Document:

EX-10.4

 Exhibit 10.4 

DISTRIBUTION REINVESTMENT PLAN 

OF 
 MSD Investment Corp.

 Effective as of January 1, 2022 

MSD Investment Corp., a Maryland corporation (the “Company”), hereby adopts the following plan
(the “Plan”) with respect to cash distributions declared by its Board of Directors (the “Board”) on shares of the Company’s common stock, par value $0.01 per share (the “Common
Stock”). 
 1. Unless a stockholder specifically elects to have any portion of its distributions reinvested by
the Company in the Company’s Common Stock pursuant to paragraph 3 below, all distributions hereafter declared by the Board shall be paid in cash to each stockholder, and no action shall be required on such stockholder’s part to receive
such cash. 
 2. Such cash distributions shall be payable on such date or dates (each, a “Payment
Date”) as may be fixed from time to time by the Board to stockholders of record at the close of business on the record date(s) established by the Board for the cash distribution involved. 

3. A stockholder may elect to have any portion of its distributions reinvested. To exercise this option, such stockholder
shall notify the Company and U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services, a Wisconsin limited liability company (referred to as the “Plan Administrator”), in writing (using the form of
notice set forth as an appendix to the Subscription Agreement signed by such stockholder or any other form of notice as distributed to such stockholder by the Company) so that such notice is received by the Plan Administrator no later than ten
(10) days prior to the record date fixed by the Board for the first distribution such stockholder wishes to be reinvested in the Company’s Common Stock. Such election shall remain in effect until the stockholder shall notify the Plan
Administrator in writing of such stockholder’s desire to change its election, which notice shall be delivered to the Plan Administrator no later than ten (10) days prior to the record date fixed by the Board for the first distribution for
which such stockholder wishes its new election to take effect. 
 4. Prior to the initial public offering of the
Company’s Common Stock, the Company intends to use primarily newly issued shares of its Common Stock to implement the Plan. The number of shares of Common Stock to be issued to a stockholder that has elected to have its distributions in
reinvested in accordance with paragraph 3 above (each, a “Participant”) shall be determined by dividing the total dollar amount of the distribution payable to such Participant by the net asset value per share of the
Company’s Common Stock as of the last day of the Company’s fiscal quarter immediately preceding the date such distribution was declared (the “Reference NAV”); provided that in the event a distribution is declared on
the last day of a fiscal quarter, the Reference NAV shall be deemed to be the net asset value per share of the Company’s Common Stock as of such day. 

5. Shares of Common Stock issued pursuant to the Plan in connection with any cash distribution shall be issued to each
Participant (i) in the event that the applicable Reference NAV has been approved by the Company’s Board of Directors (or a committee thereof) prior to the Payment Date of such cash distribution, on the Payment Date or (ii) otherwise,
promptly upon the date such approval has been provided by the Company’s Board of Directors. All shares of Common Stock issued pursuant to the Plan shall be issued in non-certificated form and shall be
credited to such Participant on the books and records of the Company. 
 6. The Plan Administrator will confirm to each
Participant each issuance of shares of Common Stock made to such Participant pursuant to the Plan as soon as practicable following the date of such issuance. 

 7. The Plan Administrator’s service fee, if any, and expenses for administering the
Plan will be paid for by the Company. There will be no brokerage charges or other charges to stockholders who participate in the Plan. 
 8.
The Plan may be terminated by the Company upon notice in writing mailed to each Participant at least thirty (30) days prior to the effectiveness of such termination. 

9. These terms and conditions may be amended or supplemented by the Company at any time. Any such amendment or supplement may include an
appointment by the Plan Administrator in its place and stead of a successor agent under the terms and conditions agreed upon by the Company, with full power and authority to perform all or any of the acts to be performed by the Plan Administrator as
agreed to by the Company. 
 10. The Plan Administrator will at all times act in good faith and use its best efforts within reasonable
limits to ensure its full and timely performance of all services to be performed by it under this Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors. 

11. These terms and conditions shall be governed by the laws of the State of New York, without regard to the conflicts of law principles
thereof, to the extent such principles would require or permit the application of the laws of another jurisdiction. 

  
 2EX-10.5

 Exhibit 10.5 

TRANSFER AGENT SERVICING AGREEMENT 
 THIS
AGREEMENT is made and effective as of January 1, 2022 by and among MSD Investment Corp. a Maryland corporation (the “Fund”) acting on behalf of itself and each SPV listed on Annex I, 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 intends to elect to be regulated as a business development company under the Investment Company Act of 1940, as amended (the “1940 Act” or the “Act”);

 WHEREAS, each SPV listed on Annex I is a wholly owned subsidiary the Fund; 

WHEREAS, the Fund is authorized to offer and sell shares of the Fund’s common stock, par value $0.01 (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 and each SPV listed on Annex I 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: 

 

	 	(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 and other operative documents. 

