Document:

Fifty-Fourth Supplemental Indenture, dated as of November 1, 2012.

 Exhibit 4.1 

 
  

 
 CONFORMED
COPY 
 AVISTA CORPORATION 
 TO 
 CITIBANK, N.A. 

As Successor Trustee under 
 Mortgage and Deed of Trust, 
 dated as of June 1, 1939

  
  

Fifty-fourth Supplemental Indenture 
 Providing among other things for a series of bonds designated 

“First Mortgage Bonds, 4.23% Series due 2047” 
 Due November 29, 2047 
  

 
 Dated as of
November 1, 2012 

 FIFTY-FOURTH SUPPLEMENTAL INDENTURE 

THIS INDENTURE, dated as of the 1st day of November, 2012, between AVISTA CORPORATION (formerly known as The Washington Water Power Company), a
corporation of the State of Washington, whose post office address is 1411 East Mission Avenue, Spokane, Washington 99202 (the “Company”), and CITIBANK, N.A., formerly First National City Bank (successor by merger to First National
City Trust Company, formerly City Bank Farmers Trust Company), a national banking association incorporated and existing under the laws of the United States of America, whose post office address is 388 Greenwich Street, 14th Floor, New York, New York 10013 (the “Trustee”), as
Trustee under the Mortgage and Deed of Trust, dated as of June 1, 1939 (the “Original Mortgage”), executed and delivered by the Company to secure the payment of bonds issued or to be issued under and in accordance with the provisions
thereof, this indenture (the “Fifty-fourth Supplemental Indenture”) being supplemental to the Original Mortgage, as heretofore supplemented and amended. 
 WHEREAS pursuant to a written request of the Company made in accordance with Section 103 of the Original Mortgage, Francis M. Pitt (then Individual Trustee under the Mortgage, as supplemented)
ceased to be a trustee thereunder on July 23, 1969, and all of his powers as Individual Trustee have devolved upon the Trustee and its successors alone; and 
 WHEREAS by the Original Mortgage the Company covenanted that it would execute and deliver such further instruments and do such further acts as might be necessary or proper to carry out more effectually
the purposes of the Original Mortgage and to make subject to the lien of the Original Mortgage any property thereafter acquired intended to be subject to the lien thereof; and 
 WHEREAS the Company has heretofore executed and delivered, in addition to the Original Mortgage, the indentures supplemental thereto, and has issued the series of bonds, set forth in Exhibit A hereto
(the Original Mortgage, as supplemented and amended by the First through Fifty-third Supplemental Indentures and, if the context shall so require, as to be supplemented by this Fifty-fourth Supplemental Indenture, being herein sometimes called the
“Mortgage”); and 
 WHEREAS the Original Mortgage and the First through Fifty-second Supplemental Indentures have been
appropriately filed or recorded in various official records in the States of Washington, Idaho, Montana and Oregon, as set forth in the First through Fifty-third Supplemental Indentures and the Instrument of Further Assurance, dated
December 15, 2001, hereinafter referred to; and 
 WHEREAS the Fifty-third Supplemental Indenture, dated as of
December 1, 2011, has been appropriately filed or recorded in the various official records in the States of Washington, Idaho, Montana and Oregon, as set forth in Exhibit B hereto; and 

 WHEREAS for the purpose of confirming or perfecting the lien of the Mortgage on certain of
its properties, the Company has heretofore executed and delivered a Short Form Mortgage and Security Agreement, in multiple counterparts dated as of various dates in 1992, and such instrument has been appropriately filed or recorded in the various
official records in the States of Montana and Oregon; and 
 WHEREAS for the purpose of confirming or perfecting the lien of the
Mortgage on certain of its properties, the Company has heretofore executed and delivered an Instrument of Further Assurance dated as of December 15, 2001, and such instrument has been appropriately filed or recorded in the various official
records in the States of Washington, Idaho, Montana and Oregon; and 
 WHEREAS in addition to the property described in the
Mortgage the Company has acquired certain other property, rights and interests in property; and 
 WHEREAS Section 120 of
the Original Mortgage, as heretofore amended, provides that, without the consent of any holders of bonds, the Company and the Trustee, at any time and from time to time, may enter into indentures supplemental to the Original Mortgage for various
purposes set forth therein, including, without limitation, to cure ambiguities or correct defective or inconsistent provisions or to make other changes therein that shall not adversely affect the interests of the holders of bonds of any series in
any material respect or to establish the form or terms of bonds of any series as contemplated by Article II; and 
 WHEREAS
Section 8 of the Original Mortgage, as heretofore amended, provides that the form of each series of bonds (other than the First Series) issued thereunder and of the coupons to be attached to coupon bonds of such series shall be established by
Resolution of the Board of Directors of the Company or by Treasurer’s Certificate, or shall be set forth in an indenture supplemental to the Original Mortgage; that the form of such series, as so established, shall specify the descriptive title
of the bonds and various other terms thereof; and that such series may also contain such provisions not inconsistent with the provisions of the Mortgage as the Company may, in its discretion, cause to be inserted therein expressing or referring to
the terms and conditions upon which such bonds are to be issued and/or secured under the Mortgage; and 
 WHEREAS the Company
now desires to create a new series of bonds; and 
 WHEREAS the execution and delivery by the Company of this Fifty-fourth
Supplemental Indenture and the terms of the Bonds of the Fifty-fifth Series, hereinafter referred to, have been duly authorized by the Board of Directors of the Company by appropriate Resolutions of said Board of Directors, and all things necessary
to make this Fifty-fourth Supplemental Indenture a valid, binding and legal instrument have been performed; 
 NOW, THEREFORE,
THIS INDENTURE WITNESSETH: That the Company, in consideration of the premises and of other good and valuable consideration, 

  
 2 

 
the receipt and sufficiency whereof are hereby acknowledged, hereby confirms the estate, title and rights of the Trustee (including, without limitation, the lien of the Mortgage on the property
of the Company subjected thereto, whether now owned or hereafter acquired) held as security for the payment of both the principal of and interest and premium, if any, on the bonds from time to time issued under the Mortgage according to their tenor
and effect and the performance of all the provisions of the Mortgage and of such bonds, and, without limiting the generality of the foregoing, hereby confirms the grant, bargain, sale, release, conveyance, assignment, transfer, mortgage, pledge,
setting over and confirmation unto the Trustee, contained in the Mortgage, of all the following described properties of the Company, whether now owned or hereafter acquired, namely: 

All of the property, real, personal and mixed, of every character and wheresoever situated (except any hereinafter or in
the Mortgage expressly excepted) which the Company now owns or, subject to the provisions of Section 87 of the Original Mortgage, may hereafter acquire prior to the satisfaction and discharge of the Mortgage, as fully and completely as if
herein or in the Mortgage specifically described, and including (without in anywise limiting or impairing by the enumeration of the same the scope and intent of the foregoing or of any general description contained in Mortgage) all lands, real
estate, easements, servitudes, rights of way and leasehold and other interests in real estate; all rights to the use or appropriation of water, flowage rights, water storage rights, flooding rights, and other rights in respect of or relating to
water; all plants for the generation of electricity, power houses, dams, dam sites, reservoirs, flumes, raceways, diversion works, head works, waterways, water works, water systems, gas plants, steam heat plants, hot water plants, ice or
refrigeration plants, stations, substations, offices, buildings and other works and structures and the equipment thereof and all improvements, extensions and additions thereto; all generators, machinery, engines, turbines, boilers, dynamos,
transformers, motors, electric machines, switchboards, regulators, meters, electrical and mechanical appliances, conduits, cables, pipes and mains; all lines and systems for the transmission and distribution of electric current, gas, steam heat or
water for any purpose; all towers, mains, pipes, poles, pole lines, conduits, cables, wires, switch racks, insulators, compressors, pumps, fittings, valves and connections; all motor vehicles and automobiles; all tools, implements, apparatus,
furniture, stores, supplies and equipment; all franchises (except the Company’s franchise to be a corporation), licenses, permits, rights, powers and privileges; and (except as hereinafter or in the Mortgage expressly excepted) all the right,
title and interest of the Company in and to all other property of any kind or nature. 
 The property so
conveyed or intended to be so conveyed under the Mortgage shall include, but shall not be limited to, the property set forth in Exhibit C hereto, the particular description of which is intended only to aid in the identification thereof and shall not
be construed as limiting the force, effect and scope of the foregoing. 

  
 3 

 TOGETHER WITH all and singular the tenements, hereditaments and appurtenances belonging or
in anywise appertaining to the aforesaid property or any part thereof, with the reversion and reversions, remainder and remainders and (subject to the provisions of Section 57 of the Original Mortgage) the tolls, rents, revenues, issues,
earnings, income, product and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid property and franchises and
every part and parcel thereof. 
 THE COMPANY HEREBY CONFIRMS that, subject to the provisions of Section 87 of the Original
Mortgage, all the property, rights, and franchises acquired by the Company after the date thereof (except any hereinbefore or hereinafter or in the Mortgage expressly excepted) are and shall be as fully embraced within the lien of the Mortgage as if
such property, rights and franchises had been owned by the Company at the date of the Original Mortgage and had been specifically described therein. 
 PROVIDED THAT the following were not and were not intended to be then or now or hereafter granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over or confirmed
under the Mortgage and were, are and shall be expressly excepted from the lien and operation of the Mortgage namely: (l) cash, shares of stock and obligations (including bonds, notes and other securities) not hereafter specifically
pledged, paid, deposited or delivered under the Mortgage or covenanted so to be; (2) merchandise, equipment, materials or supplies held for the purpose of sale in the usual course of business or for consumption in the operation of any
properties of the Company; (3) bills, notes and accounts receivable, and all contracts, leases and operating agreements not specifically pledged under the Mortgage or covenanted so to be; (4) electric energy and other materials or products
generated, manufactured, produced or purchased by the Company for sale, distribution or use in the ordinary course of its business; and (5) any property heretofore released pursuant to any provisions of the Mortgage and not heretofore disposed
of by the Company; provided, however, that the property and rights expressly excepted from the lien and operation of the Mortgage in the above subdivisions (2) and (3) shall (to the extent permitted by law) cease to be so excepted in the
event that the Trustee or a receiver or trustee shall enter upon and take possession of the Mortgaged and Pledged Property in the manner provided in Article XII of the Original Mortgage by reason of the occurrence of a Completed Default as
defined in said Article XII. 
 TO HAVE AND TO HOLD all such properties, real, personal and mixed, granted, bargained,
sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over or confirmed by the Company in the Mortgage as aforesaid, or intended so to be, unto the Trustee, and its successors, heirs and assigns forever. 

IN TRUST NEVERTHELESS, for the same purposes and upon the same terms, trusts and conditions and subject to and with the same provisos and
covenants as set forth in the Mortgage, this Fifty-fourth Supplemental Indenture being supplemental to the Mortgage. 

  
 4 

 AND IT IS HEREBY FURTHER CONFIRMED by the Company that all the terms, conditions, provisos,
covenants and provisions contained in the Mortgage shall affect and apply to the property in the Mortgage described and conveyed, and to the estates, rights, obligations and duties of the Company and the Trustee and the beneficiaries of the trust
with respect to said property, and to the Trustee and its successors in the trust, in the same manner and with the same effect as if the said property had been owned by the Company at the time of the execution of the Original Mortgage, and had been
specifically and at length described in and conveyed to said Trustee by the Original Mortgage as a part of the property therein stated to be conveyed. 
 The Company further covenants and agrees to and with the Trustee and its successor or successors in such trust under the Mortgage, as follows: 

ARTICLE I 

Fifty-fifth Series of Bonds 
 SECTION 1. (I)There shall be a series of bonds designated “First Mortgage Bonds, 4.23% Series due 2047” (herein sometimes referred to as the “Bonds of the Fifty-fifth Series”), each of
which shall also bear the descriptive title First Mortgage Bond and the form thereof is set forth on Exhibit D hereto. The Bonds of the Fifty-fifth Series shall be issued as fully registered Bonds in denominations of One Thousand Dollars and,
at the option of the Company, any amount in excess thereof (the exercise of such option to be evidenced by the execution and delivery thereof) and shall be dated as in Section 10 of the Original Mortgage provided. The Bonds of the Fifty-fifth
Series shall be limited in aggregate principal amount to $80,000,000 (except for Bonds of such series authenticated and delivered upon transfer of or in exchange for, or in lieu of, other Bonds of such series). 

(II) The Bonds of the Fifty-fifth Series shall mature, bear interest, be payable, be redeemable and be otherwise as set forth below:

 (a) the principal of Bonds of the Fifty-fifth Series shall (unless theretofore paid) be payable on the Stated
Maturity Date (as hereinafter defined); 
 (b) the Bonds of the Fifty-fifth Series shall bear interest at the
rate of four and twenty-three one hundredths percentum (4.23%) per annum; interest on such Bonds shall accrue from and including Novcember 30, 2012, except as otherwise provided in the form of bond attached hereto as Exhibit D; interest on
such Bonds shall be payable on each Interest Payment Date and at Maturity (as each of such terms is hereinafter defined); and interest on such Bonds during any period for which payment is made shall be computed on the basis of a 360-day year
consisting of twelve 30-days months; 
 (c) the principal of and premium, if any, and interest on each Bond of
the Fifty-fifth Series payable at Maturity shall be payable upon presentation thereof at the office or agency of the Company in the Borough of 

  
 5 

 
Manhattan, The City of New York, in such coin or currency as at the time of payment is legal tender for public and private debts. The interest on each Bond of the Fifty-fifth Series (other than
interest payable at Maturity) shall be payable by check, in similar coin or currency, mailed to the registered owner thereof as of the close of business on the Record Date (as hereinafter defined) next preceding each Interest Payment Date; provided,
however, that if such registered owner shall be a securities depositary, such payment may be made by such other means in lieu of check as shall be agreed upon by the Company, the Trustee and such registered owner; and, provided, further, that, so
long as the Bonds of the Fifty-fifth Series shall be held by an Institutional Investor (as hereinafter defined), payment of principal of and premium, if any, and interest on the Bonds of the Fifty-fifth Series shall be payable in the manner
specified in the Bond Purchase Agreement (as hereinafter defined). 
 (d) The Bonds of the Fifty-fifth Series
shall be redeemable in whole at any time, or in part from time to time, at the option of the Company at a redemption price equal to the greater of 
 (i) 100% of the principal amount of the Bonds being redeemed, and 

(ii) the sum of the present values of the remaining scheduled payments of principal of and interest (not including any
portion of any scheduled payment of interest which accrued prior to the redemption date) on the Bonds being redeemed discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a
discount rate equal to the Treasury Yield (as hereinafter defined) plus 50 basis points, 
 plus, in the case of either
(i) or (ii) above, whichever is applicable, accrued interest on such Bonds to the date of redemption. 

