable financial information that is not publicly available." A list of Nonpublic Personal Information includes "any list of individuals and street addresses that is derived in whole or in part using personally identifiable financial information (that is not publicly available), such as account numbers." From a practical standpoint, "nonpublic personal information" means any information that an individual natural person/Client provides to the Firm in order to receive a product or service from the Firm.

All requests by third-parties to review this Manual, compliance testing results, correspondence between the Advisers and regulators and other compliance-related documents should be forwarded to the CCO. Employees are not authorized to respond to such requests without the prior approval of the CCO.

***Identity Theft Prevention***

In addition to Reg S-P and Reg S-AM, the SEC has adopted Regulation S-ID, the "Red Flags Rules," that require certain companies to take steps to detect, prevent, and mitigate the effects of identity theft.

The Red Flags Rules require each SEC registered broker-dealer, investment company, and investment adviser that is a financial institution or creditor to periodically evaluate whether it offers or maintains any covered accounts. "Covered Accounts" are defined to include:

● An account that is primarily for personal, family or household purposes that is designed to permit multiple payments or transactions; and

● Any other account for which there is a reasonably foreseeable risk from identity theft to natural person customers or to the safety and soundness of the adviser.

The assessment as to whether an adviser maintains any covered accounts must include evaluations of:

● The adviser's method for opening accounts;

● The ways in which clients and investors can access accounts; and

● The adviser's prior experiences with identity theft.

The Advisers have evaluated their Clients and determined that none of these Clients is deemed to be a covered account and, therefore, the Advisers are not required to implement an Identity Theft Prevention Program at this time. As required by the Rules, Antares will re-evaluate whether it is subject to the Rules at least annually, or when onboarding a new Client, and will implement an Identity Theft Prevention Program at such time as it is deemed to advise a covered account.

***Access to the Advisers' Premises***

The Advisers' office locations are locked at all times and are only accessible with the use of a keycard. Keycards are issued and maintained by the Facilities Team. Card status is updated daily for changes to access for new and terminated employees and contractors.

Meetings with Clients and Investors should be held in conference rooms or other locations where Nonpublic Personal Information is not available or audible to others.

***Information Stored in Hard Copy Formats***

The Advisers have implemented the following procedures to protect Nonpublic Personal Information stored in hard copy formats:

● To the extent practicable, Nonpublic Personal Information will be kept in lockable filing cabinets;

● All Nonpublic Personal Information, as well as the Advisers' proprietary information, should be locked up at the end of each workday;

● Documents containing Nonpublic Personal Information must never be left unattended in public spaces, such as lobbies or conference rooms;

● Documents being printed, copied, or faxed must not be left unattended;

● Employees will exercise due caution when mailing or faxing documents containing Nonpublic Personal Information to ensure that the documents are sent to the intended recipients; and

Employees may only remove documents containing Nonpublic Personal Information from the Advisers' premises for legitimate business purposes. Any documents taken off premises must be handled with appropriate care and returned as soon as practicable.

***Cyber Security Generally***

The staff of the SEC is concerned by the risk of cyber-attacks against registered investment advisers because of the potential for direct harm against advisers' clients, as well as potential disruptions to market stability that could be intentional or incidental results of a cyber-attack. Accordingly, the Firm has implemented procedures to protect proprietary information and Nonpublic Personal Information stored on electronic systems, including by doing the following:

● Employees must never share their passwords or store passwords in a place that is accessible to others;

● Employees should avoid using the same password for different programs;

● Employees should not use the same password for network accounts as for non-network accounts;

● Employee desktops have an inactivity lock-out after 15 minutes;

● Employees must shut down or lock their computers when they leave the office for any extended period of time;

● Employees must not include Nonpublic Personal Information in unencrypted emails sent outside of the Antares' network;

● Any theft or loss of electronic storage media must immediately be reported to the Information Technology Team

● Any intentional or inadvertent disclosure of Nonpublic Personal Information to an unintended party (for example, through the misdirection of an email or client mailing) must be immediately reported to the Information Technology Team;

● Employees who believe their user credentials or their access to the Firm's networks have been compromised must immediately report their concerns to the Information Technology Team; and

● Employees must consult with the Information Technology Team before using any removable or mobile media to store sensitive Antares data, including Nonpublic Personal Information.

***Cyber-Security Controls***

The Information Security Team maintains a set of Information Security Policies intended to establish the baseline control objectives for the protection of assets to ensure the achievement of corporate strategic goals, compliance with legal, regulatory, and contractual requirements, and business continuity. They apply to the IT assets owned/leased and managed by Antares as well as resources managed by third party providers under contract with Antares.

These Information Security Policies along with standards and procedures are based upon internationally accepted best practices and standards and are available by contacting the Information Security Team.

***Working in Public Places***

Employees should avoid discussing Nonpublic Personal Information in public places where they may be overheard, such as in restaurants and elevators. Employees should be cautious when using laptops or reviewing documents that contain Nonpublic Personal Information in public places to prevent unauthorized people from viewing the information.

***Discarding Nonpublic Personal Information***

Employees may only discard or destroy Nonpublic Personal Information in accordance with the Destruction Policy contained in the *Advisers' Maintenance of Books and Records* portion of this Manual. Employees are reminded that electronic and hard copy media containing Nonpublic Personal Information must be destroyed or permanently erased before being discarded.

***Address Changes***

Employees may only process an address change on behalf of a Client or Investor after confirming the identity of the requestor. A two-step verification process is applied where written authorization is confirmed with the requestor by phone to validate the written authorization.

***Delivery of Privacy Notice***

Antares provides, or assists the relevant managed account or fund in providing, an initial notice that describes relevant portions of Antares' Privacy Policy (a "Privacy Notice") to each non-BDC Client or an investor not later than when the relevant Client begins investing or the managed account or fund accepts the investor's subscription to invest. In addition, Antares provides, or assists the relevant managed account or fund in providing, a Privacy Notice to each Client or investor at least once in every period of 12 consecutive months in which the relationship exists. A copy of the Privacy Notice is included as Appendix C. See additional information with respect to Privacy Notice delivery to BDC client investors in Section XV of the BDC Manual.

***Responding to Privacy Breaches***

If any Employee becomes aware of an actual or suspected privacy breach, including any improper disclosure of Nonpublic Personal Information, that Employee must promptly notify the Compliance Team. Upon becoming aware of an actual or suspected breach, the Compliance Team will investigate the situation and take the following actions, as appropriate:

● To the extent possible, identify the information that was disclosed and the improper recipients;

● Notify appropriate members of senior management;

● Take any actions necessary to prevent further improper disclosures;

● Take any actions necessary to reduce the potential harm from improper disclosures that have already occurred;

● Discuss the issue with legal counsel, and consider discussing the issue with regulatory authorities and/or law enforcement officials;

● Assess notification requirements imposed by applicable state and national regulatory authorities and/or law enforcement officials;

● Evaluate the need to notify affected Clients, and make any such notifications;

● Collect, prepare, and retain documentation associated with the inadvertent disclosure and Antares' response(s); and

● Evaluate the need for changes to Antares' privacy protection policies and procedures in light of the breach.

***Website Privacy Policy***

The Antares Capital Privacy Policy, incorporated in Appendix J of this manual, governs the way Antares collects, uses, maintains and discloses personal information collected when someone visits the Antares website or other platforms as well as illustrates applicable jurisdictional requirements.

**XIII. <u>MAINTENANCE AND DISSEMINATION OF DISCLOSURE DOCUMENTS AND FILINGS</u>**

The SEC requires investment advisers to maintain and distribute certain disclosure documents. These disclosure documents must be kept current and accurate and should be disseminated in conjunction with required regulations.

The Advisers will update and disseminate their disclosure documents to Clients on a timely basis and ensure the timely and accurate submission of regulatory filings to the appropriate federal and state regulatory authorities. Additionally, ACCA will comply with the BDCs' respective disclosure and regulatory filings requirements, as further described in Section XII (BDC Disclosures and Filings) of the BDC Manual.

***Written Agreement***

The Advisers must enter into written agreements relating to the management of a Client's account prior to the commencement of managing the Client's account. The agreement shall describe the advisory services provided by the relevant Adviser and shall set forth various components of the advisory relationship and serve as one of the Adviser's primary disclosure documents to its Clients.

All revisions to the written agreement must be approved by the designated members of senior management. In addition, any revisions must be reviewed with Legal for materiality, for the purposes of determining whether or not the Advisers will formally amend any other agreements with existing Clients.

***Fund Documents***

With respect to a private fund, managed account and CLO issuer Client, the Advisers must provide all prospective investors with a copy of the applicable partnership agreement, the indenture or any other material fund or account-related documents, and if one is prepared, a private placement memorandum. The documents shall describe the terms of the investment and shall outline the various components of the prospective investor's relationship with the relevant Adviser and the applicable Client. These documents shall be kept current and will serve as one of the primary disclosure documents regarding the Adviser's relationship with such Clients and their investors.

See the BDC Manual Section XII (BDC Disclosures and Filings) for policies and procedures regarding each BDC's offering documents and registration statements.

***Form ADV***

Entities applying for registration with the SEC as an investment adviser are required to complete and file a Form ADV, which is an application form for such registration. The advisers to private fund clients and managed accounts are required to file Part 1A and Part 2A of this form electronically through the Investment Adviser Registration Depository ("<u>IARD</u>"). With respect to ACCA, or any investment adviser providing advisory services to BDCs only, Part 2A of Form ADV is not required to be filed.

In general, an investment adviser is eligible for SEC registration if it meets one of the following criteria. Please note that this list is not exhaustive. See Form ADV Part 1, Item 2A for additional ways an investment adviser may become eligible for SEC registration:

● The adviser has regulatory assets under management of at least $100 million, as reported on the adviser's Form ADV; or

● The adviser is an investment adviser to a BDC or an investment company registered under the Investment Company Act.

***Requirements Regarding the Maintenance and Dissemination of Form ADV***

● Part 1A of Form ADV includes a number of questions about the Advisers, their business practices, and control persons. All SEC and state-registered investment advisers must complete Part 1A. Part 1B asks additional questions but is only required for state-registered advisers.

● Part 2A of Form ADV, which includes a narrative description of the Advisers' activities and relevant conflicts of interest, must be provided to all new Clients (other than BDC Clients) and investors at or before the time of entering into an advisory relationship. Either Part 2A, or a summary of material changes thereto and an offer to provide the entire document must be provided to all existing Clients (other than BDC Clients) and investors within 120 days of each Adviser's fiscal year-end. ACCA, as Adviser solely to BDC Clients, is not required to prepare, file or deliver Part 2A of Form ADV.

● Part 2B of Form ADV, which includes biographical information about certain employees who provide advisory services, must be provided to all new Clients (other than BDC Clients) and investors. Before a new employee begins providing advisory services to an existing Client (other than BDC Clients), an Adviser must provide information about the employee using Part 2B. Each Adviser must also provide updated Part 2B information to all affected Clients (other than BDC Clients) and investors promptly if an employee experiences a disciplinary event or if other information in Part 2B becomes materially inaccurate. Part 2B must be maintained current in the office of the Adviser, but is not required to be filed with the SEC. ACCA, as Adviser solely to BDC Clients, is not required to prepare or deliver Part 2B of Form ADV.

● Part 1 and Part 2A (if applicable) of Form ADV must be updated and filed electronically with the SEC on the IARD system within 90 days of each Adviser's fiscal year end. Other-than-annual amendments must be filed promptly if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o an Adviser is adding or removing a relying adviser as part
of 1B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o information provided in response to Items 1 (except 1.O. and Section 1.F. of Schedule D), 3, 9 (except
9. A.(2), 9.B.(2), 9.E., and 9.F.), or 11 of Part 1A or Items 1, 2.A. through 2.F., or 2.I. of Part 1B or Sections 1 or 3 of
Schedule R becomes inaccurate in any way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o information provided in response to Items 4, 8, or 10 of Part 1A, or Item 2.G. of Part 1B, or
Section 10 of Schedule R becomes materially inaccurate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o information provided in the brochure becomes materially inaccurate.

The CCO oversees each Adviser's filing of Part 1 and Part 2A (where required) of Form ADV.

● The Asset Management team oversees the distribution of Parts 2A and 2B to all prospective and current Clients (other than BDC Clients) and investors and will track the distribution of Parts 2A and 2B.

Each Adviser (other than ACCA, which is not required to prepare or file Part 2A of Form ADV) is required to disclose in Item 9 of Part 2A of Form ADV all material facts relating to a legal or disciplinary event that would be material to a Client's evaluation of that Adviser's integrity or ability to meet its contractual commitments. Examples of the types of disciplinary information that the SEC believes are material and that the adviser and its employees must disclose include court proceedings, federal/state regulatory proceedings and Self-regulatory Organization ("SRO") proceedings. In addition, the adviser must disclose a proceeding before an SRO resulting in a fine in excess of $2,500 or a significant limitation on the adviser's or management person's investment related activities.

The Advisers provide non-BDC Clients with Parts 2A and 2B of Form ADV and do not utilize a separate written disclosure document in lieu of Part 2A of Form ADV. Compliance is responsible for ensuring that Parts 1A, 2A and 2B (as applicable) of each Adviser's Form ADV are properly maintained and disseminated. Accordingly, Compliance will periodically review the Form ADV to ensure that it is accurate and complete. Such a review is most pertinent given changes in: securities laws; industry practices; and each Adviser's advisory products and services. Compliance may discuss disclosure issues with Employees to ensure that current disclosures are consistent with the Advisers' practices. Employees are encouraged to review the Advisers' disclosure documents and bring to Compliance's attention any disclosures that may require amendment/updating.

***State Requirements***

An Adviser may be required to provide one or more state securities authorities with copies of its SEC filings ("<u>Notice Filings</u>"). As such, if necessary, each Adviser's Notice Filings will be sent electronically to the states that are checked on Item 2.C. of Part 1A of Form ADV. Generally speaking, if an Adviser either maintains a place of business in, or has more than five (5) Clients in a particular state, then it must Notice File in that particular state.<sup>22</sup>

The Advisers may not solicit or render investment advice for any Client domiciled in a state where they are not properly registered or conditionally exempt or excluded from registration. Each Adviser will file with the SEC, and Notice File in numerous states due to the location of additional places of business and residence of its Clients. Each Adviser will review its state Notice Filing requirements as part of its account opening process.

***Form PF***

The SEC requires any SEC-registered investment adviser with at least $150 million in private fund assets under management ("private fund advisers") as of the end of its last fiscal year to periodically file Form PF with the SEC.<sup>23</sup>

The due date for filing Form PF varies depending on the classification and size of the investment adviser. Many private fund advisers meeting these criteria will be considered a "small" adviser and be required to complete only Section 1 of Form PF and will need to file only on an annual basis. Annual filing generally consists of basic information on the private funds they advise; including limited information regarding size, leverage, investor types and concentration, liquidity, and fund performance.

In addition to the annual filing, "large" private fund advisers are required to provide additional data, and large hedge fund advisers and large liquidity fund advisers need to file every quarter. Since December 12, 2023, large hedge fund advisers and all private equity fund advisers are required to file an event report upon the occurrence of one or more trigger events, as further described below.

***Classification of "Large" Private Fund Advisers***

A "<u>Private Equity Fund</u>" as defined by Form PF is any private fund (i.e. an issuer that would be an investment company, as defined in Section 3(a)(1) of the Investment Company Act of 1940, as amended, but for the exceptions in Section 3(c)(1) and 3(c)(7) of that Act) that is not a hedge fund, liquidity fund, real estate fund, securitized asset fund or venture capital fund and does not provide investors with redemption rights in the ordinary course. The SEC adopted a threshold of $2 billion in private equity fund assets under management to be considered a "large" private equity fund adviser.

<sup>22</sup> Louisiana, Nebraska, Texas and New Hampshire require notice filings if an adviser has any clients who are residents of the state.

<sup>23</sup> SEC-registered investment advisers that are also registered as commodity pool operators with the Commodity Futures Trading Commission ("CFTC") may also satisfy the CFTC's reporting requirements on Form CPO-PQR by filing Form PF.

A "<u>Hedge Fund</u>" as defined by Form PF generally includes any private fund having any one of three common characteristics of a hedge fund: (a) a performance fee that takes into account market value (instead of only realized gains); (b) high leverage; or (c) short selling. The SEC adopted a threshold of $1.5 billion in hedge fund assets under management to be considered a "large" hedge fund adviser.

A "<u>Liquidity Fund</u>" as defined by Form PF is any private fund that seeks to generate income by investing in a portfolio of short term obligations in order to maintain a stable net asset value per unit or minimize principal volatility for investors. The SEC adopted a threshold of $1 billion to be considered a "large" liquidity fund adviser.

***Updates to Form PF***

"Small" and "large" private equity fund advisers must file Form PF annually within 120 days after the end of their fiscal year. They must respond to questions focusing primarily on the extent of leverage incurred by their funds' portfolio companies, the use of bridge financing, and their funds' investments in financial institutions.

Large hedge fund advisers must file an updated Form PF within 60 calendar days after the end of their first, second and third calendar quarters. They must file a quarterly update that answers all items in Form PF relating to the hedge funds they advise. Within 60 calendar days after the end of their fourth calendar quarter, large hedge fund advisers must file a Form PF that updates the answers to all items. Large hedge fund advisers may, however, submit an initial filing for the fourth quarter that updates information relating only to the hedge funds they advise so long as they amend Form PF within 120 calendar days after the end of the quarter to update information relating to any other private funds they advise. When large hedge fund advisers file such an amendment, they are not required to update information previously filed for such quarter.

***Current and Event Reporting***

Large hedge fund advisers are required to file a current report upon the occurrence of certain triggering events with respect to a "qualifying hedge fund" (generally, a Hedge Fund with a net asset value of at least $500 million). The reports must be filed as soon as practicable, but no more than 72 hours after the occurrence of the triggering event.

In addition, all private equity fund advisers are required to file event reports with respect to any Private Equity Fund they manage regarding adviser-led secondary transactions<sup>24</sup> and investor elections to remove a Private Equity Fund's general partner or terminate the fund or its investment period. Such event reports must be filed within 60 days of the reporting event.

The Advisers monitor relevant private funds to identify potential triggering events. Any potential triggering event that is identified will be escalated to Compliance for further review to determine whether a current report is required.

<sup>24</sup> An "adviser-led secondary transaction is any transaction initiated by the adviser or any of its related persons that offers private fund investors the choice to: (1) sell all or a portion of their interests in the private fund; or (2) convert or exchange all or a portion of their interests in the private fund for interests in another vehicle advised by the adviser or any of its related persons.

**XIV. <u>DUTY TO SUPERVISE</u>**

Section 203(e) of the Advisers Act states, in part, that the SEC may prohibit investment advisers from engaging in investment advisory activities for a period not exceeding twelve months, or in egregious cases, revoke the registration of the investment adviser for a failure to properly supervise its employees. The severity of the sanction is determined on a case-by-case basis; however, Section 203(e)(6) of the Advisers Act cites the reasonableness of compliance procedures as an affirmative defense against a claim of failure to supervise, and past SEC enforcement actions have recognized that defense.

The Advisers' management recognizes its duty to supervise the actions of its Employees. This manual assists management in carrying out this task by providing guidance in completing advisory activities and setting forth the ethical issues to be considered by the Firm. The policies and procedures included in this Manual are intended to prevent and detect violations of applicable laws, rules and regulations by Employees. The Advisers shall carefully review the following activities (note that this list is not exhaustive):

● Securities pricing and valuation

● Maintenance of investor files

● Portfolio management

● Personal trading activities of Employees

● Customer complaint inquiries

● Form ADV amendments

● Regulatory registration issues

● Marketing and advertising

● Adherence to the Code of Ethics

● Allocation of investment opportunities

Supervision over certain responsibilities is generally delegated to various employees. Such delegation of responsibilities must occur to ensure that the Advisers provide Clients with a high level of service. The Advisers operate within a well-defined supervisory structure that outlines the responsibilities of its employees and the supervisors to whom they report.

The Advisers expect that Employees will report to their supervisors any issues arising with which they may be unfamiliar or may otherwise require the assistance and judgment of supervisory personnel. The Advisers require the full commitment of their employees to the tenets set forth in the Code of Ethics; employees that elect to ignore and/or violate the tenets shall be disciplined as such, including the possible termination of their association with the relevant Adviser.

Employees with supervisory responsibilities are required to supervise the activities of their subordinates and report any material issues to their direct supervisor and/or members of senior management.

The CCO will ultimately be responsible for compliance supervision for all Employees in regard to this Manual and the laws, rules and regulations applicable to each Adviser's business.

**XV. <u>MAINTENANCE OF BOOKS AND RECORDS</u>**

Generally, Rule 204-2 under the Advisers Act requires investment advisers to maintain certain books and records for a period of not less than five years from the end of the fiscal year during which the record was last altered, the first two years in an Antares office. Other books and records requirements apply to advisers to BDCs, such as ACCA, pursuant to Rule 31a-1 of the Investment Company Act*.* See Section XIV of the BDC Manual and Appendix M of this Manual.

***Maintenance of Required Records***

The Advisers will maintain the records required by Rule 204-2 under the Advisers Act, and in the case of the BDCs, by Rule 31a-1 of the Investment Company Act. These records, outlined in more detail in Appendix B of this Manual, include: financial statements, bank statements, bills and invoices, contracts, and written communications with Clients. The records will be maintained by various individuals and maintained in Antares' office as detailed in the appropriate document retention schedules.

***Corporate Records***

Firm agreements, certificates of formation and amendment, partnership articles, articles of incorporation, charters, minute books, and stock certificate books of the Firm and of any predecessor, shall be maintained in the principal offices of the Firm and preserved until at least three years after termination of the enterprise.

***Maintaining Records Electronically***

The Advisers may elect to maintain and preserve certain books and records electronically, on a computer storage medium under the conditions set forth below. The Advisers will:

● Arrange and index the records in a way that permits easy location, access, and retrieval of any particular record;

● Provide promptly any of the following that the SEC (by its examiners or other representatives) may request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A legible, true, and complete copy of the record in the medium
and format in which it is stored;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A legible, true, and complete printout of the record; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Means to access, view, and print the records; and

● Separately store, for the time required for preservation of the original record, a duplicate copy of the record on any medium allowed by this section (including digitally).

***Destruction Policy***

Compliance and Legal have authority to authorize the destruction of any book or record after it has been maintained and preserved for the requisite time period. All destruction of records stored in onsite or offsite records facilities will be approved by Compliance and Legal after the record has been retained for all applicable retention periods and verification is received that there are no legal impediments on destruction.

If any employees are under any type of regulatory or legal investigation or proceeding or know or have reason to believe that one is pending, all documents related to the matters under investigation or involved in the proceeding must be preserved in a manner specified by counsel. Compliance and Legal are responsible for notifying employees of any such investigation or proceeding (the level of detail to be determined by applicable law and related circumstances) and the parameters to be followed regarding the maintenance and destruction of related documents.

Should the Firm determine to destroy any documents, the Firm will:

● Ensure that documents containing non-public information are destroyed in a manner through which the information cannot be read or reconstructed;

● Ensure the destruction or erasure of electronic media containing non-public information so the information cannot be read or reconstructed; and

● Ensure that "disposal companies" engaged by the Firm to dispose of non-public information are performing their duties in accordance with this policy. Advisers may perform this diligence by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Reviewing an independent audit of the disposal company's
operations and/or its compliance with the disposal rule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Obtaining information about the disposal company from several references or other reliable sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Requiring that the disposal company be certified by a recognized trade association or similar third party;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Taking other appropriate measures to determine the competency and integrity of the disposal company.

**XVI. <u>CUSTODY AND SAFEGUARDING OF ASSETS</u>**

***Definition of Custody***

Rule 206(4)-2 under the Advisers Act (the " <u>Custody Rule</u>") imposes certain requirements on registered investment advisers that have custody of client funds or securities. BDC Clients are not subject to the Advisers Act Custody Rule but are subject to custody requirements under Section 17(f) of the Investment Company Act of 1940, and the rules adopted thereunder, as described in Section VI (Custody of Assets) in the BDC Manual and Appendix M of this Manual). The rule defines custody as holding, directly or indirectly, client funds or securities, or having any authority to obtain possession of them. Custody includes:

● Actual possession of client funds or securities;

● Any arrangement (including a general power of attorney) under which an adviser is authorized or permitted to withdraw client funds or securities upon instruction to a custodian;

● Any capacity (such as general partner of a limited partnership, a comparable position for another type of pooled investment vehicle, or a trustee of a trust) that gives an adviser or any supervised person legal ownership of, or access to, client funds or securities; and

● Custody by a related person in connection with advisory services provided to the adviser's clients (including by serving as an administrative agent for a loan syndicate).

***General Requirements for Advisers with Custody***

An investment adviser with custody of client funds or securities must implement certain procedures to safeguard those assets. The requirements imposed by the Custody Rule generally apply only to those assets over which an adviser has custody, rather than all of the assets under the adviser's management. The Custody Rule requires an adviser with custody to:

● Provide information in Form ADV about its custodial arrangements and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An investment adviser relying on relief under the SEC staff letter to Madison Capital must also provide
disclosure in its Form ADV Part 2A that it has custody of the assets in an administrative agency account and that the account
commingles advisory client and third party assets.

● Maintain the clients' assets at a qualified custodian in the clients' names, or in the adviser's name as agent or trustee for the clients;

● Upon opening or changing an account on behalf of a client, notify the client in writing of the account's custodian, the custodian's address, and the manner in which the client's assets are maintained;<sup>25</sup>

● Have a reasonable basis, after "due inquiry," to believe that the qualified custodian sends account statements to clients at least quarterly;<sup>26,27</sup> and

<sup>25</sup> An adviser that is required to provide written notices about account openings or changes made on behalf of clients, and that separately sends its own account statements to the affected clients, must include language in the adviser's written notice and subsequent account statements urging the affected clients to compare the adviser's statements to those issued by the custodian.

<sup>26</sup> The SEC has not prescribed a specific method for conducting "due inquiry." However, the Commission indicated that receiving and, on a sample basis, testing the integrity of the addresses on duplicate statements received from a custodian would be considered due inquiry. Conversely, the Commission indicated that simply accessing account statements on a custodian's website would not be considered due inquiry.

<sup>27</sup> Account statements for a privately offered pooled investment vehicle must be delivered to the vehicle's underlying investors unless the vehicle is audited and the audits are distributed to investors in accordance with paragraph (b)(4) of the Custody Rule.

● Arrange for an independent public accountant to conduct a surprise verification of assets at least annually, unless an exception is available.

***Privately Offered Pooled Investment Vehicles***

An investment adviser to a privately offered pooled investment vehicle that is audited by an independent public accountant need not:

● Notify clients or investors about changes to the vehicle's custodial arrangements;

● Ensure that a qualified custodian is sending account statements to the investors; or

● Arrange for a surprise asset verification of the vehicle's assets.

However, these exceptions to the Custody Rule's requirements are only available if:

● The independent public accountant is registered with, and subject to regular inspection by, the Public Company Accounting Oversight Board;

● The audits are conducted annually in accordance with generally accepted auditing standards, and the audit reports are issued in accordance with generally accepted accounting principles;

● The audited financial statements are distributed to all investors within 120 days of the vehicle's fiscal year end; and

● The vehicle is audited upon liquidation, and the audit is distributed to all investors promptly after its completion.

If an investment adviser establishes or controls a special purpose vehicle ("<u>SPV</u>") for certain investments of private funds it advises, the adviser must either treat the SPV as a separate client for purposes of complying with the Custody Rule or include the SPV's assets as part of the applicable fund's audits.

***Independent Surprise Asset Verifications***

If an adviser is deemed to have custody of client assets, and is unable to rely on an exception, then the adviser must arrange for an independent public accountant to conduct a surprise verification of the assets over which the adviser has custody. The verification must be conducted at least once during each calendar year at a time that is irregular from year to year, and that is chosen by the accountant without prior notice to the adviser. The surprise asset verification must also be conducted pursuant to a written agreement between the adviser and the accountant that includes specific provisions regarding filings that the accountant will make with the SEC.<sup>28</sup>

***Inadvertent Receipt of Client Funds or Securities***

An adviser will not be deemed to have custody solely because it inadvertently receives client funds or securities, so long as the adviser returns the funds or securities to the sender promptly, but in any case, within three business days of receipt. In an SEC staff letter issued to the Investment Adviser Association on September 20, 2007, the Division of Investment Management noted that it would not recommend enforcement action against an adviser that has used reasonable best efforts to direct third parties to deliver client assets to its clients or qualified custodians, but nevertheless has inadvertently received client funds or securities as a result of a tax refund, class action settlement or dividends or stock certificates as a result of a bankruptcy action, to promptly forward the assets to the appropriate client or qualified custodian, rather than return to such senders. An investment adviser relying on this SEC staff letter must adopt and implement policies and procedures to:

<sup>28</sup> The particular provisions that must be included in the written agreement between the adviser and the accountant are described in paragraph (a)(4) of the Custody Rule.

