Document:

EX-10.1

 Exhibit 10.1 
 MVC CAPITAL, INC. 
 SECOND AMENDMENT TO THE FUND ADMINISTRATION

 SERVICING AGREEMENT 
 THIS SECOND AMENDMENT dated as of March 30, 2012, to the Fund Administration Servicing Agreement, dated as of February 1, 2006, as amended April 6, 2009 (the “Agreement”),
is entered into by and among MVC Capital, Inc., (the “Fund”), MVC Financial Services, Inc. (“MVCFS”) and U.S. Bancorp Fund Services, LLC, (“USBFS”). 

RECITALS 

WHEREAS, the parties have entered into the Agreement; and 
 WHEREAS, the parties desire to amend the length and the fees of the Agreement; and 
 WHEREAS, Section 7 of the Agreement allows for an amendment by a written instrument executed by both parties. 
 NOW, THEREFORE, the parties agree as follows: 
 Section 7. Term of
Agreement; Amendment, is hereby superseded and replaced with the following Section 7: 
 Section 7. Term of
Agreement; Amendment. 
 This Agreement shall be effective as of March 1, 2012 and will continue in effect for a period
of three (3) years; provided, however, this Agreement may be terminated by any party upon giving ninety (90) days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the
foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. This Agreement may be
amended by mutual written consent of the parties. 
 Exhibit A, the fee schedule of the Agreement, is hereby superseded and
replaced with Amended Exhibit A attached hereto. 
 3/2012 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be
executed by a duly authorized officer on one or more counterparts as of the date and year first written above. 
  

			
	MVC CAPITAL, INC.	  	U.S. BANCORP FUND SERVICES, LLC
		
	By:
                                         
                                         
        	  	By:
                                         
                                         
  
		
	 Printed Name:
                                         
                               
	  	 Printed Name: Michael R. McVoy

		
	 Title:
                                         
                                         
     
	  	 Title: Executive Vice President

		
	MVC FINANCIAL SERVICES, INC.	  	
		
	By:
                                         
                                         
        	  	
		
	 Printed Name:
                                         
                               
	  	
		
	 Title:
                                         
                                         
     
	  	

 3/2012 

  
 2 

 Amended Exhibit A 

to the Fund Administration Servicing Agreement 
 and the Fund Accounting Servicing Agreement 
 FEE SCHEDULE effective
3/1/12 through 3/1/15 
 With respect to the minimum annual fee, the Fee Schedule for the Fund Administration Servicing Agreement shall
be read in conjunction with the Fee Schedule for the Fund Accounting Servicing Agreement between the same parties and entered into as of the same date. That schedule in full is reproduced below: 

Annual Fee Schedule 

Aggregate Minimum Annual Fee of $180,000 or an asset based fee of 9 basis points on the first $100 million, 6 basis points on the next $200 million , 5
basis points on the next $700 million and 4 basis points thereafter, whichever is greater (out-of-pockets not included other than the Type II SSAE 16 Report). 
 The monthly Fund aggregate fee shall be allocated 60% to MVC Capital, Inc. and 40% to MVC Financial Services, LLC. 
 OUT-OF-POCKET EXPENSES 
 Type II SSAE 16 Reporting 

U.S. Bancorp Fund Services, LLC will pay all costs related to Type II SSAE 16 Reporting 

Fund Accounting 
 All
out-of-pocket expenses are billed monthly, included, but not limited to: 
 $.15 Domestic and Canadian Equities, Options 

$.50 Corp/Gov/Agency Bonds, International Equities and Bonds 
 $.80 CMO’s, Municipal Bonds, Money Market Instruments 
 $125 Per fund per month—Mutual
Funds 
 Corporate Action Services 

$2.00 Per equity security per month 
 Manual
Security Pricing 
 $125 per month – greater than 10/day 
 Factor Services (BondBuyer) 
 Per CMO— $1.50/month 

Per Mortgage Backed— $0.25/month 

Minimum—$300/month 
 Fund Administration

 Postage, Stationery 
 Proxies,
Insurance 
 EDGAR filing – Approx. $11.00/page 
 Retention of records 
 Federal and state regulatory filing fees 