(e)(i) “Treasury Yield” means, with respect to any redemption of Bonds of the Fifty-fifth Series, the rate per
annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price. The Treasury
Yield shall be calculated as of the third business day preceding the redemption date (the “Calculation Date”). 
 (ii) “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Bonds of the
Fifty-fifth Series that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Bonds. 

  
 6 

 (iii) “Comparable Treasury Price” means, (A) the average of
the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the Calculation Date, as set forth in the H.15 Daily Update of the Federal Reserve Bank of New York or (B) if such
release (or any successor release) is not published or does not contain such prices on such business day, the Reference Treasury Dealer Quotation for the Calculation Date. 

(iv) “H.15(519)” means the weekly statistical release entitled “Statistical Release H.15 (519)”, or
any successor publication, published by the Board of Governors of the Federal Reserve System. 
 (v) “H.15
Daily Update” means the daily update of H.15(519) available through the worldwide website of the Board of Governors of the Federal Reserve System or any successor site or publication. 

(vi) “Independent Investment Banker” means J.P. Morgan Securities LLC or KeyBanc Capital Markets Inc., as
determined by the Company, or, if so determined by the Company, any other independent investment banking institution of national standing appointed by the Company and reasonably acceptable to the Trustee. 

(vii) “Reference Treasury Dealer Quotation” means, with respect to the Reference Treasury Dealer, the average,
as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount and quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. on the
Calculation Date). 
 (viii) “Reference Treasury Dealer” means a primary U.S. Government securities
dealer in New York City appointed by the Company and reasonably acceptable to the Trustee. 
 (f) If less than
all of the outstanding Bonds of the Fifty-fifth Series are to be redeemed, the principal amount to be redeemed shall be prorated among all of the holders of such Bonds in the proportion that their respective holdings bear to the aggregate principal
amount of such Bonds outstanding on the date of selection. The portion of any Bond to be redeemed shall be in the principal amount of $1,000 or an integral multiple thereof and such rounding allocations as may be requisite for this purpose shall be
made by the Trustee in its uncontrolled discretion. The Trustee shall promptly notify the Company in writing of the distinctive numbers of the Bond and the portions thereof so selected for redemption. 

(g) Except as provided in this subsection (II) of Section 1, the Bonds of the Fifty-fifth Series shall not be
redeemable prior to the Stated Maturity Date. 

  
 7 

 (III)(a) At the option of the registered owner, any Bonds of the Fifty-fifth Series, upon
surrender thereof for cancellation at the office or agency of the Company in the Borough of Manhattan, The City of New York, shall be exchangeable for a like aggregate principal amount of Bonds of the same series of other authorized denominations.

 The Bonds of the Fifty-fifth Series shall be transferable, upon the surrender thereof for cancellation, together with a
written instrument of transfer in form approved by the registrar duly executed by the registered owner or by his duly authorized attorney, at the office or agency of the Company in the Borough of Manhattan, The City of New York. 

Upon any exchange or transfer of Bonds of the Fifty-fifth Series, the Company may make a charge therefor sufficient to reimburse it for
any tax or taxes or other governmental charge, as provided in Section 12 of the Original Mortgage, but the Company hereby waives any right to make a charge in addition thereto or any exchange or transfer of Bonds of the Fifty-fifth Series;
provided, however, that the Company shall not be required to make any transfer or exchange of any Bonds of the Fifty-fifth for a period of 10 days next preceding any selection of such Bonds for redemption, nor shall it be required to make transfers
or exchange of any Bonds of the Fifty-fifth Series which shall have been selected for redemption in whole or in part. 
 The
Bonds of the Fifty-fifth Series shall bear a legend as to restrictions on transfer substantially as set forth below: 
 The Bonds
evidenced hereby have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered, sold, pledged or otherwise transferred in contravention of the Securities Act. 

(IV) For all purposes of this Fifty-fourth Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise
requires, the terms listed below, when used with respect to the Bonds of the Fifty-fifth Series, shall have the meanings specified below: 
 “Bond Purchase Agreement” means the Bond Purchase Agreement, dated June 27, 2012, between the Company and the purchasers listed on Schedule A thereto. 

“Business Day” means any day, other than a Saturday or Sunday, which is not a day on which banking
institutions or trust companies in The City of New York, New York are generally authorized or required by law, regulation or executive order to remain closed. 
 “Institutional Investor” means (a) any original purchaser of a Bond of the Fifty-fifth Series, (b) any holder of a Bond of the Fifty-fifth Series holding (together with one or
more of its affiliates) more than $1,000,000 in aggregate principal amount of the Bonds of the Fifty-fifth Series, and (c) any bank, trust 

  
 8 

 
company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial
institution or entity, regardless of legal form. 
 “Interest Payment Date” means
February 1 and August 1 in each year, commencing February 1, 2013. 
 “Maturity”
means the date on which the principal of the Bonds of the Fifty-fifth Series becomes due and payable, whether at the Stated Maturity Date, upon redemption or acceleration, or otherwise. 

“Record Date”, with respect to any Interest Payment Date, means the close of business on the seventh
Business Day preceding such Interest Payment Date. 
 “Stated Maturity Date” means
November 29, 2047. 
 (V) Notwithstanding the provisions of Section 106 of the Original Mortgage, as amended, the
Company shall not cause any Bonds of the Fifty-fifth Series, or any portion of the principal amount thereof, to be deemed to have been paid as provided in such Section and its obligations in respect thereof to be deemed to be satisfied and
discharged prior to the Maturity thereof unless the Company shall deliver to the Trustee either: 
 (a) an
instrument wherein the Company, notwithstanding the effect of Section 106 of the Original Mortgage, as amended, in respect of such Bonds, shall assume the obligation (which shall be absolute and unconditional) to irrevocably deposit with the
Trustee such additional sums of money, if any, or additional government obligations (meeting the requirements of Section 106), if any, or any combination thereof, at such time or times, as shall be necessary, together with the money and/or
government obligations theretofore so deposited, to pay when due the principal of and premium, if any, and interest due and to become due on such Bonds or portions thereof, all in accordance with and subject to the provisions of Section 106;
provided, however, that such instrument may state that the obligation of the Company to make additional deposits as aforesaid shall be subject to the delivery to the Company by the Trustee of a notice asserting the deficiency accompanied by an
opinion of an independent accountant showing the calculation thereof (which opinion shall be obtained at the expense of the Company); or 
 (b) an Opinion of Counsel to the effect that the holders of such Bonds, or portions of the principal amount thereof, will not recognize income, gain or loss for United States federal income tax purposes
as a result of the satisfaction and discharge of the Company’s indebtedness in respect thereof and will be subject to United States federal income tax on the same amounts, at the same times and in the same manner as if such satisfaction and
discharge had not been effected. 

  
 9 

 (VI) Anything in this Supplemental Indenture or the Bonds of the Fifty-fifth Series to the
contrary notwithstanding, any payment of principal of or premium, if any, or interest on any Bond of the Fifty-fifth Series that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the
additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided, however, that if the Maturity date of any Bond is a date other than a Business Day, the payment otherwise due at Maturity shall be
made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. 
 (VII) The Bonds of the Fifty-fifth Series shall have such further terms as are set forth in Exhibit D hereto. If there shall be a conflict between the terms of the form of bond and the provisions of the
Mortgage, the provisions of the Mortgage shall control to the extent permitted by law. 
 ARTICLE II 

Outstanding Bonds 
 Upon the delivery of this Fifty-fourth Supplemental Indenture, Bonds of the Fifty-fifth Series in an aggregate principal amount of $80,000,000 are to be issued and will be Outstanding, in addition to
$1,663,700,000 aggregate principal amount of bonds of prior series Outstanding at the date of delivery of this Fifty-fourth Supplemental Indenture. 
 ARTICLE III 
 Miscellaneous Provisions 

SECTION 1. The terms defined in the Original Mortgage shall, for all purposes of this Fifty-fourth Supplemental Indenture, have the
meanings specified in the Original Mortgage. 
 SECTION 2. The Trustee hereby confirms its acceptance of the trusts in the
Original Mortgage declared, provided, created or supplemented and agrees to perform the same upon the terms and conditions in the Original Mortgage set forth, including the following: 

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Fifty-fourth
Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely. Each and every term and condition contained in Article XVI of the Original Mortgage, shall apply to and form
part of this Fifty-fourth Supplemental Indenture with the same force and effect as if the same were herein set forth in full, with such omissions, variations and insertions, if any, as may be appropriate to make the same conform to the provisions of
this Fifty-fourth Supplemental Indenture. 

  
 10 

 SECTION 3. Whenever in this Fifty-fourth Supplemental Indenture either of the parties hereto
is named or referred to, this shall, subject to the provisions of Articles XV and XVI of the Original Mortgage be deemed to include the successors and assigns of such party, and all the covenants and agreements in this Fifty-fourth Supplemental
Indenture contained by or on behalf of the Company, or by or on behalf of the Trustee, or either of them, shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns of such parties, whether so
expressed or not. 
 SECTION 4. Nothing in this Fifty-fourth Supplemental Indenture, expressed or implied, is intended, or shall
be construed, to confer upon, or to give to, any person, firm or corporation, other than the parties hereto, the holders of the Bonds Outstanding under the Mortgage, any right, remedy or claim under or by reason of this Fifty-fourth Supplemental
Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Fifty-fourth Supplemental Indenture contained by or on behalf of the Company shall be
for the sole and exclusive benefit of the parties hereto, and of the holders of the Bonds Outstanding under the Mortgage. 

SECTION 5. This Fifty-fourth Supplemental Indenture shall be executed in several counterparts, each of which shall be an original and all
of which shall constitute but one and the same instrument. 
 SECTION 6. The titles of the several Articles of this Fifty-fourth
Supplemental Indenture shall not be deemed to be any part thereof. 
  

 

  
 11 

 IN WITNESS WHEREOF, on the 30th day of November, 2012, AVISTA CORPORATION has caused its corporate
name to be hereunto affixed, and this instrument to be signed and sealed by its President or one of its Vice Presidents, and its corporate seal to be attested by its Corporate Secretary or one of its Assistant Corporate Secretaries for and in its
behalf, all in The City of Spokane, Washington, as of the day and year first above written; and on the 30th day of November, 2012, CITIBANK, N.A., has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by its President or one of its Vice Presidents or one of its
Senior Trust Officers or one of its Trust Officers and its corporate seal to be attested by one of its Vice Presidents or one of its Trust Officers, all in The City of New York, New York, as of the day and year first above written. 

 

					
	 	 	AVISTA CORPORATION
			
		 	By:	 	 /s/ MARK T. THIES

		 		 	Name: Mark T. Thies
		 		 	Title: Senior Vice President and Chief Financial Officer
			
	Attest:	 		 	
			
	 /s/ SUSAN Y. FLEMING
	 		 	
	Name: Susan Y. Fleming	 		 	
	Title: Assistant Corporate Secretary	 		 	
			
	 Executed, sealed and delivered
 by AVISTA CORPORATION
 in the presence of:
	 		 	
			
	 /s/ RYAN L. KRASSELT
	 		 	
	Name: Ryan L. Krasselt	 		 	
			
	 /s/ DAMIEN T. LYSIAK
	 		 	
	Name: Damien T. Lysiak	 		 	

  
 12 

					
	 	 	CITIBANK, N.A., AS TRUSTEE
			
		 	By	 	 /s/ WAFAA ORFY

		 		 	Name: Wafaa Orfy
		 		 	Title: Vice President
			
	Attest:	 		 	
			
	 /s/ LOUIS PISCITELLI
	 		 	
	Name: /s/ Louis Piscitelli	 		 	
	Title: Vice President	 		 	
			
	 Executed, sealed and delivered
 by CITIBANK, N.A.,
 as trustee, in the presence of:
	 		 	
			
	 /s/ CIRINO EMANUELE
	 		 	
	Name: Cirino Emanuele	 		 	
			
	 /s/ JOHN HANNON
	 		 	
	Name: John Hannon	 		 	

  
 13 

							
	STATE OF WASHINGTON	  	)	  	 	  	 
		  	) ss.:	  		  	
	COUNTY OF SPOKANE	  	)	  		  	

 On the 30th day of November, 2012, before me personally appeared Mark T. Thies, to me known to be a Vice President of AVISTA
CORPORATION, one of the corporations that executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said Corporation for the uses and purposes therein mentioned and on oath stated
that he was authorized to execute said instrument and that the seal affixed is the corporate seal of said Corporation. 
 On the 30th
day of November, 2012, before me, a Notary Public in and for the State and County aforesaid, personally appeared Mark T. Thies, known to me to be a Vice President of AVISTA CORPORATION, one of the corporations that executed the within and foregoing
instrument and acknowledged to me that such Corporation executed the same. 
 IN WITNESS WHEREOF, I have hereunto set my hand
and affixed my official seal the day and year first above written. 
  

	
	 /s/ RAE AN CORNELL

	Notary Public
	
	RAE AN CORNELL
	Notary Public
	State of Washington
	Commission Expires January 29, 2014

  
 14 

							
	STATE OF NEW YORK	  	)	  	 	  	 
		  	) ss.:	  		  	
	COUNTY OF NEW YORK	  	)	  		  	

 On the 30th day of November, 2012 before me personally appeared Wafaa Orfy, to me known to be a Vice President of CITIBANK, N.A.,
one of the corporations that executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said Corporation for the uses and purposes therein mentioned and on oath stated that she was
authorized to execute said instrument and that the seal affixed is the corporate seal of said Corporation. 

On the 30th day of November, 2012, before me, a Notary Public in and for the State and County aforesaid, personally appeared Wafaa
Orfy, known to me to be a Vice President of CITIBANK, N.A., one of the corporations that executed the within and foregoing instrument and acknowledged to me that such Corporation executed the same. 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year first above written. 