● Promptly identify inadvertently received client assets;

● Promptly identify the client or former client to whom such assets are attributable;

● Promptly but in any case, within five business days following receipt, forward the assets to the client, former client, a qualified custodian, or the original sender, as appropriate; and

● Maintain and preserve appropriate records of all inadvertently received client assets, including a written explanation of whether and when the assets were forwarded to the client, former client, qualified custodian, or original sender, as applicable.

Also, an adviser will not be deemed to have custody of client assets because of its inadvertent receipt of a check made out to a qualified custodian or other unaffiliated third party. Nonetheless, an adviser should promptly forward any checks made out to third parties to the appropriate recipient.

***Loan Documentation – Custody Procedures***

Because certain documents relating to loans held by Clients (e.g., credit agreements, assignments and other relevant documents) may be deemed to be client assets within the meaning of the Custody Rule, the Advisers have established one or more custody accounts at a bank to maintain such documents on behalf of clients.

In coordination with outside counsel, the Advisers prepare a memorandum for each Client account documenting the steps taken to comply with the Custody Rule in connection with that Client's assets.

***The Private Funds - Custody Procedures***

Each of ACA and ALCS will generally be deemed to have custody of the funds and securities of the private funds they advise because of the authority that they have or affiliated entities have over those assets. The Finance team is responsible for overseeing the audits of the private funds and any associated special purpose vehicles, as well as the distribution of the audited financial statements to all Investors within 120 days of the funds' fiscal year ends.

If ACA or ALCS establishes or controls an SPV for certain investments of a private fund, it will make a determination with outside counsel whether it needs to either (i) treat the SPV as a separate Client for purposes of complying with the Custody Rule or (ii) include the SPV's assets as part of the applicable private fund's audits.

***Controls – Madison Capital SEC Staff Letter***

In order to rely on the relief under the SEC staff letter to Madison Capital, an investment adviser must detail in its compliance policies and procedures the controls developed and implemented to ensure that the control objectives required by the letter are achieved, as well as the control attestation process. In connection with that requirement, the Advisers have adopted controls related to the following:

● Inputting and review of relevant loan details for new loans into internal systems;

● Inputting and review of relevant loan details for loan amendments into internal systems;

● The review, approval, and verification process for client participation in new investments;

● The review and verification of principal, interest, and fees received from borrowers; and

● Cash reconciliations.

In addition, on an annual basis, the Advisers will obtain an AT-C 205 Review by Deloitte to test these controls ("Control Attestation"). The Advisers will promptly seek to resolve any control activity exceptions identified in the Control Attestation on the part of the Advisers and/or their employees to comply with or fully implement the controls to meet the control objectives. If Deloitte issues a qualified opinion with respect to any Control Attestation, the Advisers will promptly notify Clients that are loan syndicate participants and inform them of the issue(s) that resulted in such qualified opinion and how such issue(s) will be avoided going forward.

***Books and Records Requirements***

A registered investment adviser with custody of client funds or securities must maintain certain books and records, as described in the *Advisers' Maintenance of Books and Records* section of this Manual. Such books and records shall include the Control Attestation.

**XVII. <u>FEE BILLING AND EXPENSE REIMBURSEMENT</u>**

***Fees and Expenses***

*<u>Management Fees:</u>*

As compensation for services received, Multi-Investor Funds, Funds of One, Separately Managed Accounts and

CLOs (collectively, "Advised Clients") are generally charged a management fee based on the average aggregate daily outstanding principal balance of portfolio loans, as well as commitment amounts reserved under such portfolio loans in connection with letters of credit, held by such Advised Client. Management fees are generally calculated without regard to changes in market value, accrued interest or loan loss reserves and are negotiated in connection with the formation of each Advised Client and are generally paid quarterly in arrears. Management fees for the Advised Clients are calculated in accordance with the agreements i.e., Investment Management Agreement, Limited Partnership Agreement, Limited Liability Company Agreement, or side letter(s), ("Fund Agreements"). The management fees for the CLOs are calculated by the Trustee in accordance with the Collateral Management Agreement for each CLO and are paid to the Advisers through the quarterly waterfall.

Management Fee Offsets:

Management fees may be subject to reductions or offsets as negotiated between Advised Clients and Advisers. Typically, the process for offsetting management fees is as follows:

i. The Asset Management Finance team sends the Legal Entity Controllers team a listing of monthly loan closings
for each Advised Client subject to management fee offsets.

ii. The Legal Entity Controllers team reviews the loan documents and fees received for each deal.

iii. The Legal Entity Controllers team calculates the gross management fee offset (if any) applicable to each
new loan closing for each Advised Client.

iv. Offset amounts are applied as reductions of the gross management fee calculated for each Advised Client
in accordance with Fund Agreements. To the extent that gross offsets exceed gross management fees in a quarter, the offsets shall be carried
forward in the future and applied against future management fees.

*<u>Performance Allocation:</u>*

Advisers may receive a profit-sharing allocation, if applicable, at each distribution date (i.e., carried interest) provided, among other things, that investors receive a preferred return to achieve a specific return. Distributions are first apportioned among the general partner and limited partners pro rata in proportion to their respective capital contributions. The amounts apportioned to each limited partner is generally divided between each limited partner and the general partner as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. First, 100% to such limited partner until the aggregate amount
distributed to such limited partner equals the aggregate capital contributions made by such limited partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Second, 100% to such limited partner until it has received
a specific compounded annual preferred return on all of its capital contributions to the Fund from time to time (the "Preferred
Return").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Third, 100% to the general partner as a catch-up provision
until the general partner has received an amount equal to a specific percentage of the amounts distributed to such limited partner pursuant
to the Preferred Return above and to the general partner pursuant to this clause; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Thereafter, an amount equal to the carried interest rate
to the general partner and the remainder to such limited partner.

The allocation of profits and losses to the general partner may be subject to clawback and escrow provisions as provided for in the agreements. The carried interest waterfall and related provisions above are for illustrative purposes only and may vary by Advised Clients. Please refer to each Fund Agreements governing documents for specific terms and provisions

*<u>Allowable Organizational and Operating Expenses:</u>*

Funds are generally responsible for the costs and expenses incurred in connection with their formation and ongoing operations, subject to applicable caps and exclusions. These expenses may include, but are not limited to:

● legal, accounting, banking, filing and other reasonable organizational and offering expenses;

● fees, costs and expenses of a trustee or custodian;

● fees for administrative or loan agent services provided by third parties and/or the Advisers or their affiliates;

● any legal, consultant or auditing fees;

● Third party valuation fees, cost and expenses;

● out-of-pocket fees, costs and expenses, if any, incurred in holding, developing, negotiating, structuring, and disposing of assets;

● credit support fees;

● brokerage fees;

● shared services and other overhead fees and expenses, including reimbursements for the salary and other costs related to the Advisers' personnel who are not involved in sourcing, originating, underwriting and/or syndication activities or in trading and monitoring loan assets;

● commissions and other related transaction costs and expenses, such as deal fees, origination fees, broker-dealer fees, interest expense and deferred sales charges;

● governmental charges, taxes and duties;

● registration fees and expenses;

● costs associated with regulatory filings (e.g., Form PF);

● transfer fees, registration fees and other expenses associated with buying, selling or holding investments, such as wire transfer and electronic fund fees;

● insurance costs and expenses related to litigation and indemnification;

● withholding taxes payable and required to be withheld by obligors, issuers or their agents;

● fees and other expenses associated with the offer, sale and purchase of interests in pooled investment vehicles, the formation and operation of a Fund's subsidiaries and/or with the incurrence and operation of a Fund's direct or indirect leverage facilities;

● extraordinary expenses;

● other investment costs actually incurred in connection with Fund investments; and

● third party professional fees incurred for the benefit of one or more Funds.

***Expense Reimbursement / Allocation Procedure***

To centralize the payment of invoices, and to reduce the number of wire transfers to individual vendors, invoices are typically paid on behalf of the Advised Clients by Antares. Depending on the services performed, invoices are approved by the relevant department (Finance, Legal, and/or Front Office) and then forwarded to Accounts Payable for processing. Quarterly Reconciliations between Finance and the Fund administrator support accurate calculation of fees and expenses.

During processing, Finance, Legal or Treasury will instruct Accounts Payable whether the expense is reimbursable in accordance with the agreements. Non-reimbursable expenses are borne by Antares and include those that are specifically non-reimbursable under the Fund Agreements or those that exceed predetermined expense caps.

Invoices are generally either specific to Advised Clients or an allocation by Advised Clients is provided by the vendor. If an allocation is not provided, Antares will allocate the invoice amongst the relevant Advised Clients in an equitable manner, and on a case by case basis, depending on the vendor and services provided. Expenses shared by more than one Advised Client are allocated in a manner that is fair and consistent with agreements.

On a periodic basis, Antares sends invoices to each Advised Client for the reimbursement of allowable expenses. Once the invoice is received and reconciled by Finance, the Advised Clients will call capital from investors and remit reimbursement through the fund administrator.

**XVIII. <u>PRINCIPAL & CROSS TRANSACTIONS</u>**

Section 206(3) of the Advisers Act prohibits Antares and any Employee or other affiliate from trading with any Client on a principal basis, or from recommending a cross trade to both participants, unless Antares discloses the capacity in which it is acting to each participating Client in writing before completion of the transaction, and obtains each participating Client's consent to the transaction. Cross trades involving BDC Clients are subject to additional restrictions as described in II of the BDC Compliance Manual.

In the event that any principal transaction is proposed involving a Client, Asset Management will obtain consent from the Client (or, if contemplated by the Client's program agreements, an independent review party) before the principal transaction is affected. The information about the principal transaction that the Client (or independent review party, as the case may be) receives for consent includes:

● Antares' role in the transaction;

● The terms of the proposed transaction;

● Pricing information, including the source of the pricing information;

● Additional information deemed to be material to the transaction; and

● The proposed close of the transaction.

The completed consents received from the Clients (or independent review party, as the case may be) are in accordance with the Maintenance of Required Records Policy.

**XIX. <u>PROXY VOTING & CONSENTS</u>**

As registered investment advisers and fiduciaries to their clients, the Advisers will seek to exercise proxy voting and consent rights in the best interest of each client for which the Advisers have authority to exercise such rights. Rule 206(4)-6 under the Advisers Act requires the Advisers to (i) adopt and implement written policies and procedures reasonably designed to assure that proxies related to client securities are voted in the best interests of its clients; (ii) assure that such policies and procedures address material conflicts that arise between the interests of Antares or the Advisers and those of the Advisers' clients; (iii) describe these policies and procedures to clients and provide copies of them to clients upon request; and (iv) disclose to clients how they may obtain information about how client securities were voted. Although the assets of the Advisers' Clients generally consist of secured loans that do not include traditional proxy voting rights, these policies and procedures are intended to address the Advisers' exercise of either proxy voting or consent rights (collectively, "Decisions") on behalf of Clients. Advisers will not exercise Decisions for any Client unless it has authority to do so under the Client's governing documents. Where an Adviser lacks such authority, it is not obligated to advise the Client as to the Client's Decision but can inform the Client as to how Decisions were exercised.

The Advisers make determinations as to Decisions in accordance with the following "Decisions Standard": the Advisers seek to exercise Decisions for their Clients (which, for avoidance of doubt, can include refraining from exercising a consent or proxy) in the long-term and overall best interests of such Clients. In so doing, the Advisers consider Clients' overall interests, as determined by the Advisers, in their discretion, taking into account such factors as the expected impact of the Decision on the returns of the Client and industry and business practices related to the Decision, as well as considerations relating to potential future opportunities for Clients. Certain Decisions can involve situations where short term interests (or interests with respect to a particular asset) can differ from long term or more general interests. In these cases, each Adviser will consider the long-term interests as superior to short term interests and may consider general interests as superior to particular ones, where the Adviser reasonably believes that, over time, Clients' economic interests will benefit. In most cases, the Advisers do not expect their Clients' interests to deviate from one another and will generally exercise Decisions consistently across all Clients holding such a right; however, for certain Clients, including but not limited to Clients in different stages of their investment cycle, Clients whose yield targets may not be met due to changes in pricing, or Clients that are subject to tax guidelines, refraining from exercising certain Decisions will be in the Client's best interest to avoid adverse consequences. In addition, certain Decisions of Clients who are subject to tax guidelines will have to be made by an independent investment professional.

Decisions are made as determined by the Advisers' personnel to whom authority has been delegated ("Delegate(s)"), based on the nature of the question requiring a Decision. In most cases, the exercise of a Decision will not represent a conflict of interests, in those cases (including for Decisions that are administrative in nature), the relevant Delegate(s) will act in such manner as those Delegate(s), in their reasonable discretion, believe is consistent with the Decisions Standard. If, for a Decision that is non-administrative in nature, a Delegate determines that there is a potential that the Decisions Standard will conflict with the Firm's interests, the circumstances will be escalated to the Chief Credit Officer. If the Chief Credit Officer determines that a material conflict of interest is not present, the Decision will be returned to the Delegate. If the Chief Credit Officer believes that a material conflict of interest could be present, the Chief Credit Officer will determine if there are any Delegate(s) capable of exercising a Decision on an independent basis. If no such Delegate(s) are identified, alternative resolution methods (described below) will be employed.

Antares Holdings LP ("Holdings") typically invests in the same obligors as Clients. With respect to its own investments, Holdings will exercise Decisions in its own interests (which could differ from those of a Client). Where a conflict arises on a non-administrative matter and Holdings or an affiliate owns more of the indebtedness of the obligor, or holds a different position in the capital structure of an obligor, than the Client, Holdings could be in a position to exercise more influence or control in the outcome of a matter up for Decision. In these cases, if the Client's (or Clients' collectively) Decision could alter the outcome of a consent or proxy,<sup>29</sup> the matter will be escalated to the Investment Committee who will direct further measures, including potentially, the following alternative resolutions methods: (i) abstaining from the Decision; (ii) exercising Decisions in a manner that "mirrors" the manner that independent third-party holders situated similarly to the holders have exercised; (iii) informing the Client(s) of the conflict and seeking instruction or consent as to the Decision; (iv) if consistent with Client's governing documents, seeking approval from an independent investment professional or (v) such other method as is determined to be appropriate by the Advisers' Chief Investment Officer or their delegates in light of the particular circumstances of a relevant Decision.<sup>30</sup>

These policies and procedures are summarized in each Adviser's Form ADV, as applicable, in Part 2A, Item 17. An Adviser will, upon a Client's written request, provide the Client with a copy of these policies and procedures and/or information about how the Adviser exercised Decisions on behalf of that Client.

<sup>29</sup> The impact of Client Decisions will depend on the amount held and the threshold for a particular matter.

<sup>30</sup> For avoidance of doubt, where a Delegate determines to vote in accordance with the Decisions Standard in a manner that is contrary to how Holdings exercises its Decision with respect to its own interests, exercising such vote as determined by the Delegate in such a manner shall not require additional or alternative resolution.

**<u>Appendix A: The Advisers' Code of Ethics</u>**

**Code of Ethics**

The Code of Ethics ("Code") is predicated on the principle that each of Antares Capital Advisers LLC, Antares Capital Credit Advisers LLC and Antares Liquid Credit Strategies LLC (each an "Adviser" and together, the "Advisers") owes a fiduciary duty to its investment advisory clients ("Clients"). All Employees must avoid activities, interests and relationships that run contrary (or appear to run contrary) to the best interests of Clients. At all times, Employees will be mindful to:

●  ***Place Client interests ahead of the Advisers'*** – As a fiduciary, the Advisers will serve in their Clients' best interests, and Employees may not benefit at the expense of its Clients.

●  ***Engage in personal investing that is in full compliance with the Code of Ethics*** – All Employees must review and abide by the Firm's Personal Securities Transaction and Insider Trading Policies.

●  ***Avoid taking advantage of position*** – Employees must not accept investment opportunities, gifts or other gratuities from individuals seeking to conduct business with Antares, or on behalf of a Client, unless in compliance with the Gift Policy set forth in the Antares Compliance Manual/Code of Conduct.

●  ***Maintain full compliance with the Federal Securities Laws*** – In particular, Employees must comply with all applicable Federal securities laws, including, but not limited to, the Advisers Act.

**Guiding Principles & Standards of Conduct**

All Employees will act with competence, integrity and in an ethical manner when dealing with the public, prospects, third-party service providers and fellow Employees.

At the broadest level, the Firm expects that Employees:

● Will be honest, fair and trustworthy in all work activities and relationships

● Promptly report any concerns they have (even if they are not certain that a violation has occurred) regarding compliance with all applicable laws or Adviser or Antares policies, practices, or principles whether they be documented within this Code or elsewhere

● Understand that "simple compliance is more effective compliance. Effective compliance is a competitive advantage. Work to run the company in as competitive a way as possible— with speed, accountability and compliance."

The Firm is committed to maintaining a workplace free of unlawful harassment and discrimination based on race, color, religion, gender (including pregnancy), sexual orientation, national origin, age, ancestry, disability, veteran status or any other protected classification.

Adherence to the rules and regulations set forth in the Code is a condition of employment. Therefore, disciplinary action, up to and including termination, may be taken against employees who violate the terms of the Code.

**Reporting Concerns & Non-Retaliatory Policy**

Employees are obligated to promptly raise concerns, even if they are not certain that a violation has occurred, or if they believe that the Firm's policies, practices, or principles, or applicable laws are not being followed.

To report a concern, Employees should contact:

● Director of Human Resources;

● Chief Compliance Officer (the "CCO").

● Employee supervisor/manager; General Counsel;

● Members of the Executive Committee; or

● Online at antares.ethicspoint.com

The Firm will seek to limit sharing the identity of any reporting Employee on a "need-to-know" basis in order to carry out an investigation or to otherwise protect the interest of the Firm or as required by law, regulation or court order. Employees are expected to cooperate fully and honestly in any investigations.

The Firm has a zero-tolerance policy for any retaliation, whether direct or indirect, against Employees who raise concerns. Such retaliation is grounds for discipline up to and including dismissal. To that end, Employees should report all material concerns to the CCO, any compliance officer or the applicable resources listed above.

Nothing contained in this Code restricts the ability of an Employee to report matters to the SEC or to take any other action in conformance with the SEC's Whistleblower Rules under Section 21F of the U.S. Securities Exchange Act of 1934. Notifying Antares of matters reported is not required.

**Reporting<sup>1</sup>**

**Approved Brokers:** All Access Persons are required to maintain their personal securities accounts over which the Access Person has direct or indirect influence or control with an approved broker listed in Appendix H of the Compliance Manual, which may be amended from time to time by the firm in its sole discretion. Exceptions to this policy require the prior approval of the CCO and will only be granted in limited circumstances. Absent an exception granted by the CCO, Access Persons are required to transfer all accounts to an approved broker no later than 60 days after becoming an Access Person. If an exception to this policy is granted, Access Persons are responsible for ensuring that all accounts that are required to be reported under this Code and all transactions executed in these accounts are reported to the Compliance Team using MCO. In addition, Access Persons must arrange for duplicate statements and confirmations for each exception account to be sent to the Compliance Team.

In order to maintain compliance with Rule 204A-1 under the Advisers Act, the Advisers must collect the following, either directly from the Employee, or via automatic broker feeds:

**Quarterly Transaction Reports:** Each Adviser's Employees must disclose all reportable securities transactions made in brokerage accounts during the quarter, as well as any new securities accounts that they have opened during the quarter no later than 30 days after the close of the calendar quarter.

**Initial and Annual Holdings Reports:** The Advisers' Employees must report all current securities holdings and transaction reports for reportable securities in which the Access Person has, or acquires, any direct or indirect beneficial ownership; this includes familial, custodial and household accounts. Initial Holdings must be submitted no later than 10 days after the employee start date with the adviser and must reflect current holdings as of a date no more than 45 days prior to the employee start date. As noted above, this requirement can be fulfilled via automatic broker feeds, if established in time, or by manual means, such as hard copy reports or electronic copies of the prior account statement. The Adviser Employee must also provide Annual Holdings for all accounts that hold reportable securities as of December 31 and certify at least annually that the account information is correct. That annual certification must be provided to Compliance within 45 days of year-end. If broker feeds are not used, statements need to be provided manually.

**Reporting Exemptions:** Managed Accounts are exempt from the above Quarterly Transaction reporting requirements but must be disclosed at least annually during certification of Annual Holdings. This includes accounts where the Adviser Employee assigns full trading discretion to a third-party broker.

Investment accounts including but not limited to stock transfer accounts, automatic investment plans, ESOP, ESPP, or mutual fund only accounts should be brought to the attention of the Compliance Team who will, on a case-by-case basis, determine whether the plan or account qualifies for an exception.

<sup>1</sup> Applies to all permanent Employees; excluding contractors and temporary employees.

In making this determination, the Compliance team may ask for supporting documentation, such as a copy of the Automatic Investment Plan or a copy of the discretionary account management agreement, and/or a written certification from an unaffiliated investment adviser. An Adviser Employee must provide all documentation and certifications requested by the CCO with respect to any No Influence or Control Account.

**Non-Public Personal Investment Transactions**

Employees must receive approval from the CCO or designee prior to acquiring a beneficial interest in any private investment (i.e., hedge funds, 144A securities, etc.). Investments in Antares and its funds are excluded from this requirement.

**Insider Trading**

Section 204A of the Advisers Act requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse of Material Non-public Information ("MNPI") by such investment adviser or any person associated with such investment adviser. Accordingly, the Advisers have established standards of conduct for employees and others who obtain MNPI in the course of their employment.

Employees are strictly forbidden from engaging in insider trading or tipping, either personally or on behalf of the Clients. These insider trading policies and procedures apply to all Employees as well as any transactions in any securities by family members, trusts, or corporations (or other entities), directly or indirectly controlled by such persons.

Violation of the laws prohibiting insider trading could both damage Antares' reputation and subject Antares to significant civil liability and fines. Additionally, Employees violating the laws could face individual criminal penalties.

**Personal Security Transactions and Pre-Clearance<sup>2</sup>**

Employees must pre-clear all personal trading transactions, with the following exceptions, provided that the Employee does not have material non-public information about the security or fund ("ETF"):

a. Open-end mutual funds, closed ends funds,
 index funds, and exchange traded funds;

b. federal, state and municipal bonds and notes;
 and

c. Currency and Commodity contracts / futures.
 No Influence or Control Accounts as defined above are also excluded.

Once a personal security transaction has been approved, specific time limits are placed on when these transactions <u>must</u> be executed. Should the trade not be executed within this time period, a new pre-clearance request approval **must** be obtained. Unless otherwise noted, trades of traditional securities and corporate bonds must be executed by the close of business of the second market business day, not including the initial day of the approval; often referred to as the "two-day window." Certain unique transactions due to their nature require different time periods.

***Options***

An option is a contract that gives the buyer the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a certain date. An option, just like a stock, is a security and requires pre-clearance.

An option contract should not stay open longer than the 3rd Friday of the 6th calendar month following the creation of the contract. Example: An Employee wants to buy a call option for ABC company on February 6, 2017, the option contract should not be open past the third Friday of August 2017.

<sup>2</sup> Applies to all permanent Employees; excluding contractors and temporary employees.

If the option needs to be covered, then the underlying security transaction does not need to be pre-cleared, however, if the Employee wishes to close the position, or make any adjustments to the original transaction, a new pre-clearance request must be obtained.

***Limit Orders***

A limit order is an order to buy or sell a security if the strike price occurs in a set period. If the strike price never occurs, the order is not triggered.

Because a limit order is based on a security, the transaction needs to be pre-cleared. Should the transaction be approved the order must be set up within the two-day window.

A limit order cannot stay open longer than 180 calendar days but may be extended to the following business day if the 180<sup>th</sup> day falls on a non-business day.

Similarly to options, if there are any adjustments to the original transaction, a new pre-clearance request must be obtained.

Employees are reminded that they must also pre-clear transactions and accounts of members of the Employee's immediate family including spouse, children and other members of the household or any other accounts over which the Employee has direct or indirect influence or control.

**Personal Securities Transactions Violation Escalation<sup>3</sup>**

If an Employee violates certain personal securities transaction trading requirements and restrictions, such Employee will be subject to the Antares violation escalation process; further outlined in Appendix D.

The Antares violation escalation process generally requires:

● Escalation of consequences, based upon the number of violations, for failure to pre-clear or trading outside trade window:

o Manager,
 Human Resources and/or Senior Management notification

o Restrictions
 on trading privileges

o Required
 charitable donations

● Escalation and related measures are heightened, if trade on decline or if the traded security is on the restricted security list.

There is a 2-year rolling lookback period applicable in calculating the number of violations an employee has for purposes of applying any consequences outlined in the Personal Securities Transaction Violations Escalation Policy.

**Reportable Securities**

While only certain securities may require pre-clearance to trade, the Firm requires Employees to provide periodic reports, unless done via automatic broker feeds, regarding transactions and holdings in any Security, except the following Exempted Securities:

● Direct obligations of the Government of the United States;

● Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements;

● Shares issued by money market funds;

● Shares issued by open-end funds;

● State Sponsored 529 plans; and

Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds.

<sup>3</sup> Applies to all permanent Employees; excluding contractors and temporary employees

Please note that Exchange Traded Funds ("ETFs") do not require pre-clearance however any accounts that hold ETFs must be reported.

**Virtual or Cryptocurrency**

<u>Accounts that can hold virtual or cryptocurrency, must be disclosed in MCO.</u> Purchases or sales of virtual currency or cryptocurrency coins or tokens that are being offered as part of a limited or initial coin offering must be pre-cleared.

**Recordkeeping**

The Firm shall maintain records in the manner and to the extent set forth below, which records shall be available for appropriate examination by representatives of regulatory authorities or Antares' management.

● A copy of the Code which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place in the principal office of the Firm.

● A record of any violation of this Code and of any action taken as a result of such violation shall be preserved 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 pursuant to this Code by an Employee, including any information provided in lieu of reports, shall be preserved by the Firm for at least five years after the end of the fiscal year in which the report is made or the information is provided.

● A list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code, and who are or were responsible for reviewing these reports, shall be maintained in an easily accessible place in the principal office of the Firm.

Compliance will be responsible for administering the Code. All questions regarding the Code should be directed to the CCO.

**Written Acknowledgement and Annual Certification<sup>4</sup>**

Employees are required to complete the Code of Ethics Acknowledgement, both initially upon the commencement of their employment with the Advisers and annually thereafter, to acknowledge and certify that you have received, reviewed, understand and shall comply, or have complied with, the policies and procedures as set forth in this Code.

The Advisers may amend this Code and/or adopt interpretations of the policies and procedures contained in the Code as deemed appropriate by the CCO. All material amendments to, and new interpretations of, the Code shall be conveyed to Employees and require their acknowledgement of receipt and understanding of the amendments/interpretations.