  

	 	(2)	 Process subscription agreements received from prospective holders of Shares (such holders of Shares,
“Shareholders”). 

	 	(3)	 Process purchase orders with prompt delivery, where appropriate, of payment and supporting documentation to the
Fund’s custodian(s), and issue the appropriate number of uncertificated Shares with such uncertificated Shares being held in the appropriate Shareholder account. 

 

	 	(4)	 Arrange for issuance of Shares obtained through transfers of funds from Shareholders’ accounts at
financial institutions. 

  

	 	(5)	 Process tender offers and related repurchase requests received in good order and, where relevant, deliver
appropriate documentation to the Fund. 

  

	 	(6)	 Pay monies upon receipt from the Fund where relevant, in accordance with the instructions of redeeming
Shareholders. 

  

	 	(7)	 Process transfers of Shares in accordance with the Shareholder’s instructions and as permitted by the
Fund’s registration statement and other operative documents. 

  

	 	(8)	 Prepare and transmit payments for distributions declared by the Fund, after deducting any amount required to be
withheld by any applicable laws, rules and regulations and in accordance with Shareholder instructions. 

  

	 	(9)	 Make changes to Shareholder records, including, but not limited to, address changes. 

 

	 	(10)	 Prepare ad-hoc reports as necessary at prevailing rates. Any such ad-hoc reporting to exceed $500 in cost to be explicitly approved by the Fund. 

  

	 	(11)	 Provide Shareholder account information upon Shareholder or Fund request and prepare and mail confirmations and
statements of account to Shareholders for all purchases, redemptions, and other confirmable transactions as agreed upon with the Fund. 

  

	 	(12)	 Mail account statements and performance reports in a form approved by the Fund to Shareholders on a monthly
basis and shareholder reports on annual basis. 

  

	 	(13)	 Prepare and file U.S. Treasury Department Forms 1099 and other appropriate information required with respect to
dividends, distributions and repurchases for all shareholders. 

  

	 	(14)	 Reimburse the Fund each month for all material losses resulting from “as of” processing errors for
which Fund Services is responsible in accordance with the “as of” processing guidelines set forth on Exhibit A hereto. 

  

	 	(16)	 Answer correspondence from shareholders, securities brokers and others relating to Fund Services duties
hereunder within required time periods established by applicable regulation. 

  

	 	(17)	 Provide service and support to financial intermediaries including but not limited to trade placements,
settlements and corrections. 

  
 2 

	 	(18)	 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. 

 

	 	(19)	 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. 

 

	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 Exhibit B hereto. If a shareholder remains lost and the shareholder’s account unresolved after completion of the mandatory Rule 17Ad-17 search, the Fund hereby
authorizes vendor to enter, at its discretion, into fee sharing arrangements with the lost shareholder (or such lost shareholder’s representative or executor) to conduct a more in-depth search in order to
locate the lost shareholder before the shareholder’s assets escheat to the applicable state. The Fund hereby acknowledges that Fund Services is not a party to these arrangements and does not receive any revenue sharing or other fees relating to
these arrangements. Furthermore, the Fund hereby acknowledges that vendor may receive up to 35% of the lost shareholder’s assets as compensation for its efforts in locating the lost shareholder. Fund Services shall report, or arrange to have
reported, to the Fund shareholder account information where such accounts or funds have been turned over to applicable state authorities. 
  

	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 

  
 3 

 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 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 on the Fund’s behalf, as such may be amended or revised from time to time. It is contemplated that these Procedures will be amended from time to time
by the parties as additional regulations are adopted and/or regulatory guidance is provided relating to the Fund’s anti-money laundering and identity theft responsibilities. 