 

	
	 /s/ NOREEN IRIS SANTOS

	Notary Public
	
	NOREEN IRIS SANTOS
	Notary Public
	State of New York
	Commission Expires September 27, 2014

  
 15 

 EXHIBIT A 
 MORTGAGE, SUPPLEMENTAL INDENTURES  
 AND SERIES OF BONDS

  

													
	 MORTGAGE OR
 SUPPLEMENTAL
 INDENTURE
	  	 DATED AS OF
	  	SERIES	  	PRINCIPAL
AMOUNT

ISSUED	 	  	 PRINCIPAL

AMOUNT
OUTSTANDING

	  	  	NO.	  	 DESIGNATION
	  	  
	 Original
	  	June 1, 1939	  	1	  	3-1/2% Series due 1964	  	$	22,000,000	  	  	None
	 First
	  	October 1, 1952	  	2	  	3-3/4% Series due 1982	  	 	30,000,000	  	  	None
	 Second
	  	May 1, 1953	  	3	  	3-7/8% Series due 1983	  	 	10,000,000	  	  	None
	 Third
	  	December 1, 1955	  		  	None	  				  	
	 Fourth
	  	March 15, 1957	  		  	None	  				  	
	 Fifth
	  	July 1, 1957	  	4	  	4-7/8% Series due 1987	  	 	30,000,000	  	  	None
	 Sixth
	  	January 1, 1958	  	5	  	4-1/8% Series due 1988	  	 	20,000,000	  	  	None
	 Seventh
	  	August 1, 1958	  	6	  	4-3/8% Series due 1988	  	 	15,000,000	  	  	None
	 Eighth
	  	January 1, 1959	  	7	  	4-3/4% Series due 1989	  	 	15,000,000	  	  	None
	 Ninth
	  	January 1, 1960	  	8	  	5-3/8% Series due 1990	  	 	10,000,000	  	  	None
	 Tenth
	  	April 1, 1964	  	9	  	4-5/8% Series due 1994	  	 	30,000,000	  	  	None
	 Eleventh
	  	March 1 ,1965	  	10	  	4-5/8% Series due 1995	  	 	10,000,000	  	  	None
	 Twelfth
	  	May 1, 1966	  		  	None	  				  	
	 Thirteenth
	  	August 1, 1966	  	11	  	6 % Series due 1996	  	 	20,000,000	  	  	None
	 Fourteenth
	  	April 1, 1970	  	12	  	9-1/4% Series due 2000	  	 	20,000,000	  	  	None
	 Fifteenth
	  	May 1, 1973	  	13	  	7-7/8% Series due 2003	  	 	20,000,000	  	  	None
	 Sixteenth
	  	February 1, 1975	  	14	  	9-3/8% Series due 2005	  	 	25,000,000	  	  	None
	 Seventeenth
	  	November 1, 1976	  	15	  	8-3/4% Series due 2006	  	 	30,000,000	  	  	None
	 Eighteenth
	  	June 1, 1980	  		  	None	  				  	
	 Nineteenth
	  	January 1, 1981	  	16	  	14-1/8% Series due 1991	  	 	40,000,000	  	  	None

  
 A-1

															
	 MORTGAGE OR
 SUPPLEMENTAL
 INDENTURE
	  	 DATED AS OF
	  	SERIES	  	PRINCIPAL
AMOUNT

ISSUED	 	  	 PRINCIPAL

AMOUNT
OUTSTANDING

	  	  	NO.	 	  	 DESIGNATION
	  	  
	 Twentieth
	  	August 1, 1982	  	 	17	  	  	15-3/4% Series due 1990-1992	  	 	60,000,000	  	  	None
	 Twenty-First
	  	September 1, 1983	  	 	18	  	  	13-1/2% Series due 2013	  	 	60,000,000	  	  	None
	 Twenty-Second
	  	March 1, 1984	  	 	19	  	  	13-1/4% Series due 1994	  	 	60,000,000	  	  	None
	 Twenty-Third
	  	December 1, 1986	  	 	20	  	  	9-1/4% Series due 2016	  	 	80,000,000	  	  	None
	 Twenty-Fourth
	  	January 1, 1988	  	 	21	  	  	10-3/8% Series due 2018	  	 	50,000,000	  	  	None
	 Twenty-Fifth
	  	October 1, 1989	  	 	22	  	  	 7-1/8% Series due 2013

7-2/5% Series due 2016
	  	 	66,700,000	  	  	None
		  		  	 	23	  	  		  	 	17,000,000	  	  	None
	 Twenty-Sixth
	  	April 1, 1993	  	 	24	  	  	 Secured Medium-Term
 Notes, Series A
 ($250,000,000 authorized)
	  	 	250,000,000	  	  	43,000,000
	 Twenty-Seventh
	  	January 1, 1994	  	 	25	  	  	 Secured Medium-Term
 Notes, Series B
 ($250,000,000 authorized)
	  	 	161,000,000	  	  	None
	 Twenty-Eighth
	  	September 1, 2001	  	 	26	  	  	Collateral Series due 2002	  	 	220,000,000	  	  	None
	 Twenty-Ninth
	  	December 1, 2001	  	 	27	  	  	7.75% Series due 2007	  	 	150,000,000	  	  	None
	 Thirtieth
	  	May 1, 2002	  	 	28	  	  	Collateral Series due 2003	  	 	225,000,000	  	  	None
	 Thirty-first
	  	May 1, 2003	  	 	29	  	  	Collateral Series due 2004	  	 	245,000,000	  	  	None
	 Thirty-second
	  	September 1, 2003	  	 	30	  	  	6.125% Series due 2013	  	 	45,000,000	  	  	None
	 Thirty-third
	  	May 1, 2004	  	 	31	  	  	Collateral Series due 2005	  	 	350,000,000	  	  	None
	 Thirty-fourth
	  	November 1, 2004	  	 	32	  	  	5.45% Series due 2019	  	 	90,000,000	  	  	90,000,000
	 Twentieth
	  	August 1, 1982	  	 	17	  	  	15-3/4% Series due 1990-1992	  	 	60,000,000	  	  	None
	 Twenty-First
	  	September 1, 1983	  	 	18	  	  	13-1/2% Series due 2013	  	 	60,000,000	  	  	None
	 Twenty-Second
	  	March 1, 1984	  	 	19	  	  	13-1/4% Series due 1994	  	 	60,000,000	  	  	None
	 Twenty-Third
	  	December 1, 1986	  	 	20	  	  	9-1/4% Series due 2016	  	 	80,000,000	  	  	None

  
 A-2

															
	 MORTGAGE OR
SUPPLEMENTAL

INDENTURE
	  	 DATED AS OF
	  	SERIES	  	PRINCIPAL
AMOUNT

ISSUED	 	  	 PRINCIPAL

AMOUNT
OUTSTANDING

	  	  	NO.	 	  	 DESIGNATION
	  	  
	 Twenty-Fourth
	  	January 1, 1988	  	 	21	  	  	10-3/8% Series due 2018	  	 	50,000,000	  	  	None
	 Twenty-Fifth
	  	October 1, 1989	  	 
 	22

	  
 	  	 7-1/8% Series due 2013

7-2/5% Series due 2016
	  	 	66,700,000	  	  	None
		  		  	 	23	  	  		  	 	17,000,000	  	  	None
	 Twenty-Sixth
	  	April 1, 1993	  	 	24	  	  	Secured Medium-Term Notes, Series A
($250,000,000 authorized)	  	 	250,000,000	  	  	43,000,000
	 Twenty-Seventh
	  	January 1, 1994	  	 	25	  	  	Secured Medium-Term Notes, Series B
($250,000,000 authorized)	  	 	161,000,000	  	  	None
	 Twenty-Eighth
	  	September 1, 2001	  	 	26	  	  	Collateral Series due 2002	  	 	220,000,000	  	  	None
	 Twenty-Ninth
	  	December 1, 2001	  	 	27	  	  	7.75% Series due 2007	  	 	150,000,000	  	  	None
	 Thirtieth
	  	May 1, 2002	  	 	28	  	  	Collateral Series due 2003	  	 	225,000,000	  	  	None
	 Thirty-first
	  	May 1, 2003	  	 	29	  	  	Collateral Series due 2004	  	 	245,000,000	  	  	None
	 Thirty-second
	  	September 1, 2003	  	 	30	  	  	6.125% Series due 2013	  	 	45,000,000	  	  	None
	 Thirty-third
	  	May 1, 2004	  	 	31	  	  	Collateral Series due 2005	  	 	350,000,000	  	  	None
	 Thirty-fourth
	  	November 1, 2004	  	 	32	  	  	5.45% Series due 2019	  	 	90,000,000	  	  	90,000,000
	 Thirty-fifth
	  	December 1, 2004	  	 	33	  	  	Collateral Series 2004A	  	 	88,850,000	  	  	25,000,000
	 Thirty-sixth
	  	December 1, 2004	  	 	34	  	  	Collateral Series 2004B
Collateral Series 2004C	  	 	66,700,000	  	  	None
		  		  	 	35	  	  		  	 	17,000,000	  	  	None
	 Thirty-seventh
	  	December 1, 2004	  	 	36	  	  	Collateral Series 2004D	  	 	350,000,000	  	  	None
	 Thirty-eighth
	  	May 1, 2005	  	 	37	  	  	Collateral Series 2005B
Collateral Series 2005C	  	 	66,700,000	  	  	None
		  		  	 	38	  	  		  	 	17,000,000	  	  	None
	 Thirty-ninth
	  	November 1, 2005	  	 	39	  	  	6.25% Series due 2035	  	 
 	100,000,000
50,000,000	 
  	  	100,000,000 
50,000,000
	 Fortieth
	  	April 1, 2006	  	 	40	  	  	Collateral Series due 2011	  	 	320,000,000	  	  	None

  
 A-3

													
	 MORTGAGE OR
SUPPLEMENTAL

INDENTURE
	  	 DATED AS OF
	  	 SERIES
	  	PRINCIPAL
AMOUNT

ISSUED	 	  	 PRINCIPAL

AMOUNT
OUTSTANDING

	  	  	 NO.
	  	 DESIGNATION
	  	  
	 Forty-first
	  	December 1, 2006	  	41	  	5.70% Series due 2037	  	 	150,000,000	  	  	150,000,000
	 Forty-second
	  	April 1, 2008	  	42	  	5.95% Series due 2018	  	 	250,000,000	  	  	250,000,000
	 Forty-third
	  	November 1, 2008	  	43	  	Collateral Series 2008A	  	 	200,000,000	  	  	None
	 Forty-fourth
	  	December 1, 2008	  	44	  	7.25% Series due 2013	  	 	30,000,000	  	  	None
	 Forty-fifth
	  	December 1, 2008	  	45	  	Collateral Series 2008B	  	 	17,000,000	  	  	None
	 Forty-sixth
	  	September 1, 2009	  	46	  	5.125% Series due 2022	  	 	250,000,000	  	  	250,000,000
	 Forty-seventh
	  	September 1, 2009	  	47	  	Collateral Series 2009A	  	 	75,000,000	  	  	None
	 Forty-eighth
	  	December 1, 2010	  	 48
 49
	  	 Collateral Series 2010A
 Collateral Series 2010B
	  	 
  
	66,700,000
 17,000,000
	  
   
	  	 66,700,000
 17,000,000

	 Forty-ninth
	  	December 1, 2010	  	 50
 51
	  	 3.89% Series due 2020
 5.55% Series due 2040
	  	 
  
	52,000,000
 35,000,000
	  
   
	  	 52,000,000
 35,000,000

	 Fiftieth
	  	December 1, 2010	  	52	  	1.68% Series due 2013	  	 	50,000,000	  	  	50,000,000
	 Fifty-first
	  	February 1, 2011	  	53	  	Collateral Series 2011A	  	 	400,000,000	  	  	400,000,000
	 Fifty-second
	  	August 1, 2011	  		  	None	  				  	
	 Fifty-third
	  	December 1, 2011	  	54	  	4.45% Series due 2041	  	 	85,000,000	  	  	85,000,000
		  		  		  		  				  	  

	TOTAL OUTSTANDING	  	  	$1,663,700,000
		  		  		  		  				  	  

  
 A-4

 EXHIBIT B 
 FILING AND RECORDING OF  
 FIFTY-THIRD SUPPLEMENTAL
INDENTURE 
  

							
	FILING IN STATE OFFICES
	 State
	  	 Office of
	  	 Date
	  	 Financing
 Statement
 Document
Number

	 Washington
	  	Secretary of State	  	2/12/12	  	2012-044-0763-7
	 Idaho
	  	Secretary of State	  	2/10/12	  	B 2012-1103421-3
	 Montana
	  	Secretary of State	  	2/10/12	  	585647732
	 Oregon
	  	Secretary of State	  	2/10/12	  	89119659

  

													
	RECORDING IN COUNTY OFFICES
	 County
	 	 Office of
	 	 Real Estate Mortgage Records
	 	 Financing

Statement

Document

Number

	 	 	 Date
	 	 Document Number
	 	 Book
	 	 Page
	 
	 Washington
	 		 		 		 		 		 	
	 Adams
	 	Auditor	 	2/9/12	 	300070	 	N/A	 	N/A	 	N/A
	 Asotin
	 	Auditor	 	2/9/12	 	328326	 	N/A	 	N/A	 	N/A
	 Benton
	 	Auditor	 	2/9/12	 	2012-003868	 	N/A	 	N/A	 	N/A
	 Douglas
	 	Auditor	 	2/9/12	 	3157685	 	N/A	 	N/A	 	N/A
	 Ferry
	 	Auditor	 	2/9/12	 	279591	 	N/A	 	N/A	 	N/A
	 Franklin
	 	Auditor	 	2/10/12	 	1778410	 	N/A	 	N/A	 	N/A
	 Garfield
	 	Auditor	 	2/10/12	 	20120051	 	N/A	 	N/A	 	N/A
	 Grant
	 	Auditor	 	2/9/12	 	1296300	 	N/A	 	N/A	 	N/A
	 Klickitat
	 	Auditor	 	2/10/12	 	1096634	 	N/A	 	N/A	 	N/A
	 Lewis
	 	Auditor	 	2/10/12	 	3374367	 	N/A	 	N/A	 	N/A
	 Lincoln
	 	Auditor	 	2/9/12	 	 2012
 0460165
	 	105	 	2153	 	N/A
	 Pend Oreille
	 	Auditor	 	2/13/12	 	20120310786	 	N/A	 	N/A	 	N/A
	 Skamania
	 	Auditor	 	2/14/12	 	2012180037	 	N/A	 	N/A	 	N/A
	 Spokane
	 	Auditor	 	2/9/12	 	6065710	 	N/A	 	N/A	 	N/A
	 Stevens
	 	Auditor	 	2/9/12	 	 2012
 0001167
	 	N/A	 	N/A	 	N/A
	 Thurston
	 	Auditor	 	2/13/12	 	4250929	 	N/A	 	N/A	 	N/A
	 Whitman
	 	Auditor	 	2/9/12	 	709144	 	N/A	 	N/A	 	N/A
							
	 Idaho
	 		 		 		 		 		 	
	 Benewah
	 	Recorder	 	2/9/12	 	261767	 	N/A	 	N/A	 	N/A
	 Bonner
	 	Recorder	 	2/9/12	 	821862	 	N/A	 	N/A	 	N/A
	 Boundary
	 	Recorder	 	2/9/12	 	253092	 	N/A	 	N/A	 	N/A
	 Clearwater
	 	Recorder	 	2/9/12	 	218633	 	N/A	 	N/A	 	N/A
	 Idaho
	 	Recorder	 	2/9/12	 	482726	 	N/A	 	N/A	 	N/A
	 Kootenai
	 	Recorder	 	2/9/12	 	2345540000	 	N/A	 	N/A	 	N/A

  
 B-1

													
	 Latah
	 	Recorder	 	2/9/12	 	549348	 	N/A	 	N/A	 	N/A
	 Idaho (cont.)
	 		 		 		 		 		 	