<sup>4</sup> Applies to all permanent Employees; excluding contractors and temporary employees

**<u>Appendix B: Required Books And Records</u>**

**Required Books and Records**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Document** | **Document** | **Required Retention <br> Period** | **Relevant <br> Advisers Act <br> Rule** | **Responsible Person or <br> Group** |
| &nbsp;&nbsp;&nbsp;**Business Records** | &nbsp;&nbsp;&nbsp;**Business Records** | &nbsp;&nbsp;&nbsp;**Business Records** | &nbsp;&nbsp;&nbsp;**Business Records** | &nbsp;&nbsp;&nbsp;**Business Records** |
| 1 | &nbsp;&nbsp;Partnership agreement, LLC agreement and any amendments, certificate of formation and articles of incorporation, by-laws, charters, minute books, and stock certificate books. | &nbsp;&nbsp;Onsite until the termination of the entity, plus 3 years. | 204-2 (e)(2) | **Legal**<br> Mike Levitt, Andrew Packer  |
| 2 | &nbsp;&nbsp;Copies or originals of all written agreements entered into by the investment adviser with any client or otherwise relating to the adviser's business. Examples of such agreements include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Contracts with third-party vendors;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Employment contracts; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Rental agreements and property leases.  | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(10) | **Legal** <br> Bradley Cox, Natalie Crampton, Andrew Packer  |
| 3 | &nbsp;&nbsp;Books of original entry, including cash receipt and disbursement records, and any other records of original entry forming the basis of entries in any ledger. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(1) | **Finance** <br> Katarina Babic  |
| 4 | &nbsp;&nbsp;General and auxiliary ledgers reflecting asset, liability, reserve, capital, income and expense accounts. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(2) | **Finance** <br> Katarina Babic  |
| 5 | &nbsp;&nbsp;Bank account information, including checkbooks, bank statements, canceled checks and cash reconciliations. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(4) | **Finance** <br> Katarina Babic  |
| 6 | &nbsp;&nbsp;Bills and statements, paid or unpaid, relating to the business of the adviser. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(5) | **Finance** <br> Katarina Babic  |
| 7 | &nbsp;&nbsp;Trial balances and financial statements, including the income statement and balance sheet. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(6) | **Finance** <br> Katarina Babic  |
| 8 | &nbsp;&nbsp;Any internal audit working papers. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(6) | **Internal Audit** <br> Garrett Holt  |
| &nbsp;&nbsp;&nbsp;**Compliance and Internal Control Records** | &nbsp;&nbsp;&nbsp;**Compliance and Internal Control Records** | &nbsp;&nbsp;&nbsp;**Compliance and Internal Control Records** | &nbsp;&nbsp;&nbsp;**Compliance and Internal Control Records** | &nbsp;&nbsp;&nbsp;**Compliance and Internal Control Records** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Document** | **Document** | **Required Retention <br> Period** | **Relevant <br> Advisers Act <br> Rule** | **Responsible Person or <br> Group** |
| 1 | &nbsp;&nbsp;Compliance policies and procedures adopted pursuant to Rule 206(4)-7(a). | &nbsp;&nbsp;Onsite, unless it has been more than 5 years since the policies and procedures were in effect. | 204-2(a)(17)(i) | **Compliance**<br> Mike Donahoe  |
| 2 | &nbsp;&nbsp;Any records documenting the adviser's periodic review of its compliance policies and procedures. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(17)(ii) | **Compliance**<br> Mike Donahoe |
| 3 | &nbsp;&nbsp;Originals of any written Client complaints, and copies of the adviser's written responses. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(7) (generally) | **Compliance**<br> Mike Donahoe |
| &nbsp;&nbsp;&nbsp;**Code of Ethics and Personal Trading Records** | &nbsp;&nbsp;&nbsp;**Code of Ethics and Personal Trading Records** | &nbsp;&nbsp;&nbsp;**Code of Ethics and Personal Trading Records** | &nbsp;&nbsp;&nbsp;**Code of Ethics and Personal Trading Records** | &nbsp;&nbsp;&nbsp;**Code of Ethics and Personal Trading Records** |
| 1 | &nbsp;&nbsp;A copy of the adviser's code of ethics currently in effect, or that was in effect at any time within the past six years. | &nbsp;&nbsp;Onsite, unless it has been more than 5 years since this version of the code of ethics has been in effect. | 204-2(a)(12)(i) | **Compliance**<br> Mike Donahoe |
| 2 | &nbsp;&nbsp;A record of any violation of the adviser's code of ethics, and any action taken as a result of the violation. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(12)(ii) | **Compliance**<br> Mike Donahoe |
| 3 | &nbsp;&nbsp;A record of all written acknowledgements of receipt of the code of ethics for each person who is, or within the past six years was, a Supervised Person of the adviser. | &nbsp;&nbsp;Onsite, unless it has been at least 5 years since the individual has been a Supervised Person. | 204-2(a)(12)(iii) | **Compliance**<br> Mike Donahoe |
| 4 | &nbsp;&nbsp;A record of each report made by an Access Person regarding personal securities transactions and holdings, or copies of any associated account statements and trade confirmations provided by broker-dealers and custodians. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(13)(i) | **Compliance**<br> Mike Donahoe |
| 5 | &nbsp;&nbsp;A record of the names of people who are, or within the past six years were, Access Persons of the investment adviser. | &nbsp;&nbsp;Onsite, unless it has been at least 5 years since the individual was an Access Person. | 204-2(a)(13)(ii) | **Compliance**<br> Mike Donahoe |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Document** | **Document** | **Required Retention <br> Period** | **Relevant <br> Advisers Act <br> Rule** | **Responsible Person or <br> Group** |
| 6 | &nbsp;&nbsp;A record of any decision, and the reasons supporting the decision, to approve an Access Person's investment in an IPO or Private Placement. | &nbsp;&nbsp;Onsite, unless it has been more than 5 years since the approval was granted. | 204-2(a)(13)(iii) | **Compliance**<br> Mike Donahoe |
| 7 | &nbsp;&nbsp;Copies of the adviser's insider trading policies and procedures reasonably designed to prevent the misuse of material nonpublic information by the Company or any person associated with the Company in violation of the Advisers Act or Exchange Act, or the rules or regulations thereunder. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | Section 204A | **Compliance**<br> Mike Donahoe |
| &nbsp;&nbsp;&nbsp;**Communications and Client Relationship Records** | &nbsp;&nbsp;&nbsp;**Communications and Client Relationship Records** | &nbsp;&nbsp;&nbsp;**Communications and Client Relationship Records** | &nbsp;&nbsp;&nbsp;**Communications and Client Relationship Records** | &nbsp;&nbsp;&nbsp;**Communications and Client Relationship Records** |
| 1 | &nbsp;&nbsp;Originals of all written communications received, and copies of all written communications sent, by the adviser relating to: <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any recommendation or advice that was made or proposed;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any receipt, disbursement, or delivery of funds or securities;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The placing or execution of any order to trade a security; and | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(7) | **Portfolio Management**<br> Amy Krebs |
| 2 | &nbsp;&nbsp;A copy of each Part 2A and Part 2B of Form ADV provided to any Client or prospect, as well as a record of the dates during which each version is used. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(14) | **Compliance**<br> Mike Donahoe |
| 3 | &nbsp;&nbsp;A list of all accounts over which the adviser has discretionary authority. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(8) | **Compliance**<br> Mike Donahoe |
| 4 | &nbsp;&nbsp;Copies or originals of all powers of attorney or other documents granting the adviser discretionary authority. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(9) | **Legal**<br> Mike Levitt |
| &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. |  |  |  |  |
| &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. |  |  |  |  |
| &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Document** | **Document** | **Required Retention <br> Period** | **Relevant <br> Advisers Act <br> Rule** | **Responsible Person or <br> Group** |
| 5 | &nbsp;&nbsp;Copies or originals of all written agreements between the adviser and any Client. Such agreements may include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment advisory contracts;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Fee schedules;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Clients' investment objectives or restrictions; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Directed brokerage arrangements. |  | 204-2(a)(10) | **Legal**<br> Mike Levitt  |
| &nbsp;&nbsp;&nbsp;**Marketing and Performance Records** | &nbsp;&nbsp;&nbsp;**Marketing and Performance Records** | &nbsp;&nbsp;&nbsp;**Marketing and Performance Records** | &nbsp;&nbsp;&nbsp;**Marketing and Performance Records** | &nbsp;&nbsp;&nbsp;**Marketing and Performance Records** |
| 1 | &nbsp;&nbsp;A copy of each advertisement (as defined in 206(4)-1(e)(1)) that the investment adviser disseminates, directly or indirectly, except:<br>For oral advertisements, the adviser may instead retain a copy of any written or recorded materials used by the adviser in connection with the oral advertisement; and<br>For compensated oral testimonials and endorsements (as defined in 206(4)- 1(e)(17) and (5)), the adviser may instead make and keep a record of the disclosures provided to clients or investors pursuant to 206(4)-1(b)(1); and<br>A copy of each notice, circular, newspaper article, investment letter, bulletin or other communication that the investment adviser sends, directly or indirectly, to ten or more persons (other than persons associated with such investment adviser);<br>If such notice, circular, advertisement, newspaper article, investment letter, bulletin, or other communication recommends the purchase or sale of a specific security but does not state the reasons for such recommendation, the adviser must retain a memorandum indicating the reasons for the recommendation. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total, measured from the end of the fiscal year in which the adviser stops distributing the advertisement. | 204-2(a)(11)<br> and<br> 204-2(a)(7) | **Investor Relations**<br> Stephanie Duloc<br> Andra Portnoy |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Document** | **Document** | **Required Retention <br> Period** | **Relevant <br> Advisers Act <br> Rule** | **Responsible Person or <br> Group** |
|  | &nbsp;&nbsp;A copy of any questionnaire or survey used in the preparation of a third-party rating included or appearing in any advertisement in the event the adviser obtains a copy of the questionnaire or survey.<br>Predecessor performance (as defined in 206(4)-1(e)(12)) and the performance or rate of return of any or all managed accounts, portfolios (as defined in 206(4)-1(e)(11)), or securities recommendations; provided, however:<br>That the investment adviser shall not be required to keep any unsolicited market letters and other similar communications of general public distribution not prepared by or for the investment adviser; and<br>That if the investment adviser sends any notice, circular, or other advertisement(as defined in 206(4)-1(e)(1)) offering any report, analysis, publication or other investment advisory service to more than 10 people, the investment adviser need not keep a record of the names and addresses of the recipients. However, if the notice circular or advertisement was sent to people named on a list, the investment adviser must retain a memorandum describing the list and its source along with a copy of the advertisement. |  |  |  |
| 2 | &nbsp;&nbsp;All accounts, books, internal work papers, and any other records or documents necessary to form the basis for, or demonstrate the calculation of, any performance or rate of return of any or all managed accounts, portfolios (as defined in 206(4)-1(e)(11)) or securities recommendations presented in any notice, circular, advertisement (as defined in 206(4)-1(e)(1)), newspaper article, investment letter, bulletin, or in other communication that the investment adviser sends directly or indirectly to any person (other than persons associated with such investment adviser), including copies of all information provided or offered pursuant to 206(4)-1(d)(6)); provided, however, that, with respect to the performance of managed accounts, the retention of all account statements, if they reflect debits, credits, and other transactions in a client's or investor's account for the period of the statement, and all worksheets necessary to demonstrate the calculation of the performance or rate of return of all managed accounts shall be deemed to satisfy the requirement of this paragraph. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(16) | **Finance**<br>Katarina Babic |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Document** | **Document** | **Required Retention <br> Period** | **Relevant <br> Advisers Act <br> Rule** | **Responsible Person or <br> Group** |
| 3 | &nbsp;&nbsp;A record of who the "intended audience" is (see 206(4)-1(d)(6) and (e)(10)(ii)(B)) | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(19) | **Investor Relations**<br> Stephanie Duloc |
| 4 | &nbsp;&nbsp;If not included in the advertisement, a record of the disclosures provided to clients or investors (pursuant to 206(4)-1(b)(1)(ii) and (iii);<br>Documentation substantiating the adviser's reasonable basis for believing that a testimonial or endorsement (as defined in 206(4)-1(e)(17) and (5)) is in compliance (see 206(4)-1) and that the third-party rating (as defined in 206(4)-1(e)(18)) is in compliance (see 206(4)-1(c)(1)).<br>A record of the names of all persons who are an investment adviser's partners, officers, directors, or employees, or a person that controls, is controlled by, or is under common control with the investment adviser, or is a partner, officer, director or employee of such a person (see 206(4)-1(b)(4)(ii)) | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(15) | **Investor Relations**<br> Stephanie Duloc |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Document** | **Document** | **Required Retention <br> Period** | **Relevant <br> Advisers Act <br> Rule** | **Responsible Person or <br> Group** |
| <br> 5 | &nbsp;&nbsp;Copies of all written agreements between the adviser and any client or otherwise relating to the business of such investment adviser. <br> Examples of such agreements include: <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Agreements with placement agents | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(10) | **Legal**<br> Mike Levitt  |
| 6 | &nbsp;&nbsp;Any due diligence records relating to the Company's efforts to ascertain whether third-party solicitors have complied with the written solicitation agreements. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | Rule 206(4)-3(a)(2)(iii)(C) generally | **Legal**<br> Mike Levitt |
| &nbsp;&nbsp;&nbsp;**Records Relating to Political Contributions** | &nbsp;&nbsp;&nbsp;**Records Relating to Political Contributions** | &nbsp;&nbsp;&nbsp;**Records Relating to Political Contributions** | &nbsp;&nbsp;&nbsp;**Records Relating to Political Contributions** | &nbsp;&nbsp;&nbsp;**Records Relating to Political Contributions** |
| 1 | &nbsp;&nbsp;The names, titles and business and residence addresses of all "covered associates" of the investment adviser (as defined by Rule 206(4)-(5). |  | 204-2(a)(18)(i)(A) | **Compliance**<br> Mike Donahoe |
| 2 | &nbsp;&nbsp;All government entities that were Clients or Investors in the past five years. | &nbsp;&nbsp;Onsite for 2 years and easily accessible for 5 years total, but only if the Adviser has any Clients or Investors that are government entities. | 204-2(a)(18)(i)(B) | **Compliance**<br> Mike Donahoe |
| 3 | &nbsp;&nbsp;All direct or indirect contributions made by the adviser or any of its covered associates to an official of a government entity, or direct or indirect payments to a political party of a state or political subdivision thereof, or to a political action committee. These records shall be maintained in chronological order and indicate the name and title of each contributor, the name and title of each recipient, the amount and date of each contribution, and whether the contribution was the subject of the exception for certain returned contributions. |  | 204-2(a)(18)(i)(C) | **Compliance**<br> Mike Donahoe |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Document** | **Document** | **Required Retention <br> Period** | **Relevant <br> Advisers Act <br> Rule** | **Responsible Person or <br> Group** |
| 4 | &nbsp;&nbsp;The name and business address of each entity to which the adviser provides or agrees to provide, directly or indirectly, payment to solicit a government entity for investment advisory services on its behalf. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(18)(i)(D) | **Compliance**<br> Mike Donahoe |
| &nbsp;&nbsp;&nbsp;**Trading and Account Management Records** | &nbsp;&nbsp;&nbsp;**Trading and Account Management Records** | &nbsp;&nbsp;&nbsp;**Trading and Account Management Records** | &nbsp;&nbsp;&nbsp;**Trading and Account Management Records** | &nbsp;&nbsp;&nbsp;**Trading and Account Management Records** |
| 1 | &nbsp;&nbsp;A trade ticket (or order memorandum) showing (i) each order given by the adviser for the purchase or sale of any security; (ii) any instruction received by the adviser concerning the purchase, sale, receipt, or delivery of any security; and (iii) any modification or cancellation of any such order or instruction.<br>Each trade ticket must show:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The terms and conditions of the order, instruction, modification, or cancellation, (including a security identifier, the number of shares, the price, the commission, and the order type, among other things);<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The person connected with the adviser who recommended the transaction to the Client and the person who placed the order;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Client account for which the transaction was entered;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The date of entry;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The bank, broker, or dealer by or through whom the transaction was executed;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any applicable trade allocation information; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Whether the order was entered pursuant to discretionary authority.<br>If applicable, each trade ticket should also document the pre-trade allocation and any deviations from the allocation made after execution. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(a)(3) | **Portfolio Management** <br> Patrick Harms |
| 2 | &nbsp;&nbsp;Research files documenting the reasonable basis for the adviser's investment recommendations. Such documentation may include third-party research, as well as analyses prepared by Employees (e.g. Deal Teams.) |  | 204-2(a)(7) (generally) | **Portfolio Management**<br> Amy Krebs |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Document** | **Document** | **Required Retention <br> Period** | **Relevant <br> Advisers Act <br> Rule** | **Responsible Person or <br> Group** |
| 3 | &nbsp;&nbsp;Records showing separately, for each Client for which the adviser provides investment supervisory or management services, the securities purchased and sold, and the date, amount, and price of each such purchase and sale. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(c)(1)(i) | **Portfolio Management**<br> Amy Krebs |
| 4 | &nbsp;&nbsp;For each security currently held by any Client for which the adviser provides investment supervisory or management services, information from which the adviser can promptly furnish the name of each such Client and the Client's current interest in the security. | &nbsp;&nbsp;Information must be kept current. | 204-2(c)(1)(ii) | **Portfolio Management**<br> Amy Krebs |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Document** | **Document** | **Required Retention <br> Period** | **Relevant <br> Advisers Act <br> Rule** | **Responsible Person or <br> Group** |
| 5 | &nbsp;&nbsp;For any aggregated trade orders, an "allocation statement" for each aggregated order, particularly when an account beneficially owned by the Company or by any of the Company's principals or employees participates in the aggregated order on a proprietary basis, as well as a written statement explaining any deviations therefrom. The allocation statement should specify the accounts participating in the aggregated order and indicate how the Company intends to allocate securities among the accounts. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | SMC Capital Inc., SEC no - action letter (Sept. 5, 1995) | **Portfolio Management**<br> Amy Krebs |
| 6 | &nbsp;&nbsp;For each private fund, a description of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the amount of assets under management and use of leverage, including off-balance-sheet leverage;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A measure of counterparty credit risk exposure;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Valuation policies and practices of the fund;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Side arrangements or side letters, whereby certain investors in a fund obtain more favorable rights or entitlements than other investors; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trading practices | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | Section 204(b)(3) | **Portfolio Management**<br> Amy Krebs |
| &nbsp;&nbsp;&nbsp;**With Respect to Clients for whom the Adviser Exercises Proxy Voting Authority** | &nbsp;&nbsp;&nbsp;**With Respect to Clients for whom the Adviser Exercises Proxy Voting Authority** | &nbsp;&nbsp;&nbsp;**With Respect to Clients for whom the Adviser Exercises Proxy Voting Authority** | &nbsp;&nbsp;&nbsp;**With Respect to Clients for whom the Adviser Exercises Proxy Voting Authority** | &nbsp;&nbsp;&nbsp;**With Respect to Clients for whom the Adviser Exercises Proxy Voting Authority** |
| 1 | &nbsp;&nbsp;Copies of all proxy voting policies and procedures required by Rule 206(4)-6. |  | 204-2(c)(2)(i) | **Not Applicable**  |
| 2 | &nbsp;&nbsp;A copy of each proxy statement that the adviser receives regarding Client securities. However, an adviser may satisfy this requirement by relying on a third party to retain a copy of the proxy statement on the adviser's behalf, so long as the adviser has obtained an undertaking from the third party to provide a copy of the proxy statement promptly upon request. An adviser may also satisfy this requirement by relying on proxy statements available from the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(c)(2)(ii) | **Not Applicable** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Document** | **Document** | **Required Retention <br> Period** | **Relevant <br> Advisers Act <br> Rule** | **Responsible Person or <br> Group** |
| 3 | &nbsp;&nbsp;A record of each vote cast by the adviser on behalf of a Client. An adviser may satisfy this requirement by relying on a third party to retain, on the adviser's behalf, a record of each vote cast, so long as the adviser has obtained an undertaking from the third party to provide a copy of the record promptly upon request. |  | 204-2(c)(2)(iii) | **Not Applicable** |

| 5 | &nbsp;&nbsp;A copy of each written request for information regarding how the adviser voted proxies on behalf of a Client, and a copy of any associated written response by the adviser to any written or oral Client request for such information. |  | 204-2(c)(2)(v) | **Not Applicable** |
| &nbsp;&nbsp;&nbsp;**With Respect to Accounts over which the Adviser has Custody or Possession of Client Funds or Securities** | &nbsp;&nbsp;&nbsp;**With Respect to Accounts over which the Adviser has Custody or Possession of Client Funds or Securities** | &nbsp;&nbsp;&nbsp;**With Respect to Accounts over which the Adviser has Custody or Possession of Client Funds or Securities** | &nbsp;&nbsp;&nbsp;**With Respect to Accounts over which the Adviser has Custody or Possession of Client Funds or Securities** | &nbsp;&nbsp;&nbsp;**With Respect to Accounts over which the Adviser has Custody or Possession of Client Funds or Securities** |
| 1 | &nbsp;&nbsp;A journal or record showing all purchases, sales, receipts and deliveries of securities (including certificate numbers) for all such accounts. |  | 204-2(b)(1) | **Portfolio Management**<br> Patrick Harms |
| 2 | &nbsp;&nbsp;A separate ledger account for each such account showing all purchases, sales, receipts and deliveries of securities, as well as the dates of any such transactions, debits, and credits. | &nbsp;&nbsp;Onsite for 2 years, easily accessible for 5 years total. | 204-2(b)(2) | **Portfolio Management**<br> Patrick Harms |
| 3 | &nbsp;&nbsp;Copies of confirmations of all trades effected by or for any such account. |  | 204-2(b)(3) | **Portfolio Management**<br> Patrick Harms |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Document** | **Document** | **Required Retention <br> Period** | **Relevant <br> Advisers Act <br> Rule** | **Responsible Person or <br> Group** |
| 4 | &nbsp;&nbsp;A record of each security held by any such account showing each relevant Client's name and interest, and the location of each such security. |  | 204-2(b)(4) | **Portfolio Management**<br> Patrick Harms |
| 5 | &nbsp;&nbsp;A copy of any internal control report regarding the internal custodial controls of the Advisers, or any affiliate, that acts as a Qualified Custodian with respect to Client funds or securities. |  | 204-2(a)(17)(iii) | **Portfolio Management**<br> Patrick Harms |
| &nbsp;&nbsp;**Notes** | &nbsp;&nbsp;**Notes** | &nbsp;&nbsp;**Notes** | &nbsp;&nbsp;**Notes** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;The location of any required records stored offsite must be disclosed in Part 1 of Form ADV. | &nbsp;&nbsp;The location of any required records stored offsite must be disclosed in Part 1 of Form ADV. | &nbsp;&nbsp;The location of any required records stored offsite must be disclosed in Part 1 of Form ADV. | &nbsp;&nbsp;The location of any required records stored offsite must be disclosed in Part 1 of Form ADV. | &nbsp;&nbsp;The location of any required records stored offsite must be disclosed in Part 1 of Form ADV. |
| &nbsp;&nbsp;Pursuant to Rule 204-2(d), an adviser may use numerical or alphabetical codes to protect the identity of its Clients. | &nbsp;&nbsp;Pursuant to Rule 204-2(d), an adviser may use numerical or alphabetical codes to protect the identity of its Clients. | &nbsp;&nbsp;Pursuant to Rule 204-2(d), an adviser may use numerical or alphabetical codes to protect the identity of its Clients. | &nbsp;&nbsp;Pursuant to Rule 204-2(d), an adviser may use numerical or alphabetical codes to protect the identity of its Clients. | &nbsp;&nbsp;Pursuant to Rule 204-2(d), an adviser may use numerical or alphabetical codes to protect the identity of its Clients. |
| &nbsp;&nbsp;An adviser will not be deemed to have violated Rule 204-2(a)(13) for failing to record securities transactions or holdings, so long as the adviser can demonstrate that it has instituted adequate procedures and used reasonable diligence to obtain all required reports. | &nbsp;&nbsp;An adviser will not be deemed to have violated Rule 204-2(a)(13) for failing to record securities transactions or holdings, so long as the adviser can demonstrate that it has instituted adequate procedures and used reasonable diligence to obtain all required reports. | &nbsp;&nbsp;An adviser will not be deemed to have violated Rule 204-2(a)(13) for failing to record securities transactions or holdings, so long as the adviser can demonstrate that it has instituted adequate procedures and used reasonable diligence to obtain all required reports. | &nbsp;&nbsp;An adviser will not be deemed to have violated Rule 204-2(a)(13) for failing to record securities transactions or holdings, so long as the adviser can demonstrate that it has instituted adequate procedures and used reasonable diligence to obtain all required reports. | &nbsp;&nbsp;An adviser will not be deemed to have violated Rule 204-2(a)(13) for failing to record securities transactions or holdings, so long as the adviser can demonstrate that it has instituted adequate procedures and used reasonable diligence to obtain all required reports. |

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**<u>Appendix C: Privacy Notice</u>**

**PRIVACY NOTICE**

Antares Capital Advisers LLC, Antares Capital Credit Advisers LLC and Antares Liquid Credit Strategies LLC together with any investment fund managed by them (each, a "Fund"), (collectively, "Antares") are committed to maintaining the privacy of their current and prospective investors. Antares recognizes that you entrust Antares with highly confidential personal and financial information, and Antares understands that protecting and safeguarding this information is important.

In the course of processing your Subscription Agreement and the related documents herein, and its ongoing dealings with you as an investor, Antares may obtain non-public personal information about investors or prospective investors who are individual persons ("non-public personal information"). This information may include:

● name,

● address,

● telephone number,

● e-mail address,

● taxpayer identification number,

● account number,

● transaction history, and

● other personal information of such an investor or prospective investor.

Antares may collect non-public personal information in a variety of ways, including:

● From you when you complete a Subscription Agreement, other forms and questionnaires or otherwise in the course of establishing an investor relationship with you.

● From your transactions with a Fund, its affiliates or others, such as, for example, your investment and withdrawal history.

If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides a Fund with personal information on individuals connected to you for any reason in relation to your investment with that Fund, this Privacy Notice will be relevant for those individuals and you should transmit this document to such individuals or otherwise advise them of its content.

Antares may use your non-public personal information for marketing purposes as well as for internal administration and analysis and for everyday business purposes. Antares may share your non-public personal information with its affiliates in connection with servicing your account, and subject to applicable law, may provide you with information about products and services that Antares or its affiliates believe may be of interest to you. Antares' affiliates, in turn, are not permitted to share your non-public personal information with non-affiliated entities, except as required or permitted by law. Antares does not disclose any non-public personal information about its investors or former investors to any nonaffiliated parties, except to third party service providers (such as administrators, accountants, auditors, bankers, prime brokers, insurers, lawyers, AML service providers, tax information service providers and other back-office service providers) who assist in the operation of its business, as permitted or required by law, or at your request/consent. Any transfer of personal information by a Fund or its duly authorized affiliates and/or delegates to countries not having an adequate level of protection shall be in accordance with the requirements of the Data Protection Law, 2017 of the Cayman Islands ("DPL").

Antares restricts access to non-public personal information about you to those employees, agents or other parties who need to know that information. Antares maintains physical, electronic and procedural safeguards to protect your non-public personal information. Antares' Privacy Notice covers all individuals who are investors in a Fund, who have been investors in a Fund or who are considering an investment in a Fund.

Each Fund collects, stores and uses personal information for lawful purposes, including, in particular:

● where this is necessary for the performance of its rights and obligations under the Subscription Agreement and/or its constitutional and operational documents;

● where this is necessary for compliance with a legal and regulatory obligation to which it is subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or

● where this is necessary for the purposes of its legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

**BY DISCLOSING YOUR NON-PUBLIC PERSONAL INFORMATION TO ANTARES, YOU CONSENT TO THE COLLECTION, STORAGE AND PROCESSING OF YOUR NON-PUBLIC PERSONAL INFORMATION BY ANTARES IN A MANNER CONSISTENT WITH THIS PRIVACY NOTICE.**

This Privacy Notice is provided to you in accordance with the Securities and Exchange Commission's Regulation S-P and the Cayman Islands' DPL. Antares, or one of its affiliates, will provide you with a copy of its Privacy Notice annually, and if any material changes occur to its Privacy Notice, Antares will notify you as promptly as practicable of such changes. If you have any questions about this Privacy Notice, please contact Mike Donahoe, Chief Compliance Officer at the following contact information:

Mike Donahoe

Chief Compliance Officer

Antares Capital LP

320 S. Canal Street, Ste 4200

Chicago, IL 60606

312-889-9920

Mike.Donahoe@Antares.com

**<u>Appendix D: Personal Securities Transactions Escalation</u>**

**Personal Securities Transactions Escalation**

The Antares Compliance Manual/Code of Ethics outlines the policy and procedures required for personal security transactions. The tables below list certain escalations and the process corresponding to such escalations. Any exception to these escalations would need written approval from the Chief Compliance Officer or designee.