Certain insurance premiums 
 Expenses from board
of directors meetings 
 Auditing and legal expenses 
 Blue Sky conversion expenses (if necessary) 
 All other out-of-pocket expenses 

3/2012 

  
 3EX-10.2

 Exhibit 10.2 
 MVC CAPITAL, INC. 
 SECOND AMENDMENT TO THE FUND ACCOUNTING

 SERVICING AGREEMENT 
 THIS SECOND AMENDMENT dated as of March 30, 2012, to the Fund Accounting Servicing Agreement, dated as of February 1, 2006, as amended April 6, 2009 (the “Agreement”), is
entered into by and among MVC Capital, Inc., (the “Fund”), MVC Financial Services, Inc. (“MVCFS”) and U.S. Bancorp Fund Services, LLC, (“USBFS”). 

RECITALS 

WHEREAS, the parties have entered into the Agreement; and 

WHEREAS, the parties desire to amend the length of the Agreement; and 

WHEREAS, Section 11 of the Agreement allows for an amendment by a written instrument executed by both parties. 

NOW, THEREFORE, the parties agree as follows: 
 Section 11. Term of Agreement; Amendment, is hereby superseded and replaced with the following Section 11: 
 Section 11. Term of Agreement; Amendment. 
 This Agreement shall be
effective as of March 1, 2012 and will continue in effect for a period of three (3) years; provided, however, this Agreement may be terminated by any party upon giving ninety (90) days prior written notice to the other party or such
shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15
days of notice of such breach to the breaching party. This Agreement may be amended by mutual written consent of the parties. 

Exhibit A, the fee schedule of the Agreement, is hereby superseded and replaced with Amended Exhibit A attached hereto.

 3/2012 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be executed by a duly
authorized officer on one or more counterparts as of the date and year first written above. 
  

			
	MVC CAPITAL, INC.	  	U.S. BANCORP FUND SERVICES, LLC
		
	By:
                                         
                                         
        	  	By:
                                         
                                         
  
		
	 Printed Name:
                                         
                               
	  	 Printed Name: Michael R. McVoy

		
	 Title:
                                         
                                         
     
	  	 Title: Executive Vice President

		
	MVC FINANCIAL SERVICES, INC.	  	
		
	By:
                                         
                                         
        	  	
		
	 Printed Name:
                                         
                               
	  	
		
	 Title:
                                         
                                         
     
	  	

 3/2012 

  
 2 

 Amended Exhibit A 

to the Fund Administration Servicing Agreement 
 and the Fund Accounting Servicing Agreement 
 FEE SCHEDULE effective
3/1/12 through 3/1/15 
 With respect to the minimum annual fee, the Fee Schedule for the Fund Administration Servicing Agreement shall
be read in conjunction with the Fee Schedule for the Fund Accounting Servicing Agreement between the same parties and entered into as of the same date. That schedule in full is reproduced below: 

Annual Fee Schedule 

Aggregate Minimum Annual Fee of $180,000 or an asset based fee of 9 basis points on the first $100 million, 6 basis points on the next $200 million , 5
basis points on the next $700 million and 4 basis points thereafter, whichever is greater (out-of-pockets not included other than the Type II SSAE 16 Report). 
 The monthly Fund aggregate fee shall be allocated 60% to MVC Capital, Inc. and 40% to MVC Financial Services, LLC. 
 OUT-OF-POCKET EXPENSES 
 Type II SSAE 16 Reporting 

U.S. Bancorp Fund Services, LLC will pay all costs related to Type II SSAE 16 Reporting 

Fund Accounting 
 All
out-of-pocket expenses are billed monthly, included, but not limited to: 
 $.15 Domestic and Canadian Equities, Options 

$.50 Corp/Gov/Agency Bonds, International Equities and Bonds 
 $.80 CMO’s, Municipal Bonds, Money Market Instruments 
 $125 Per fund per month—Mutual
Funds 
 Corporate Action Services 