	 Lewis
	 	Recorder	 	2/9/12	 	140132	 	N/A	 	N/A	 	N/A
	 Nez Perce
	 	Recorder	 	2/9/12	 	798167	 	N/A	 	N/A	 	N/A
	 Shoshone
	 	Recorder	 	2/9/12	 	466333	 	N/A	 	N/A	 	N/A
							
	 Montana
	 		 		 		 		 		 	
	 Big Horn
	 	Clerk & Recorder	 	2/12/12	 	345320	 	119	 	601	 	N/A
	 Broadwater
	 	Clerk & Recorder	 	2/13/12	 	166750	 	141	 	249	 	N/A
	 Golden Valley
	 	Clerk & Recorder	 	2/10/12	 	80960	 	M	 	15951	 	N/A
	 Meagher
	 	Clerk & Recorder	 	2/10/12	 	139604	 	N/A	 	N/A	 	N/A
	 Mineral
	 	Clerk & Recorder	 	2/13/12	 	108971	 	N/A	 	N/A	 	N/A
	 Rosebud
	 	Clerk & Recorder	 	2/13/12	 	109664	 	135	 	490	 	N/A
	 Sanders
	 	Clerk & Recorder	 	2/10/12	 	74297	 	N/A	 	N/A	 	N/A
	 Stillwater
	 	Clerk & Recorder	 	2/10/12	 	350322	 	N/A	 	N/A	 	N/A
	 Treasure
	 	Clerk & Recorder	 	2/10/12	 	81739	 	20	 	173	 	N/A
	 Wheatland
	 	Clerk & Recorder	 	2/10/12	 	107176	 	M	 	23487	 	N/A
	 Yellowstone
	 	Clerk & Recorder	 	2/10/12	 	3614069	 	N/A	 	N/A	 	N/A
	 Oregon
	 		 		 		 		 		 	
	 Douglas
	 	Recorder	 	2/10/12	 	2012-002792	 	N/A	 	N/A	 	N/A
	 Jackson
	 	Recorder	 	2/24/12	 	2012-005497	 	N/A	 	N/A	 	N/A
	 Josephine
	 	Recorder	 	2/10/12	 	2012-001485	 	N/A	 	N/A	 	N/A
	 Klamath
	 	Recorder	 	2/24/12	 	2012-001988	 	N/A	 	N/A	 	N/A
	 Morrow
	 	Recorder	 	2/23/12	 	2012-29626	 	N/A	 	N/A	 	N/A
	 Union
	 	Recorder	 	2/23/12	 	20120495	 	N/A	 	N/A	 	N/A
	 Wallowa
	 	Recorder	 	2/23/12	 	66809	 	N/A	 	N/A	 	N/A

  
 B-2

 EXHIBIT C 
 PROPERTY ADDITIONS 
 First 

THE ADDITIONAL ELECTRIC SUBSTATIONS AND
SUBSTATION SITES OF THE COMPANY, in the State of Washington, including all buildings, structures, towers, poles, equipment, appliances and devices for
transforming, converting and distributing electric energy, and the lands of the company on which the same are situated and all of the company’s real estate and interests therein, machinery, equipment, appliances, devices, appurtenances and
supplies, franchises, permits and other rights and other property forming a part of said substations or any of them, or used or enjoyed or capable of being used or enjoyed in connection with any thereof, including, but not limited to, the following
situated in the State of Washington, to wit: 
  

	 	1.	Whitman County, Washington: “Thornton Switching Station 230kV”; Property No. WA-38-032; Grantor: Palouse Wind, LLC; Parcel 2-1 of Thornton Switching Station
Short Plat, being portion of SW/4 of Section 5, Township 19 North, Range 43 East, W.M. 

  

	 	2.	Spokane County, Washington: ‘Deer Park 115kV Substation”; Property No. WA-32-081; Grantor: United States of America, Department of Energy for Bonneville Power
Administration; Portion of Government Lot 4 in NW/4 of Section 3, Township 28 North, Range 42 East, W.M. 

  

	 	3.	Spokane County, Washington: ‘Downtown East Substation”; Property No. WA-32-035; Grantor: City of Spokane; Portion of vacated Sheridan Street in SW/4 of
Section 17, Township 25 North, Range 43 East, W.M. 

 Second 

THE ADDITIONAL REGULATOR AND ODORIZER
STATION SITES OF THE COMPANY, in the State of Washington, including all improvements, regulator and odorizer station equipment, general equipment,
appliances and devices for distributing natural gas and the lands of the Company on which the same are situated and all of the Company’s real estate and interests therein, machinery, equipment, appliances, devices, appurtenances and supplies,
franchises, permits, and other rights and other property forming a part of said Stations or any of them, or used or enjoyed or capable of being used or enjoyed in connection with any thereof, including, but not limited to, the following situated in
the State of Washington, to wit: 
  

	 	1.	Spokane County, Washington: “Gas Regulator Station #29”; Property No. WA-32-224; Grantor: Washington State Department of Transportation; Portion of SW/4 SE/4,
together with portion of vacated Market Street, in Section 10, Township 26 North, Range 43 East, W.M. 

  
 C-1

 Third 
 THE ADDITIONAL ELECTRIC DISTRIBUTING SYSTEMS OF THE COMPANY,
in the State of Idaho, including all towers, poles, pole lines, wires, cables, insulators and appurtenances, appliances and equipment and all of the Company’s other property, real, personal, or mixed, forming a part of or used, occupied or
enjoyed in connection with or in anywise appertaining to said distributing systems or any of them, together with all rights of way, easements, permits, privileges, municipal or other franchises, licenses, consents, and rights for or relating to the
construction, maintenance or operation thereof through, over, under or upon any public streets or highways or other lands, public or private, including, but not limited to, the following in the State of Idaho, to wit: 

 

	 	1.	Kootenai County, Idaho: “Coeur d’Alene Distribution”; Property No. ID-K-178; Grantor: City of Coeur d’Alene; Portion of vacated Hazel Avenue in E/2
SE/4 of Section 12, Township 50 North, Range 4 West, B.M. 

 Fourth 

 

	 	•	 	 ADDITIONAL PROTECTION, MITIGATION AND ENHANCEMENT PROPERTY
of the Company, in the States of Idaho, Washington and Montana, real, personal, or mixed, acquired, constructed and/or installed in, on, under and/or proximate to the Company’s Clark Fork hydroelectric development (including, without
limitation, the Cabinet Gorge Hydroelectric Generating Station and the Noxon Rapids Hydroelectric generating Station) for the purpose of protecting and/or enhancing wildlife (including fish and aquatic life), botanical life and/or wetlands, and/or
mitigating any harm or damage thereto, and all other property, real, personal or mixed, used or enjoyed or capable of being used or enjoyed in conjunction therewith, including, but not limited to, the following in the States of Idaho, Washington and
Montana, to wit: 

  

	 	1.	Kootenai County, Idaho: “Post Falls HED Mitigation”; Property No. ID-K-253; Grantor: Roy N. Schons & Daniel S. Treend; Portion of Government Lot 7,
in Section 4, Township 50 North, Range 5 West, B.M. 

  

	 	2.	Spokane County, Washington: “Long Lake HED Mitigation”; Property No. WA-32-257; Grantor: Douglas J.H. and Elizabeth Ricks; Tract 8 and 1/40 interest in Tract
in SE/4 of Section 30, Township 27 North, Range 40 East, W.M. 

  

	 	3.	Sanders County, Montana: “Cabinet Gorge Mitigation”; Property No. MT-35-251; Grantor: Dettwiler Farms, Inc.; SE/4 in Section 27, Township 27 North, Range
34 West, M.P.M. 

  
 C-2

 Fifth 
 BUSINESS OFFICE/S AND OR REAL ESTATE, in the States of Idaho and Washington,
to wit: 
  

	 	1.	Benewah County, Idaho: “St. Maries Storage Yard”; Property No. ID-3B-002; Grantor: Nancy Lee Properties, LLC; Portion of Tracts 77 & 78, Meadowhurst,
in NW/4 of Section 23, Township 46 North, Range 2 West, B.M. 

  

	 	4.	Spokane County, WA: “Ross Court Properties”; Property No. WA-32-002; Grantor: City of Spokane; Portion of vacated North Crescent Street from Perry Street to
North Center Street in SW/4 of Section 9, Township 25 North, Range 43 East, W.M. 

  
 C-3

 EXHIBIT D 
 (Form of Bond) 
 The Bonds evidenced hereby have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered, sold, pledged or otherwise transferred in contravention of the Securities Act. 
 PPN                      
 AVISTA CORPORATION 
 First Mortgage Bond, 

4.23% Series due 2047 
  

					
	REGISTERED	 	 	 	REGISTERED
			
	NO.                     	 		 	$                          
  

 AVISTA CORPORATION, a corporation of the State of Washington (hereinafter called the Company), for
value received, hereby promises to pay to 
 , or registered assigns, on November 29, 2047 

DOLLARS 
  

	 	•	 	 and to pay the registered owner hereof interest thereon semi-annually in arrears on February 1 and August 1 in each year (each such date
being hereinafter called an “Interest Payment Date”), commencing February 1, 2013 and at Maturity (as hereinafter defined), at the rate of four and twenty-three one hundredths percentum (4.23%) per annum computed on the basis of
a 360-day year consisting of twelve 30-day months, until the Company’s obligation with respect to the payment of such principal shall have been discharged. This bond shall bear interest from November 30, 2012 or from the most recent
Interest Payment Date on or prior to the date of this bond to which interest on the bonds of this series has been paid. The principal of and premium, if any, and interest on this bond payable at Maturity shall be payable upon presentation hereof at
the office or 

  
 D-1

 
agency of the Company in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for public and private
debts. The interest on this bond (other than interest payable at Maturity) shall be paid by check, in the similar coin or currency, mailed to the registered owner hereof as of the close of business on the seventh Business Day preceding each Interest
Payment Date (each such date being herein called a “Record Date”); provided, however, that if such registered owner shall be a securities depositary, such payment shall be made by such other means in lieu of check as shall be agreed upon
by the Company, the Trustee and such registered owner; and provided further that, so long as this Bond shall be held by an Institutional Investor (as defined in the Fifty-fourth Supplemental Indenture referred to below), payment of principal of and
premium, if any, and interest on this Bond shall be payable in the manner specified in the Bond Purchase Agreement (as defined in such Fifty-fourth Supplemental Indenture). Interest payable at Maturity shall be paid to the person to whom principal
shall be paid. As used herein, the term “Maturity” shall mean the date on which the principal of this bond becomes due and payable, whether at stated maturity, upon redemption or acceleration, or otherwise. 

This bond is one of an issue of bonds of the Company issuable in series and is one of a series known as its First Mortgage Bonds, 4.23%
Series due 2047, all bonds of all such series being issued and issuable under and equally secured (except insofar as any sinking or other fund, established in accordance with the provisions of the Mortgage hereinafter mentioned, may afford
additional security for the bonds of any particular series) by a Mortgage and Deed of Trust, dated as of June 1, 1939 (the “Original Mortgage”), executed by the Company (formerly known as The Washington Water Power Company) to City
Bank Farmers Trust Company and Ralph E. Morton, as Trustees (Citibank, N.A., successor Trustee to both said Trustees). The Original Mortgage has been amended and supplemented by various supplemental indentures, including the Fifty-fourth
Supplemental Indenture, dated as of November 1, 2012 (the “Fifty-fourth Supplemental Indenture”), and, as so amended and supplemented, is herein called the “Mortgage”. Reference is made to the Mortgage for a description of
the property mortgaged and pledged, the nature and extent of the security, the rights of the holders of the bonds and of the Trustee in respect thereof, the duties and immunities of the Trustee and the terms and conditions upon which the bonds are
and are to be secured and the circumstances under which additional bonds may be issued. If there shall be a conflict between the terms of this bond and the provisions of the Mortgage, the provisions of the Mortgage shall control to the extent
permitted by law. The holder of this bond, by its acceptance hereof, shall be deemed to have consented and agreed to all of the terms and provisions of the Mortgage and, further, in the event that such holder shall not be the sole beneficial owner
of this bond, shall be deemed to have agreed to use all commercially reasonable efforts to cause all direct and indirect beneficial owners of this bond to have knowledge of the terms and provisions of the Mortgage and of this bond and to comply
therewith, including particularly, but without limitation, any provisions or restrictions in the Mortgage regarding the transfer or exchange of such beneficial interests and any legend set forth on this bond. 

  
 D-2

 The Mortgage may be modified or altered by affirmative vote of the holders of at least 60%
in principal amount of the bonds outstanding under the Mortgage, considered as one class, or, if the rights of one or more, but less than all, series of bonds then outstanding are to be affected, then such modification or alteration may be effected
with the affirmative vote only of 60% in principal amount of the bonds outstanding of the series so to be affected, considered as one class, and, furthermore, for limited purposes, the Mortgage may be modified or altered without any consent or other
action of holders of any series of bonds. No modification or alteration shall, however, permit an extension of the Maturity of the principal of, or interest on, this bond or a reduction in such principal or the rate of interest hereon or any other
modification in the terms of payment of such principal or interest or the creation of any lien equal or prior to the lien of the Mortgage or deprive the holder of a lien on the mortgaged and pledged property without the consent of the holder hereof.

 The principal hereof may be declared or may become due prior to the stated maturity date on the conditions, in the manner and
at the time set forth in the Mortgage, upon the occurrence of a Completed Default as in the Mortgage provided. 
 As provided in
the Mortgage and subject to certain limitations therein set forth, this bond or any portion of the principal amount hereof will be deemed to have been paid if there has been irrevocably deposited with the Trustee moneys or direct obligations of or
obligations guaranteed by the United States of America, the principal of and interest on which when due, and without regard to any reinvestment thereof, will provide moneys which, together with moneys so deposited, will be sufficient to pay when due
the principal of and premium, if any, and interest on this bond when due. 
 The Mortgage contains terms, provisions and
conditions relating to the consolidation or merger of the Company with or into, and the conveyance or other transfer, or lease, of assets to, another corporation and to the assumption by such other corporation, in certain circumstances, of all of
the obligations of the Company under the Mortgage and on the bonds secured thereby. 
 In the manner prescribed in the Mortgage,
this bond is transferable by the registered owner hereof in person, or by his duly authorized attorney, at the office or agency of the Company in the Borough of Manhattan, The City of New York, upon surrender and cancellation of this bond, together
with a written instrument of transfer whenever required by the Company duly executed by the registered owner or by its duly authorized attorney, and, thereupon, a new fully registered bond of the same series for a like principal amount will be
issued to the transferee in exchange herefor as provided in the Mortgage. The Company and the Trustee may deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payment and for all
other purposes. 
 In the manner prescribed in the Mortgage, any bonds of this series, upon surrender thereof for cancellation
at the office or agency of the Company in the Borough of Manhattan, The City of New York, are exchangeable for a like aggregate principal amount of bonds of the same series of other authorized denominations. 

