Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 SECOND
AMENDMENT TO NOTE AND GUARANTY AGREEMENT 
 THIS SECOND AMENDMENT TO NOTE AND GUARANTY AGREEMENT (this
“Amendment”), is made and entered into as of December 30, 2020, by and among Americold Realty Operating Partnership, L.P., a Delaware limited partnership (the “Issuer”), Americold Realty Trust, a
Maryland real estate investment trust (the “Parent Guarantor” and, together with the Issuer, the “Constituent Companies”), and the holders of Notes (as defined in the Note Agreement defined below)
(together with their successors and assigns, the “Noteholders”) that are signatories hereto. 
 W I
T N E S S E T H: 
 WHEREAS, the Constituent Companies and the Purchasers named
in the Purchaser Schedule thereto are parties to the Note and Guaranty Agreement, dated as of December 4, 2018 (as amended by the First Amendment to Note and Guaranty Agreement dated as of April 23, 2019, as further amended, restated,
supplemented or otherwise modified from time to time, the “Note Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Note Agreement) pursuant to which the
Purchasers purchased Notes from the Issuer; 
 WHEREAS, the Constituent Companies have requested certain amendments to the Note Agreement;
and 
 WHEREAS, the Noteholders signatory hereto, which constitute the Required Holders, are willing to amend the Note Agreement, subject to
the terms and conditions hereof. 
 NOW, THEREFORE, for good and valuable consideration, the sufficiency and receipt of all of which are
acknowledged, the Constituent Companies and the Required Holders agree as follows: 
 SECTION 1.    AMENDMENTS
TO NOTE AGREEMENT. 
 1.1.    Section 7.5(d) of the Note
Agreement shall be and hereby is amended by replacing “the Company” with “such Constituent Company” in each instance contained herein. 

1.2.    The first sentence of Section 9.10 of the Note Agreement shall be and hereby is amended by
replacing “the Company” with “the Constituent Companies”. 
 1.3.    Section 10.2(c)
of the Note Agreement shall be and hereby is amended and restated in its entirety to read as follows: 
 (c) in the case of any such
transaction involving a Subsidiary Guarantor, the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of such Subsidiary Guarantor
as an entirety, as the case may be, shall be a solvent entity that is organized and existing under the laws of the United States or any state 

 
thereof (including the District of Columbia) or the jurisdiction of organization of such Subsidiary Guarantor and, if such Subsidiary Guarantor or another Subsidiary Guarantor is not such entity,
(1) such entity shall have executed and delivered to each holder of Notes its assumption of the due and punctual performance and observance of each covenant and condition of the Subsidiary Guaranty Agreement and (2) the Constituent
Companies shall have caused to be delivered to each holder of Notes an opinion of nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or
instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof. 

1.4.    Section 23.2 of the Note Agreement shall be and hereby is amended and restated in its entirety to
read as follows: 
 Section 23.2    Accounting Terms. All accounting terms used herein
which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (a) all computations made pursuant to this Agreement shall be made in
accordance with GAAP, and (b) all financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including Section 9, Section 10 and the definition of
“Indebtedness”), any election by the Parent Guarantor or any Subsidiary to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar
accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. 

1.5.    Section 23.7(c) of the Note Agreement shall be and hereby is amended and restated in its entirety
to read as follows: 
 (c)    Each party hereto consents to process being served by or on behalf of any other party
hereto in any suit, action or proceeding of the nature referred to in Section 23.7(a) by mailing a copy thereof by registered, certified, priority or express mail (or any substantially similar form of mail), postage prepaid, return receipt or
delivery confirmation requested, to it at its address specified in Section 19 or at such other address of which such party shall then have been notified pursuant to said Section. Each party hereto agrees that such service upon receipt
(1) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (2) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and
personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

  
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 1.6.    Schedule A to the Note Agreement shall be and
hereby is amended by adding or amending and restating, as applicable, in the correct alphabetical order the following definitions: 

“Aggregate Qualified Asset Amount” means, at any time, the sum, without duplication, of: 

(a)    with respect to Qualified Assets, other than Qualified Assets described in clauses (b), (c), (d), (e) and
(f) below, the Eligible Value of such Qualified Assets at such time, plus 
 (b)    with respect to any
Qualified Asset that is a Newly Acquired Property (other than a Development Property or a Newly Stabilized Property), the purchase price paid for such Qualified Asset; plus 

(c)    with respect to any Qualified Asset that is (1) a Development Property (until such Development Property
becomes a Stabilized Property) or (2) a Newly Stabilized Property that, at such time, has been a Newly Stabilized Property for less than one full fiscal quarter, the lesser of its (i) cost or (ii) market value at such time determined
in accordance with GAAP; plus 
 (d)    with respect to any Qualified Asset that, at such time, has been a Newly
Stabilized Property for at least one full fiscal quarter but less than two full fiscal quarters, an amount equal to the portion of EBITDA for the most recent full fiscal quarter ended on or prior to such time in respect of which financial statements
for such quarter or fiscal year have been or are required to be delivered pursuant to Section 7.1(a) or (b), as applicable, that is attributable to such Newly Stabilized Property multiplied by 4, divided by the Capitalization Rate
(but in no event less than zero); plus 
 (e)    with respect to any Qualified Asset that, at such time, has been
a Newly Stabilized Property for at least two full fiscal quarters but less than three full fiscal quarters, an amount equal to the portion of EBITDA for the most recent period of two full consecutive fiscal quarters ended on or prior to such time
(taken as one accounting period) in 

  
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respect of which financial statements for each quarter or fiscal year in such period have been or are required to be delivered pursuant to Section 7.1(a) or (b), as applicable, that is
attributable to such Newly Stabilized Property multiplied by 2, divided by the Capitalization Rate (but in no event less than zero); plus 