$2.00 Per equity security per month 
 Manual
Security Pricing 
 $125 per month – greater than 10/day 
 Factor Services (BondBuyer) 
 Per CMO— $1.50/month 

Per Mortgage Backed— $0.25/month 

Minimum— $300/month 
 Fund Administration

 Postage, Stationery 
 Proxies,
Insurance 
 EDGAR filing – Approx. $11.00/page 
 Retention of records 
 Federal and state regulatory filing fees 

Certain insurance premiums 
 Expenses from board
of directors meetings 
 Auditing and legal expenses 
 Blue Sky conversion expenses (if necessary) 
 All other out-of-pocket expenses 

3/2012 

  
 3EX-10.3

 Exhibit 10.3 
 MVC CAPITAL, INC. 
 AMENDMENT TO THE CUSTODY AGREEMENT 

THIS AMENDMENT dated as of March 30, 2012, to the Custody Agreement, dated as of November 1, 2002, as amended
February 10, 2006, May 1, 2006, June 14, 2006 and April 6, 2009 (the “Agreement”), is entered into by and between MVC Capital, Inc., a Delaware corporation (the “Corporation”) and U.S. Bank,
N.A., a national banking association (the “Custodian”). 
 RECITALS 

WHEREAS, the parties have entered into an Agreement; and 
 WHEREAS, the Corporation and the Custodian desire to amend the length of the Agreement; and 
 WHEREAS, Article XIV, Section 14.4 of the Agreement allows for an amendment by a written instrument executed by both parties. 

NOW, THEREFORE, the parties agree as follows: 
 Section 10.1, effective period of the Agreement, is hereby superseded and replaced with the following Section 10.1: 
 10.1 Effective Period. This Agreement shall be effective as of March 1, 2012 and shall continue in full force and effect for three (3) years until terminated as hereinafter
provided. 
 Exhibit C, the fee schedule of the Agreement, is hereby superseded and replaced with the Amended Exhibit C fee
schedule attached hereto. 
 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly
authorized officer on one or more counterparts as of the date and year first written above. 
  

					
	MVC CAPITAL, INC.	 		 	U.S. BANK, N.A.
			
	By:                             
                                         
                                         
     	 		 	By:                             
                                         
                                         
     
			
	Printed
Name:                                        
                                         
              	 		 	Printed Name: Michael R. McVoy
			
	Title:                            
                                         
                                         
  	 		 	Title: Senior Vice President
			
	3/2012	 		 	

  

 Amended Exhibit C 

to the 

Custody Agreement 
  

			
	 MVC Capital, Inc.
 CLOSED-END REGISTERED PRODUCT
 CUSTODY

FEE SCHEDULE effective 3/1/12 through 3/1/15
  

	 Custody Services (per fund):
 1.00 basis point on the first $200 million
 .50 basis point on the balance of fund
assets
 Minimum annual fee per fund—$6,000
  

Portfolio Transaction Fees
 $
7.00 per US Bank repurchase agreement transaction
 $ 9.00 per book entry security (depository or Federal Reserve system) and non-US
Bank repurchase agreement
 $25.00 per portfolio transaction processed through our New York custodian definitive security (physical)

$ 8.00 per principal paydown
 $15.00 per
option/future contract written, exercised or expired
 $50.00 per Cedel/Euroclear transaction

$15.00 per mutual fund trade
 $15.00 per Fed
Wire
 $10.00 per margin variation Fed wire
 $ 6.00 per short sale
 $150.00 per segregated account per year

 
 •    A transaction
is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

•    No charge for the initial conversion free receipt.

•    Overdrafts – charged to the account at prime interest rate
plus
2.
	  	  
  
 All services plus out-of-pocket expenses, including, but not limited to:
 •    Postage, Stationery

•    Programming, Special Reports

•    Proxies, Insurance

•    EDGAR filing

•    Retention of records

•    Federal and state regulatory filing fees

•    Certain insurance premiums

•    Expenses from board of directors meetings

•    Auditing and legal expenses

•    Blue Sky conversion expenses (if necessary)

•    All other out-of-pocket expenses

 3/2012 

  
 2

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