**Escalation Examples**

**Section I (Security is not on the Restricted Securities List)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Failure to
 pre-clear a trade

2. Trading outside the designated trade window clearance
 period

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Escalation** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Comment to be used in MCO** |
| &nbsp;&nbsp;Failure to pre-clear a Security transaction for a trade requiring pre-clearance under the policy (Security not on the Restricted List) | &nbsp;&nbsp;The Employee did not seek permission to trade a security in the MCO system before placing the order. | &nbsp;&nbsp;Failure to pre-clear |
| &nbsp;&nbsp;Pre-clearance obtained for a trade requiring pre-clearance under the policy, but trade was made outside the designated trade window clearance period, as applicable (Security not on the Restricted List) | &nbsp;&nbsp;The trade was placed outside the applicable trading clearance window. | &nbsp;&nbsp;Outside the applicable trading clearance window. |

---

**Section II (Security is on the Restricted Securities List)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trading in
 a restricted security after receiving a decline

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Trading in
 a restricted security without preclearance

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Escalation** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Comment to be used in MCO** |
| &nbsp;&nbsp;Failure to pre-clear a Security transaction for a trade requiring pre-clearance under the policy (Security on the Restricted List) | &nbsp;&nbsp;The Employee did not seek permission to trade a security in the MCO system before placing the order and the security was on the Restricted List when traded | &nbsp;&nbsp;Trade in restricted security – failure to pre-clear |
| &nbsp;&nbsp;Traded a security after receiving a decline for a trade requiring pre-clearance under the policy | &nbsp;&nbsp;The Employee sought permission to make a trade, received a denial, but traded anyway. | &nbsp;&nbsp;Traded on a decline |

---

**Escalation**

**Section I:** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Failure
 to pre-clear a trade

&nbsp;&nbsp;&nbsp;&nbsp;2. Trade outside
 the designated trade window clearance period

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Number of**<br>&nbsp;&nbsp;**escalations** | &nbsp;&nbsp;**Escalation** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp;Compliance to verbally verify escalation with Employee |
|  | &nbsp;&nbsp;Formal notification of escalation emailed to Employee, Manager, and Human Resources |
|  | &nbsp;&nbsp;Escalation documented in MyComplianceOffice |
|  | &nbsp;&nbsp;Incident Report sent to Human Resources, General Counsel and Sr. Management |
|  | &nbsp;&nbsp;Escalation documented in Employee's Human Resources personnel file |
|  | &nbsp;&nbsp;Suspension of right to trade corporate securities or fixed income for 30 calendar days. |
| 2. | &nbsp;&nbsp;Compliance to verbally verify escalation with Employee |
|  | &nbsp;&nbsp;Formal notification of escalation emailed to Employee, Manager, and Human Resources |
|  | &nbsp;&nbsp;Escalation documented in MyComplianceOffice |
|  | &nbsp;&nbsp;Incident Report sent to Human Resources, General Counsel and Sr. Management |
|  | &nbsp;&nbsp;Escalation documented in Employee's Human Resources personnel file |
|  | &nbsp;&nbsp;Suspension of right to trade corporate securities or fixed income for 60 calendar days |
|  | &nbsp;&nbsp;$250 donation to a 501(c)(3) charity and submission of proof of donation |
| 3. | &nbsp;&nbsp;Compliance to verbally verify escalation with Employee |
|  | &nbsp;&nbsp;Formal notification of escalation emailed to Employee, Manager, and Human Resources |
|  | &nbsp;&nbsp;Escalation documented in MyComplianceOffice |
|  | &nbsp;&nbsp;Incident Report sent to Human Resources, General Counsel and Sr. Management |
|  | &nbsp;&nbsp;Escalation documented in Employee's Human Resources personnel file |
|  | &nbsp;&nbsp;Suspension of right to trade corporate securities or fixed income securities. Only permitted |
|  | &nbsp;&nbsp;to invest in mutual funds and/or ETFs or shift to investing through managed accounts. |
|  | &nbsp;&nbsp;Other discipline as appropriate, up to and including termination |

---

**Section II:** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Trading
 in a restricted security after receiving a decline

&nbsp;&nbsp;&nbsp;&nbsp;2. Trading
 in a restricted security without preclearance

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Number of**<br>&nbsp;&nbsp;**escalations** | &nbsp;&nbsp;**Escalation** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any | &nbsp;&nbsp;Compliance to verbally verify escalation with Employee |
|  | &nbsp;&nbsp;Formal notification of escalation emailed to Employee, Manager, and Human Resources |
|  | &nbsp;&nbsp;Escalation Documented in MyComplianceOffice |
|  | &nbsp;&nbsp;Incident Report sent to Human Resources, General Counsel and Sr. Management |
|  | &nbsp;&nbsp;Escalation Documented in Employee's Human Resources personnel file |
| | &nbsp;&nbsp;Other discipline as appropriate under the circumstances, up to and including termination |

---

There is a 2-year rolling lookback period applicable in calculating the number of violations an Employee has for purposes of applying any consequences outlined in the above.

If an employee determines that an escalation event has occurred they should not undertake to correct the transaction without first consulting with Compliance for direction on the appropriate corrective action, if any.

Employees will cooperate with any additional actions or reporting that may be required in connection with application of this policy as may be required by law, regulation, self-reporting agency or by contract or agreement to which Antares or any of its applicable affiliates are subject.

**<u>Appendix E: Allocation Policies and Procedures</u>**

**<u>Antares Capital Advisers LLC</u>**

**<u>Antares Capital Credit Advisers LLC</u>**

**<u>and</u>**

**<u>Antares Liquid Credit Strategies LLC</u>**

**<u>Allocation Policies and Procedures</u>**

**1 Purpose**

Antares Capital Advisers LLC ("<u>ACA</u>"), Antares Capital Credit Advisers LLC ("<u>ACCA</u>") and Antares Liquid Credit Strategies LLC ("<u>ALCS</u>" and, together with ACA and ACCA, the "<u>Advisers</u>") have adopted these Allocation Policies and Procedures (the "<u>Procedures</u>") to govern the allocation of investment opportunities<sup>1</sup> in loan tranches that are within the relevant account's investment strategy (each an "<u>Eligible Loan</u>") and, when applicable, equity<sup>2</sup> among: advisory accounts advised by the Advisers including, without limitation, separately managed accounts, funds (including "private funds", as defined by the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>" and such funds, other than any "securitized asset fund" as defined in Rule 211(h)(1)-1 thereunder, "<u>private funds</u>"), one or more Business Development Companies that have elected to be regulated as such under the Investment Company Act of 1940, as amended (the " <u>1940 Act</u>"), and CLO issuers (collectively "<u>Clients</u>" and, excluding Balance Sheet Clients (as defined below), "<u>Advisory Clients</u>"); proprietary capital of Antares Holdings LP (together with the direct or indirect subsidiaries whose equity securities or economic equity Antares Holdings LP owns, collectively or individually, "<u>Antares</u>" and, excluding the Advisers, "<u>Antares Group</u>");<sup>3</sup> contractual counterparties to whom a member of Antares Group has contractually agreed to offer interests in an Eligible Loan (such person a "<u>Contract Investor</u>" and such agreement a "<u>Contract Investor Agreement</u>");<sup>4</sup> and to Co-Investors (as defined below) and other third parties.

<sup>1</sup> For purposes of these Procedures, an Adviser makes an allocation when it (i) acts with discretion to cause a party to participate in an investment opportunity or (ii) in the absence of such discretion, offers or recommends an investment opportunity, which may or may not be accepted by the applicable party.

<sup>2</sup> As discussed below, some Eligible Loans may be accompanied by related equity (other than, for all purposes under these Procedures, equity offered in connection with the restructuring or workout of loans, "<u>Related Equity</u>") that, in either case and for the avoidance of doubt, will not be considered to be a tranche of the related Eligible Loan for purposes of these Procedures. Any such Related Equity is allocated as described in Section 4.8, below.

<sup>3</sup> Antares Group may, and frequently will, be allocated and hold for investment loans within the same credit facility (such loans, and any Related Equity are referred to as having been allocated to, and being held by, the "<u>Antares Balance Sheet</u>"). The Antares Balance Sheet includes certain entities within Antares Group that are Clients of (*i.e.*, contractually managed by) an Adviser (each such entity, a "<u>Balance Sheet Client</u>"). All Eligible Loans (and, if relevant, Related Equity) held by Balance Sheet Clients, other than Newly Issued Antares BSLs to be held by Balance Sheet Clients contractually managed by ALCS, represent instruments that were previously allocated to the Antares Balance Sheet as held for investment and, as such, the transfer of any amount of an Eligible Loan (or, where relevant, Related Equity) held for investment by the Antares Balance Sheet to such Balance Sheet Clients does not impact the amounts available to Advisory Clients.

<sup>4</sup> A Contract Investor Agreement includes any program or similar arrangement entered into by a member of Antares Group with a financial institution or other institutional investor for the programmatic purchase of loans or participations in loans originated by Antares, without any investment advice being provided by Antares Group or the Advisers, pursuant to a prescribed eligibility criteria and mathematical formulae whereby the amount of such loan that can be offered to the counterparty is pegged to the amount to be held by the Antares Balance Sheet.

These Procedures are intended (i) to result in allocations to Advisory Clients that are consistent with their investment objectives and restrictions, (ii) generally, through the processes described below, to promote *pro rata* allocation among Advisory Clients, the Antares Balance Sheet and Contract Investors when there is limited availability and (iii) to promote fair and equitable treatment of Clients over time. These Procedures may be supplemented from time to time to address circumstances particular to certain Clients, accounts, asset classes or transaction types (each a "<u>Supplement</u>" and these Procedures, together with all such Supplements, the "<u>Allocation Procedures</u>").<sup>5</sup>

**2 Overview**

As relevant to these Procedures,<sup>6</sup> Eligible Loans can be acquired under credit facilities underwritten by Antares Group and originated in the primary market (each an "<u>Original Credit Facility</u>"), as follow-on loans associated with an Original Credit Facility (each an "<u>Incremental Loan</u>", as described below) or through certain market purchases ("<u>Market Acquisitions</u>", as described below):

When an investment opportunity is identified in an Original Credit Facility (or in Incremental Loans, as discussed below), Antares is expected to communicate to the private equity sponsor and/or borrower (each a "<u>Borrower/Sponsor</u>") the amount of an Eligible Loan that Antares is willing to underwrite (the "<u>Antares Commitment</u>"), and in doing so, ACA will determine,<sup>7</sup> receive and calculate, respectively, the Aggregate Indicated Interest (as defined below) for Advisory Clients, the Antares Balance Sheet and Contract Investors (with respect to Advisory Clients and Contract Investors, as applicable, this includes, without duplication, the Held for Sale Indications of Interest (as defined below) where there are Seasoning Accounts (as defined below)), and can include amounts in addition to the Aggregate Indicated Interest for Co-Investors or other third-parties not yet identified. Antares then communicates the Antares Commitment to the Borrower/Sponsor who will determine the amount of the Eligible Loan, if any, and the amount of Related Equity if any, that will be available to Antares (in each case, the "<u>Available Amount</u>"). Allocations of the Available Amount, as between and among Advisory Clients, the Antares Balance Sheet and Contract Investors, generally will equal their respective Indications of Interest (as defined below and including, without duplication, the Held for Sale Indications of Interest to the extent there are any Seasoning Accounts) or, if there is insufficient availability, generally will be reduced on a *pro rata* basis in accordance with their respective Indications of Interest, as discussed further in Section 4.1 (Original Credit Facilities), and in light of Advisory Client circumstances subject to Section 5 (Allocation Considerations).

<sup>5</sup> For avoidance of doubt, to the extent an allocation is covered by a Supplement, the Supplement supersedes these Procedures. Appendix A includes a list of currently active Supplements.

<sup>6</sup> Except as described in a Supplement, to the extent that Advisory Clients hold assets other than Eligible Loans or Related Equity, such as cash items or interests held in connection with an Eligible Loan, the Advisers do not expect that allocation under these Procedures will be necessary as (i) such assets are of sufficient availability as to allow a complete fill of any Advisory Client interest under all reasonably expected circumstances or (ii) if held in connection with an Eligible Loan, such Eligible Loan will have been initially allocated under the Allocation Procedures (as they existed at the relevant time). Should a circumstance arise that is not covered by the Allocation Procedures (*e.g*., allocation of a different asset class), and there is insufficient availability to allow each relevant Advisory Client to receive (or dispose of) its indicated interest, the opportunity will be allocated *pro rata* in accordance with relative indicated interests, or as otherwise determined by the relevant Adviser(s) and the CCO, in a manner consistent with the Advisers' fiduciary duties and with consideration of the factors set forth in Section 5 (Allocation Considerations).

<sup>7</sup> For an Eligible Loan that is a "<u>Newly Issued Antares BSL</u>", as defined in the Supplement titled "<u>Liquid Credit Procedures</u>", and any Related Equity, ALCS determines the amount of interest, if any, for accounts contractually managed by ALCS and informs ACA as to the amounts, if any, to be included in the Aggregate Indicated Interest for such accounts. It is not anticipated that accounts contractually managed by ALCS will otherwise invest in Eligible Loans through an Original Credit Facility.

When an investment opportunity is identified in an Incremental Loan, as discussed further in Sections 4.2 (Incremental Loans), Antares similarly is expected to communicate an Antares Commitment to the Borrower/Sponsor and receives from the Borrower/Sponsor the Available Amount of the Incremental Loan. Such Available Amount is generally offered *pro rata* to existing lenders in the relevant credit facility, meaning such amounts are offered to Clients proportionally in the amount they received of the Original Credit Facility, unless Antares Group accepts more than such *pro rata* amount of an Incremental Loan and/or the Incremental Loan is not limited by the Borrower/Sponsor to existing lenders, in which case the Available Amount of the Incremental Loan will be allocated in accordance with Section 4.1 (Original Credit Facilities).<sup>8</sup>

When an investment opportunity is identified as a Market Acquisition, as discussed further in Section 4.3 (Market Acquisitions), the interests obtained are generally allocated *pro rata* among the Advisory Clients and the Antares Balance Sheet in relation to the amount ordered for each.

With respect to Original Credit Facilities and Incremental Loans, any Available Amount remaining after allocations to Advisory Clients, the Antares Balance Sheet and Contract Investors can be offered, in Antares' discretion, to Co-Investors or other third parties, as described in Section 4.1.3 (Co-Investors and Other Third Parties, with any Excess to the Balance Sheet).

**3 Statement of Policy**

Investment advisers are fiduciaries with a duty to act in the best interests of their clients in light of their circumstances and to treat clients fairly and equitably over time in the allocation of investment opportunities. By maintaining the Allocation Procedures, and disclosing their practices to Clients, (i) the Advisers seek to fulfill their fiduciary duty to act in the best interests of their Clients in light of the relevant contractual arrangements with, and expectations of, such Clients and (ii) Antares Group seeks to fulfill its contractual obligations under relevant Contract Investor Agreements. To effectuate the Allocation Procedures, the Advisers determine Advisory Client Indications of Interest (as defined below) and make other allocation decisions as to the Available Amount of an Eligible Loans, based on each Advisory Client's circumstances, including among others: (a) each Advisory Client's investment objectives, restrictions and agreements with the relevant Adviser, as well as the types of investments that the relevant Adviser reasonably believes the Advisory Client would expect to be allocated;<sup>9</sup> (b) the amount of capital each Advisory Client has available to invest (including, without limitation, capital available under related leverage facilities); and (c) whether the Advisory Client is subject to legal, tax, regulatory, contractual or other considerations that impact when the Advisory Client may acquire its interest in the Eligible Loan.<sup>10</sup>

---

| | |
|:---|:---|
| <sup>8</sup> | To the extent that any existing holders are Seasoning Accounts, a portion of the Incremental Loan may be held for potential offer as Held for Sale for Asset Management. |
| 9 | The Advisers recognize that an Advisory Client may choose to have investment criteria that permit a broader range of investments than the Advisory Client desires to target in the ordinary course in order to provide flexibility to respond to changing market circumstances. Absent changing market circumstances, each Adviser generally seeks to allocate Eligible Loans and Related Equity to Advisory Clients based on its reasonable belief regarding the types of investments that it understands each Advisory Client wishes to invest in in the ordinary course (the Client's "<u>expected portfolio profile</u>"), regardless of whether set forth in an agreement or investment policy statement or otherwise communicated to the Advisers. |
| 10 | The factors that the Advisers consider in making determinations under the Allocation Procedures are described in greater detail in Section 5 (Allocation Considerations). An Adviser can deviate from the specific principles set forth in the Allocation Procedures if the Adviser determines in good faith that doing so is appropriate at the time of the allocation and is consistent with its duties to Advisory Clients. As discussed below, considerations used in determining allocations of amounts of an Eligible Loan held for investment by the Antares Balance Sheet among Balance Sheet Clients can differ. |

---

**4 Allocation of Eligible Loans and Related Equity**

The following describes the processes for allocating the Available Amount of Eligible Loans and Related Equity and sales of Eligible Loans and Related Equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Original Credit Facilities**

Before communicating the Antares Commitment to a Borrower/Sponsor, Antares receives indications of likely capacity and interest in an investment opportunity as follows: (i) each Adviser determines (a) for each Advisory Client contractually managed by that Adviser (other than Seasoning/Warehouse Advisory Clients, as defined immediately below, which do not partake in Eligible Loans at origination) the amount that the Adviser expects to offer that Advisory Client (each an "<u>Advisory Client Indication of Interest</u>")<sup>11</sup> and (b) an aggregate indication of interest in respect of amounts to be held for potential offer to Advisory Clients, warehouses and incubators for prospective Advisory Clients, whose investments (if any) cannot be determined until the expiration of a seasoning period or otherwise at a later date (such Advisory Clients or prospective Advisory Clients, and solely with respect to Newly Issued Antares BSLs, Balance Sheet Clients contractually managed by ALCS, are referred to as "<u>Seasoning/Warehouse Advisory Clients</u>") is determined by the Adviser that contractually manages such Seasoning/Warehouse Advisory Clients; (ii) for Eligible Loans that are Newly Issued Antares BSLs, ALCS and ACCA inform ACA of the total amount of Aggregate Indicated Interests associated with the Advisory Clients, including Seasoning/Warehouse Advisory Clients, contractually managed by ALCS and ACCA, respectively; (iii) Antares Group informs ACA of the amount desired to be held for investment by the Antares Balance Sheet (the "<u>Balance Sheet Indication of Interest</u>"); and (iv) on behalf of Antares Group, ACA calculates (x) for each Contract Investor (other than Seasoning Contract Investors, as defined immediately below) the amount expected to be offered to Contract Investors, based on the eligibility criteria and mathematical formulae of the relevant Contract Investor Agreements (the "<u>Contract Investor Indication of Interest</u>"), and (y) an aggregate amount expected to be offered to Contract Investors who require a seasoning period ("<u>Seasoning Contract Investors</u>" and, together with Seasoning/Warehouse Advisory Clients, the "<u>Seasoning Accounts</u>").<sup>12</sup> ACA then sums the aggregate amount for Seasoning Accounts, without duplication of any Advisory Client Indication of Interest or Contract Investor Indication of Interest, to determine an aggregate Indication of Interest for Seasoning Accounts (the "<u>Held for Sale Indication of Interest</u>"). Each of the indications of interest defined in clauses (i), (ii), (iii) and (iv) above, is referred to in the Allocation Procedures (except as such terminology may be modified by any Supplement) as an "<u>Indication of Interest</u>" and, collectively in sum, constitute the "<u>Aggregate Indicated Interest</u>" for an Eligible Loan.<sup>13</sup>

<sup>11</sup> Where one or more associated vehicles are intended to invest *pro rata* or *pari passu* with an Advisory Client, the Advisory Client and all such vehicles are aggregated when determining that Advisory Client's indication of interest.

<sup>12</sup> The ACA Investment Committee (the "<u>ACAIC</u>") is responsible for Client accounts contractually managed by ACA, the ACCA Investment Committee (the "<u>ACCAIC</u>") is responsible for Client accounts contractually managed by ACCA and the Liquid Credit Investment Committee (the "<u>LCIC</u>" and, each of the LCIC, the ACCAIC and the ACAIC, an "<u>Adviser IC</u>") is responsible for Client accounts contractually managed by ALCS. The Antares Holdings Credit Committee (the "<u>AHCC</u>") is responsible for approving investments by the Antares Balance Sheet, including any amount that is "held for sale"; *provided that*, for avoidance of doubt, the relevant Adviser IC is responsible for approving the acquisition of an investment from the Antares Balance Sheet by one or more Balance Sheet Clients and for allocating investments between or among Balance Sheet Clients. Each of the Adviser ICs may, in its discretion, delegate authority to an Adviser, if such delegation is consistent with applicable laws, rules, regulations and contractual agreements.

<sup>13</sup> These initial Indications of Interest are established prior to the final determination of the Available Amount, which considers, among other things, the requests, rights or requirements of each of the respective obligors, their respective Borrower/Sponsor and third party lenders (including existing lenders), if any.

If the Available Amount equals or exceeds the Aggregate Indicated Interest for an Eligible Loan, each relevant party will be offered the full amount of its Indication of Interest, pursuant to these Procedures. If the Available Amount is less than the Aggregate Indicated Interest, the amounts offered to each relevant party will be reduced *pro rata*, based on such Indications of Interest, pursuant to these Procedures. Once the Available Amount of an Eligible Loan becomes known, the Indications of Interest are, if applicable, subject to an adjustment in light of the factors set forth in Section 5 (Allocation Considerations) and pro-rated as needed, and amounts offered in accordance with Section 4.1.1 (Initial Fills for Advisory Clients, the Antares Balance Sheet and Contract Investors) are referred to herein as the relevant party's "<u>Initial Fill</u>", and any amounts ultimately offered to a party pursuant to these Procedures, that party's "<u>Fill</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.1** **Initial Fills for Advisory Clients, the Antares Balance Sheet and Contract Investors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Advisory Clients Generally**

Each Advisory Client that is not a Seasoning/Warehouse Advisory Client will be offered its Initial Fill based on the Advisory Client Indication of Interest for that Advisory Client. To the extent that an Adviser determines that it would no longer be in the best interest of an Advisory Client to accept all or part of its Initial Fill, that Adviser may recommend or cause the Advisory Client to decline all or any of its Initial Fill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Seasoning/Warehouse Advisory Clients (including, with respect to Newly Issued Antares BSLs, Balance Sheet Clients contractually managed by** 

**ALCS)**

Each Seasoning/Warehouse Advisory Client will be potentially offered an amount from the Initial Fill associated with the Held for Sale Indications of Interest, which is held by Antares Group as "<u>Held for Sale for Asset Management</u>". At the end of any applicable seasoning period, and based on the circumstances then present, (i) Antares Group will determine whether to offer a portion of the Available Amount of an Eligible Loan that is Held for Sale for Asset Management to relevant Seasoning/Warehouse Advisory Clients and (ii) when offered, the relevant Adviser will determine whether to recommend that each Seasoning/Warehouse Advisory Client accept all or any portion of its Initial Fill.<sup>14</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Antares Balance Sheet Initial Fill (including Balance Sheet Clients contractually managed by ACA)**

<sup>14</sup> With respect to an Eligible Loan that includes multiple tranches, Antares Group's offer can be conditioned upon acceptance of the entire Initial Fill or of a portion of the Initial Fill that reflects a *pro rata* strip of each tranche. A conditional offer will be accepted (or recommended to a Seasoning/Warehouse Advisory Client) if the relevant Adviser believes that doing so is consistent with its fiduciary duties, including the best interest of that Seasoning/Warehouse Advisory Client and these Procedures (*i.e.*, seeking fair and equitable allocations among Advisory Clients over time and promoting enhanced availability of Eligible Loans for the benefit of Advisory Clients). In the event that the Adviser determines that acceptance of Antares Group's conditioned offer is not in the best interest of the Seasoning/Warehouse Advisory Client or is inconsistent with these Procedures, the Adviser can reject such offer or can solicit (or consider) a counter-offer from Antares Group for the Seasoning/Warehouse Advisory Client to acquire an other-than-*pro rata* strip. Such a counteroffer can be consistent with the best interests of Advisory Clients, and such counteroffer could be acceptable to Antares Group where, for example, it is expected that another holder can be found for the portion not acquired by such Seasoning/Warehouse Advisory Client. An Adviser's determinations in this respect can be a result of Advisory Clients' tax guidelines.

The Antares Balance Sheet, based on the Balance Sheet Indication of Interest, will be offered its Initial Fill. <sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Contract Investors**

Each Contract Investor (that is not a Seasoning Contract Investor), based on each Contract Investor Indication of Interest, receives an Initial Fill calculated (but not determined) by ACA based on the mathematical formula(e) in the relevant Contract Investor Agreement, which results in an equivalent *pro rata* reduction when the Aggregate Indicated Interest exceeds the Available Amount because each Contract Investor Initial Fill is mathematically related to the Antares Balance Sheet Fill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Seasoning Contract Investors**

Each Seasoning Contract Investor will be potentially offered an amount from the Initial Fill associated with the Held for Sale Indications of Interest. At the end of any applicable seasoning period, and based on the circumstances then present, (i) Antares Group will offer a portion of the amount held as Held for Sale for Asset Management to relevant Seasoning Contract Investors pursuant to the mathematical formulae] in the relevant Contract Investor Agreements and (ii) when offered, each such Seasoning Contract Investor would determine whether to accept such Initial Fill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.2 Allocation of Declined Initial Fills**

Any amounts of Initial Fills that are declined following the application of Section 4.1.1 (Initial Fills for Advisory Clients, the Antares Balance Sheet and Contract Investors), including the offer to, and acceptance or rejection by, Seasoning Accounts, will first be allocated *pro rata* among Advisory Clients, the Antares Balance Sheet, and, to the extent allocations to the Antares Balance Sheet increase the amount that must be offered to a Contract Investor pursuant to its Contract Investor Agreement, Contract Investors, until no amounts remain or until each relevant party's Initial Fill is equal to its Indication of Interest (or has been declined in whole or in part), such amounts constituting the Fills for each party. Excess amounts resulting from (i) further declined Fills or (ii) an Available Amount in excess of the Aggregate Indicated Interest will next be offered to any Advisory Clients that did not have an Indication of Interest on a *pro rata* basis if such interest exceeds the remaining Available Amount, to the extent the relevant Adviser believes such allocation would be in each such Advisory Client's best interest under the circumstances and consistent with Section 5 (Allocation Considerations). Any remaining Available Amount can, where consistent with the Advisers' fiduciary duties and the goals of seeking to allocate Eligible Loans in a manner that is fair and equitable over time and promoting enhanced availability of Eligible Loans for the benefit of Advisory Clients, be allocated *pro rata* to Advisory Clients for whom the relevant Adviser believes an additional allocation would be in such Advisory Client's best interest in light of the factors set forth in Section 5 (Allocation Considerations), based on such Adviser's determination of each such Advisory Client's desired additional hold

<sup>15</sup> If Antares Group subsequently determines to reapportion the Antares Balance Sheet allocation to Balance Sheet Clients, the relevant Adviser(s) will determine whether or not to recommend (or approve, as applicable), that one or more Balance Sheet Clients acquire a portion of such Eligible Loan and, if recommended for more than one Balance Sheet Client, that portion of such Eligible Loan would be allocated among Balance Sheet Clients. Because Balance Sheet Clients represent consolidated assets of Antares Group, the Advisers' considerations when allocating among Balance Sheet Clients could differ from the considerations applicable to allocations among Advisory Clients, including through application of certain factors that are specific to the Antares Balance Sheet. As a result, allocations to Balance Sheet Clients will not necessarily be *pro rata* among Balance Sheet Clients. As Eligible Loans, other than Newly Issued Antares BSLs, that can be allocated to Balance Sheet Clients arise solely from Eligible Loans that were part of the share of the Available Amount of an Eligible Loan that was initially allocated to the Antares Balance Sheet as held for investment, the transfer of amounts of an Eligible Loan (other than Newly Issued Antares BSLs) to Balance Sheet Clients does not impact the amount of any Eligible Loan allocated to any Advisory Client. These principles continue to apply if Antares Group determines to later sell a portion of an Eligible Loan to a prospective or current Client in the future. For Newly Issued Antares BSLs, Balance Sheet Clients contractually managed by ALCS are treated as Advisory Clients and, to the extent such Balance Sheet Clients ultimately participate in a Newly Issued Antares BSL, their interests would be from amounts included in held for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.3 Co-Investors and Other Third Parties, with any Excess to the Balance Sheet**

Any excess amounts of the Available Amount of an Eligible Loan remaining after completion of the processes described in Section 4.1.2 (Allocation of Declined Initial Fills) can be offered by Antares Group, in its discretion, to entities with whom Antares Group or an Adviser has a relationship and/or has determined to offer co-investment opportunities ("<u>Co-Investors</u>")<sup>16</sup> or to other third parties. Because Antares Group has committed to the Borrower/Sponsor to provide the full Available Amount, any excess amounts not placed with a Co-Investor or other third party will remain on the Antares Balance Sheet as held for investment. The ability to make interests in an Eligible Loan available to Co-Investors or third parties, and the Antares Balance Sheet's commitment to retain any excess amounts not so placed, helps to assure the continued availability of Eligible Loans for investment by Advisory Clients and maintains Antares' ability to source future loans to the benefit of Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Incremental Loans**

After the closing of an Eligible Loan, Antares could originate, arrange and/or underwrite an additional, follow-on financing, increasing all or a portion of the Eligible Loan (such additional, follow-on financing being an "<u>Incremental Loan</u>"). The Available Amount of each Incremental Loan will typically first be made available to existing holders of the related Eligible Loan *pro rata* based on their pre- existing holdings of the related Eligible Loan, and for Advisory Clients, in light of their circumstances subject to Section 5 (Allocation Considerations).<sup>17</sup> However, to the extent the Incremental Loan is not offered *pro rata* to existing lenders by the Borrower/Sponsor or Antares Group accepts more than such *pro rata* amount of an Incremental Loan, related allocations will be conducted in accordance with Section 4.1 (Original Credit Facilities). In each case, if there are declined portions of an Incremental Loan or there is otherwise a remaining amount of an Incremental Loan following its initial allocation, the excess amount will be allocated in accordance with Section 4.1.2 (Allocation of Declined Initial Fills) and Section 4.1.3 (Co-Investors and Other Third Parties, with any Excess to the Balance Sheet).