Fund Services agrees to provide to the Fund: 
  

	 	(a)	 Prompt written notification of any transaction or combination of transactions that Fund Services believes,
based on the Procedures, evidence money laundering, activity that may warrant a suspicious activity report or identity theft activities in connection with the Fund or any shareholder of the Fund; 

 

	 	(b)	 Prompt written notification of any customer(s) that Fund Services reasonably believes, based upon the
Procedures, to be engaged in money laundering, activity that may warrant a suspicious activity report or identity theft activities, provided that the Fund agrees not to communicate this information to such customer; 

 

	 	(c)	 Any reports received by Fund Services from any government agency or applicable industry self-regulatory
organization pertaining to Fund Services anti-money laundering monitoring or the Red Flag Identity Theft Prevention Program on behalf of the Fund; 

  

	 	(d)	 Prompt written notification of any action taken in response to anti-money laundering violations or identity
theft activity as described in (a), (b) or (c); and 

  

	 	(e)	 Certified quarterly reports of its monitoring and customer identification activities on behalf of the Fund,
including an annual certification that Fund Services has applied and followed the Procedures during the relevant reporting period; 

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 it may request, and (ii) permit such federal regulators to inspect Fund Services implementation of the Procedures
on behalf of the Fund. 

  
 4 

	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
Exhibit B hereto (as amended from time to time by consent of both parties to this agreement). Fund Services shall be compensated for such miscellaneous expenses as are reasonably incurred by Fund Services in performing its duties hereunder
and as are described in Exhibit B hereto. Fund Services shall also be compensated for any increases in costs due to the adoption of any new or amended industry, regulatory or other applicable rules. The Fund shall pay all such fees and
reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify Fund Services in writing within 30 calendar days following receipt of each
invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within thirty (30) calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the
Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 11⁄2% per month after the due date. Notwithstanding anything to
the contrary, amounts owed by the Fund to Fund Services shall only be paid out of assets and property of the Fund involved. 
  

	6.	 Representations and Warranties 

 

	 	A.	 The Fund hereby represents and warrants to Fund Services, which representations and warranties shall be deemed
to be continuing throughout the term of this Agreement, that: 

  

	 	(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; 

  

	 	(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 

  

	 	(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. 

  
 5 

	 	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: 

  

	 	(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; 

  

	 	(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; 

  

	 	(3)	 It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract
binding it or affecting its property which would prohibit its execution or performance of this Agreement; and 

  

	 	(4)	 It is a registered transfer agent under the Exchange Act. 

 

	7.	 Standard of Care; Indemnification; Limitation of Liability 

 

	 	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, negligence, or willful misconduct in the
performance of its duties under this Agreement. Notwithstanding any other provision of this Agreement, if Fund Services has exercised reasonable care in the performance of its duties under this Agreement, the Fund shall indemnify and hold harmless
Fund Services from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable and documented attorneys’ fees) that Fund Services may sustain or incur or that may be asserted against
Fund Services by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, (ii) in reliance upon any written or oral instruction provided to Fund
Services by the Fund’s investment adviser or by any duly authorized officer of the Fund, as approved by the Board of Directors, except for any and all claims, demands, 

  
 6 

 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, negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Fund, its successors and
assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term “Fund Services” shall include Fund Services’ directors, officers and employees. 

Fund Services shall indemnify and hold the Fund harmless from and against any and all claims, demands, losses, expenses, and liabilities of any
and every nature (including reasonable attorneys’ fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising out of any action taken or omitted to be taken by Fund Services as a result of Fund
Services’ refusal or failure to comply with the terms of this Agreement, bad faith, 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. 

Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this
Agreement. 
 In the event of a mechanical breakdown or failure of communication or power supplies beyond its control, Fund Services shall
take all reasonable steps to minimize service interruptions for any period that such interruption continues. Fund Services shall as promptly as possible under the circumstances notify the Fund in the event of any service interruption that materially
impacts Fund Services’ services under this Agreement. Fund Services will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of Fund Services as soon as
practicable. Fund Services agrees that it shall, at all times, have reasonable business continuity and disaster recovery contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing
equipment to the extent appropriate equipment is available. Representatives of the Fund shall be entitled to inspect Fund Services’ premises and operating capabilities, books and records maintained on behalf of the Fund at any time during
regular business hours of Fund Services, upon reasonable notice to Fund Services. Fund Services shall promptly notify the Fund upon discovery of any material administrative error, and shall consult with the Fund about the actions it intends to take
to correct the error prior to taking such actions. A “material administrative error” means any error which the Fund’s management, including its Chief Compliance Officer, would reasonably need to know to oversee Fund compliance.
Moreover, Fund Services shall obtain and provide the Fund, at such times as the Fund may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of Fund Services relating to the services
provided by Fund Services under this Agreement. 

  
 7 

 Notwithstanding the above, Fund Services reserves the right to reprocess and correct
administrative errors at its own expense. 
  

	 	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. 

  

	 	C.	 The indemnity and defense provisions set forth in this Section 7 shall indefinitely survive the
termination and/or assignment of this Agreement. 