  
 D-3

 The bonds of this series shall be redeemable in whole at any time or in part from time to
time, at the option of the Company, upon notice mailed as provided in Section 52 of the Mortgage, at the option of the Company at a redemption price equal to the greater of 

(a) 100% of the principal amount of the bonds being redeemed, and 

(b) the sum of the present values of the remaining scheduled payments of principal of and interest (not including any
portion of any scheduled payment of interest which accrued prior to the redemption date) on the bonds being redeemed discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a
discount rate equal to the Treasury Yield (as hereinafter defined) plus 50 basis points, 
 plus, in the case of either (a) or
(b) above, whichever is applicable, accrued interest on such Bonds to the date of redemption. 
 “Treasury Yield”
means, with respect to any redemption of the bonds of this series, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price. The Treasury Yield shall be calculated as of the third business day preceding the redemption date (the “Calculation Date”). 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term of the bonds of this series that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of the bonds. 
 “Comparable Treasury Price” means, (A) the average of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the Calculation Date, as set forth in the H.15 Daily Update of the Federal Reserve Bank of New York or (B) if such release (or any
successor release) is not published or does not contain such prices on such business day, the Reference Treasury Dealer Quotation for the Calculation Date. 
 “H.15(519)” means the weekly statistical release entitled “Statistical Release H.15 (519)”, or any successor publication, published by the Board of Governors of the Federal Reserve
System. 

  
 D-4

 “H.15 Daily Update” means the daily update of H.15(519) available through the
worldwide website of the Board of Governors of the Federal Reserve System or any successor site or publication. 

“Independent Investment Banker” means J.P. Morgan Securities LLC or KeyBanc Capital Markets, Inc., as determined by the
Company, or, if so determined by the Company, any other independent investment banking institution of national standing appointed by the Company and reasonably acceptable to the Trustee. 

“Reference Treasury Dealer Quotation” means, with respect to the Reference Treasury Dealer, the average, as determined by the
Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount and quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. on the Calculation Date).

 “Reference Treasury Dealer” means a primary U.S. Government securities dealer in New York City appointed by the
Company and reasonably acceptable to the Trustee. 
 Except as provided above, the bonds of this series are not redeemable prior
to their stated maturity date. 
 No recourse shall be had for the payment of the principal of or premium, if any, or interest
on this bond against any incorporator or any past, present or future subscriber to the capital stock, stockholder, officer or director of the Company or of any predecessor or successor corporation, as such, either directly or through the Company or
any predecessor or successor corporation, under any rule of law, statute or constitution or by the enforcement of any assessment or otherwise, all such liability of incorporators, subscribers, stockholders, officers and directors being released by
the holder or owner hereof by the acceptance of this bond and being likewise waived and released by the terms of the Mortgage. 

This bond shall not become obligatory until Citibank, N.A., the Trustee under the Mortgage, or its successor thereunder, shall have
signed the form of certificate endorsed hereon. 

  
 D-5

 IN WITNESS WHEREOF, AVISTA CORPORATION has caused this bond to be signed in its
corporate name by its President or one of its Vice Presidents by his signature or a facsimile thereof, and its corporate seal to be impressed or imprinted hereon and attested by its Corporate Secretary or one of its Assistant Corporate Secretaries
by his signature or a facsimile thereof. 
  

							
	Dated:	 	 	 	AVISTA CORPORATION
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
				
	ATTEST:	 	  
	 		 	
		 	Name:	 		 	
		 	Title:	 		 	

 TRUSTEE’S CERTIFICATE 

This bond is one of the bonds of the series herein designated, described or provided for in the within-mentioned Mortgage. 

 

			
	CITIBANK, N.A.
	            Trustee
		
	By	 	  

		 	Authorized Signatory

  
 D-6

 ASSIGNMENT FORM 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 

 
  
 [please insert social security or other identifying number of assignee] 
  

 
 [please print or typewrite name
and address of assignee] 
 The within bond of AVISTA CORPORATION and does hereby irrevocably constitute and appoint
            , Attorney, to transfer said bond on the books of the within-mentioned Company, will full power of substitution in the premises. 

 

					
	Dated:	  	
                    
             
	  	 
		  	
                  
                                         
          
	  	-
		  	[signature of assignor]	  	
		  		  	Notice: The signature to this assignment must correspond with the name as written upon the face of the bond in every particular without alternation or enlargement or any change
whatsoever.

  
 D-7Custodian Agreement

 EXHIBIT 10.1 

CUSTODIAN AGREEMENT 

This Agreement, dated as of November 29, 2012, is between TPG SPECIALTY LENDING, INC.,
a corporation organized and existing under the laws of the State of Delaware (the “Fund”), and STATE STREET BANK and TRUST COMPANY, a Massachusetts
trust company (the “Custodian”). 
 WITNESSETH: that in consideration of the mutual
covenants and agreements hereinafter contained, the parties hereto agree as follows: 
  

	SECTION 1.	EMPLOYMENT OF CUSTODIAN AND PROPERTY TO BE
HELD BY IT. 

 The Fund hereby employs the Custodian as the
custodian of its assets, including securities which the Fund desires to be held in places within the United States (“domestic securities”) and securities it desires to be held outside the United States (“foreign
securities”). The Fund agrees to deliver to the Custodian all securities and cash owned by it, and all payments of income, payments of principal or capital distributions received by it with respect to all securities owned by it from
time to time, and the cash consideration received by it for such new or treasury shares of common stock of the Fund (“Shares”) as may be issued or sold from time to time. The Custodian shall not be responsible for any
property of the Fund held or received by the Fund but not delivered to the Custodian including, without limitation, Fund property (i) held by brokers, private bankers or other entities on behalf of the Fund (each a “Local
Agent”), (ii) held by entities which have advanced monies to or on behalf of the Fund and which have received Fund property as security for such advance(s) (each a “Pledgee”), or (iii) delivered or
otherwise removed from the custody of the Custodian (a) in connection with any Free Trade (as such term is defined in Sections 2.2(14) and 2.6(7) hereof) or (b) pursuant to Proper Instructions (as such term is defined in Section 7
hereof). With respect to uncertificated shares (the “Underlying Shares”) of registered “investment companies” (as defined in Section 3(a)(1) of the Investment Company Act of 1940, as amended from time to time
(the “1940 Act”)), whether in the same “group of investment companies” (as defined in Section 12(d)(1)(G)(ii) of the 1940 Act) or otherwise, including pursuant to Section 12(d)(1)(F) of the 1940 Act
(hereinafter sometimes referred to as the “Underlying Portfolios”) the holding of confirmation statements that identify the shares as being recorded in the Custodian’s name on behalf of the Fund will be deemed custody
for purposes hereof. 
 Upon receipt of “Proper Instructions” (as such term is defined in Section 6 hereof), the
Custodian shall from time to time employ one or more sub-custodians located in the United States, but only in accordance with an applicable vote by the Board of Directors of the Fund (the “Board”), which vote may be a general
authorization applying to any such sub-custodians. The Custodian may employ as sub-custodian for the Fund’s foreign securities the foreign banking institutions and foreign securities depositories designated in Schedules A and B hereto, but only
in accordance with the applicable provisions of Sections 3 and 4. The Custodian shall have no more or less responsibility or liability to the Fund on account of any actions or omissions of any sub-custodian so employed than any such sub-custodian
has to the Custodian. 

	SECTION 2.	DUTIES OF THE CUSTODIAN WITH RESPECT TO
PROPERTY OF THE FUND HELD BY THE CUSTODIAN IN THE UNITED
STATES. 

 SECTION 2.1 HOLDING
SECURITIES. The Custodian shall hold and physically segregate for the account of the Fund all non-cash property, to be held by it in the United States, including all domestic securities owned by the Fund other than
(a) securities which are maintained pursuant to Section 2.8 in a clearing agency which acts as a securities depository or in a book-entry system authorized by the U.S. Department of the Treasury (each, a “U.S. Securities
System”) and (b) Underlying Shares owned by the Fund which are maintained pursuant to Section 2.13 hereof in an account with State Street Bank and Trust Company or such other entity which may from time to time act as a
transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided with Proper Instructions (each, an “Underlying Transfer Agent”). 

SECTION 2.2 DELIVERY OF SECURITIES. The Custodian
shall release and deliver domestic securities owned by the Fund held by the Custodian, in a U.S. Securities System account of the Custodian, or in an account at the Underlying Transfer Agent, only upon receipt of Proper Instructions, which may be
continuing instructions when deemed appropriate by the parties, and only in the following cases: 
  

	 	1)	Upon sale of such securities for the account of the Fund and receipt of payment therefor; 

 

	 	2)	Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund; 

 

	 	3)	In the case of a sale effected through a U.S. Securities System, in accordance with the provisions of Section 2.8 hereof; 

 

	 	4)	To the depository agent in connection with tender or other similar offers for securities of the Fund; 

 

	 	5)	To the issuer thereof or its agent when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other
consideration is to be delivered to the Custodian; 

  

	 	6)	To the issuer thereof, or its agent, for transfer into the name of the Fund or into the name of any nominee or nominees of the Custodian or into the name or nominee
name of any agent appointed pursuant to Section 2.7 or into the name or nominee name of any sub-custodian appointed pursuant to Section 1; or for exchange for a different number of bonds, certificates or other evidence representing the
same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Custodian; 

  

	 	7)	Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with “street
delivery” custom; provided that in any such case, the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the
Custodian’s own negligence or willful misconduct; 

	 	8)	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 provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian;

  

	 	9)	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; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian; 

 

	 	10)	For delivery in connection with any loans of securities made by the Fund, but only against receipt of adequate collateral as agreed upon from time to time by the
Custodian and the Fund, which may be in the form of cash or obligations issued by the United States government, its agencies or instrumentalities, except that in connection with any loans for which collateral is to be credited to the
Custodian’s account in the book-entry system authorized by the U.S. Department of the Treasury, the Custodian will not be held liable or responsible for the delivery of securities owned by the Fund prior to the receipt of such collateral;

  

	 	11)	For delivery as security in connection with any borrowing by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;

  

	 	12)	For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under the Securities Exchange Act of 1934
(the “Exchange Act”) and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”, formerly known as The National Association of Securities Dealers, Inc.), relating to compliance with the
rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund;

  

	 	13)	For delivery in accordance with the provisions of any agreement among the Fund, the Custodian, and a futures commission merchant registered under the Commodity Exchange
Act, relating to compliance with the rules of the Commodity Futures Trading Commission (“CFTC”) and/or any contract market, or any similar organization or organizations, regarding account deposits in connection with
transactions by the Fund; 

  

	 	14)	 Upon the sale or other delivery of such investments (including, without limitation, to one or more additional custodians appointed by the Fund, and
communicated to the Custodian from time to time via a writing duly executed by an authorized officer of 

	 	
the Fund, for the purpose of engaging in repurchase agreement transactions(s), each a “Repo Custodian”), and prior to receipt of payment therefor, as set forth in written
Proper Instructions (such delivery in advance of payment, along with payment in advance of delivery made in accordance with Section 2.6(7), as applicable, shall each be referred to herein as a “Free Trade”), provided
that such Proper Instructions shall set forth (a) the securities of the Fund to be delivered and (b) the person(s) to whom delivery of such securities shall be made; 

 

	 	15)	Upon receipt of instructions from the transfer agent for the Fund (the “Transfer Agent”) for delivery to such Transfer Agent or to the holders
of Shares in connection with distributions in kind, as may be described from time to time in the Fund’s currently effective prospectus and statement of additional information (the “Prospectus”), in satisfaction of
requests by holders of Shares for repurchase or redemption; 

  

	 	16)	For delivery as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund; 

 

	 	17)	In the case of a sale processed through the Underlying Transfer Agent of Underlying Shares, in accordance with Section 2.13 hereof; and 

 

	 	18)	For any other purpose, but only upon receipt of Proper Instructions specifying the securities of the Fund to be delivered and naming the person or persons to
whom delivery of such securities shall be made. 

 SECTION 2.3 REGISTRATION
OF SECURITIES. Domestic securities held by the Custodian (other than bearer securities) shall be registered in the name of the Fund or in the name of any nominee of the Fund or of any nominee of the
Custodian which nominee shall be assigned exclusively to the Fund, unless the Fund has authorized in writing the appointment of a nominee to be used in common with other registered management investment companies having the same investment
advisor as the Fund, or in the name or nominee name of any agent appointed pursuant to Section 2.7 or in the name or nominee name of any sub-custodian appointed pursuant to Section 1. All securities accepted by the Custodian on behalf of
the Fund under the terms of this Agreement shall be in “street name” or other good delivery form. If, however, the Fund directs the Custodian to maintain securities in “street name”, the Custodian shall utilize its best efforts
only to timely collect income due the Fund on such securities and to notify the Fund on a best efforts basis only of relevant corporate actions including, without limitation, pendency of calls, maturities, tender or exchange offers. 

SECTION 2.4 BANK ACCOUNTS. The Custodian shall open and maintain
a separate bank account or accounts in the United States in the name of the Fund, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement, and shall hold in such account or accounts, subject to the provisions
hereof, all cash received by it from or for the account of the Fund, other than cash maintained by the Fund in a bank account established and used in accordance with Rule 17f-3 under the 1940 Act. Monies held by the Custodian for the Fund may be
deposited by it to its credit as Custodian in the banking department of the Custodian or in such other banks or trust 

 
companies as it may in its discretion deem necessary or desirable; provided, however, that every such bank or trust company shall be qualified to act as a custodian under the 1940 Act and
that each such bank or trust company and the monies to be deposited with each such bank or trust company shall be approved by vote of a majority of the Board. Such monies shall be deposited by the Custodian in its capacity as Custodian and shall be
withdrawable by the Custodian only in that capacity. 
 SECTION 2.5 COLLECTION
OF INCOME. Subject to the provisions of Section 2.3, the Custodian shall collect on a timely basis all income and other payments with respect to registered domestic securities held hereunder to
which the Fund shall be entitled either by law or pursuant to custom in the securities business, and shall collect on a timely basis all income 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 agent thereof and shall credit such income, as collected, to the Fund’s custodian account. Without limiting the generality of the foregoing, the Custodian shall detach and present for payment all
coupons and other income items requiring presentation as and when they become due and shall collect interest when due on securities held hereunder. Income due the Fund on securities loaned pursuant to the provisions of Section 2.2
(10) shall be the responsibility of the Fund. The Custodian will have no duty or responsibility in connection therewith, other than to provide the Fund with such information or data as may be necessary to assist the Fund in arranging for the
timely delivery to the Custodian of the income to which the Fund is properly entitled. 
 SECTION 2.6
PAYMENT OF FUND MONIES. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out
monies of the Fund in the following cases only: 
  

	 	1)	Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Fund but only (a) against the delivery
of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940
Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Fund or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer;
(b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set
forth in Section 2.13 hereof; (d) in the case of repurchase agreements entered into between the Fund and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (i) against delivery of the securities either in
certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Fund of securities owned by the Custodian along with
written evidence of the agreement by the Custodian to repurchase such securities from the Fund; or (e) for transfer to a time deposit account of the Fund in any bank, whether domestic or foreign; such transfer may be effected prior to receipt
of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein; 

	 	2)	In connection with conversion, exchange or surrender of securities owned by the Fund as set forth in Section 2.2 hereof; 

 

	 	3)	For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; 

 

	 	4)	For the payment of any expense or liability incurred by the Fund, including but not limited to the following payments for the account of the Fund: interest, taxes,
management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 

 

	 	5)	For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund; 

 

	 	6)	For payment of the amount of dividends received in respect of securities sold short; 

 

	 	7)	Upon the purchase of domestic investments including, without limitation, repurchase agreement transactions involving delivery of Fund monies to Repo Custodian(s), and
prior to receipt of such investments, as set forth in written Proper Instructions (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.2(14), as applicable, shall each be referred to
herein as a “Free Trade”), provided that such Proper Instructions shall also set forth (a) the amount of such payment and (b) the person(s) to whom such payment is made; 

 

	 	8)	For the fulfillment of the Fund’s obligations with respect to unfunded commitments incurred in connection with Loans (as such term is defined in the Loan Services
Addendum attached hereto); 

  

	 	9)	For delivery as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund; and 

 

	 	10)	For any other purpose, 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. 