<sup>16</sup> There is no obligation to offer any opportunity to Co-Investors, and Co-Investors understand that there is no guarantee as to participation in any opportunities or a particular opportunity. Co-Investment opportunities can be offered for a variety of reasons, including to strengthen a strategic relationship. In some cases, an existing Advisory Client, an investor in an existing Advisory Client, or an existing Contract Investor, can also be or become a Co-Investor because, for example, such person has indicated an interest in pursuing co-investment opportunities (when available outside of their primary relationship with Antares Group or an Adviser). In these cases, such Advisory Client's or Contract Investor's Indication of Interest does not include the co-investment opportunities nor, absent an agreement to the contrary, is an Adviser responsible for advising on holdings acquired as a co-investment. Any such holdings (*i.e.*, amounts of the Eligible Loan over or apart from the amounts allocated to that Advisory Client's advised account pursuant to the Allocation Procedures) will not be considered part of that Advisory Client's account for any purpose nor does an Adviser take on any additional duties by offering a co-investment to an Advisory Client.

<sup>17</sup> To the extent that any existing holders are Seasoning Accounts, a portion of the Incremental Loan may be held for potential offer as Held for Sale for Asset Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Market Acquisitions** 

Eligible Loans acquired on the secondary market that are not part of the primary syndication of the relevant Eligible Loan ("<u>Market Acquisitions</u>")<sup>18</sup> will be allocated among any Advisory Clients for which the Advisers have recommended and submitted bids, and the Antares Balance Sheet, if participating (each a "<u>Relevant Account</u>") as follows: (i) if the amount of the Eligible Loan acquired through a Market Acquisition equals the aggregate amounts requested on behalf of Relevant Accounts, each Relevant Account will receive an amount of the Eligible Loan equal to its requested amount; or (ii) if the amount of the Eligible Loan acquired through a Market Acquisition is less than the aggregate requested amount, the Eligible Loan will generally be allocated *pro rata* among the Relevant Accounts, in accordance with their respective requested amounts, or otherwise in a manner consistent with Section 5 (Allocation Considerations).

Secondary market acquisitions will be executed in a manner consistent ACA's Best Execution Policy. In connection with Market Acquisitions, the Advisers will generally request that Antares Group acquire such Eligible Loan on behalf of the Advisory Client(s) at or below a specified price level (the "<u>Advisory Client Specified Price</u>") and, to the extent that the Antares Group contemporaneously also desires to acquire a portion of such Eligible Loan in the secondary market for investment on behalf of the Antares Balance Sheet, Antares Group will separately determine a specified price (the "<u>Antares Specified Price</u>") at or below which the Antares Balance Sheet is willing to acquire the loan (which could be greater or lesser than the Advisory Client Specified Price). If such Eligible Loan is acquired from sellers other than members of the Antares Group at or below both the Advisory Client Specified Price and the Antares Specified Price, the same price will be assigned to all Relevant Accounts that participate in the Market Acquisition, except that the Antares Balance Sheet will not necessarily bear spreads or other transaction fees that are payable to Antares Group ("<u>Antares Trading Fees</u>") in connection with such acquisition, whereas Advisory Clients will bear such fees.<sup>19</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 Acquisitions from the Antares Balance Sheet**

Eligible Loans that are held for investment by the Antares Balance Sheet can be sold to third parties or to Advisory Clients. If such Eligible Loans are to be made available for Advisory Clients (including to seed or ramp a new account), Antares Group will inform the Advisers of its desire to sell and each Adviser will select the participating accounts (if any) and allocate such Eligible Loans *pro rata* among such accounts in a manner consistent with Section 5 (Allocation Considerations). Neither Adviser is obligated to accept all or any portion of any Eligible Loan offered for sale by the Antares Balance Sheet on behalf of any Advisory Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5 Sales of Eligible Loans in the Secondary Market**

The Advisers may sell all or any portion of an Eligible Loan for one or more Clients while retaining all or any portion of such Eligible Loan in the portfolio of one or more of the other Clients. Additionally, the Advisers may sell (or retain) all or any portion of an Eligible Loan for one or more Clients even though Antares Group (to the extent Antares Group acquired such Eligible Loan for the Antares Balance Sheet) elects not to sell (or retain) all or the same proportion of such Eligible Loan for the Antares Balance Sheet.

Sales of Eligible Loans will be executed in a manner consistent with ACA's Best Execution Policy and reasonably designed to result in each Advisory Client's interests in the Eligible Loan (to the extent such a sale is determined to be appropriate for any Advisory Client) being sold side-by-side with the interests of all other participating Advisory Clients and the Antares Balance Sheet (if such a sale is determined appropriate for the Antares Balance Sheet), with all such accounts participating on materially the same terms and conditions, to the extent practicable, provided that the Antares Balance Sheet will not necessarily bear Antares Trading Fees, whereas Advisory Clients will bear Antares Trading Fees (if any). Where the full amount of Eligible Loans desired to be sold is not able to be sold, each participating account will sell a *pro rata* amount of the Eligible Loan (based on the relative amounts that were sought to be sold) and will be responsible for related fees (other than, with respect to the Antares Balance Sheet, Antares Trading Fees, as and to the extent described above), subject to the considerations set forth in Section 5 (Allocation Considerations).

<sup>18</sup> For the avoidance of doubt, offers of amounts Held for Sale for Asset Management to Seasoning Accounts do not constitute Market Acquisitions.

<sup>19</sup> If the Eligible Loan is acquired at a price that is at or below the Advisory Client Specified Price but above the Antares Specified Price, the transaction will proceed only with respect to the relevant Advisory Clients (or vice versa). Where only Advisory Clients participate, the Eligible Loans acquired will be allocated as described above and the price paid will be the same across all participating Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Sales of Certain Tranches by the Antares Balance Sheet other than in the Secondary Market** 

Certain Advisory Clients have indicated a desire to purchase specific tranches of Eligible Loans at a specified price pre-determined in accordance with an agreement ("Tranche Focused Advisory Clients"). If Antares Group determines to sell amounts of a tranche of an Eligible Loan that is held for investment by the Antares Balance Sheet, it will inform the Advisers and each Adviser will identify the Tranche Focused Advisory Clients (if any) for whom the opportunity to acquire such interests from Antares Group is consistent with the relevant expected portfolio profile, contractual agreements and best interest and allocate the opportunity among those Tranche Focused Advisory Clients in a manner consistent with Section 4.1 (Original Credit Facilities) at such pre-arranged prices specific to each Tranche Focused Advisory Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7 Principal and Cross Transactions**

In certain cases, where consistent with the Advisers' fiduciary duties, a purchase and sale of an Eligible Loan could constitute a principal transaction (within the meaning of Section 206(3) of the Advisers Act) or a cross transaction among Advisory Clients. The Advisers will comply with the applicable provisions of the Advisers Act, each participant's governing documents and the Advisers' disclosures in connection with any transfer of an Eligible Loan that constitutes a principal transaction or a cross transaction. In general, principal transaction and cross transaction opportunities will be allocated *pro rata* among relevant accounts, and otherwise in a manner consistent with Section 5 (Allocation Considerations).

<sup>20</sup> Existing holders of equity of the issuer who are granted preemptive rights or other similar rights (each, an "<u>Existing Holder</u>") that allow the Existing Holder to acquire equity in any subsequent issuance ("<u>Preemptive Rights</u>") will have the option to receive equity interests pursuant to such Preemptive Rights with priority over any (or any other) Potential Related Equity Participant, even if there is an additional Eligible Loan being contemporaneously allocated under these Procedures and the Existing Holder is not acquiring an interest in such related Eligible Loan. Such interests shall not be considered Related Equity and will not impact any Related Equity allocated to the Existing Holder in accordance with this Policy (to the extent such Existing Holder also is allocated any interests in the related Eligible Loan). To the extent exercised, such Preemptive Rights can have the effect of reducing or eliminating the availability of equity to those who are not Existing Holders. Generally, if an Existing Holder determines not to exercise its preemptive rights, the issuer will be free to allocate the equity that would have been issued to others in the issuer's discretion, which might not result in additional equity being available to be allocated under these Procedures, unless the issuer permits some or all of that equity to be reallocated among Potential Related Equity Participants. Any such equity that the issuer permits to be reallocated to Potential Related Equity Participants is then included in the pool of Related Equity to be allocated in accordance with this Section 4.8, but subject to Section 5 (Allocation Considerations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8 Related Equity**

Related Equity may be available in connection with an Eligible Loan; however, not all accounts who desire to hold an interest in the related Eligible Loan can or desire to hold Related Equity (for example, some Clients' expected portfolio profile does not include Related Equity and others' may subject Related Equity to concentration or other limits). The Advisers seek to maximize the amount of Related Equity available to Potential Related Equity Participants (as defined below) in negotiating with sponsors as to the amount of Related Equity associated with an Eligible Loan that will be available to Antares and will make requests as to Related Equity with consideration to expected interest in Related Equity by Potential Related Equity Participants.<sup>20</sup> Subject to the considerations set forth in Section 5 (Allocation Considerations), the Advisers will allocate Related Equity received in connection with an Eligible Loan among Advisory Clients and the Antares Balance Sheet as to held for investment ("<u>HFI</u>") in the event each of which participated in the Eligible Loan and, where relevant, separately as to Held for Sale for Asset Management ("<u>HFS</u>") and, upon allocation of the HFS Allocated Amount of the Eligible Loan, Advisory Clients and HFI who received such an allocation (the "<u>Potential</u> Related Equity <u>Participants</u>"), in a manner that generally reflects each Potential Related Equity Participant's relative interest in the related Eligible Loan,<sup>21</sup> as follows:

Step 1: Related Equity for each Eligible Loan will first be offered *pro rata* to each Potential Related Equity Participant who acquired an interest in the Eligible Loan at close and to HFS, in each case based on the Related Equity Allocation Ratios (as described in footnote 20);

Step 2: If any Related Equity remains as a result of a Potential Related Equity Participant declining any portion of Related Equity offered to it in Step 1, such Related Equity will be offered *pro rata* based on the Related Equity Allocation Ratios to each Potential Related Equity Participant that elected to receive all of its allocation of Related Equity pursuant to Step 1 and, with respect to Advisory Clients and HFS, if an additional allocation is deemed appropriate in accordance with Section 5 (Allocation Considerations). Should additional Related Equity remain, these will be offered on an iterative basis among those Potential Related Equity Participants that accepted all of the Related Equity offered to such Potential Related Equity Participant in the previous iteration (with the amounts offered in each iteration continuing to be based on the same Related Equity Allocation Ratios) until no Related Equity remains to be allocated;

Step 3: Upon the allocation of the HFS Allocated Amount of the Eligible Loan, Related Equity set aside at close to HFS in Steps 1 and 2 above will first be offered pro rata to each Potential Related Equity Participant who acquired an allocation of the HFS Allocated Amount of the Eligible Loan, based on Related Equity Allocation Ratios (which, for this purpose, shall be calculated with reference solely to the HFS Allocated Amount of the Eligible Loan and the portion, if any, of the HFS Allocated Amount of the Eligible Loan acquired by a Potential Related Equity Participant). For the avoidance of doubt, Advisory Clients that initially did not participate in the investment opportunity at close and who take a portion of the HFS Allocated Amount of the Eligible Loan shall be eligible to acquire Related Equity in this Step 3 (and if applicable in Step 4) as Potential Related Equity Participants;

<sup>21</sup> For purposes of allocating Related Equity, but subject to Section 5 (Allocation Considerations), a Potential Related Equity Participant's relative participation in the Eligible Loan (each a "<u>Related Equity Allocation Ratio</u>") is generally calculated by dividing the relevant portion of the Available Amount of the Eligible Loan allocated to such Potential Related Equity Participant who acquired an interest in the Eligible Loan at close and, with respect to HFS, the Initial Fill associated with the HFS Indication of Interest in such Available Amount (the "<u>HFS Allocated Amount</u>"; and, respectively, each such Potential Related Equity Participant's "<u>Allocated Amount</u>") by the aggregate Available Amount of the Eligible Loan; *provided that:* 

 

● In calculating the Related Equity Allocation Ratios for purposes of Steps 1 and 2, which relate to Related Equity allocations that occur with the allocations of the Eligible Loan at close (and, therefore, prior to any potential offer of the HFS Allocated Amount), HFS shall be treated as a Potential Related Equity Participant and, to the extent that any portion of the Available Amount of an Eligible Loan is subsequently acquired by a Potential Related Equity Participant from the HFS Allocated Amount, there shall be no recalculation of the Related Equity Allocation Ratios for Steps 1 and 2 to take into account any such portion subsequently so acquired; and

● In calculating the Related Equity Allocation Ratios for purposes of the allocation described in Step 3, in which only Potential Related Equity Participants who acquire an interest in the Eligible Loan from the HFS Allocated Amount participate (and in which only Related Equity set aside at close to HFS are allocated), relative participation reflects that portion of a Potential Related Equity Participant's Allocated Amount acquired from the HFS Allocated Amount as compared to the aggregate HFS Allocated Amount; and

● In calculating the Related Equity Allocation Ratios for purposes of Step 4, a Potential Related Equity Participant's entire Allocated Amount (*i.e*., including HFS Allocated Amounts acquired) is considered and which is then divided by the aggregate Available Amount of the Eligible Loan.

Step 4: If any Related Equity remains from the allocation described in Step 3, such Related Equity will be offered *pro rata* based on Related Equity Allocation Ratios among Potential Related Equity Participants that accepted all of the Related Equity previously offered to such Related Equity Participant and, with respect to Advisory Clients, if an additional allocation is deemed appropriate in accordance with Section 5 (Allocation Considerations), based on Related Equity Allocation Ratios reflecting each Potential Related Equity Participant's Allocated Amount of the Eligible Loan. Any additional Related Equity remaining will be offered on an iterative basis (in accordance with the same Related Equity Allocation Ratios) to Potential Related Equity Participants that accepted all of the Related Equity last offered to such Potential Related Equity Participant until no Related Equity remains to be allocated.<sup>22</sup>

The sale of Related Equity is typically restricted by the governing documents of the related Eligible Loan or the Related Equity. In most cases, Related Equity will not be sold on the secondary market. It is generally anticipated that all Related Equity holders will sell at the same time on a *pro rata* basis. Related Equity can also be transferred with the related Eligible Loan or after such Eligible Loan has been extinguished. To the extent that such sale opportunities are limited, these will be allocated *pro rata* where possible, subject to the considerations set forth in Section 5 (Allocation Considerations).

**5 Allocation Considerations**

The Advisers will seek to allocate investment opportunities in Eligible Loans and Related Equity fairly and equitably over time in accordance with applicable law, relevant contracts, each relevant account's circumstances (including whether the account in question is a Seasoning Account) and, in each case, in a manner that is in the best interests of its Clients and consistent with these Procedures and otherwise in accordance with the Advisers' fiduciary duties. As a result, while the Advisers generally seek to take a *pro rata* approach to allocations, in order to promote allocations that are in the best interests of Clients over time, the Advisers will consider the factors set forth below (among others) in determining the amount of any Eligible Loan or Related Equity that is appropriate to be allocated to any particular Client in light of the particular Eligible Loan or Related Equity, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the terms
 of each agreement and any contractual and/or legal duties owed to such Clients or Contract
 Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the relative
 actual or potential exposure of any particular Client to the type of investment opportunity
 in terms of its existing investment portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the primary
 investment mandates, investment objectives and expected portfolio profiles of such Clients
 (including limitations on, or preferences for, particular tranches);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. cash availability
 of such Clients, taking into account any availability under any financing arrangement, to
 the extent established and accessible for each such applicable Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. suitability,
 instructions from such Clients, whether a purchase is being made for a specific Client, permitted
 leverage and available financing for the investment opportunity (including, without limitation,
 taking into account the levels/rates that would be required to obtain an appropriate return and covenant
compliance and the curing of any default or event of default under the applicable financing documents);

<sup>22</sup> For avoidance of doubt, any Related Equity remaining after all relevant Advisory Clients have refused an allocation will be the responsibility of the Antares Balance Sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. the size,
 liquidity and duration of the investment opportunity and considerations relating to the closing
 or syndication of the related loan or any upsizing or restructuring thereof such as requests,
 rights or requirements of obligors under such related loan and their related private equity
 sponsors or of existing lenders (including third parties) under such related loan in connection
 therewith, to account for evolving circumstances with respect to all participating or potentially
 participating accounts or to accommodate the inclusion of third-party investors in order
 to close or to successfully syndicate the related loan or any upsizing or restructuring thereof,
 including all of its related tranches, and any related credit facilities, where the relevant
 Adviser believes doing so is necessary or appropriate to promote fair and equitable allocations
 among Advisory Clients over time, to build strategic relationships, to help assure the continued
 availability of Eligible Loans for investment by Advisory Clients and/or to maintain Antares'
 ability to source future loans to the benefit of Advisory Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. the seniority
 of the Eligible Loan and other capital structure criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. with respect
 to an investment opportunity originated and/or arranged by a third party, the relationship
 of a particular Client to or with such third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. tax effects
 or potential effects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. regulatory
 effects or potential effects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. conflicts
 of interests or potential conflicts of interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. the risk
 or investment concentration parameters of such Clients (including, without limitation, parameters
 such as geography, industry, issuer, volatility, leverage, liability duration or weighted
 average life, asset class type, or other similar risk metrics);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. whether
 the allocation of the Eligible Loan or Related Equity would result in a *de minimis* allocation;<sup>23</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv. whether
 the investment opportunity is a follow-on investment,<sup>24</sup> including where such opportunity
 is to be funded by existing lenders (including third parties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xv. whether
 the Client is or is expected to soon be open to redemptions or liquidating or, conversely,
 has recently established or contributed significant assets to an account or has indicated
 an intent to do so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvi. such
 other criteria as are reasonably related to a reasonable allocation of a particular investment
 opportunity to one or more Clients (*e.g*., in the case of a Client ramp-up period<sup>25</sup>
 or when incubating a particular investment strategy or product or, in connection with a Client
 that directly or indirectly finances its assets, compliance with or optimization of collateral
 quality tests, portfolio concentration limits, overcollateralization triggers, interest coverage tests or any other test that
diverts cash flow from payment to the equity owners of the related entity).

<sup>23</sup> To the extent that the Available Amount of an Eligible Loan is so limited in size that such allocation to all eligible holders who indicated interest would result in *de minimis* allocations, an Adviser can use alternate means that it believes will be fair and equitable over time to allocate such opportunity, including random or rotational allocations.

<sup>24</sup> See Section 4.2 (Incremental Loans).

<sup>25</sup> For CLOs, the ramping period (if any), would generally be during the "warehouse period" and the period from pricing to the effective date, as defined in the CLO's Governing Documents. For other types of Clients, the ramping period exists when the Client has a material amount of uninvested cash contributions (or ability to draw on a sub-line or similar credit facility). In order to assure that such Clients can be invested in an efficient manner, the Advisers can apply a multiplier to such Clients' indications of interest, or otherwise increase investments to such Clients, where deemed appropriate, as set forth in the relevant investment committee charter.

**6 Allocation of Investment Related Expenses**

Investment related expenses are allocated in accordance with the Advisers' Global Expense Allocation Policy.

**7 Oversight and Review**

Personnel responsible for making allocation determinations shall document these determinations and shall direct any questions they may have relating to the Allocation Procedures and the allocation of any particular investment opportunity to the relevant Adviser IC, the Advisers' Allocation Committee or a member of any of such committees.

On at least a quarterly basis, the Advisers' Allocation Committee reviews the allocation process. The Advisers and the Advisers' Allocation Committee may revise the Allocation Procedures from time to time in their sole discretion and in accordance with applicable law.

**8 Exceptions**

A portfolio manager may, under extraordinary circumstances, recommend that an exception be made from the Allocation Procedures in connection with the allocation of Eligible Loans or Related Equity among Clients, provided that any such exception is consistent with the goal of fair and equitable treatment over time. Any such exception shall be subject to the approval of the applicable Adviser IC and the Advisers' Chief Compliance Officer, and the reasons for making the exception shall be documented and such records retained in accordance with Section 9 (Records).

**9 Records**

The Advisers will make and retain appropriate, contemporaneous records with respect to allocations.

Adopted: July 2017

Revised: February 2019

Revised: November 2020

Revised: January 2022

Revised: May 2023

Revised: January 2024

**<u>Antares Capital Advisers LLC</u>**

**<u>Antares Capital Credit Advisers LLC</u>**

**<u>and</u>**

**<u>Antares Liquid Credit Strategies LLC</u>**

**<u>Liquid Credit Allocation Policies and Procedures</u>**

**1 Purpose**

Antares Capital Advisers LLC ("<u>ACA</u>"), Antares Capital Credit Advisers LLC ("<u>ACCA</u>") and Antares Liquid Credit Strategies LLC ("<u>ALCS</u>" and, together with "<u>ACA</u>" and "<u>ACCA</u>", the "<u>Advisers</u>") have adopted these Liquid Credit Allocation Policies and Procedures (the " <u>Liquid Credit Procedures</u>"), as a Supplement to the Advisers' existing Allocation Policies and Procedures (the " <u>Procedures</u>" and, together with these Liquid Credit Procedures, the "<u>Allocation Procedures</u>").<sup>1</sup> These Liquid Credit Procedures govern the allocation of certain investment opportunities<sup>2</sup> in broadly syndicated loans ("<u>BSLs</u>") and high yield bonds (together with BSLs, "<u>Liquid Credit Investments</u>")<sup>3</sup> other than BSLs where (i) Antares (a) is a signatory to the original credit agreement and/or (b) holds an agent or other title in connection with the loan (*e.g*., Admin Agent, Underwriter, Placement Agent or other Agent) and (ii) the loan has been outstanding for fewer than 61 days, unless the loan is acquired (or to be acquired) from a third-party, unaffiliated seller at arm's length ("<u>Newly Issued Antares BSLs</u>").

---

| | |
|:---|:---|
| <sup>1</sup> | Capitalized terms used but not defined herein have the meanings set forth in the Procedures. |
| <sup>2</sup> | For purposes of these Liquid Credit Procedures, an Adviser makes an allocation when it (i) acts with discretion to cause a party to participate in an investment opportunity or (ii) in the absence of such discretion, offers or recommends an investment opportunity, which may or may not be accepted by the applicable party. |
| <sup>3</sup> | The Liquid Credit Investment Committee ("<u>LCIC</u>") is responsible for determining, in its reasonable discretion, whether a particular loan is a BSL and is subject to these Liquid Credit Procedures. The Advisers intend that loans that will be covered by these Liquid Credit Procedures will generally include those loans (other than "Newly Issued Antares BSLs") that would be recognized by market participants as BSLs in that such loan is structured, arranged or administered by one or several commercial or investment banks or private debt issuers, is syndicated across a group and exhibits one or more of the following characteristics: (i) structured and syndicated to accommodate common syndicated lender constituencies such as banks and institutional investors (*e.g*., CLOs, investment companies, insurance companies, private funds and pensions); (ii) generally held by a relatively larger group of participants; (iii) relatively liquid and readily tradable; and/or (iv) rated by two or more credit rating agencies. |
| <sup>4</sup> | Because Newly Issued Antares BSLs are not "Relevant Instruments" for purposes of these Liquid Credit Procedures, if a held for sale amount is requested by the LCIC of a Newly Issued Antares BSL, such amount (if available) shall be allocated as "Held for Sale for Asset Management", as set forth in the Procedures. Any such held for sale amounts acquired for ALCS Clients will be allocated among such ALCS Clients in accordance with these Liquid Credit Procedures. |
| <sup>5</sup> | The LCIC is responsible for LC Accounts contractually managed by ALCS, the ACA Investment Committee (the "<u>ACAIC</u>") and each of the ACAIC and the LCIC is responsible for LC Accounts contractually managed by the ACA and the ACCA |
|  | Investment Committee (the "<u>ACCAIC</u>") and the ACCAIC is responsible for LC Accounts contractually managed by the ACCA. Each of the LCIC, ACAIC and ACCAIC is an "<u>Adviser IC</u>". The Antares Holdings Credit Committee (the "<u>AHCC</u>") is responsible for approving investments by the Antares Balance Sheet, including any amount that is "held for sale"; *provided that*, for avoidance of doubt, the relevant Adviser IC, and not the AHCC, is responsible for approving the acquisition of an investment from the Balance Sheet by one or more Balance Sheet Clients and for allocating such investments between or among Balance Sheet Clients. Each of the Adviser ICs may, in its discretion, delegate authority to an Adviser, if such delegation is consistent with applicable laws, rules, regulations and contractual agreements. |

---

Liquid Credit Investments (other than Newly Issued Antares BSLs) held or to be held by "LC Accounts" (each a "<u>Relevant Instrument</u>")<sup>4</sup> and which have been approved or recommended, if and as required, by the relevant investment committee,<sup>5</sup> shall be allocated pursuant to these Liquid Credit Procedures among:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Clients,
 including Balance Sheet Clients, contractually advised by ALCS (collectively " <u>ALCS Clients</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Clients,
 including Balance Sheet Clients, contractually advised by ACA for which Liquid

Credit investments are within the expected portfolio profile ("<u>ACA LC Clients</u>");

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Clients,
 including Balance Sheet Clients, contractually advised by ACCA for which Liquid<br>
 Credit Investments are within the expected portfolio profile (" <u>ACCA LC Clients</u> "
 and, together with ALCS Clients and ACA LC Clients, " <u>LC Clients</u> ");<sup>6</sup>
 and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) where
 relevant, proprietary capital of Antares Group other than as held through Balance Sheet Clients
 (" <u>Non-Client Balance Sheet Capital</u> " and together with LC Clients, the
 " <u>LC Accounts</u> "),

with the intent to: (i) seek allocations of Relevant Instruments to LC Clients that are consistent with the LC Clients' expected portfolio profiles; and (ii) generally, through the process described below, to promote *pro rata* allocation, generally based on the LC Accounts respective Indications of Interest (as contemplated by, and determined in a manner consistent with, the Procedures), where applicable, of any Relevant Instrument for which there is limited availability among LC Accounts.

**2 Statement of Policy**

Investment advisers are fiduciaries with a duty to act in the best interests of their clients in light of their circumstances and to treat clients fairly and equitably over time in the allocation of investment opportunities. By maintaining the Allocation Procedures, and disclosing their practices to Clients, the Advisers seek to fulfill their fiduciary duty to act in the best interests of their Clients in light of the relevant contractual arrangements with, and expectations of, such Clients. To effectuate these Liquid Credit Procedures, the Advisers make allocation decisions as to Relevant Instruments, based on each LC Client's circumstances, including among others: (i) each LC Client's investment objectives, restrictions, expected portfolio profile and agreements with the relevant Adviser; (ii) the amount of capital each LC Client has available to invest (including, without limitation, capital available under related leverage facilities); and (iii) whether the LC Client is subject to legal, tax, regulatory, contractual or other considerations that impact when the LC Client may acquire its interest in the Relevant Instrument.<sup>7</sup>

**3 Scope**

As these Liquid Credit Procedures address only the acquisition and sale of Relevant Instruments through certain specific transactions of the types described in Section 4, below, the allocation of investments or transactions not addressed herein, including any transactions involving Newly Issued Antares BSLs, are allocated in accordance with the Procedures.