  

	 	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 

  
 8 

 (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. Further, Fund Services will adhere to the
privacy policies adopted by the Fund pursuant to Title V of the Gramm Leach Bliley Act, as may be modified from time to time. In this regard, Fund Services shall have in place and maintain physical, electronic and procedural safeguards reasonably
designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders. In addition, Fund Services has implemented and will maintain an
effective information security program reasonably designed to protect information relating to Shareholders (such information, “Personal Information”), which program includes sufficient administrative, technical and physical safeguards and
written policies and procedures reasonably designed to (a) insure the security and confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal
Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal Information that could result in substantial harm or inconvenience to the Fund or any Shareholder (the “Information Security
Program”). The Information Security Program complies and shall comply with reasonable information security practices within the industry. Fund Services shall promptly notify the Fund in writing of any breach of security, misuse or
misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any Personal Information (any or all of the foregoing referred to individually and collectively for purposes of this provision as a “Security
Breach”). Fund Services shall promptly investigate and remedy, and bear the cost of the measures (including notification to any affected parties), if any, to address any Security Breach. Fund Services shall bear the cost of the Security Breach
only if Fund Services is determined to be responsible for such Security Breach. 
 In addition to, and without limiting the foregoing, Fund
Services will promptly cooperate with the Fund or any of their affiliates’ regulators at Fund Services expense (only if Fund Services is determined to be responsible for such Security Breach) to prevent, investigate, cease or mitigate any
Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph shall survive
termination of this Agreement. 

  
 9 

 Fund Services will provide the Transfer Agent with certain copies of third party audit
reports (e.g., SSAE 16 or SOC 1) through access to Fund Services CCO Portal (limited to two persons) to the extent such reports are available and related to services performed or made available by Fund Services under this Agreement. The Transfer
Agent acknowledges and agrees that such reports are confidential and that it will not disclose such reports except to its employees and service providers who have a need to know and have agreed to obligations of confidentiality applicable to such
reports. 
 Notwithstanding the foregoing, Fund Services will not share any nonpublic personal information concerning any of the Fund’s
shareholders to any third party unless specifically directed by the Transfer Agent or allowed under one of the exceptions noted under the Gramm Leach Bliley Act. 
  

	10.	 Records 

Fund Services shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem
advisable and is agreeable to the Fund, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. Fund Services agrees that all such records
prepared or maintained by Fund Services relating to the services to be performed by Fund Services hereunder are the property of the Fund and will be preserved, maintained, and made available in accordance with such applicable sections and rules of
the 1940 Act and will be promptly surrendered to the Fund or their designee on and in accordance with its request. Fund Services agrees to provide any records necessary to the Fund to comply with the Fund’s disclosure controls and procedures
and internal control over financial reporting adopted in accordance with the SOX Act. Without limiting the generality of the foregoing, Fund Services shall cooperate with the Transfer Agent and assist the Fund, as necessary, by providing information
to enable the appropriate officers of the Fund to (i) execute any required certifications and (ii) provide a report of management on the Fund’s internal control over financial reporting (as defined in Sections 13a-15(f) or 15a-15(f) of the Exchange Act). 
  

	11.	 Compliance with Laws 

The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with
the 1940 Act, the Internal Revenue Code of 1986, the SOX Act, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 and the policies and limitations of the Fund relating to its
portfolio investments as set forth in its registration statement and other operative documents. Fund Services’ services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance and oversight responsibility with
respect thereto. 
 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. 

  
 10 

	12.	 Term of Agreement; Amendment 

This Agreement shall become effective as of the date written above and will continue in effect until December 20, 2022 (“Initial
Term”). After the Initial Term, this Agreement may be terminated by either party upon giving sixty (60) 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. 

 

	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 

  
 11 

 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 

and notice to the Fund shall be sent to: 

c/o MSD Partners, L.P. 
 645 Fifth
Ave, 21st Floor New York, NY 10022-5910 Phone:212-303-4728 

Email: bsimonds@msdpartners.com 

  
 12 

	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. 

[Signature Page Follows] 

  
 13 

 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 written above. 
  

									
	MSD Investment Corp.	 		 	U.S. Bancorp Fund Services, LLC
					
	By:	 	/s/ Brian S. Williams	 		 	By:	 	/s/ Anita Zagrodnik 
	Name:	 	Brian Williams	 		 	Name:	 	Anita Zagrodnik
	Title:	 	CFO & Treasurer	 		 	Title:	 	Senior Vice President
	Date:	 	1/5/22	 		 	Date:	 	1/5/2022

  
 14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]