 SECTION 2.7 APPOINTMENT OF
AGENTS. The Custodian may at any time or times in its discretion appoint (and may at any time remove) any other bank or trust company which is itself qualified under the 1940 Act to act as a custodian, as its agent
to carry out such of the provisions of this Section 2 as the Custodian may from time to time direct; provided, however, that the appointment of any agent shall not relieve the Custodian of its responsibilities or liabilities hereunder.
The Underlying Transfer Agent shall not be deemed an agent or sub-custodian of the Custodian for purposes of this Section 2.7 or any other provision of this Agreement. 

 SECTION 2.8 DEPOSIT OF
FUND ASSETS IN U.S. SECURITIES SYSTEMS. The Custodian may deposit and/or maintain securities owned by the Fund in a U.S. Securities System in compliance
with the conditions of Rule 17f-4 of the 1940 Act, as amended from time to time. 
 SECTION 2.9
SEGREGATED ACCOUNT. The Custodian shall upon receipt of Proper Instructions establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may
be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.8 hereof, (i) in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer
registered under the Exchange Act and a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national
securities exchange (or the CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund, (ii) for purposes of segregating cash or
government securities in connection with options purchased, sold or written by the Fund or commodity futures contracts or options thereon purchased or sold by the Fund, (iii) for the purposes of compliance by the Fund with the procedures
required by Investment Company Act Release No. 10666, or any subsequent release of the U.S. Securities and Exchange Commission (the “SEC”), or interpretative opinion of the staff of the SEC, relating to the maintenance
of segregated accounts by registered investment companies, and (iv) for any other purpose upon receipt of Proper Instructions. 
 SECTION 2.10 OWNERSHIP CERTIFICATES FOR TAX PURPOSES. The Custodian shall execute
ownership and other certificates and affidavits for all federal and state tax purposes in connection with receipt of income or other payments with respect to domestic securities of the Fund held by it and in connection with transfers of securities.

 SECTION 2.11 PROXIES. The Custodian shall, with respect to the domestic securities
held hereunder, cause to be promptly executed by the registered holder of such securities, if the securities are registered otherwise than in the name of the Fund or a nominee of the Fund, all proxies, without indication of the manner in which such
proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials and all notices relating to such securities. 
 SECTION 2.12 COMMUNICATIONS RELATING TO FUND SECURITIES. Subject to the provisions of
Section 2.3, the Custodian shall transmit promptly to the Fund all written information (including, without limitation, pendency of calls and maturities of domestic securities and expirations of rights in connection therewith and notices of
exercise of call and put options written by the Fund and the maturity of futures contracts purchased or sold by the Fund) received by the Custodian from issuers of the securities being held for the Fund. With respect to tender or exchange offers,
the Custodian shall transmit promptly to the Fund all written information received by the Custodian from issuers of the securities whose tender or exchange is sought and from the party (or its agents) making the tender or exchange offer. The
Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with domestic securities or other property of the Fund at any time held by it unless (i) the Custodian is in actual possession
of such domestic securities or property and (ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur at least three business days prior to the date on which
the Custodian is to take action to exercise such right or power. The Custodian shall also 

 
transmit promptly to the Fund all written information received by the Custodian regarding any class action or other litigation in connection with securities or other assets issued in the United
States and then held, or previously held, during the term of this Agreement by the Custodian for the account of the Fund, including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and after the effective
date of any termination of this Agreement, the Custodian shall have no responsibility to so transmit any information under this Section 2.12. 
 SECTION 2.13 DEPOSIT OF FUND ASSETS WITH THE UNDERLYING
TRANSFER AGENT. Underlying Shares beneficially owned by the Fund shall be deposited and/or maintained in an account or accounts maintained with an Underlying Transfer Agent and the Custodian’s
only responsibilities with respect thereto shall be limited to the following: 
  

	 	1)	Upon receipt of a confirmation or statement from an Underlying Transfer Agent that such Underlying Transfer Agent is holding or maintaining Underlying Shares in the
name of the Custodian (or a nominee of the Custodian) for the benefit of the Fund, the Custodian shall identify by book-entry that such Underlying Shares are being held by it as custodian for the benefit of the Fund. 

 

	 	2)	In respect of the purchase of Underlying Shares for the account of the Fund, upon receipt of Proper Instructions, the Custodian shall pay out monies of the Fund as so
directed, and record such payment from the account of the Fund on the Custodian’s books and records. 

  

	 	3)	In respect of the sale or redemption of Underlying Shares for the account of the Fund, upon receipt of Proper Instructions, the Custodian shall transfer such Underlying
Shares as so directed, record such transfer from the account of the Fund on the Custodian’s books and records and, upon the Custodian’s receipt of the proceeds therefor, record such payment for the account of the Fund on the
Custodian’s books and records. 

 The Custodian shall not be liable to the Fund for any loss or damage to the
Fund resulting from the maintenance of Underlying Shares with an Underlying Transfer Agent except for losses resulting directly from the fraud, negligence or willful misconduct of the Custodian or any of its agents or of any of its or their
employees. 
  

	SECTION 3.	PROVISIONS RELATING TO RULES 17F-5 AND 17F-7.

 SECTION 3.1. DEFINITIONS. As used throughout this
Agreement, the following capitalized terms shall have the indicated meanings: 
 “Country Risk” means all factors reasonably related
to the systemic risk of holding Foreign Assets in a particular country including, but not limited to, such country’s political environment, economic and financial infrastructure (including any Eligible Securities Depository operating in the
country), prevailing or developing custody and settlement practices, insolvency of a Foreign Sub-Custodian, and laws and regulations applicable to the safekeeping and recovery of Foreign Assets held in custody in that country. 

 “Eligible Foreign Custodian” has the meaning set forth in section (a)(1) of Rule 17f-5, 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. 

“Eligible Securities Depository” has the meaning set forth in section (b)(1) of Rule 17f-7. 

“Foreign Assets” means any of the Fund’s investments (including foreign currencies) for which the primary market is outside the United
States and such cash and cash equivalents as are reasonably necessary to effect the Fund’s transactions in such investments. 

“Foreign Custody Manager” has the meaning set forth in section (a)(3) of Rule 17f-5. 
 “Rule 17f-5” means Rule 17f-5 promulgated under the 1940 Act. 
 “Rule 17f-7”
means Rule 17f-7 promulgated under the 1940 Act. 
 Section 3.2. The Custodian as Foreign Custody Manager.

 3.2.1 DELEGATION TO THE CUSTODIAN AS
FOREIGN CUSTODY MANAGER. The Fund, by resolution adopted by its Board, hereby delegates to the Custodian, subject to Section (b) of Rule 17f-5, the responsibilities set forth in
this Section 3.2 with respect to Foreign Assets held outside the United States, and the Custodian hereby accepts such delegation as Foreign Custody Manager of the Fund. 
 3.2.2 COUNTRIES COVERED. The Foreign Custody Manager shall be responsible for performing the delegated responsibilities defined below only with
respect to the countries and custody arrangements for each such country listed on Schedule A to this Agreement, which list of countries may be amended from time to time by the Fund with the agreement of the Foreign Custody Manager. The Foreign
Custody Manager shall list on Schedule A the Eligible Foreign Custodians selected by the Foreign Custody Manager to maintain the Fund’s assets, which list of Eligible Foreign Custodians may be amended from time to time in the sole discretion of
the Foreign Custody Manager. The Foreign Custody Manager will provide amended versions of Schedule A in accordance with Section 3.2.5 hereof. 
 Upon the receipt by the Foreign Custody Manager of Proper Instructions to open an account or to place or maintain Foreign Assets in a country listed on Schedule A, and the fulfillment by the Fund of the
applicable account opening requirements for such country, the Foreign Custody Manager shall be deemed to have been delegated by the Board responsibility as Foreign Custody Manager with respect to that country and to have accepted such delegation.
Execution of this Agreement by the Fund shall be deemed to be a Proper Instruction to open an account, or to place or maintain Foreign Assets, in each country listed on Schedule A in which the Custodian has previously placed or currently maintains
Foreign Assets pursuant to the terms of the Agreement. Following the receipt of Proper Instructions directing the Foreign Custody Manager to close the account of the Fund with the 

 
Eligible Foreign Custodian selected by the Foreign Custody Manager in a designated country, the delegation by the Board to the Custodian as Foreign Custody Manager for that country shall be
deemed to have been withdrawn and the Custodian shall immediately cease to be the Foreign Custody Manager of the Fund with respect to that country. 
 The Foreign Custody Manager may withdraw its acceptance of delegated responsibilities with respect to a designated country upon written notice to the Fund. Thirty days (or such longer period to which the
parties agree in writing) after receipt of any such notice by the Fund, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Fund with respect to the country as to which the Custodian’s acceptance
of delegation is withdrawn. 
 3.2.3 Scope of Delegated Responsibilities: 

(a) SELECTION OF ELIGIBLE FOREIGN CUSTODIANS.
Subject to the provisions of this Section 3.2, the Foreign Custody Manager may place and maintain the Foreign Assets in the care of the Eligible Foreign Custodian selected by the Foreign Custody Manager in each country listed on Schedule A,
as amended from time to time. In performing its delegated responsibilities as Foreign Custody Manager to place or maintain Foreign Assets with an Eligible Foreign Custodian, the Foreign Custody Manager shall determine that the Foreign Assets will be
subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by that Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets,
including, without limitation the factors specified in Rule 17f-5(c)(1). 
 (b) CONTRACTS WITH
ELIGIBLE FOREIGN CUSTODIANS. The Foreign Custody Manager shall determine that the contract governing the foreign custody arrangements with each Eligible Foreign Custodian selected by the
Foreign Custody Manager will satisfy the requirements of Rule 17f-5(c)(2). 
 (c)
MONITORING. In each case in which the Foreign Custody Manager maintains Foreign Assets with an Eligible Foreign Custodian selected by the Foreign Custody Manager, the Foreign Custody Manager shall establish a
system to monitor (i) the appropriateness of maintaining the Foreign Assets with such Eligible Foreign Custodian and (ii) the contract governing the custody arrangements established by the Foreign Custody Manager with the Eligible Foreign
Custodian. In the event the Foreign Custody Manager determines that the custody arrangements with an Eligible Foreign Custodian it has selected are no longer appropriate, the Foreign Custody Manager shall notify the Board in accordance with
Section 3.2.5 hereunder. 
 3.2.4 GUIDELINES FOR THE EXERCISE
OF DELEGATED AUTHORITY. For purposes of this Section 3.2, the Board shall be deemed to have considered and determined to accept such Country Risk as is incurred by placing
and maintaining the Foreign Assets in each country for which the Custodian is serving as Foreign Custody Manager of the Fund. 

3.2.5 REPORTING REQUIREMENTS. The Foreign Custody Manager shall report the
withdrawal of the Foreign Assets from an Eligible Foreign Custodian and the placement of such Foreign Assets with another Eligible Foreign Custodian by providing to the Board an amended Schedule A at the end of the calendar quarter in which an
amendment to such Schedule has occurred. 

 
The Foreign Custody Manager shall make written reports notifying the Board of any other material change in the foreign custody arrangements of the Fund described in this Section 3.2 after
the occurrence of the material change. 
 3.2.6 STANDARD OF CARE
AS FOREIGN CUSTODY MANAGER OF THE FUND. In performing the responsibilities delegated to it, the Foreign Custody Manager
agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise. 

3.2.7 REPRESENTATIONS WITH RESPECT TO RULE
17F-5. The Foreign Custody Manager represents to the Fund that it is a U.S. Bank as defined in section (a)(7) of Rule 17f-5. The Fund represents to the Custodian that the Board has determined that it is reasonable for the
Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Fund. 
 3.2.8 EFFECTIVE DATE AND TERMINATION OF THE CUSTODIAN AS FOREIGN
CUSTODY MANAGER. The Board’s delegation to the Custodian as Foreign Custody Manager of the Fund shall be effective as of the date hereof and shall remain in effect until terminated at any
time, without penalty, by written notice from the terminating party to the non-terminating party. Termination will become effective thirty (30) days after receipt by the non-terminating party of such notice. The provisions of Section 3.2.2
hereof shall govern the delegation to and termination of the Custodian as Foreign Custody Manager of the Fund with respect to designated countries. 
 SECTION 3.3 ELIGIBLE SECURITIES DEPOSITORIES. 
 3.3.1 ANALYSIS AND MONITORING. The Custodian shall (a) provide the Fund (or its duly-authorized investment manager or investment advisor) with an
analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set forth on Schedule B hereto in accordance with section (a)(1)(i)(A) of Rule 17f-7, and (b) monitor such risks on a continuing basis,
and promptly notify the Fund (or its duly-authorized investment manager or investment advisor) of any material change in such risks, in accordance with section (a)(1)(i)(B) of Rule 17f-7. 

3.3.2 STANDARD OF CARE. The Custodian agrees to exercise
reasonable care, prudence and diligence in performing the duties set forth in Section 3.3.1. 
  

	SECTION 4.	DUTIES OF THE CUSTODIAN WITH RESPECT TO
PROPERTY OF THE FUND HELD OUTSIDE THE UNITED STATES. 

SECTION 4.1 DEFINITIONS. As used throughout this Agreement, the following
capitalized terms shall have the indicated meanings: 
 “Foreign Securities System” means an Eligible Securities Depository listed on
Schedule B hereto. 
 “Foreign Sub-Custodian” means an Eligible Foreign Custodian. 