<sup>6</sup> The Advisers recognize that a Client may choose to have investment criteria that permit a broader range of investments than the Client desires to target in the ordinary course in order to provide flexibility to respond to changing market circumstances. Absent changing market circumstances, each Adviser generally seeks to allocate investments to Clients based on its reasonable belief regarding the types of investments that it understands the Client wishes to invest in in the ordinary course (the Client's "<u>expected portfolio profile</u>"), regardless of whether set forth in an agreement or investment policy statement or otherwise communicated to the Advisers.

<sup>7</sup> The factors that the Advisers consider in making determinations under these Procedures are described in greater detail in Section 5 (Allocation Considerations). The Advisers can deviate from the specific principles set forth in these Procedures if the Advisers determine in good faith that doing so is appropriate at the time of the allocation and is consistent with its fiduciary duties.

**4 Relevant Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Acquisitions of Relevant Instruments**

Except with respect to Clients whose investment objectives or guidelines explicitly contemplate Liquid Credit Investments, ACA and ACCA will establish from time to time whether a Client of ACA or ACCA, respectively, wishes to participate in Liquid Credit Investments.<sup>8</sup>

In connection with a primary market transaction in a Relevant Instrument (other than certain Incremental Loans, which are allocated as described in Section 4.2 (Incremental Loans) below, if the amount of interests obtained equals the Aggregate Indicated Interest, the full amount of its Indication of Interest will be offered to: (A) each LC Client for which (i) the Relevant Instrument is within the LC Client's expected portfolio profile and (ii) the Advisers have approved or recommended (as applicable) and submitted an order; and (B) Non-Client Balance Sheet Capital, if approved by AHCC (each such participating LC Account, a "<u>Relevant LC Account</u>"). If the amount of the Relevant Instrument that is obtained is less than the Aggregate Indicated Interests, the interests will generally be allocated *pro rata* among the Relevant LC Accounts, in accordance with their respective Indications of Interest, or otherwise in a manner consistent with Section 5 (Allocation Considerations).

In connection with secondary market acquisitions, Relevant LC Clients (including, for avoidance of doubt, Balance Sheet Clients) will generally acquire such Relevant Instrument at or below a specified price level (the "<u>Client Specified Price</u>") and, to the extent that the Non-Client Balance Sheet Capital contemporaneously desires to acquire a portion of such Relevant Instrument, Antares Group will separately determine a specified price (the "<u>Antares Specified Price</u>") at or below which Non-Client Balance Sheet Capital is willing to acquire the Relevant Instrument (which could be greater or lesser than the Client Specified Price). If an amount of the Relevant Instrument equal to the Aggregate Indicated Interest is acquired from sellers other than members of the Antares Group at or below both the Client Specified Price and the Antares Specified Price, each Relevant LC Account will be offered the full amount of its Indication of Interest. If the amount of the Relevant Instrument that is obtained is less than the Aggregate Indicated Interest, the interests will generally be allocated *pro rata* among the Relevant LC Accounts, in accordance with their respective Indications of Interest, or otherwise in a manner consistent with Section 5 (Allocation Considerations), and the same price will be assigned to all LC Accounts acquiring such interests.<sup>9</sup>

Secondary market acquisitions will be executed in a manner consistent with ACA's Best Execution Policy. However, and notwithstanding the foregoing, Balance Sheet Clients and Non-Client Balance Sheet Capital will not necessarily bear spreads or other transaction fees that are payable to Antares Group ("<u>Antares Trading Fees</u>"), whereas participating LC Clients that are not Balance Sheet Clients will bear Antares Trading Fees.

---

| | |
|:---|:---|
| 8 | A Client is an LC Client, with respect to acquisitions, for so long as such Client continues to be interested in acquiring Relevant Instruments and, with respect to sales, for so long as such Client continues to hold any Relevant Instruments. |
| 9 | If the Relevant Instrument is acquired at a price that is at or below the Client Specified Price but above the Antares Specified Price (or vice versa), the transaction will proceed only with respect to Relevant LC Accounts with a Specified Price at or above the acquisition price. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Incremental Loans** 

At times, an arranger will offer the opportunity to participate in an additional, follow-on financing associated with a Relevant Instrument (the existing Relevant Instrument held by LC Accounts being the "<u>Initial Loan</u>" and such additional, follow-on financing being an "<u>Incremental Loan</u>" for purposes of these Liquid Credit Procedures). In general, the Advisers endeavor to allocate Incremental Loans in a manner that is consistent with the allocation of the Incremental Loan by the arranger. As a result, an Incremental Loan will be allocated in accordance with Section 4.1 if the Incremental Loan is not offered *pro rata* to existing lenders.<sup>10</sup> However, an Incremental Loan will be allocated in accordance with this Section 4.2 if the available amount of the Incremental Loan is first made available by the arranger to existing holders of the Initial Loan substantially *pro rata* based on their pre-existing holdings of the Initial Loan. For such Incremental Loans, the Advisers will determine the amount of the Incremental Loan that each LC Account would receive based on that LC Account's holdings of the Initial Loan, subject to Section 5 (Allocation Considerations) (such amount, the Client's "<u>Protected Allocation</u>") and will allocate such Incremental Loans as follows, subject in each case to the considerations set forth in Section 5 (Allocation Considerations) and the possibility that some or all of an allocation could be declined by an LC Account (which would serve to increase the amount of the Incremental Loan available for allocation to others):

● *First*, the amount of the Incremental Loan up to the sum of Protected Allocations will be allocated *pro rata* among each Relevant LC Account that holds the related Initial Loan, based on such LC Accounts' relative Protected Amounts, until each such LC Account has received (or declined all or a portion of) its Protected Allocation;

● *Second*, any remaining amount of the Incremental Loan will be allocated *pro rata* among all Relevant LC Accounts that did not hold the related Initial Loan, until each such LC Account has received (or declined or all or a portion of) an amount equal to the amount such LC Account would have received if the Incremental Loan were allocated among all LC Accounts without regard to any Protected Allocations; and

● *Third*, any amounts still remaining will be allocated *pro rata* among all Relevant LC Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Sales in the Secondary Market**

Sales in the secondary market will be executed in a manner consistent with ACA's Best Execution Policy and reasonably designed to result in each LC Account's interests in a Relevant Instrument (to the extent such a sale is determined to be appropriate for any LC Client), side-by-side, with each LC Account participating on materially the same terms and conditions, to the extent practicable, provided that the Non-Client Balance Sheet Capital and Balance Sheet Clients will not necessarily bear Antares Trading Fees with respect to its transactions, whereas participating LC Clients that are not Balance Sheet Clients will bear Antares Trading Fees.

The Advisers may sell all or any portion of a Relevant Instrument for one or more LC Clients (including Balance Sheet Clients) while retaining all or any portion of such Relevant Instrument in the portfolio of one or more other LC Clients (including Balance Sheet Clients). Additionally, the Advisers may sell (or retain) all or any portion of a Relevant Instrument for one or more LC Clients even though the Non - Client Balance Sheet Capital may elect not to sell (or retain) all or the same proportion of such Relevant Instrument. Where the full amount of a Relevant Instrument desired to be sold is not able to be sold, each participating LC Account will sell a *pro rata* amount of the Relevant Instrument (and bear Antares Trading Fees, as and to the extent described above), subject to the considerations set forth in Section 5 (Allocation Considerations).

<sup>10</sup> Incremental bond opportunities involving a Relevant Instrument are also allocated in accordance with Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 Principal and Cross Transactions**

In certain cases, where consistent with the Advisers' fiduciary duties and applicable law, a purchase and sale of a Relevant Instrument among LC Accounts could constitute a principal transaction (within the meaning of Section 206(3) of the Investment Advisers Act of 1940 ("<u>Advisers Act</u>")) or a cross transaction. The Advisers will comply with the applicable provisions of the Advisers Act and the Investment Company Act of 1940, each participating LC Account's governing documents and the Advisers' disclosures in connection with any transfer of a Relevant Instrument that constitutes a principal transaction or a cross transaction. In general, principal transaction and cross transaction opportunities will be allocated *pro rata* among Relevant LC Accounts, and otherwise in a manner consistent with Section 5 (Allocation Considerations).

**5 Allocation Considerations**

The Advisers will seek to allocate investment opportunities in Relevant Instruments fairly and equitably over time in accordance with applicable law, relevant contracts, each LC Account's circumstances (including, if relevant, whether the account in question is a Seasoning Account) and, in each case, in a manner that is in the best interests of its LC Clients, consistent with these Liquid Credit Procedures and in accordance with the Advisers' fiduciary duties. As a result, while the Advisers generally seek to take a *pro rata* approach to allocations, in order to promote allocations that are in the best interests of LC Clients over time, the Advisers will consider the factors set forth below (among others) in determining the amount of any Relevant Instrument that is appropriate to be allocated to any particular LC Account in light of the particular opportunity, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the terms
 of each agreement and any contractual and/or legal duties owed to LC Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the relative
 actual or potential exposure of any particular LC Client to the type of investment opportunity
 in terms of its existing investment portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the primary
 investment mandates, investment objectives and expected portfolio profiles of such LC Clients
 (including limitations on, or preferences for, particular tranches);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. cash availability
 of such LC Accounts, taking into account any availability under any financing arrangement
 to the extent established and accessible for each applicable LC Accounts and including circumstances
 where an LC Client is newly formed and/or has experienced significant cash contributions,
 to the extent established and accessible for each such applicable LC Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. suitability,
 instructions from such LC Clients, whether a purchase is being made for a specific LC Client,
 permitted leverage and available financing for the investment opportunity (including, without
 limitation, taking into account the levels/rates that would be required to obtain an appropriate
 return and covenant compliance and the curing of any default or event of default under the
 applicable financing documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. the size,
 liquidity and duration of the investment opportunity and considerations relating to the closing
 or syndication of the related loan or any upsizing or restructuring thereof such as requests,
 rights or requirements of obligors under such related loan and their related private equity
 sponsors or of existing lenders (including third parties) under such related loan in connection
 therewith, to account for evolving circumstances with respect to all participating or potentially
 participating accounts or to accommodate the inclusion of third-party investors in order
 to close or to successfully syndicate the related loan or any upsizing or restructuring
thereof, including all of its related tranches, and any related credit facilities, where the relevant Adviser(s) believe doing so
is necessary or appropriate to promote fair and equitable allocations among LC Clients over time, to help assure the continued availability
of Relevant Instrument and Eligible Loans for, and/or to maintain Antares' ability to source future loans to the benefit of, Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. the seniority
 of the Relevant Instrument and other capital structure criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. tax effects
 or potential effects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. regulatory
 effects or potential effects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. conflicts
 of interests or potential conflicts of interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. the risk
 or investment concentration parameters of such LC Clients (including, without limitation,
 parameters such as geography, industry, issuer, volatility, leverage, liability duration
 or weighted average life, asset class type, or other similar risk metrics);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. whether
 the allocation of the Relevant Instrument would result in a *de minimis* allocation;<sup>11</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. whether
 the investment opportunity is a follow-on investment, including where such opportunity is
 to be funded by existing lenders (including third parties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv. whether
 the LC Client is or is expected to soon be open to redemptions or liquidating; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xv. such other
 criteria as are reasonably related to a reasonable allocation of a particular investment
opportunity to one or more LC Clients (*e.g*., in the case of a client ramp-up period<sup>12</sup> or when incubating a particular
investment strategy or product or, in connection with a client that directly or indirectly finances its assets, compliance with or optimization
of collateral quality tests, portfolio concentration limits, overcollateralization triggers, interest coverage tests or any other test
that diverts cash flow from payment to the equity owners of the related entity).

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| | |
|:---|:---|
| **6** | **Allocation of Investment Related Expenses** |

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Investment related expenses are allocated in accordance with the Advisers' Global Expense Allocation Policy.

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| | |
|:---|:---|
| **7** | **Oversight and Review** |

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Personnel of the Advisers responsible for making allocation determinations shall document these determinations and shall direct any questions they may have relating to these Liquid Credit Procedures and the allocation of any particular investment opportunity to the Adviser ICs, the Advisers' Allocation Committee or a member of any of such committees. On at least a quarterly basis, the Advisers' Allocation Committee reviews the allocations of Relevant Instruments made pursuant to these Liquid Credit Procedures during the preceding quarter, as part of the review described in Section 6 of the Procedures.

<sup>11</sup> To the extent that the Available Amount of a Relevant Instrument is so limited in size that such allocation to all LC Accounts who indicated interest would result in *de minimis* allocations, the Advisers can use alternate means believed to be fair and equitable over time to allocate such opportunity, including random or rotational allocations.

<sup>12</sup> For CLOs this would generally be during the "warehouse period" and the period from pricing to the effective date, as defined in the CLO's Governing Documents. For other types of LC Clients, the ramping period exists when the LC Client has a material amount of uninvested cash contributions (or ability to draw on a sub-line or similar credit facility). In order to assure that such LC Clients can be invested in an efficient manner, the Advisers can apply a multiplier to such LC Clients' indications of interest, or otherwise increase investments to such LC Clients, where deemed appropriate, as set forth in the relevant investment committee charter.

The Advisers and the Advisers' Allocation Committee may revise these Liquid Credit Procedures from time to time in their sole discretion and in accordance with applicable law.

**8 Exceptions**

A portfolio manager may, under extraordinary circumstances, recommend that an exception be made from these Liquid Credit Procedures in connection with the allocation of Relevant Instruments, provided that any such exception is consistent with the goal of fair and equitable treatment over time. Any such exception shall be subject to the approval of the applicable Adviser IC, and the Advisers' Chief Compliance Officer, and the reasons for making the exception shall be documented and such records retained in accordance with Section 8 (Records).

**9 Records**

The Advisers will make and retain appropriate, contemporaneous records with respect to allocations of Relevant Instruments.

Adopted: January 2024

**<u>Appendix F: Investment Valuation</u>**

**<u>Antares Capital Advisers LLC;</u>**

**<u>Antares Capital Credit Advisers LLC; and</u>**

**<u>Antares Liquid Credit Strategies LLC</u>**

**<u>Valuation Policies and Procedures</u>**

**1. Overview**

Antares Capital Advisers LLC ("ACA"), Antares Capital Credit Advisers ("ACCA") and Antares Liquid Credit Strategies LLC ("ALCS" and, together with ACA and ACCA, the "Advisers") have adopted these Valuation Policies and Procedures (the "Procedures") for use in the valuation of assets held by clients of the Advisers including, without limitation, separately managed accounts, funds, CLO issuers, Business Development Companies ("BDCs") and any other clients advised by the Advisers ("Clients").<sup>1</sup> The Advisers may revise these procedures from time to time in their sole discretion and in accordance with applicable law.

Except to the extent that a Client's governing documents require a different valuation policy, process or methodology, the Advisers value each Client's assets ("Assets"),<sup>2</sup> which are frequently illiquid and without a readily ascertainable market value, at fair value, generally in accordance with U.S. generally accepted accounting principles ("GAAP") and as more fully described below.<sup>3</sup> Where an Adviser believes a reliable market price is readily ascertainable for an Asset, the Adviser will value such Asset at such current market price. Assets for which an Adviser believes reliable market prices are not readily ascertainable will be fair valued by the Adviser in good faith and in accordance with Section 3 of these Procedures. Responsibility for valuation rests with the Advisers' Joint Valuation Committee (the "Committee").<sup>4</sup> The Committee may consult with, receive information from, and delegate certain decisions and functions to, other personnel of the Advisers as it determines to be appropriate.

<sup>1</sup> Asset valuations determined pursuant to these Procedures could differ from those performed by an Adviser for other purposes, such as the valuation of assets held on the balance sheets of the Advisers or their affiliates, due to differences in GAAP classification and measurement, including and without limitation as a result of the implementation of the new CECL requirements as of January 2023. In addition, certain other policies and procedures of the Advisers (*e.g*., policies and procedures relating to cross trades) may provide for alternative valuation methods under certain circumstances. In such instances, those valuation procedures would supersede the policies and procedures herein for such purposes.

<sup>2</sup> Clients' assets consist principally of: (1) middle market loans originated by Antares ("Private Credit Loans"); (2) loans that would be recognized by market participants as syndicated loans structured to accommodate common syndicated lender constituencies such as banks and other institutional investors (*e.g.*, collateral loan obligation issuers, investment companies, insurance companies, private funds and pensions ("Syndicated Loans"); (3) high-yield bonds and other liquid credit investments ("High Yield Investments"); and (4) equity interests related to loans in which a Client holds an interest ("Related Equity"). From time to time, a Client could hold other types of Assets.

<sup>3</sup> For the avoidance of doubt, and pursuant to Section 3.E of these Procedures, to the extent a Client's governing documents require a different valuation policy or process, only such Client's Assets shall be so valued and the valuation of that Client's Assets shall not impact (and may differ from) the Committee's valuation of the same or similar Assets held by other Clients.

<sup>4</sup> The Committee operates pursuant to a charter governing the Joint Valuation Committee of the Advisers (the "Charter"), which the Committee may amend from time to time.

**2. GAAP Fair Value Principles**

The Advisers' fair value methodology generally is consistent with the fair value principles established by FASB Accounting Standards Codification (ASC) Topic 820, *Fair Value Measurement* ("ASC Topic 820"). ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three broad levels listed below:

**Level 1 –** quoted prices (unadjusted) in active markets for identical assets or liabilities that an Adviser has the ability to access at the measurement date.

**Level 2 –** inputs other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly or indirectly. Level 2 inputs include: quoted market prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

**Level 3 –** unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

In certain cases, the inputs used to measure fair value may fall into different levels of fair value hierarchy. In such cases, an investment's level is based on the lowest level of input that is significant to the fair value measurement.

Generally, it is expected that Assets held by Clients will be valued quarterly (or more frequently, as deemed necessary or appropriate) using Level 2 and Level 3 inputs.

For Level 2 assets, quarterly back testing will be conducted using broker quotes or independent third-party pricing services to monitor the historical valuations against actual transactions and trading activity to corroborate the Level 2 qualification.

This valuation policy is intended to provide a consistent basis for determining the fair value of the portfolio.

**3.** **Advisers' Fair Value Methodology for Assets.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Private Credit Loans.** As of any date of determination the Committee will determine the fair value of a Private Credit Loan by taking into consideration the following information and inputs to the extent reasonably available to the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. current pricing data, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the price at which the Asset or similar assets are trading in the secondary market within a sufficiently
recent period, such that the price is meaningful in the view of the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the most recent price for the Asset, as published by a third-party pricing service deemed reputable by
the Committee (*e.g*., IHS Markit, Bloomberg, Thomson Reuters or IDC) within a sufficiently recent period, such that the price
is meaningful in the view of the Committee, taking into account, among other factors, the number of market participants whose bid and
ask prices have contributed to that price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. for an Asset closed within the previous 90 days, use of original issue discount ("OID") or
accredited OID, if no material market changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the fair value of an independent third-party valuation firm within 90 days of issuance of the valuation report, to the extent available
and deemed reliable by the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the fair value of such Asset based on a valuation model approved by the
Committee (each a "Valuation Model"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. such other information and considerations that the Committee deems material
to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Syndicated Loans and High Yield Investments.** When necessary<sup>1</sup> and as of any date of determination, the Committee will determine the fair value of a Syndicated Loan or High Yield Investment by taking into consideration the following information and inputs to the extent reasonably available to the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Current pricing data, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the mid-price where pricing is available for the Asset, or similar assets, from a pricing service deemed
reputable by the Committee (*e.g.*, IHS Markit, Bloomberg, Thomson Reuters or IDC) for the relevant trade date, if bid and ask
prices from one or more market participants other than Antares contributed to such pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the average of the mid-points of two or more indicative broker quotes, as obtained by the portfolio management
team, for the Asset, or for similar assets, for the relevant trade date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. for an Asset closed within the previous 90 days, use of original issue discount ("OID") or
accredited OID, if no material market changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the fair value of an independent third-party valuation firm within 90 days of issuance, to the extent
available and deemed reliable by the Committee;

<sup>1</sup> Investments that are valued through a pricing service will not require the Committee approval, unless the Advisers believe it appropriate to override the fair value provided by the pricing service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the fair value of such Asset based on an internally generated Valuation Model approved by the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. in any such valuation, in addition to the foregoing, such other information and considerations that the Committee deems material to
such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Related Equity and Other Assets.** For Related Equity and other Assets not described in Sections 3.A or 3.B, the Committee will determine the fair value of the Asset as of the relevant date of determination by taking into consideration the following information and inputs to the extent reasonably available to the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. current pricing data, which may include the price imputed for the Asset based on the issuance of any new
debt or equity security of the issuer or obligor to a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the fair value of an independent third-party valuation firm within 90 days of issuance of the valuation report, to the extent available
and deemed reliable by the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the fair value of such Asset based on a Valuation Model approved by the Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. such other information and considerations that the Committee deems material to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Third-Party Valuations.** An Adviser may, at its discretion, solicit a fair market valuation from an independent, third-party valuation firm selected by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Client-Mandated Valuation Methodologies**. These Procedures shall not apply to the extent inconsistent with any valuation policies, processes or methodologies required pursuant to a Client's governing documents with respect to such Client's Assets; *provided that,* any value determined in accordance with such Client-mandated valuation methodologies shall apply only to that particular Client and shall not impact the value of the same (or similar) Assets held by other Clients.

 **4. Antares Strategic Credit Fund** ("**A-STAR") and Antares Strategic Credit Fund II ("A-STAR II")** (together, the "**A-STAR BDCs**") The respective board of trustees of each of A-STAR and A-STAR II (in this section, the "Board of Directors") has appointed ACCA as its valuation designee and, in such capacity, ACCA is primarily responsible for the valuation of the A-STAR BDCs' Assets, subject to the oversight of the Board of Directors. As the valuation designee, ACCA values the A-STAR BDCs' Assets according to these Procedures and any supplemental valuation procedures adopted by it and approved by the board of trustees. To the extent there are any conflicts between these Procedures as they apply to A-STAR or A-STAR II and any supplemental valuation procedures or the Investment Company Act of 1940, as amended and the rules thereunder, (the "1940 Act") the supplemental valuation procedures and the 1940 Act supersede these Procedures, with respect to the A- STAR BDCs.

**5. Review of Valuation Methodologies.** The Committee may, in its discretion, request that a third party (which may be an independent public accounting firm or other entity) selected by the Committee, evaluate the reasonableness of the valuation processes employed pursuant to these Procedures.

**6. Committee Meetings and Decisions.** As set forth in the Charter, the Committee shall meet at least quarterly, with such meetings to be either in-person, telephonic, or by electronic communication, such as e-mail. The Committee may delegate certain valuation determinations to the Advisers' personnel and responsibility for valuing certain Assets, in appropriate circumstances, as determined by the Committee. Prior to approval by the Committee (or its delegates) of any Asset valuation (to the extent required), the applicable Adviser will provide the Committee (or its delegates) with such information and reports as it deems appropriate.

**7. Records.** As set forth in the Charter, each Adviser will retain records of such information and reports, as well as any relevant communications by or among the Committee (or its delegates), in connection with valuation determinations with respect to Assets held by that Adviser's Clients as is required by applicable laws, rules or regulations, by agreement with any Client or as otherwise deemed appropriate by such Adviser from time to time. Each Adviser will also retain in its records copies of these Procedures, as required by applicable law.

Adopted: April 2017

Revised: December 2023

Revised: July 2024

**<u>Appendix G: Social Media Policy</u>**

The use of social media and social networking has transformed the way companies conduct their operations. It can be paramount in introducing a company's products, services and brand to a vast and diverse audience and can also be a vital instrument for feedback and communication, as well as being a great way to share your views, build relationships, and learn from others. However, there are risks to both the employee and the company associated with the use of social media and social networking. Depending on their content, social media posts may constitute Advertisements under the Marketing Rule. For example, certain uses of social media, such as "re-tweets" may be construed as testimonials. Accordingly, Antares Capital LP and Antares Holdings LP (collectively, "Antares") have established written guidelines for use of social media/networking in and out of the work environment.

**Personal Use of Social Media & Social Networks**

**Applicable to all Employees:**

Antares does not prohibit employees from posting, in a personal capacity, on public forums such as blogs, social networking or social media ("Social Media Sites") sites like Facebook, Twitter, Instagram, and Snapchat. For a variety of reasons (including, but not limited to, cybersecurity concerns), however, Antares reserves the right to restrict the use of Social Media Sites (other than LinkedIn) on Antares equipment, corporate network and company provided secured Wi-Fi.

Antares also imposes the following restrictions on these types of activities:

● Employees are prohibited from conducting Antares business on any Social Media Site without explicit approval; this includes direct messaging.

● Employees may not present themselves as an Antares spokesperson unless they have explicit permission to do so.

● Employees must not make negative statements about Antares' competitors, past, current or potential clients/customers, suppliers, consultants, or other business partners.

● Employees must treat others with respect and must not use ethnic slurs or engage in any illegal conduct or conduct that would violate Antares policies, including anti-harassment and anti-discrimination policies.

● Employees must never identify an individual as being a client or customer or post any non-public information about a client or customer in a public forum, unless the client or customer has provided prior consent and Antares has authorized such employee to take such action.

● Employees must not disclose proprietary information about Antares, its operations or investment decisions in any public forum (including Social Media Sites) or disclose anything that in any way relates to our business plans, our strategies, or our ongoing activities.

● Employees are prohibited from posting on any Social Media Site any pictures, videos, recordings or other media taken in connection with any Antares-related work activity, including any Antares sanctioned event, industry events or other similar events, other than as set forth below under Authorized Use of Social Media on behalf of Antares.

● Employees must not create an anonymous account, a private account or an account that is not open to the public to create postings that would otherwise be prohibited herein.

● Employees must not wear Antares- or customer-branded attire when posting any pictures, videos, recordings or other media on Social Media Sites, if such posting exhibits illegal activity or reflects negatively on Antares or any of its customers or is not consistent with the Antares brand and its principles.

● Employees who are part of the Asset Management Team or who engage in asset management activities are also subject to SEC rules and regulations under the Investment Advisers Act of 1940, including Rule 206(4)-1 (the "Advertising Rule"), and therefore may be subject to additional limitations as to their activities on Social Media Sites.

*Nothing in these guidelines is intended or should be read to prevent any employee from engaging in conduct protected by state or federal law such as discussing wages, hours, benefits, working conditions or other terms and conditions of employment.*

**For Senior Managing Directors, Managing Directors, and Senior Vice Presidents with Direct Reports Only:**

Due to your position at Antares many people (including customers/clients and potential customers/clients) may perceive your views, even if expressed in your personal capacity, as being reflective as those of Antares. It is expected that you will have a personal and professional social media footprint that reflects and is consistent with the Antares brand and what it stands for. How you conduct yourself in the online social space not only reflects on you – it is a direct reflection upon Antares and its affiliates. As such, in addition to the restrictions and notations contained previously herein, you should also ensure that your personal, as well as any business posts, convey the same positive, optimistic spirit that the company instills in all of its communications. Be respectful of all individuals, races, religions, and cultures and avoid slurs, personal attacks or insults, obscenity, and topics that may be considered objectionable or inflammatory.

The Company reserves the right to audit the social media activities of members of Senior Managing Directors, Managing Directors, and Senior Vice Presidents with direct reports to ensure compliance with this policy.

**Authorized Use of Social Media on behalf of Antares**

The following employees are permitted to act on behalf of Antares within the scope described (if any) with respect to the use of social media and social networking and are each considered an "Approved Person": (i) members of the Communications and Marketing team who are responsible for social media and social networking, (ii) members of the HR team who are responsible for recruiting and using social media for recruiting purposes, including posting for open positions, and (iii) any other employee specifically designated by the CEO for a specific purpose. Even in this capacity, there is a very real risk to Antares' reputation and brand, and information about the Firm that is posted in a public forum might be construed as an advertisement and may be subject to regulations, including the Advertising Rule. As such, when an Approved Person is posting or re-posting in the public domain, whether that is using LinkedIn as a sales medium or posting marketing material on official Antares social media outlets, the following guidelines must be upheld:

● **Follow the Code of Ethics and all other company policies.** All employees are subject to the policies outlined in the Code of Ethics and Compliance Manual as well as all other company policies; this extends to conduct in the online social media/social networking space when acting on behalf of Antares in any capacity.

● **Fully disclose your affiliation with Antares, where applicable.** Antares employees who are authorized to communicate on the company's behalf should disclose their name and their affiliation. It is never acceptable to use aliases or otherwise deceive people. This disclosure is equally important for any vendor, contractor, or third party who is representing Antares online.

● **Comply with all applicable laws.** When engaging in the social media space, you are expected to respect and adhere to all applicable laws and regulations including those concerning Financial Reporting, Insider Trading, Antitrust, Copyright, Anti-Bribery, Data Protection, and Marketing and Advertising Rule under the Investment Advisers Act of 1940.

● **Protect confidential information and adhere to privacy laws.** As noted in the Compliance Manual, it is incumbent on each employee who may receive confidential information to use reasonable efforts to safeguard such information in compliance with all contractual obligations, applicable privacy, and information security laws. This type of information might include social security numbers, income, assets, risk tolerance and transaction history, etc. and should not be disclosed in any public forum, including Social Media Sites.

● **Protect and enhance the Antares brand.** Antares understands that certain employees engage in online social media and social networking activities for legitimate purposes and that these activities may be helpful for their business endeavors. However, as an Antares representative, it is important that your posts convey the same positive, optimistic spirit that the company instills in all of its communications. Be respectful of all individuals, races, religions, and cultures and avoid slurs, personal attacks or insults, obscenity and topics that may be considered objectionable or inflammatory; how you conduct yourself in the online social space not only reflects on you – it is a direct reflection upon Antares and its affiliates.

It is important to note that whether in a business or personal capacity, sound judgment should always be used when posting on public forums or Social Media Sites. An entry posted in the public domain is essentially part of a permanent record, even if you "remove/delete" it or attempt to make it anonymous. It can be retrieved, redistributed, or misinterpreted in a manner not intended by its originator. If ever in doubt, speak with your direct supervisor or member of the Communications and Marketing team for advice and clarification.

**Frequently Asked Questions**

**<u>Can I post my title or general role with Antares on Social Media Sites?</u>**

Yes, general role or title can be shared on Social Media Sites, however, posting other information about the firm on any public forum without explicit approval from the Communications and Marketing team might be construed as an advertisement and may be subject to regulations. However, nothing in these guidelines should be read to prevent any employee from engaging in conduct protected by state or federal law such as discussing wages, hours, benefits, working conditions or other terms and conditions of employment.

**<u>What should I do if I come across a negative or positive post?</u>**

Even if you are not acting in an official capacity for Antares, you are one of our most vital assets for monitoring the social media landscape. If you come across positive or negative remarks about the company or its brands online that you believe are important, please share with the Communications and Marketing, Compliance, or Human Resources teams.

**<u>Can I re-tweet or re-post content from any of Antares' existing social channels?</u>**

Yes. You are free to re-post any online content that already appears on an external Antares digital property, including any job postings from our website, Tweets, and LinkedIn posts, although you should clearly identify yourself as an employee of Antares within the post when re-posting such content. Never re-post any content you view on an internal Antares site. Re-tweets and re-posts of content may constitute testimonials or endorsements under the Marketing Rule and the Advertising and Marketing Policies will apply.

**<u>Can I get in trouble for saying the wrong thing?</u>**

Yes. Antares treats violations of any of our policies and procedures very seriously. Adherence to Antares' policies and procedures is a condition of employment. Therefore, disciplinary action, up to and including termination, may be taken against employees who violate the terms of policies and procedures. You are also legally responsible for your social media postings. And you may be personally liable for postings (or links to other postings) that are considered defamatory, disparaging or threatening, that violate any applicable law, or that disclose confidential or proprietary information.

**<u>Appendix H: Approved Brokers</u>**

Antares Capital LP

Antares Capital Advisers LLC

Antares Capital Credit Advisers LLC

And

Antares Liquid Credit Strategies LLC

Approved Brokers

Effective: July 1, 2019

---

| |
|:---|
| **FINANCIAL FIRM** |
| Alliance Bernstein |
| Ameriprise |
| AXA Advisors |
| Bank of America / US Trust |
| Charles Schwab |
| Citigroup |
| E\*Trade |
| Edward Jones |
| Fidelity |
| Goldman Sachs |
| JP Morgan Chase Wealth Management |
| JP Morgan Private Bank |
| JPMS Heritage Bear Stearns |
| LPL |
| Merrill Lynch |
| Morgan Stanley Smith Barney |
| Northwestern Mutual |
| Raymond James |
| Royal Bank of Canada (RBC) |
| TD Ameritrade |
| UBS |
| USAA |
| Vanguard |
| Wells Fargo / Wachovia |
| Wells Fargo Advisors |

---

**<u>Appendix I: Do's and Don'ts to Consider with the Public and the Press When Marketing the Private Funds</u>**

**<u>Do's And Don'ts To Consider With The Public And The Press When Marketing The Private Funds (or Private Placements Of A Bdc Or Clo)</u>**

● <u>Don't</u> mention any new fund offering or make statements that might be construed as an attempt to market for fund interests.

● <u>Don't</u> assume your comments will be okay if you don't mention a specific fund by name.

● <u>Don't</u> mention specific facts about existing funds that might be of interest to prospective investors, such as investment returns.

● <u>Don't</u> focus on the manager's role as a <u>sponsor</u> of private funds (e.g., track records, historical investment results, etc.).

● <u>Don't</u> assume comments are permitted about a fund that has not yet launched or for which offering materials have not yet been prepared.

● <u>Don't</u> circulate *<u>any</u>* marketing materials (including PPMs, circulars, fund cards, market letters, research reports, form letters, seminar texts and telemarketing scripts, power point presentations, or materials for any other advisory services) without proper internal controls over who is receiving those materials and on what basis.

● <u>Do</u> respond to inquiries about the offering or the fund in the market from the press and others who are not qualified investors with " <u>no comment</u> " and direct the inquiry to Legal.

● <u>Do</u> maintain a contemporaneous record of any meeting, seminar, presentation or inquiry for your protection in the event you are misquoted.

● <u>Do</u> be aware that *<u>the Fund (as issuer) and the relevant Adviser (as sponsor) will have the burden of proving compliance</u>* with the private placement exemptions on which it relies.

● <u>Do</u> limit the persons authorized to talk to the press to a small number of professionals who have been fully briefed by Legal and Compliance.

**<u>Appendix J: Antares Capital Privacy Policy</u>**

**Antares Capital Privacy Policy**

**Last updated: August 10, 2022**

Antares Capital LP, Antares Capital Advisors LLC, and their respective affiliates listed in the "Antares Affiliates" section below, together with any investment fund managed by any of the foregoing (collectively, "Antares", "we", "our", or "us") are committed to respecting and protecting your privacy. This privacy policy (this "Privacy Policy") describes the manner in which we collect, use, maintain, disclose and otherwise process Personal Information (defined below).

This Privacy Policy applies if you provide your contact information to us, and to our ongoing dealings with you as a current, prospective or former client, investor, borrower, vendor, lender or sponsor.

This Privacy Policy forms part of our Terms and Conditions of Use, available at: https://www.antares.com/terms-conditions/. Please read this Privacy Policy carefully so that you understand our privacy practices. By providing Personal Information to us, you agree to be bound and abide by this Privacy Policy and our Terms and Conditions of Use, and you hereby consent to our collection, use, disclosure and other processing of your Personal Information in accordance with this Privacy Policy. If you do not agree with our use of your Personal Information as set forth in this Privacy Policy, you should not provide us with your Personal Information. However, if you do not provide us with certain Personal Information, or if you exercise any rights you may have to prevent us from using such Personal Information, we may not be able to do business with you.

If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with Personal Information about individuals connected to you for any reason in relation to your investment with us, this Privacy Policy is relevant for those individuals and you should provide this Privacy Policy to such individuals or otherwise advise them of its content.

For purposes of this Privacy Policy, the term "Personal Information" has the meaning given to such term (or to terms of similar intent, such as "personal data") under applicable law, as and to the extent applicable to your rights and our obligations with respect to such information, including (as and to the extent applicable): (i) "personal information" as defined under the California Consumer Privacy Act of 2018 (the "CCPA") and the California Privacy Rights Act (the "CPRA"); (ii) "non-public personal information" as defined under the Gramm-Leach-Bliley Act (Public Law 106-102); (iii) "personal data" as defined under the General Data Protection Regulation (EU) 2016/679 (the "GDPR") or the UK General Data Protection Regulation (i.e., the GDPR as implemented into the laws of the United Kingdom (the "UK")) (the "UK GDPR"); and/or (iv) "personal data" as defined under the Data Protection Act (As Revised) of the Cayman Islands (the "DPA"). We do not consider Personal Information to include information that has been aggregated or de-identified such that it does not allow a third party to reasonably identify a specific individual or household.

**1. PERSONAL INFORMATION WE COLLECT**

The Personal Information we collect and otherwise process includes information you voluntarily provide us (or other external sources provide us).

**PERSONAL INFORMATION YOU PROVIDE**

The types of Personal Information we collect and otherwise process about you depends on the product or service you have with us and the nature of our relationship with you. We may collect your Personal Information in various ways, including via email, telephone, videoconference, a Site contact form, as part of a transaction, and through other documents, forms, questionnaires and correspondence (such as your subscription agreement and related documents). Wherever reasonably practicable, we will endeavor to collect information about you from you personally.

We may collect the following categories of Personal Information about you:

● Identifiers (e.g., real name, alias, postal address, email address, social security number, driver's license number, passport number, other government ID, signature, telephone number, and spouse's name) and other contact information;

● Financial information (e.g., tax-related identification numbers, information and codes, wire transfer information, banking details and other account details);

● Protected characteristic information (e.g., age, date of birth, nationality, citizenship, country of residence, gender, race, and other types of such information);

● Commercial information (e.g., assets, income, account numbers, transaction, investment and withdrawal history, net worth, accounts at other institutions, information concerning source of funds and any applicable restrictions on your investment, such as political exposure or sanctions);

● Details of your company's directors, shareholders, secretaries, authorized signatories and other comparable officers and/or beneficiaries, and identification documents;

● Professional or employment-related information (e.g., current or past job history, education, personal references); and/or

● Inferences drawn (e.g., preferences, characteristics, predispositions, behavior, aptitude, and trends) based on other Personal Information, such as assets, investment experience, risk tolerance, investment activity, and transaction history.

Of the above categories of Personal Information that we may collect about you, the following may be considered "sensitive" categories under certain applicable laws: social security number, driver's license number, financial account information, and racial or ethnic origin. This Privacy Policy, and the practices described herein, applies equally to our collection, use, disclosure and other processing of such "sensitive" Personal Information.

It may be necessary or more practicable at times to collect certain of the Personal Information listed above from external sources, such as:

● A financial adviser, lawyer, broker or other professional advisor;

● Authorized representatives, such as executors or administrators;

● Credit check providers;

● Publicly available registries and other publicly available sources; and/or

● Identification verification and other service providers.

In certain circumstances, we may combine Personal Information that you provide to us with Personal

Information that we collect from or about you from such external sources.

**2. HOW WE USE PERSONAL INFORMATION**

We use Personal Information about you, including the "sensitive" categories of Personal Information described above in the section entitled "Personal Information you Provide", for various purposes, including:

● To provide our products and services, including to establish and administer any investment or loan and/or provide general financial advice or information about our products and services;

● To provide the specific services you request, including to manage your investments or loans, administer investment- and lending-related activities, conduct transactions and send you related information, including any confirmations and receipts;

● To fulfill our contractual obligations, including pursuant to your subscription agreement (if applicable);

● To manage and administer customer services, including the administration of your customer account;

● To communicate with you about Antares, including our events, news and information we think will be of interest to you, and for other marketing purposes;

● For insurance purposes, as necessary;

● For our recruitment, when you apply for a position with us;

● To comply with our legal and regulatory obligations, such as to enforce our Terms and Conditions of Use and for financial and credit checks, audit requirements, fraud and crime prevention and detection, record keeping, monitoring and background checks, including to comply with 'know your client,' anti-money laundering and sanctions-related legal and regulatory obligations. This may include automated checks of Personal Information you or your organization provide about your identity against relevant databases, and contacting you to confirm your identity, or making records of our communications with you for compliance purposes;

● For internal administration and analysis and other everyday business purposes;

● To operate, protect the security of and manage access to the Site and our premises, IT and communication systems, online platforms, and other systems;

● To prevent and detect security threats, fraud or other criminal or malicious activities; and/or

● To fulfill any other purposes related and/or ancillary to any of the above, or any other purposes for which your Personal Information was provided to us, consistent with the commitments made in this Privacy Policy.

We do not use or otherwise process your "sensitive" Personal Information other than as described herein.

**3. HOW WE SHARE PERSONAL INFORMATION**

We do not sell, trade, or rent your Personal Information to third parties, or share your Personal Information with third parties for purposes of cross-context behavioral advertising.

We may share your Personal Information with our affiliates in connection with servicing accounts and to otherwise fulfill the purposes described in the section entitled "How We Use Personal Information" above.

We may share your Personal Information with our service providers and other third parties that we partner with to assist us in various functions, including to provide technological support, perform security and anti-fraud services, provide you with our services and products, and provide you with communications and marketing information on our behalf. These service providers and other third parties, which have access to your Personal Information only to perform specific tasks on our behalf and are obligated not to disclose or use your Personal Information for any other purpose, can be classified in the following categories:

● Financial service providers, which we rely on in part to manage your investment or loan and administer investment- and loan-related activities;

● Marketing service providers, which we use to, among other things, send you promotional communications;

● Event planners, which we use to organize and manage events and event-related services, including registering your attendance and the processing of your credit card data with respect to event-related expenses;

● Financing counterparties, in order to assess such counterparties with regulatory checks and sourcing credit for fund-related entities in the course of our transactions and fund life cycles;

● IT service providers, such as our data hosting provider and companies we employ to deliver and facilitate the services needed to support our business relationship with you, manage the Site, provide Site-related services and/or to assist us in analyzing how the Site is used; and

● Other service providers that we may engage to provide services to us or on our behalf, including administrators, accountants, auditors, bankers, prime brokers, insurers, lawyers, AML service providers, placement agents, transfer agents, financial advisors, tax information service providers and other back-office service providers.

We also may share your Personal Information with third parties, including law enforcement, government agencies and regulatory authorities, in order to comply with our legal and regulatory obligations, such as pursuant to a court order, if such disclosure is otherwise necessary in support of any criminal or other legal investigation or proceeding or to relevant tax authorities in response to their request.

In addition, we may share your Personal Information with a third party or its advisors in connection with a potential or actual sale, merger or other disposition of all or part of our business or assets or any other corporate transaction (such as a financing or restructuring) involving such third party.

If you use a financial or other adviser (as indicated on your subscription agreement or subsequently communicated to us), we may also share your Personal Information with such adviser(s).

**4. PERSONAL INFORMATION RETENTION**

We will retain your Personal Information for a period no shorter than as required by our regulatory obligations and applicable law, and no longer than is reasonably necessary for our relevant business purposes in accordance with applicable law. You may be entitled to request further information regarding such retention periods, which you can do by contacting us as described in the "Contact Us" section below.

**5. HOW WE PROTECT YOUR PERSONAL INFORMATION**

We take the protection of your Personal Information very seriously. We seek to use security measures designed to reasonably protect against unauthorized access, alteration, disclosure or destruction of your Personal Information under our control. However, the Internet and the storage and transmission of electronic information is not completely secure or error free. We cannot guarantee that the information stored on our or our service providers' servers or transmitted via email, will be completely safe or secure, and we cannot ensure or warrant the security of any information you provide to us. We do not accept liability for unintentional disclosure. We encourage you to use caution when using the Internet.

By providing Personal Information to us, you agree that we may communicate with you electronically regarding security, privacy, and administrative issues. If we learn of a breach or attempted breach of any of our or our service providers' systems, we may attempt to notify you electronically by sending an email to you. You may have a legal right to receive this notice in writing. If you have any questions or concerns, please contact us as described in the "Contact Us" section below.

**6. CHILDREN AND PRIVACY**

We do not knowingly permit children under age 16 to register and/or to create an account for any content, product, or service. We will not knowingly collect, use, or disclose Personal Information about people under age 16, except as permitted by law. If we learn that we have collected any Personal Information from anyone under age 16, we will promptly take steps to delete such information.

If you believe that we may have collected any Personal Information from an individual under age 16, please contact us as described in the "Contact Us" section below.

**7. CALIFORNIA PRIVACY RIGHTS**

**CCPA/CPRA**

This section supplements the information contained in the rest of this Privacy Policy and describes certain rights California residents have with respect to their Personal Information<sup>(1)</sup> pursuant to the CCPA and the CPRA, as applicable and as described in this section. Please note that the rights under the CCPA and the CPRA do not apply to Personal Information collected, processed, sold or disclosed subject to the Gramm-Leach-Bliley Act (Public Law 106-102), the Fair Credit Reporting Act (12 CFR 1022) and/or the California Financial Information Privacy Act (i.e., when we collect Personal Information to offer you a financial product or service for personal, family, or household purposes).

Under certain circumstances, you may have the following rights in relation to the Personal Information we collect or otherwise process about you:

● To request the deletion of the Personal Information we have collected about you;

● To request additional information about whether and how we have collected, used, disclosed, and sold categories of Personal Information about you, including the specific pieces of Personal Information we have collected about you;

● To request that we correct any inaccurate Personal Information we have collected about you; and

● To opt out of the sale of your Personal Information. Currently, we do not sell your Personal Information.

<sup>(1)</sup> For the purposes of this section, "Personal Information" has the meaning given to the term "personal information" in the CCPA and the CPRA, as applicable.

You also may have the right not to receive discriminatory treatment if you exercise the rights listed above.

If you want to exercise any of these rights, please contact us as described in the "Contact Us" section below.

These rights are not absolute and each is subject to certain exceptions or qualifications. For example, if you are currently an investor in one of our funds and you request that we delete the Personal Information we have collected about you, the CCPA and the CPRA permit us to deny such request and retain your Personal Information to the extent necessary to manage the applicable fund and our business relationship with you in connection with that fund.

When you make a request, we may require that you provide information and follow procedures so that we can verify the request and your jurisdiction before responding to it. The verification steps we take may differ depending on the request you make. We will match the information that you provide in your request to information we already have on file to verify your identity. If we are able to verify your request, we will process your request. If we cannot verify your request, we may ask you for additional information to help us verify your request.

You will be required to submit your first and last name and email address, and may also be asked to provide your telephone number or address, so that we can verify your request. Please provide as much of the requested information as possible to help us verify the request. We will only use the information received to verify the request for the purposes of responding to the request.

The CCPA and the CPRA permit California residents to use an authorized agent to make the above requests. We require your authorized agent to provide us with proof of your written permission (for example, a power of attorney) that shows the authorized agent has the authority to submit a request for you. An authorized agent must follow the process described above to make a request. The authorized agent must also verify his or her own identity. We will confirm the agent's authority with you before responding to the request.

For California residents with disabilities who need to access this Privacy Policy in an alternative format, please contact us as described in the "Contact Us" section below.

**8. EEA AND UK PRIVACY RIGHTS**

This section supplements the information contained in the rest of this Privacy Policy and describes certain rights residents of the EEA and the UK have with respect to their Personal Information<sup>(2)</sup> pursuant to the GDPR and the UK GDPR, as applicable and as described in this section. For purposes of the GDPR and the UK GDPR, Antares Capital LP is the controller of such Personal Information.

<sup>(2)</sup> For the purposes of this section, "Personal Information" has the meaning given to the term "personal information" in the GDPR and the UK GDPR, as applicable.

**OUR BASES FOR PROCESSING YOUR PERSONAL INFORMATION**

We may process your Personal Information in connection with any of the purposes set out above on one or more of the following legal bases:

● Because it is necessary for us to do so to perform your instructions or another contract with you or your organization, such as your subscription agreement and/or its constitutional and operational documents;

● To comply with our legal and regulatory obligations (such as compliance with anti-money laundering and FATCA/CRS requirements), as well as to keep records of our compliance processes or tax records;

● To establish, exercise or defend our legal rights for the purposes of legal proceedings;

● Because the processing is necessary for our legitimate interests, provided that those interests are not overridden by your interests or fundamental rights and freedoms; and/or

● Because you have expressly given us your consent to process your Personal Information in that manner.

**INTERNATIONAL TRANSFERS**

Our processing of your Personal Information may involve transferring your Personal Information outside of the EEA or the UK, including to countries (such as the United States) which may not offer the same standard of protection for Personal Information as countries within the EEA or the UK. Whenever we transfer your Personal Information outside of the EEA or the UK to countries that have not been deemed to provide an adequate level of protection for Personal Information by the European Commission and/or the relevant public authority in the UK, as applicable, we seek to ensure a similar degree of protection is afforded to it by, where required by the GDPR or the UK GDPR, using specific contracts approved by the European Commission or the relevant public authority in the UK. You may be entitled, in accordance with the GDPR or the UK GDPR, as applicable, to request further information regarding such safeguards, which you can do by contacting us as described in the "Contact Us" section below.

**YOUR RIGHTS**

Under certain circumstances, you may have the following rights in relation to the Personal Information we collect or otherwise process about you:

● Right of access: You may ask us to confirm whether we are processing your Personal Information and, if so, to provide you with a copy of that Personal Information (along with certain other details);

● Right to rectification: If the Personal Information we collect or otherwise process about you is inaccurate or incomplete, you may ask for rectification or completion;

● Right to erasure: You may ask us to delete your Personal Information in some circumstances, e.g., if we no longer need it or you withdraw your consent (where applicable);

● Right to restrict processing: You may ask us to restrict the processing of your Personal Information in certain circumstances, e.g., if you object to us processing it;

● Right to data portability: You may ask to obtain Personal Information you have provided to us in a structured, commonly used and machine-readable format for reuse under certain circumstances;

● Right to object: You may ask us to stop processing your Personal Information if we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o rely on legitimate interests to process your Personal Information,
except if we can demonstrate compelling legal grounds for the processing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o process your Personal Information for direct marketing purposes.

● Rights in relation to automated decision-making and profiling: You may request not to be subject to a decision when it is based solely on automated processing, including profiling, and it produces a legal effect or similarly significantly affects you unless such profiling in necessary for entering into, or the performance of, a contract between you and us; and

● Right to withdraw consent: If we rely on your consent as legal basis for processing your Personal Information, you may withdraw that consent at any time. This includes, but is not limited, to cases where we use your Personal Information for direct marketing purposes.

You also may be entitled, in accordance with applicable law, to lodge a complaint with a supervisory authority if you consider that our processing of your Personal Information infringes applicable law.

If you want to exercise any of these rights, please contact us as described in the "Contact Us" section below. These rights are not absolute and each is subject to certain exceptions or qualifications. For example, if you wish to withdraw your consent or object to processing, we may need to discuss with you whether our use of your Personal Information needs to continue for other lawful purposes, such as fulfilment of a legal or contractual requirement.

**9. CAYMAN ISLANDS PRIVACY RIGHTS**

Any Cayman Islands investment fund we manage may share your personal information with its service providers, including such investment fund's investment manager, administrator, sub-administrator, custodian, prime broker or others who are located outside the Cayman Islands. It may also be necessary to share your information with the Cayman Islands Monetary Authority or the Cayman Islands Tax Information Authority, which may, in turn, exchange this information with foreign tax authorities, regulatory or law enforcement agencies. Any transfer of your personal data by us, our affiliates or service providers outside the Cayman Islands will be carried out in accordance with the DPA.

You have certain rights under the DPA, including: (i) the right to be informed; (ii) the right of access; (iii) the right to rectification; (iv) the right to stop or restrict processing; (v) the right to stop direct marketing; (vi) rights in relation to automated decision making; (vii) the right to seek compensation; and (viii) the right to complain to the supervisory authority. A complaint in respect of a Cayman Islands investment fund may be lodged with the Office of the Ombudsman in the Cayman Islands. Please use the contact details under Section 11. Contact Us (below) if you wish to exercise these rights.

**10. CHANGES IN OUR PRIVACY POLICY**

We may change this Privacy Policy at any time, and we may provide you with notice of such changes through one or more of our channels. We encourage you to review this Privacy Policy whenever you interact with us to stay informed about our privacy practices.

**11. CONTACT US**

If you have questions about this policy or our processing of the Personal Information we hold about you, you can email <u>privacy@antares.com</u> or call us at 1-844-883-4166. You can also write to 320 S. Canal Street, Ste 4200, Chicago, Illinois 60606, Attention: Compliance.

**ANTARES AFFILIATES**

● Antares Capital LP (New York, NY, United States of America)

● Antares Holdings LP (Toronto, Canada)

● Antares Capital Advisers LLC (Chicago, IL, United States of America)

● Antares Capital Credit Advisers LLC

● Antares Liquid Credit Strategies LLC

**<u>Appendix K: Best Execution</u>**

**<u>Antares Capital Advisers LLC, Antares Liquid Credit Strategies LLC, and Antares Capital Credit Advisers LLC</u>**

**<u>Policy and Procedures for Secondary Market Loan Trades and Seeking Best Execution</u>**

As fiduciaries, Antares Capital Advisers LLC ("<u>ACA</u>"), Antares Liquid Credit Strategies LLC ("<u>ALCS</u>") and Antares Capital Credit Advisers LLC ("<u>ACCA</u>" and, together with ACA and ALCS, the "<u>Advisers</u>" and each an "<u>Adviser</u>") have an obligation to seek "best execution" for client transactions in light of the circumstances present at the time of the transaction. Each of the Advisers seek to execute client transactions in a manner that, based on that Adviser's view of the market for the instruments<sup>1</sup> to be purchased or sold, is reasonably designed to result in the best possible outcome on behalf of participating clients. In seeking best execution, the Advisers consider (to the extent relevant): prevailing market conditions, price, speed of execution, likelihood of execution, liquidity of instrument, speed of settlement, transaction fees, overall service from the counterparty, and other relevant circumstances. When assessing the relative importance of these factors, the Advisers also consider (to the extent relevant): the characteristics of the client and the financial instruments that are the subject of the transaction. Each transaction is unique in its characteristics, not all transactions will be subject to some or all of these conditions and for some transactions, other conditions could apply, and, in each case, the relative importance of factors can vary. The Advisers seek to analyze executions and make decisions in the best interest of clients but will act at the discretion of the Advisers in doing so.

This policy and the procedures set forth below (this "<u>Policy</u>") govern the purchase and sale of instruments in the secondary market.<sup>2</sup>

**The Capital Markets Sales & Trading Desk and the Liquid Credit Desk**

There are two desks through which the Advisers can trade: the "<u>Capital Markets Sales & Trading Desk</u>" through which it executes transactions in instruments (*e.g.*, rated and non-rated first lien revolvers, term loans, CLO tranches, second lien term loans/mezzanine/preferred/subordinated debt, other junior capital solutions and equity) for its own account, for clients and for third parties (where Antares is named lead arranger or joint lead arranger or lead agent or administrative agent on a loan syndication), and the "<u>Liquid Credit Desk</u>" through which it executes transactions in instruments (*e.g.*, equity, investment grade bonds, CLO tranches, other securities) for its clients managed by ALCS. The Capital Markets Sales & Trading Desk both makes a market in loans and executes trades on behalf of Antares, while the Liquid Credit Desk executes trades only on behalf of strategies managed by ALCS. Purchasing or disposing of instruments in the secondary market can include, at times, the two desks acting as counterparties where they will trade as third parties.

The Advisers expect that these two desks will be particularly knowledgeable about the relevant markets for these instruments.<sup>3</sup> In light of the desks' respective knowledge of the markets, their efficiency, and their ability to provide favorable execution, the Advisers believe that their desk can provide favorable execution and the Advisers expect to trade through their relevant desk with limited exceptions.

<sup>1</sup> For purposes of this policy, instruments include, but are not limited to, loans (high yield bonds or related equity and other relevant investments). Related equity, for all purposes under these procedures, is equity offered in connection with the restructuring or workout of loans.

<sup>2</sup> In the rare event that any Adviser was called upon to dispose of an equity security on behalf of any client, it would seek best execution where it has discretion to choose an intermediary in such transaction.

<sup>3</sup> As there is no public secondary market for some of these traded instruments, which are less liquid than instruments traded on public bond or equity markets, effective trading requires knowledge of others who are current or prospective holders of loans to be purchased or sold – which generally can be obtained through the loan agent or others involved in the issuance.

**Execution Process**

Secondary transactions can arise in a variety of circumstances. Once an Adviser has identified an instrument to be purchased or sold on the secondary market, it communicates relevant transaction information, including the amount of the identified instrument it desires to purchase or sell, and the maximum price it is willing to pay or the minimum price it is willing to accept, as applicable, to the relevant desk. The desk then determines the availability and pricing for the instrument in the secondary market and presents available terms to the Adviser, who determines whether to proceed.<sup>4</sup>

As relevant, the desks will aggregate any orders for respective clients and seek to execute the transaction at the "<u>Prevailing Market Rate</u><sup>5</sup>." If the Prevailing Market Rate is more favorable than what was approved, clients will benefit from the improved pricing. If the Prevailing Market Rate is less favorable than what was approved, the desk will not enter into the transaction on behalf of relevant clients.