 SECTION 4.2. HOLDING
SECURITIES. The Custodian shall identify on its books as belonging to the Fund the foreign securities held by each Foreign Sub-Custodian or Foreign Securities System. The Custodian may hold foreign securities for
all of its customers, including the Fund, with any Foreign Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers, provided however, that (i) the records of the Custodian with respect to
foreign securities of the Fund which are maintained in such account shall identify those securities as belonging to the Fund and (ii), to the extent permitted and customary in the market in which the account is maintained, the Custodian shall
require that securities so held by the Foreign Sub-Custodian be held separately from any assets of such Foreign Sub-Custodian or of other customers of such Foreign Sub-Custodian. 

SECTION 4.3. FOREIGN SECURITIES SYSTEMS. Foreign
securities shall be maintained in a Foreign Securities System in a designated country through arrangements implemented by the Custodian or a Foreign Sub-Custodian, as applicable, in such country. 

SECTION 4.4. TRANSACTIONS IN FOREIGN CUSTODY
ACCOUNT. 
 4.4.1. DELIVERY OF FOREIGN
ASSETS. The Custodian or a Foreign Sub-Custodian shall release and deliver foreign securities of the Fund held by the Custodian or such Foreign Sub-Custodian, or in a Foreign Securities System account, only upon
receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases: 
  

	 	(i)	upon the sale of such foreign securities for the Fund in accordance with commercially reasonable market practice in the country where such foreign securities are held
or traded, including, without limitation: (A) delivery against expectation of receiving later payment; or (B) in the case of a sale effected through a Foreign Securities System, in accordance with the rules governing the operation of the
Foreign Securities System; 

  

	 	(ii)	in connection with any repurchase agreement related to foreign securities; 

 

	 	(iii)	to the depository agent in connection with tender or other similar offers for foreign securities of the Fund; 

 

	 	(iv)	to the issuer thereof or its agent when such foreign securities are called, redeemed, retired or otherwise become payable; 

 

	 	(v)	to the issuer thereof, or its agent, for transfer into the name of the Custodian (or the name of the respective Foreign Sub-Custodian or of any nominee of the Custodian
or such Foreign Sub-Custodian) or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; 

	 	(vi)	to brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided that in any such case the Foreign
Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Foreign Sub-Custodian’s own negligence or willful
misconduct; 

  

	 	(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 provisions for conversion contained in such securities, or pursuant to any deposit agreement; 

  

	 	(viii)	in the case of warrants, rights or similar foreign 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; 

  

	 	(ix)	for delivery as security in connection with any borrowing by the Fund requiring a pledge of assets by the Fund; 

 

	 	(x)	for delivery as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund; 

 

	 	(xi)	in connection with the lending of foreign securities; and 

  

	 	(xii)	for any other purpose, but only upon receipt of Proper Instructions specifying the foreign securities to be delivered and naming the person or persons to whom delivery
of such securities shall be made. 

 4.4.2. PAYMENT OF FUND
MONIES. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respective
Foreign Securities System to pay out, monies of the Fund in the following cases only: 
  

	 	(i)	upon the purchase of foreign securities for the Fund, unless otherwise directed by Proper Instructions, by (A) delivering money to the seller thereof or to a
dealer therefor (or an agent for such seller or dealer) against expectation of receiving later delivery of such foreign securities; or (B) in the case of a purchase effected through a Foreign Securities System, in accordance with the rules
governing the operation of such Foreign Securities System; 

  

	 	(ii)	in connection with the conversion, exchange or surrender of foreign securities of the Fund; 

 

	 	(iii)	for the payment of any expense or liability of the Fund, including but not limited to the following payments: interest, taxes, investment advisory fees, transfer agency
fees, fees under this Agreement, legal fees, accounting fees, and other operating expenses; 

	 	(iv)	for the purchase or sale of foreign exchange or foreign exchange contracts for the Fund, including transactions executed with or through the Custodian or its Foreign
Sub-Custodians; 

  

	 	(v)	for delivery as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund; 

 

	 	(vi)	for payment of part or all of the dividends received in respect of securities sold short; 

 

	 	(vii)	in connection with the borrowing or lending of foreign securities; and 

  

	 	(viii)	for any other purpose, 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. 

 4.4.3. MARKET CONDITIONS. Notwithstanding any
provision of this Agreement to the contrary, settlement and payment for Foreign Assets received for the account of the Fund and delivery of Foreign Assets maintained for the account of the Fund may be effected in accordance with the customary
established securities trading or processing practices and procedures in the country or market in which the transaction occurs, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or an agent
for such purchaser or dealer) with the expectation of receiving later payment for such Foreign Assets from such purchaser or dealer. 
 The
Custodian shall provide to the Board the information with respect to custody and settlement practices in countries in which the Custodian employs a Foreign Sub-Custodian described on Schedule C hereto at the time or times set forth on such Schedule.
The Custodian may revise Schedule C from time to time, provided that no such revision shall result in the Board being provided with substantively less information than had been previously provided hereunder. 

SECTION 4.5. REGISTRATION OF FOREIGN
SECURITIES. The foreign securities maintained in the custody of a Foreign Sub-Custodian (other than bearer securities) shall be registered in the name of the Fund or in the name of the Custodian or in the name of
any Foreign Sub-Custodian or in the name of any nominee of the foregoing, and the Fund agrees to hold any such nominee harmless from any liability as a holder of record of such foreign securities. The Custodian or a Foreign Sub-Custodian shall not
be obligated to accept securities on behalf of the Fund under the terms of this Agreement unless the form of such securities and the manner in which they are delivered are in accordance with reasonable market practice. 

SECTION 4.6 BANK ACCOUNTS. The Custodian shall identify on its
books as belonging to the Fund cash (including cash denominated in foreign currencies) deposited with the Custodian. Where the Custodian is unable to maintain, or market practice does not facilitate the maintenance of, cash on the books of the
Custodian, a bank account or bank accounts shall be opened and maintained outside the United States on behalf of the Fund with a Foreign Sub-Custodian. All accounts referred to in this Section shall be subject only to draft or order by the Custodian
(or, if applicable, such Foreign Sub-Custodian) acting pursuant to the terms of this Agreement to hold cash received by or 

 
from or for the account of the Fund. Cash maintained on the books of the Custodian (including its branches, subsidiaries and affiliates), regardless of currency denomination, is maintained in
bank accounts established under, and subject to the laws of, The Commonwealth of Massachusetts. 

SECTION 4.7. COLLECTION OF INCOME. The Custodian
shall use reasonable commercial efforts to collect all income and other payments with respect to the Foreign Assets held hereunder to which the Fund shall be entitled and shall credit such income, as collected, to the Fund. In the event that
extraordinary measures are required to collect such income, the Fund and the Custodian shall consult as to such measures and as to the compensation and expenses of the Custodian relating to such measures. 

SECTION 4.8 SHAREHOLDER RIGHTS. With respect to the
foreign securities held pursuant to this Section 4, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject always to the laws, regulations and practical constraints that
may exist in the country where such securities are issued. The Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the
ability of the Fund to exercise shareholder rights. 
 SECTION 4.9. COMMUNICATIONS
RELATING TO FOREIGN SECURITIES. The Custodian shall transmit promptly to the Fund written information with respect to materials received by the Custodian via the
Foreign Sub-Custodians from issuers of the foreign securities being held for the account of the Fund (including, without limitation, pendency of calls and maturities of foreign securities and expirations of rights in connection therewith). With
respect to tender or exchange offers, the Custodian shall transmit promptly to the Fund written information with respect to materials so received by the Custodian from issuers of the foreign securities whose tender or exchange is sought or from the
party (or its agents) making the tender or exchange offer. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with foreign securities or other property of the Fund at any time
held by it unless (i) the Custodian or the respective Foreign Sub-Custodian is in actual possession of such foreign securities or property and (ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or
power, and both (i) and (ii) occur at least three business days prior to the date on which the Custodian is to take action to exercise such right or power. The Custodian shall also transmit promptly to the Fund all written information
received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the account of the Fund regarding any class action or other litigation in connection with foreign securities or other assets issued
outside the United States and then held, or previously held, during the term of this Agreement by the Custodian for the account of the Fund, including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and
after the effective date of any termination of this Agreement, the Custodian shall have no responsibility to so transmit any information under this Section 4.9. 
 SECTION 4.10. LIABILITY OF FOREIGN SUB-CUSTODIANS. Each agreement pursuant to which the
Custodian employs a Foreign Sub-Custodian shall, to the extent possible, require the Foreign Sub-Custodian to exercise reasonable care in the performance of its duties, and to indemnify, and hold harmless, the Custodian from and against any loss,
damage, cost, expense, liability or claim arising out of or in connection with the Foreign Sub-Custodian’s performance of such obligations. 

 
At the Fund’s election, it shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian as a consequence of any such loss,
damage, cost, expense, liability or claim if and to the extent that the Fund has not been made whole for any such loss, damage, cost, expense, liability or claim. 
 SECTION 4.11 TAX LAW. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the
Fund or the Custodian as custodian of the Fund by the tax law of the United States or of any state or political subdivision thereof. It shall be the responsibility of the Fund to notify the Custodian of the obligations imposed on the Fund or the
Custodian as custodian of the Fund by the tax law of countries other than those mentioned in the above sentence, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental
reporting. The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to assist the Fund with respect to any claim for exemption or refund under the tax law of countries for which the Fund has provided
such information. 
 SECTION 4.12. LIABILITY OF
CUSTODIAN. The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian to the same extent as set forth with respect to sub-custodians generally in the Agreement and, regardless of whether
assets are maintained in the custody of a Foreign Sub-Custodian or a Foreign Securities System, the Custodian shall not be liable for any loss, damage, cost, expense, liability or claim resulting from nationalization, expropriation, currency
restrictions, or acts of war or terrorism, or any other loss where the Sub-Custodian has otherwise acted with reasonable care. 
  

	SECTION 5.	PAYMENTS FOR SALES OR REPURCHASES OR REDEMPTIONS
OF SHARES. 

 The Custodian shall receive from the distributor for the Shares or
from the Transfer Agent and deposit into the Fund’s account such payments as are received for Shares thereof issued or sold from time to time by the Fund. The Custodian will provide timely notification to the Fund and the Transfer Agent of any
receipt by it of payments for Shares of the Fund. 
 From such funds as may be available for the purpose, the Custodian shall, upon receipt of
instructions from the Transfer Agent, make funds available for payment to holders of Shares who have delivered to the Transfer Agent a request for redemption or repurchase of their Shares. In connection with the redemption or repurchase of Shares,
the Custodian is authorized upon receipt of instructions from the Transfer Agent to wire funds to or through a commercial bank designated by the redeeming shareholders. In connection with the redemption or repurchase of Shares, the Custodian shall
honor checks drawn on the Custodian by a holder of Shares, which checks have been furnished by the Fund to the holder of Shares, when presented to the Custodian in accordance with such procedures and controls as are mutually agreed upon from time to
time between the Fund and the Custodian. 

	SECTION 6.	PROPER INSTRUCTIONS. 

 Proper Instructions, which may also be standing instructions, as used throughout this Agreement, shall mean instructions received by the Custodian from the Fund, the Fund’s investment manager, or a
person or entity duly authorized by either of them. Such instructions may be in writing signed by the authorized person or persons or may be in a tested communication or in a communication utilizing access codes effected between electro-mechanical
or electronic devices or may be by such other means and utilizing such intermediary systems and utilities as may be agreed to from time to time by the Custodian and the person or entity giving such instructions, provided that the Fund has followed
any security procedures agreed to from time to time by the Fund and the Custodian, including, but not limited to, the security procedures selected by the Fund in the Funds Transfer Addendum to this Agreement, the terms of which are hereby agreed to.
Oral instructions will be considered Proper Instructions if the Custodian reasonably believes them to have been given by a person authorized to give such instructions with respect to the transaction involved. The Fund shall cause all oral
instructions to be confirmed in writing. For purposes of this Section, Proper Instructions shall include instructions received by the Custodian pursuant to any multi-party agreement which requires a segregated asset account in accordance with
Section 2.9 of this Agreement. The Fund or the Fund’s investment manager shall cause its duly authorized officer to certify to the Custodian in writing the names and specimen signatures of persons authorized to give Proper Instructions.
The Custodian shall be entitled to rely upon the identity and authority of such persons until it receives notice from the Fund to the contrary. 
  

	SECTION 7.	ACTIONS PERMITTED WITHOUT EXPRESS AUTHORITY. 

The Custodian may in its discretion, without express authority from the Fund: 

 

	 	1)	make payments to itself or others for minor expenses of handling securities or other similar items relating to its duties under this Agreement, provided that all
such payments shall be accounted for to the Fund; 

  

	 	2)	surrender securities in temporary form for securities in definitive form; 

  

	 	3)	endorse for collection, in the name of the Fund, checks, drafts and other negotiable instruments; and 

 

	 	4)	in general, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and
property of the Fund except as otherwise directed by the Board. 

  

	SECTION 8.	EVIDENCE OF AUTHORITY. 

 The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate or other instrument or paper reasonably believed by it to be genuine and to have been properly
executed by or on behalf of the Fund. The Custodian may receive and accept a copy of a resolution of the Board, certified by the Secretary or an Assistant Secretary of the Fund (“Certified Resolution”), as conclusive evidence
(a) of the authority of any person to act in accordance with such resolution or (b) of any determination or of any action by the Board as described in such resolution, and such resolution may be considered as in full force and effect until
receipt by the Custodian of written notice to the contrary. 

	SECTION 9.	DUTIES OF CUSTODIAN WITH RESPECT TO THE BOOKS
OF ACCOUNT AND CALCULATION OF NET ASSET VALUE AND NET INCOME.

 The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Board to keep the
books of account of the Fund and/or compute the net asset value per Share of the outstanding Shares or, if directed in writing to do so by the Fund, shall itself keep such books of account and/or compute such net asset value per Share. If so
directed, the Custodian shall also calculate daily the net income of the Fund as described in the Prospectus and shall advise the Fund and the Transfer Agent daily of the total amounts of such net income and, if instructed in writing by an officer
of the Fund to do so, shall advise the Transfer Agent periodically of the division of such net income among its various components. The Fund acknowledges and agrees that, with respect to investments maintained with the Underlying Transfer Agent, the
Underlying Transfer Agent is the sole source of information on the number of shares of a fund held by it on behalf of the Fund and that the Custodian has the right to rely on holdings information furnished by the Underlying Transfer Agent to the
Custodian in performing its duties under this Agreement, including without limitation, the duties set forth in this Section 9 and in Section 10 hereof; provided, however, that the Custodian shall be obligated to reconcile information as to
purchases and sales of Underlying Shares contained in trade instructions and confirmations received by the Custodian and to report promptly any discrepancies to the Underlying Transfer Agent. The calculations of the net asset value per Share and the
daily income of the Fund shall be made at the time or times described from time to time in the Prospectus. 
  

	SECTION 10.	RECORDS. 

The Custodian shall create and maintain all records relating to its activities and obligations under this Agreement in such manner as will meet the
obligations of the Fund under the 1940 Act, with particular attention to Section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of the Fund 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 Fund and employees and agents of the SEC. The Custodian shall, at the Fund’s request, supply the Fund with a tabulation of securities owned by the Fund and
held by the Custodian and shall, when requested to do so by the Fund and for such compensation as shall be agreed upon between the Fund and the Custodian, include certificate numbers in such tabulations. 