Each client who has met the minimum allocation amount will then be allocated its share of the transaction *pro rata* at the same blended price: (i) for private credit transactions, during the period between execution and settlement, if several transactions occurred at varying prices; or (ii) for liquid credit transactions, as of the trade date. There are no commissions however, the desks may benefit from a bid/ask spread (which is part of the Prevailing Market Rate**)**.<sup>6</sup> If the desired aggregate transaction amount is not fully filled, then the amount acquired (or sold) will be apportioned in accordance with the Advisers relevant allocation processes (as described in the Allocation Policy).

**Soft Dollars**

The Advisers do not currently expect to effectuate transactions or engage in arrangements pursuant to the "soft dollar safe harbor" under Section 28(e) of the Exchange Act with respect to the transactions covered by this Policy; however, Advisers can receive research and information from Antares or other intermediaries in connection with the Advisers' investment and trading activities on behalf of clients.

**Disclosure, Oversight, and Review**

Advisers will disclose material information about their trading practices as required in Form ADV.

The ACA Investment Committee ("<u>ACA-IC</u>"), the Liquid Credit Investment Committee ("<u>LC-IC</u>") and Antares Capital Credit Adviser Investment Committee ("<u>ACCA-IC</u>") are primarily responsible for overseeing matters that arise under this Policy. The Advisers' personnel responsible for making trading determinations should direct any relevant questions regarding this Policy or the execution of any particular transaction to the ACA-IC, LC-IC, and ACCA-IC or to the relevant member thereof as appropriate.

<sup>4</sup> For any transactions that are executed through the desks on a principal basis, Section 206(3) of the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>") requires approval of the clients prior to settlement.

<sup>5</sup> Prevailing Market Rate means the purchase price plus (or the sales proceeds) minus any transaction fees paid to the Capital Markets Sales & Trading Desk and/or a third party. Here, the Capital Markets Sales & Trading Desk can earn a bid/ask spread, a type of transaction fee, generally not to exceed 100 basis points.

<sup>6</sup> To the extent that the Capital Markets Sales & Trading Desk executes through or with an intermediary, any spread to that intermediary would also be included in the Prevailing Market Rate, considered by ACA or ACCA prior to entering into the transaction, and shared ratably among participating clients.

Transactions covered by this Policy will be reviewed by Compliance on a periodic basis, the frequency and amount of which may be adjusted as needed.

The Advisers may revise this Policy from time to time as a result of these reviews or as they otherwise deem necessary or appropriate in their sole discretion.

**Records**

Consistent with Rule 204-2 under the Advisers Act, the Advisers will make and retain contemporaneous records with respect to transactions subject to this Policy and any amendments hereto.

Adopted: April 2021

Updated: June 2024

Updated: November 2024

**<u>Appendix L: Custody Control Matrix</u>**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Business Area** | &nbsp;&nbsp;**2023 Control Activity** |
| &nbsp;&nbsp;Investment Transactions | &nbsp;&nbsp;As needed for new loans, upon receipt of approvals via BMS approval workflow, the executed credit agreements, BMS Allocations Report, and other executed deal documents, a Loan Operations analyst inputs loan details in Loan IQ based on the authorized source documentation. The Team Lead or above (AVP, VP or SVP) on the Loan Operations team reviews and approves the loan details by comparing the Loan IQ fields to the deal documents and evidences their review via sign off in Loan IQ. Additionally, a secondary review is performed by the Genpact Team to confirm the setup of new deals/investments in Loan IQ was accurate based on supporting documentation. Discrepancies, if any, are communicated to the onshore Loan Operations Team via the exception tracker for research and resolution prior to closing. |
| &nbsp;&nbsp;Investment Transactions | &nbsp;&nbsp;As needed for loan amendments or modifications, upon receipt of the executed legal agreements (e.g., amended credit agreement) and approval from authorized personnel, through BMS approval workflow, a Loan Operations analyst inputs loan details per the Amendment Credit Agreement and other deal modifications in Loan IQ, as applicable. The Team Lead or above (AVP, VP or SVP) on the Loan Operations team reviews the loan details by comparing the Loan IQ fields to the deal documents and evidences their review via sign off in Loan IQ. Additionally, a secondary review is performed by the Genpact Team to confirm the amendments to existing deals in Loan IQ were accurate based on the supporting documentation. Discrepancies, if any, are communicated to the onshore Loan Operations Team via the exception tracker for research and resolution prior to closing the exception. |
| &nbsp;&nbsp;Client Transactions/Money Movement | &nbsp;&nbsp; As needed, the Deal/Allocation Team requests written approval from the client or authorized third-party for participation in a new loan investment. Upon receipt of the Allocation summary and approvals via the BMS approval workflow, the Operations Analyst completes a Funding Memo detailing the participating program / accounts for each deal/investment.<br>For post close settlements, the funding memo is sent to the Investment Execution Team, Program Managers and Asset Management for further review and confirmation once notified of deal closing. Prior to settlement of the new loan investment, the Operations Analyst verifies and saves client assignment agreement or third-party approval.<br>On settlement day, the Operations Analyst verifies that the incoming cash/funding are received and reconciles to the allocation summary, funding memo, classified correctly in Loan IQ, and mapped to the proper fund/account via branch codes by reviewing GTreasury. LoanIQ transactions are prepared by the Operations Analyst and approved by Team Lead, SVP, AVP or VP of Middle Office for settlement in Loan IQ prior to release in GTreasury. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Business Area** | &nbsp;&nbsp;**2023 Control Activity** |
| &nbsp;&nbsp;Client Transactions/Money Movement | &nbsp;&nbsp;Loan IQ automatically calculates expected wire payments, including those for interest, principal and fees, at the fund level based on the allocation input in Loan IQ. Operations Analysts use these calculations to match and book incoming wires. |
| &nbsp;&nbsp;Client Transactions/Money Movement | &nbsp;&nbsp;As needed, the Operations Analyst verifies that principal, interest, and fees received from borrowers are classified correctly in, and reconcile to Loan IQ based on the latest invoice, amortization schedule, etc., if applicable. The Operations analyst confirms that the principal, interest, and fees received from borrowers are accurately and timely mapped to the proper fund/account via branch codes through review of the GTreasury and branch code listings. The Operations Manager (AVP) or Team lead reviews the transaction and provides approval to the Operations Analyst to release the transaction in Loan IQ. Discrepancies if any are researched and resolved by the Operations group. |
| &nbsp;&nbsp;Reconciliation | &nbsp;&nbsp;On a monthly basis, cash reconciliations between the bank statements and the data fed into D365 General Ledger for transactions originating in LIQ are prepared by Finance contractors for the Antares Agency Accounts. These are monitored and reviewed by a GL Senior Analyst (Finance) and all variances are researched and resolved in a timely manner. Manual journals are prepared by GL Analysts as needed to record any cash reconciliation items for all Antares agency accounts. All manual journal entries booked in D365 are approved by a Controller (generally the GL Controller). All support files are saved on SharePoint and the Finance team signs off in OneStream at month end once all journal entries and reconciliations are complete. |

---

**<u>Appendix M: BDC Policies and Procedures</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Introduction</u> 

ACCA serves as an adviser to Antares Strategic Credit Fund, Antares Strategic Credit Fund II and Antares Private Credit Fund (the "<u>BDCs</u>"), closed-end investment companies that have each elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"). The policies below are designed to supplement the Manual, and are intended to meet the requirement of Rule 38a-1 under the 1940 Act as applicable to the Advisers, and should be read in conjunction with the BDC Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>BDC Investment Policies and Restrictions</u> 

ACCA, as investment adviser to the BDCs, will monitor the investment restrictions and policies that apply to a business development company to ensure compliance with the requirements of the 1940 Act, with the disclosures in each BDC's registration statement, offering documents, and other public filings.

These Investment Restrictions are discussed in detail in Section II (BDC Investment Policies and Restrictions) in the BDC Manual. ACCA will ensure compliance with these restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Advisory Agreements with BDCs – Additional Requirements</u> 

Under Section 15 of the 1940 Act, the relationship between a regulated investment company, including a business development company,<sup>76</sup> and its investment adviser must be governed by a written contract approved by the vote of a majority of the company's outstanding voting securities (as defined in Section of 2(a)(42) of the 1940 Act). Section 15 also sets forth certain provisions that must be included in investment company advisory contracts. The contract may continue in effect for a period of more than two years from the date of its execution only so long as the contract is approved at least annually by the investment company's board of trustees or by shareholders.

A BDC's advisory contract can be entered into or renewed only if approved by a majority of the investment company's board of trustees as well as by a majority of trustees who are not parties to the contract or "interested persons" of a party (as defined in Section 2(a)(19) of the 1940 Act), at an in-person meeting of the board called for the purpose of voting on such approval. It is the duty of the trustees to request and evaluate, and the duty of the adviser to furnish such information as may reasonably be necessary to evaluate the terms of the contract.

Every advisory agreement with a BDC client must provide that the investment adviser may not assign the agreement without the client's consent, which, depending on the circumstances, may be obtained by negative consent (depending on the contractual language).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Custody and BDCs – Separate Requirements.</u> 

Under Rule 206(4)-2(b)(5), investment advisers are not required to comply with the Custody Rule "with respect to the account of an investment company registered under the Investment Company Act." Instead, like other investment companies, BDCs must comply with the strict requirements of section 17(f) of the 1940 Act and the custody rules adopted under that section.

Pursuant to the exception to the Custody Rule for investment company advisers under Rule 206(4)-2(b)(5), the Firm is not subject to the Custody Rule in connection with the investments of the BDCs that must comply with the strict requirements of section 17(f) of the 1940 Act and the custody rules adopted under that section. Therefore, with respect to the BDCs, it is the Firm's and ACCA's policy to comply with section 17(f) of the 1940 Act and the custody rules adopted under that section, and not the Custody Rule.

<sup>76</sup> Section 15 of the 1940 Act is made applicable to BDCs by Section 59 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Co-Investment Exemptive Order, Order Aggregation and Allocation, and Transaction with Affiliates</u>.

Pursuant to Section 57 of the 1940 Act ("<u>Section 57</u>"), transactions involving a BDC and its investment adviser and certain affiliated persons are generally prohibited, absent an SEC exemptive order, and transactions with certain more remote affiliates of a BDC require approval by such BDC's board of trustees.

<u>Transactions with BDC affiliates</u>. In general, Section 57 limits the ability of certain persons related to a business development company, including its investment adviser, from purchasing or selling securities or other property from, or selling such items to, that business development company, or from entering into an arrangement or joint enterprise in which the affiliate, the business development company and a third party are involved.

<u>Exemptive Order.</u> The Advisers, Antares Private Credit Fund ("**A-BDC**") and A-STAR have received a co-investment exemptive order ("the "Exemptive Order") that allows each of A-BDC and A-STAR to enter into certain co-investment transactions with other affiliates, including the private funds and certain proprietary accounts of the Firm, subject to certain conditions described more fully in the respective Exemptive Order<sup>77</sup>. The Advisers have adopted and will comply with the BDCs' 57(h) Procedures and Affiliated Transaction Policy attached as Appendix A to the BDC Manual, which contains policies and procedures designed to ensure compliance with the exemptive order.

Where publicly traded securities are involved, ordinarily, orders for the BDCs and their affiliates may be aggregated without seeking SEC relief.<sup>78</sup>

<u>Transactions in which Affiliates Act as Agent: Section 57(k).</u> Section 57(k) of the 1940 Act restricts the ability of certain individuals affiliated with a business development company from accepting brokerage commissions. In particular, Section 57(k) prohibits any such person, acting as an agent, from accepting from any source any compensation (other than regular salary or wages from the BDC) for the purchase or sale of any property to or for such BDC or any controlled company of the BDC, except in the course of such person's business as an underwriter or broker or any such person, acting as a broker in connection with the sale of securities to or by the BDC or any controlled company of the BDC, to receive from any source a commission, fee, or other remuneration for effecting such transaction which exceeds any of the following: (1) the usual and customary broker's commission if the sale is effected on a securities exchange; (2) two percent (2%) of the sales price if the sale is effected in connection with a secondary distribution of such securities; or (3) one percent (1%) of the purchase or sale price of such securities if the sale is otherwise effected.

The Firm does not generally engage in market transactions and currently has no affiliated persons that would act as a broker-dealer in connection with the sale of securities to or by the BDC clients (other than the initial issuance of securities to investors). The above requirement would also apply, however, to the extent an adviser seeks to be compensated as a "finder" of any originating transaction.

To the extent Antares becomes affiliated with a broker-dealer that would perform such services, it will develop and implement policies and procedures to ensure compliance with the requirements of Section 57(k) with respect to any BDC, as well as the applicable rules promulgated thereunder.

To the extent Antares becomes affiliated with an entity that would act as a broker-dealer in connection with the sale of securities to or by the BDCs (other than the initial issuance of securities to investors), it will develop policies and procedures regarding the use of such affiliated broker-dealers to ensure compliance with all applicable SEC requirements and legal counsel shall approve such policies and procedures prior to their implementation.

<sup>77</sup> The conditions of the A-BDC exemptive order can be found at https://www.sec.gov/Archives/edgar/data/1976336/000110465925046841/tm2512194d1_40app.htm. The conditions of the A-STAR exemptive order can be found at https://www.sec.gov/Archives/edgar/data/1993402/000110465923100348/tm2325799d1_40appa.htm.

<sup>78</sup> *See* SMC Capital, Inc. (Pub. Avail. Sept. 5, 1995).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>BDC Books and Records Requirements</u> 

Rule 31a-1 under the 1940 Act sets forth the records that each investment company, as well as every underwriter and investment adviser, must maintain, along with the manner in which such records should be maintained and kept current. Pursuant to Section 64(a) of the 1940 Act, the record retention requirements set forth in Section 31 of the 1940 Act, and the rules promulgated thereunder, are expressly applicable to the BDCs. In addition, Rule 38a-1 implements additional record retention requirements that apply to the BDCs.

ACCA, as the investment adviser to the BDCs, must ensure compliance with the applicable record storage and retention set forth in Section 31 of the 1940 Act, as well as the applicable rules thereunder, along with the additional requirements imposed by Rule 38a-1. Antares will take all necessary steps to comply with the requirements set forth in the BDC Manual under Section XIV (Books and Records), including the policies and procedures set forth therein.

**<u>Appendix N: Liquid Credit ("LC") Material Non-Public Information ("MNPI") Control and Monitoring</u>**

<u>Purpose</u>

The purpose of the LC Information Barrier and MNPI procedure is to describe the process utilized by the Compliance Team and LC Team, including LC's secondary trading desk, to manage the acceptance, control, and maintenance of private information, MNPI and material non-syndicate information ("MNSI") with respect to LC transactions.

Information is considered private if it is not available to the general public but may be available to other syndicate members.

Whether information is MNPI is based on the particular facts and circumstances. In general, Antares considers information to be MNPI if: 1) a reasonable investor would view that information as important in making an investment decision to buy or sell the security or, if released, that information would affect the price of the security and 2) the information has not been widely disseminated to investors generally, for example through a public filing with a government regulator or a public announcement/press release through a major news outlet – even if such information has been provided to any, some or all syndicate members.

Similarly, Antares generally considers information to be MNSI if: 1) a reasonable investor would view that information as important in making an investment decision to buy or sell the security or, if released, that information would affect the price of the security and if 2) the information has not been made available to all members of the syndicate. MNSI might include, for example, information provided privately by a borrower to an agent or to a limited number of syndicate members or information made available to a steering committee or certain creditors during the course of a restructuring.

<u>Scope</u>

This procedure is designed to provide guidance and an overall framework to support the control and maintenance of private information, MNPI and MNSI as it is received in the LC trading and portfolio management process. Please note that syndicated loans, leverage loans, bank debt, and high yield bonds are all considered as a subset of LC.

<u>Procedure Statement and Requirements</u>

***Information Inflows***

External sources of private information, MNPI and MNSI include data rooms designated as private and typically accessed through FinDox, and deal information obtained from banks and sponsors. In addition, such information may be obtained indirectly from banks and sponsors through internal inquiries from Antares' Originations Team ("Originators"), or MNSI may be obtained from inadvertent sharing of information, including transaction details, by Capital Markets and Credit Teams.

Internal sources of information, such as macro-level or market analyses performed by the Credit Teams or Originators *(also may be referred to as "**Private Credit**" here or elsewhere in relation to our direct lending and private debt business activities*), with respect to industry or sector, are acceptable for LC to receive, provided that such request is maintained within FinDox via and "Information Sharing Request" by the LC Team as part of its research. Prior to sharing any such information, a participating LC Team member will remind the Credit Teams or Originators the following as a disclaimer:

*"The main purpose of the call is to obtain or receive any macro-level or market-wide opinion from the Credit Teams or Originators based on their industry or sector analyses of the Antares' Direct Lending or Private Credit portfolio. Please do not share or discuss any information that is considered MNPI or is borrower specific unless the LC team is also private on the name and the borrower is loan-only."*

Such information sharing will be done with a notice to Compliance on the industry or borrower name and relevant member within Private Credit. Compliance should be included in the meeting invitation unless otherwise advised by Compliance.

With respect to names, borrowers or companies, that overlap between the LC Team's existing or potential future portfolio and Private Credit's existing or future portfolio, the LC Team will inform Compliance to ensure that any review for MNPI or MNSI is considered ahead of sharing any information.

***Information Outflows***

MNPI or MNSI will not be shared by the LC Team with external entities including CPP Investments, Northleaf or others. LC Team can share its market experience or view on a borrower name with a member within Private Credit, if requested by Private Credit.

***Maintenance & Controls***

**FinDox and Restricted Securities**

FinDox is the system through which the LC Team receives research information from third-party data rooms. Data rooms have two types of information access points: public and private. Public access provides information available to the public and is readily available through public information channels. Private access provides information that is not available to the public, is restricted, relates to a private company or a public company (having public equity and or public debt) and may contain MNPI. As a general matter, the LC team looks to maintain public access for companies with public debt. All issuers in which the LC team has obtained private access will be retained in FinDox.

When the LC team obtains private access on a company with public securities through FinDox, Compliance will then add the appropriate restrictions for both employee trading in MyComplianceOffice ("MCO") and firm trading within the LC order management system, LevPro.

Should the LC Team come into possession of information believed to be private information, MNSI or MNPI outside FinDox, either intentionally or inadvertently, the LC Team is responsible for notifying Compliance. Compliance will review on a case-by-case basis and determine if any trading restrictions need to be applied.

The LC Restricted Securities List ("LC RSL") is used by the Compliance Team to monitor and control MNPI and MNSI. Where applicable, the LC RSL is utilized within MCO to prevent employee trading in restricted names and to restrict trading by LC when the LC Team has received information from Private Credit, Capital Markets, or any outside third-party but has declined to transact based on such information. Maintenance of the LC RSL includes regular review by the both the LC Team and the Compliance Team to ascertain when MNPI and MNSI on a particular name becomes stale and can be removed from the LC RSL. Regarding firm level trading by the LC team, restricted securities are monitored and controlled within LevPro to help ensure there is no firm trading on private information or MNPI.

In addition, private information, MNPI and MNSI are managed via employee education and deal team awareness, whereby information flowing from Private Credit and capital markets to LC is generally prohibited from being shared, unless it meets the criteria for LC's participation. LC's participation is based mostly on tranche size (greater than $500MM and rated by two public rating agencies). Other considerations for LC's participation, facilitated and reviewed by Compliance, include but are not limited to: whether the loans or high yield bonds are tradeable or non-tradeable; and whether LC has an existing position in such loans or high yield bonds.

**Information Wall**

An information wall has been established to restrict information coming into the LC Team or being shared with the LC Team. The information wall serves as an information barrier reasonably designed to prevent the LC Team from trading when in position of MNSI or MNPI. The LC Team is separated, "walled-off" from other parts of the business. This includes restrictions on the LC Team's inclusion in certain email distribution groups and certain firm-wide investment meetings that could expose them to Private Credit's deal or transactional information. These restrictions are in place to ensure the LC Team does not have access to and is not exposed to private information from the Private Credit business without the Compliance Team's review and approval.

LC related MNPI going out to Antares or Private Credit is limited in its distribution and reviewed by the Compliance Team in conjunction with the LC Team (e.g., LCIC deal approval process).

**Wall Crossings**

All opportunities must be screened by the Compliance Team in all circumstances. Once approved by the Compliance Team, the information may be shared via the wall crossing process below.

Circumstances may arise when Originations, Capital Markets or Credit Teams want to "cross the wall" to communicate a deal to the LC Team. Wall crossings will be reviewed and tracked through FinDox and approved by the Compliance Team in advance of any communication or information sharing with the LC Team, pursuant to the LC participation considerations. This is facilitated through an email request to the Compliance Team. The Compliance Team will determine whether there is any MNPI or MNSI with respect to the specific deal.

Once a request is received, the Compliance Team will inquire of the LC Team on their interest and participation criteria. If LC Team and Compliance Team decide to proceed, then the Compliance Team will add the deal name to the LC RSL and within LevPro.

The following Wall Crossing process will generally apply with respect to any information shared through a wall crossing request from Private Credit to Liquid Credit:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Credit Teams to engage the capital markets structurer. However,
if deal opportunity does not have a structurer assigned, deal team to go directly to Head of the Capital Markets Desk on the potential
prospect.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Capital markets structurer will then get sign-off from Head
of Capital Markets Desk; <u>and</u> check to see if the borrower name already appears in LC Team's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Capital markets structurer will then notify Compliance of
deal opportunity via email.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Upon notification to Compliance, or inclusion of Compliance
on the call or meeting, the capital markets structurer will pitch opportunity on a no names basis to LC Team; and exclude any MNPI or
MNSI. When writing an email or sending an invitation, Private Credit will input the words "Wall Crossing" in the subject-line
and include Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;(5) LC Team can decide whether it wants to consider the opportunity
by requesting a Redacted Approvals Memo and/or the Redacted Account Summary available on the deal in question.

&nbsp;&nbsp;&nbsp;&nbsp;(6) If requested, LC Team will receive a Redacted Memo and/or
the Redacted Account Summary, via the designated Private Credit liaison, who will provide such redacted information using an agreed upon
template previously approved by Compliance. LC Team will decide on its participation in the opportunity on a deal-by-deal basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Then, LC can determine if it wants to proceed alongside Private
Credit or transact with a third-party in the market. Upon receipt of the redacted information, LC Team will decide within two business
days, or as soon as possible, to prevent any appearance of impropriety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Once the LC Team decides to wall cross, Capital Markets involvement
will not be needed from this point forward.

&nbsp;&nbsp;&nbsp;&nbsp;(7) LC Team will notify the relevant deal team and copy Compliance
on its decision.

&nbsp;&nbsp;&nbsp;&nbsp;(8) If LC determines it would like to move forward, appropriate
trading restrictions will be added.

Note that, depending on Antares' role in the deal (e.g. Left or Right) LC may have to wait 60 days to participate in a deal due to tax guidelines for affiliate loans (e.g. where Antares is JL, ALC must wait 60 days). When the seller is an unaffiliated, third-party, LC may elect to participate in the market after waiting 14 days. Note that in either instance, whether 14 or 60 days, the clock starts from the closing of the loan.

**LC Investment Committee ("LCIC")**

The LCIC is comprised of senior Liquid Credit and other senior investment professionals of the firm, including Private Credit, who may also serve as deal approvers for the Private Credit business through the Antares Capital Advisers LLC – Investment Committee ("ACA-IC"). Overlapping members of the LCIC and ACA-IC may be recused from the LCIC when they are in possession of any MNPI or MNSI. The decision on whether a recusal is warranted is a facts and circumstances analysis depending on factors including but not limited to the instrument being considered (e.g. loan or public security) and the level and nature of the information the team is in possession of. In such conflicted instances the overlapping committee members will step-away from assessing the LC prospective deal; and will be substituted by LCIC's designated members already assigned under the LCIC Charter.

Private Credit members of the LCIC are not able to opine on transactions when Private Credit has MNSI. These situations are identified by the Compliance Team through monitoring through FinDox, LC RSL and the Private Credit Restricted Security List. Conflicts identified by the Compliance Team are communicated to the LC Team so that a LCIC meeting is held that does not include LCIC members (overlapping members) who are not part of the LC Team. When this circumstance arises the LC Team will create a quorum comprised of LC Team members that will evaluate and approve the deal pursuant to the LCIC Charter. This will avoid exposing the LCIC members who are not LC Team members to MNPI or MNSI related to an existing deal; and will prevent Private Credit members of LCIC from potentially voting on a deal while in possession of MNPI or MNSI.

**Third Party Market Participant**

To assist in the control of information, the LC Team should be viewed as a third-party market participant for transactional and deal-making purposes. However, the LC Team may receive the names of all the borrowers or deals currently held by Antares' in the aggregate, without specific fund names or amounts ("Antares Holdings"). The reason for sharing such deal and borrower names is another layer of protection on misuse of MNPI and to alert the LC Team, including any LCIC approvers, that the LC Team should not ask about such names. Also, given that the LC Team must monitor for affiliate loans pursuant to tax obligations of Antares at the enterprise-level, sharing of such names allows the LC Team to exclude such names from its portfolio of loans and high yield bonds.

**Back-up Trader**

The capital markets head-trader is designated as a back-up trader, who can be utilized by the LC Team for coverage during vacations and other specific situations where the LC Trader is not available, or LC deal volume requires additional trading resources. Here, the substitute trader is on the same side of the information wall, on the public-side facing the market as a whole. Such trader will execute for the LC Team on an aggregated basis without making any decisions on names, and at the specific request of the LC Team for a particular date or time-period.

**Reporting**

Standard reports for firm's Executive Committee and ACA-IC reviews that are developed by the LC Team for general business use with Antares or its affiliates need to be first reviewed and approved for use by the Compliance Team.

Adopted: April 2023

Revised: April 2024

**<u>Appendix O: Cross Trade Policy and Procedures</u>**

**<u>Antares Capital Advisers LLC;</u>**

**<u>Antares Capital Credit Advisers LLC; and</u>**

**<u>Antares Liquid Credit Strategies LLC</u>**

**<u>Cross Trade Policies and Procedures</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Overview** 

Antares Capital Advisers LLC ("ACA"), Antares Capital Credit Advisers ("ACCA") and Antares Liquid Credit Strategies LLC ("ALCS" and, together with ACA and ACCA, the "Advisers") have adopted these Cross Trade Policies and Procedures (the "Procedures") for use in the execution of cross trades in accounts of the Advisers including, without limitation, separately managed accounts, funds, CLO issuers, Business Development Companies ("BDCs") and any other clients advised by the Advisers ("Clients"). The Advisers may revise these procedures from time to time in their sole discretion and in accordance with applicable law.

These Procedures are designed to provide guidance surrounding the execution of a cross trade. A cross trade is defined as a purchase and sale of securities or any transfer of assets between two accounts managed by the same Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Cross Trade Principles** 

Except to the extent that a Client's governing documents require a different cross trade policy, cross trades will be conducted on an as needed basis and must be fair and equitable to all client accounts.

Advisers should adhere to the following principles prior to conducting a cross trade:

● Cross trades must be permissible under the applicable governing documents.

● Cross trades are always subject to best execution obligations.

● Cross trades must always be in the clear best interest of all clients involved.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Adviser's Procedures of Cross Trades** 

Advisers must provide and document a written rationale for the cross trade (i.e. to Compliance or within the relevant order management system), which includes but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Rationale for the cross trade from the selling account,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Rationale for the account purchasing the asset, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Documentation of the price.

The Advisers' practices with respect to Cross trades should be disclosed to clients. If client consent is required (e.g. when clients are held or consolidated on the Balance Sheet), Advisers must provide specific disclosure and receive consent to the trade prior to trade settlement. Unless otherwise agreed, specific cross trades (that are not actually principal because of Antares' interest in a participating client) need not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Pricing of Cross Trades** 

The pricing methodology used to conduct cross trades must be received from an independent pricing source (e.g. Markit) using the previous trading day's mid-price. In instances where an independent pricing source is not available, Advisers will cross at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Maintenance & Controls of Cross Trades** 

The following general controls should be applied across the Advisers, as applicable:

● All cross trades must be documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Technology for pricing should be utilized when available
(e.g. compliance rules in Order Management Systems to ensure pricing accuracy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Valuation Committee will review all cross trade prices
on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Business Development Companies** 

For avoidance of doubt, Business Development Companies ("BDCs") are not permitted to execute cross trades.

Adopted: April 2024