 

	SECTION 11.	OPINION OF FUND’S INDEPENDENT ACCOUNTANT.

 The Custodian shall take all reasonable action, as the Fund may from time to time request, to obtain from year to year favorable
opinions from the Fund’s independent accountants with respect to its activities hereunder in connection with the preparation of the Fund’s reports to the U.S. Securities and Exchange Commission and with respect to any other requirements
thereof. 
  

	SECTION 12.	REPORTS TO FUND BY INDEPENDENT PUBLIC ACCOUNTANTS.

 The Custodian shall provide the Fund, at such times as the Fund may reasonably require, with reports by independent public
accountants on the accounting system, internal accounting control and procedures for safeguarding securities, futures contracts and options on futures contracts, including 

 
securities deposited and/or maintained in a U.S. Securities System or a Foreign Securities System (either, a “Securities System”), relating to the services provided by the
Custodian under this Agreement; such reports, shall be of sufficient scope and in sufficient detail, as may reasonably be required by the Fund to provide reasonable assurance that any material inadequacies would be disclosed by such examination,
and, if there are no such inadequacies, the reports shall so state. 
  

	SECTION 13.	COMPENSATION OF CUSTODIAN. 

 The Custodian shall be entitled to reasonable compensation for its services and expenses as Custodian, as agreed upon from time to time between the Fund and the Custodian. 

 

	SECTION 14.	RESPONSIBILITY OF CUSTODIAN. 

 So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto
received by it or delivered by it pursuant to this Agreement and shall be held harmless in acting upon any notice, request, consent, certificate or other instrument reasonably believed by it to be genuine and to be signed by the proper party or
parties, including any futures commission merchant acting pursuant to the terms of a three-party futures or options agreement. The Custodian shall be held to the exercise of reasonable care in carrying out the provisions of this Agreement, but shall
be kept indemnified by and shall be without liability to the Fund for any action taken or omitted by it in good faith without negligence, including, without limitation, acting in accordance with any Proper Instruction. It shall be entitled to rely
on and may act upon advice of counsel (who may be counsel for the Fund) on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall be without liability to the Fund for any
loss, liability, claim or expense resulting from or caused by anything that is part of Country Risk (as defined in Section 3 hereof), including without limitation nationalization, expropriation, currency restrictions, insolvency of a Foreign
Sub-Custodian, acts of war, revolution, riots or terrorism. 
 Except as may arise from the Custodian’s own negligence or willful
misconduct or the negligence or willful misconduct of a sub-custodian or agent, the Custodian shall be without liability to the Fund for any loss, liability, claim or expense resulting from or caused by; (i) events or circumstances beyond the
reasonable control of the Custodian or any sub-custodian or Securities System or any agent or nominee of any of the foregoing, including, without limitation, the interruption, suspension or restriction of trading on or the closure of any securities
market, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages, natural disasters, or other similar events or acts; (ii) errors by the Fund or its duly-authorized
investment manager or investment advisor in their instructions to the Custodian provided such instructions have been in accordance with this Agreement; (iii) the insolvency of or acts or omissions by a Securities System; (iv) any delay or
failure of any broker, agent or intermediary, central bank or other commercially prevalent payment or clearing system to deliver to the Custodian’s sub-custodian or agent securities purchased or in the remittance or payment made in connection
with securities sold; (v) any delay or failure of any company, corporation, or other body in charge of registering or transferring securities in the name of the Custodian, the Fund, the Custodian’s sub-custodians, nominees or agents or any
consequential losses arising out of such delay or failure to transfer such securities including non-receipt of bonus, dividends and rights and other 

 
accretions or benefits; (vi) delays or inability to perform its duties due to any disorder in market infrastructure with respect to any particular security or Securities System; and
(vii) any provision of any present or future law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction. The Custodian shall
be liable for the acts or omissions of a Foreign Sub-Custodian to the same extent as set forth with respect to sub-custodians generally in this Agreement. 
 If the Fund requires the Custodian to take any action with respect to securities, which action involves the payment of money or which action may, in the opinion of the Custodian, result in the Custodian
or its nominee assigned to the Fund being liable for the payment of money or incurring liability of some other form, the Fund, as a prerequisite to requiring the Custodian to take such action, shall provide indemnity to the Custodian in an amount
and form satisfactory to it. 
 If the Fund requires the Custodian, its affiliates, subsidiaries or agents, to advance cash or securities for
any purpose (including but not limited to securities settlements, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or
liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee’s own negligent action, negligent failure to act or willful misconduct, or if the Fund fails to compensate the Custodian pursuant
to Section 13 hereof, any property at any time held for the account of the Fund shall be security therefor and should the Fund fail to repay the Custodian promptly, the Custodian shall be entitled to utilize available cash and to dispose of the
Fund’s assets to the extent necessary to obtain reimbursement. 
 In no event shall either party be liable to the other for indirect,
special or consequential damages. 
  

	SECTION 15.	EFFECTIVE PERIOD, TERMINATION AND AMENDMENT. 

This Agreement shall become effective as of its execution, shall continue in full force and effect until terminated as hereinafter provided, may be
amended at any time by mutual agreement of the parties hereto and may be terminated by either party by an instrument in writing delivered or mailed, postage prepaid to the other party, such termination to take effect not sooner than sixty
(60) days after the date of such delivery or mailing; provided, however, that the Fund shall not amend or terminate this Agreement in contravention of any applicable federal or state regulations, or any provision of the Fund’s
Articles of Incorporation, and further provided, that the Fund may at any time by action of its Board (i) substitute another bank or trust company for the Custodian by giving notice as described above to the Custodian, or (ii) immediately
terminate this Agreement in the event of the appointment of a conservator or receiver for the Custodian by the Comptroller of the Currency or upon the happening of a like event at the direction of an appropriate regulatory agency or court of
competent jurisdiction. 
 Upon termination of the Agreement, the Fund shall pay to the Custodian such compensation as may be due as of the date
of such termination and shall likewise reimburse the Custodian for its costs, expenses and disbursements. The provisions of Sections 4.11, 13 and 14 of this Agreement shall survive termination of this Agreement for any reason and Section 24
shall survive for a period of three (3) years from the date of termination of this Agreement. 

	SECTION 16.	SUCCESSOR CUSTODIAN. 

 If a successor custodian for the Fund shall be appointed by the Board, the Custodian shall, upon termination, deliver to such successor custodian at the office of the Custodian, duly endorsed and in the
form for transfer, all securities of the Fund then held by it hereunder and shall transfer to an account of the successor custodian all of the securities of the Fund held in a Securities System or at the Underlying Transfer Agent. 

If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of a Certified Resolution, deliver at the office of
the Custodian and transfer such securities, funds and other properties in accordance with such resolution. 
 In the event that no written order
designating a successor custodian or Certified Resolution shall have been delivered to the Custodian on or before the date when such termination shall become effective, then the Custodian shall have the right to deliver to a bank or trust company,
which is a “bank” as defined in the 1940 Act, doing business in Boston, Massachusetts, or New York, New York, of its own selection, having an aggregate capital, surplus, and undivided profits, as shown by its last published report, of not
less than $25,000,000, all securities, funds and other properties held by the Custodian hereunder and all instruments held by the Custodian relative thereto and all other property held by it under this Agreement on behalf of the Fund, and to
transfer to an account of such successor custodian all of the Fund’s securities held in any Securities System or at the Underlying Transfer Agent. Thereafter, such bank or trust company shall be the successor of the Custodian under this
Agreement. 
 In the event that securities, funds and other properties remain in the possession of the Custodian after the date of termination
hereof owing to failure of the Fund to procure the Certified Resolution to appoint a successor custodian, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian retains possession of such
securities, funds and other properties and the provisions of this Agreement relating to the duties and obligations of the Custodian shall remain in full force and effect. 

 

	SECTION 17.	INTERPRETIVE AND ADDITIONAL PROVISIONS. 

In connection with the operation of this Agreement, the Custodian and the Fund may from time to time agree on such provisions interpretive of or in
addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by both parties and shall be annexed
hereto, provided that no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any provision of the Fund’s Articles of Incorporation. No interpretive or additional provisions made as
provided in the preceding sentence shall be deemed to be an amendment of this Agreement. 

 SECTION 17A. INSURANCE. 

The Custodian shall at all times, during the term of this Agreement, maintain insurance coverage deemed adequate by the Custodian in light of its duties
hereunder and its other obligations and activities. 
 SECTION 17B. CUSTODIAN
REPRESENTATION. 
 The Custodian represents and warrants to the Fund that the Custodian is a
Massachusetts-chartered trust company and a member of the Federal Reserve System. 
  

	SECTION 18.	MASSACHUSETTS LAW TO APPLY. 

This Agreement shall be construed and the provisions thereof interpreted under and in accordance with laws of The Commonwealth of Massachusetts.

 SECTION 19. ASSIGNMENT. 
 This Agreement may not be assigned by (a) the Fund without the written consent of the Custodian or (b) by the Custodian without the written consent of the Fund. 

SECTION 20. PRIOR AGREEMENTS. 
 This Agreement supersedes and terminates, as of the date hereof, all prior Agreements between the Fund and the Custodian relating to the custody of the Fund’s assets. 

SECTION 21. NOTICES. 
 Any notice, instruction or other instrument required to be given hereunder may be delivered in person to the offices of the parties as set forth herein during normal business hours or delivered prepaid
registered mail or by telex, cable or telecopy to the parties at the following addresses or such other addresses as may be notified by any party from time to time. 
  

	To the Fund:	TPG Specialty Lending, Inc. 

	    	301 Commerce Street 

	    	Suite 3300 

	    	Fort Worth, TX 76102 

  

	    	Attention: Alan Kirshenbaum 

	    	Telephone: 415-486-5929 

	    	Facsimile: 415-486-5980 

	To the Custodian:	STATE STREET BANK AND TRUST COMPANY 

	    	State Street Financial Center 

	    	One Lincoln Street 

	    	Boston, MA 02111-2900 

  

	    	Attention: Bhagesh Malde, Senior Vice President 

  

	    	Telephone: (617) 664-4112 

 Such notice,
instruction or other instrument shall be deemed to have been served in the case of a registered letter at the expiration of five business days after posting, in the case of cable twenty-four hours after dispatch and, in the case of telex,
immediately on dispatch and if delivered outside normal business hours it shall be deemed to have been received at the next time after delivery when normal business hours commence and in the case of cable, telex or telecopy on the business day after
the receipt thereof. Evidence that the notice was properly addressed, stamped and put into the post shall be conclusive evidence of posting. 

SECTION 22. COUNTERPARTS. 
 This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement. 

SECTION 23. SEVERABILITY. 
 Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision or provisions of this Agreement shall be
held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. 
 SECTION 24. CONFIDENTIALITY. 
 The parties
hereto agree that each shall treat confidentially all information provided by each party to the other party regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely
for the purpose of rendering or receiving services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party. The foregoing shall not be applicable to any information
(i) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (ii) that is independently derived by any party hereto without the use of any information provided by the
other party hereto in connection with this Agreement, (iii) that is required in any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, or by operation of law or
regulation, or (iv) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld. Notwithstanding anything herein to the contrary, the
Custodian and its affiliates may report and use nonpublic portfolio holdings information of its clients, including a Fund, on an aggregated basis with all or substantially all other client information and without specific reference to any Fund.

 SECTION 25. REPRODUCTION OF
DOCUMENTS. 
 This Agreement and all schedules, addenda, exhibits, attachments and amendments hereto may be
reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial
or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction
shall likewise be admissible in evidence. 
 SECTION 26. REMOTE ACCESS
SERVICES ADDENDUM. 
 The Custodian and the Fund agree to be bound by the terms of the Remote
Access Services Addendum attached hereto. 
 SECTION 27. REGULATION GG. 

The Fund hereby represents and warrants that it does not engage in an “Internet gambling business,” as such term is defined in
Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) (“Regulation GG”). The Fund hereby covenants and agrees that it shall not engage in an Internet gambling business. In accordance with Regulation GG, the Fund
is hereby notified that “restricted transactions,” as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with the Custodian pursuant to this Agreement or otherwise between or among any party
hereto. 
 SECTION 28. DATA PRIVACY. 

The Custodian will implement and maintain a written information security program that contains appropriate security measures to safeguard the personal
information of the Fund’s shareholders, employees, directors and/or officers that the Custodian receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes,
“personal information” shall mean (i) an individual’s name (first initial and last name or first name and last name), address or telephone number plus (a) social security number, (b) drivers license number,
(c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person’s account or (ii) any
combination of the foregoing that would allow a person to log onto or access an individual’s account. This provision will survive termination or expiration of this Agreement for so long as the Custodian continues to possess or have access
to personal information acquired in connection with providing services to the Fund under this Agreement. Notwithstanding the foregoing “personal information” shall not include information that is lawfully obtained from publicly available
information, or from federal, state or local government records lawfully made available to the general public. 

SECTION 29. LOAN SERVICES ADDENDUM. 

In the event the Fund directs Custodian in writing to perform loan services, Custodian and the Fund hereby agree to be bound by the terms of the Loan
Services Addendum attached hereto and the Fund shall reimburse Custodian for its fees and expenses related thereto as agreed upon from time to time in writing by the Fund and Custodian. 

 SECTION 30. SHAREHOLDER COMMUNICATIONS
ELECTION. 
 SEC Rule 14b-2 requires banks which hold securities for the account of customers to respond to
requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with
the rule, the Custodian needs the Fund to indicate whether it authorizes the Custodian to provide the Fund’s name, address, and share position to requesting companies whose securities the Fund owns. If the Fund tells the Custodian
“no”, the Custodian will not provide this information to requesting companies. If the Fund tells the Custodian “yes” or does not check either “yes” or “no” below, the Custodian is required by the rule to treat
the Fund as consenting to disclosure of this information for all securities owned by the Fund or any funds or accounts established by the Fund. For the Fund’s protection, the Rule prohibits the requesting company from using the Fund’s name
and address for any purpose other than corporate communications. Please indicate below whether the Fund consents or objects by checking one of the alternatives below. 
  

	YES [	]        The Custodian is authorized to release the Fund’s name, address, and share positions. 

 

	NO [X]         	The Custodian is not authorized to release the Fund’s name, address, and share positions. 

[Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, each of the parties
has caused this instrument to be executed in its name and behalf by its duly authorized representative under seal as of the date first above-written. 
 TPG SPECIALTY LENDING, INC. 
  

			
	 By:
	 	  

		 	Name: Alan Kirshenbaum
		 	Title: Vice President

  

			
	STATE STREET BANK AND TRUST COMPANY
		
	 By:
	 	  

	 Name:
	 	George Sullivan
	 Title:
	 	Executive Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]