(f)    with respect to any Qualified Asset that, at such time, has been a Newly Stabilized Property for at least three
full fiscal quarters but less than four full fiscal quarters, an amount equal to the portion of EBITDA for the most recent period of three full consecutive fiscal quarters ended on or prior to such time (taken as one accounting period) in respect of
which financial statements for each quarter or fiscal year in such period have been or are required to be delivered pursuant to Section 7.1(a) or (b), as applicable, that is attributable to such Newly Stabilized Property multiplied by
4/3, divided by the Capitalization Rate (but in no event less than zero); 
 provided that: 

(1)    not more than 5% of the Aggregate Qualified Asset Amount at any time may be attributable to Qualified Assets
located in Restricted EU Nations, with any excess over such limit being excluded from the Aggregate Qualified Asset Amount; 

(2)    not more than 30% of the Aggregate Qualified Asset Amount at any time may be attributable to Qualified Assets
located in Specified Jurisdictions other than the United States, with any excess over such limit being excluded from the Aggregate Qualified Asset Amount; 

(3)    not more than 20% of the Aggregate Qualified Asset Amount at any time may be attributable to Eligible Ground Lease
Assets, with any excess over such limit being excluded from the Aggregate Qualified Asset Amount; 
 (4)    not more
than 10% of the Aggregate Qualified Asset Amount at any time may be attributable to Development Properties, with any excess over such limit being excluded from the Aggregate Qualified Asset Amount; 

  
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 (5)    not more than 10% of the Aggregate Qualified Asset Amount at any
time may be in respect of any single Qualified Asset, with any excess over such limit being excluded from the Aggregate Qualified Asset Amount; and 

(6)    not more than 40% of Aggregate Qualified Asset Amount at any time may be attributable to the Qualified Assets
described in clauses (1), (2), (3) and (4) above, with any excess over such limit being excluded from the Aggregate Qualified Asset Amount. 

“Bank Credit Agreement” means the Credit Agreement dated as of March 26, 2020 among the Constituent Companies, the
financial institutions from time to time parties thereto and Bank of America, N.A., as administrative agent, and any renewals, refinancings or replacements thereof. 

“Capitalization Rate” means 7.50%; provided that, if any Principal Credit Facility uses a “capitalization
rate” for determining asset values thereunder that is higher or lower than 7.50%, then the capitalization rate herein shall be the highest capitalization rate then applicable under any Principal Credit Facility; provided, further,
that in no event may the capitalization rate herein be less than 6.75%. 
 “Development Property” means, as of any date of
determination, Real Property under development on which the improvements related to the development have not been completed on such date; provided that such Real Property shall cease to be a Development Property upon the first to occur of
(a) the date that is six full fiscal quarters following substantial completion (including issuance of a temporary or permanent certificate of occupancy for the improvements under construction permitting the use and occupancy for their regular
intended uses) of such Real Property, and (b) the first day of the first fiscal quarter following the date on which such Development Property has achieved a Leased Rate of at least 85%, and shall thereafter be considered a “Stabilized
Property.” 
 “EBITDA” means, with respect to the Parent Guarantor and its consolidated Subsidiaries, for any
Reference Period, earnings before interest, tax, depreciation, depletion and amortization calculated in accordance with GAAP, as may be adjusted in accordance with the definition of “Pro Forma Basis” and at all times excluding, without
duplication, (a) impairment and other non-cash charges or gains including, for the avoidance of doubt, equity in earnings (but excluding any non-cash charge in
respect of an item that was included in EBITDA in a prior period and any charges that result in a write-down or write-off of inventory and excluding amortization

  
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expense attributable to a prepaid cash item that was paid in a prior period), (b) stock-based compensation expense, (c) gains or losses from sales of previously depreciated assets,
(d) extraordinary gains or losses from foreign exchange, (e) extraordinary gains or losses from derivative instruments and (f) other extraordinary or non-recurring gains, losses or charges;
provided, however, that notwithstanding anything to the contrary in this Agreement, for the purposes of determining the contribution to EBITDA of, or portion of EBITDA attributable to, any Real Property, any operating asset or any
business managed or operated by the Issuer or any Subsidiary, (1) EBITDA shall equal revenues in respect of such asset, less, without duplication, (i) operating expenses in respect of such asset (exclusive of corporate-level general
and administrative expenses, impairment on intangibles and long-lived assets and depreciation, depletion and amortization expenses), (ii) rent expenses in respect of such asset and (iii) the interest component of any capital lease expenses or
similar fixed charges and debt service charges in respect of such asset, and shall at all times exclude extraordinary or non-recurring gains, losses or charges, and (2) solely for purposes of calculating
Total Asset Value and the Aggregate Qualified Asset Amount, in no event shall EBITDA of any such Real Property, operating asset or business managed or operated by the Issuer or any Subsidiary pursuant to clause (1) be less than zero. 

“Eligible Ground Leased Asset” means any Real Property that satisfies the following criteria: 

(a)    such Real Property is leased pursuant to a ground lease by (1) a Qualified Asset Guarantor that has no
Indebtedness outstanding (other than Pari Passu Obligations and Indebtedness arising under the Subsidiary Guaranty Agreement) or (2) in the case where such Real Property is located in a Specified Jurisdiction other than the United States, a
Wholly-Owned, direct Foreign Subsidiary of a Qualified Asset Guarantor, which Foreign Subsidiary has no Indebtedness outstanding, or (3) a Qualified Asset Holder that has no Indebtedness outstanding, as lessee; 

(b)    such Real Property is a Stabilized Property or a Development Property located in the United States or another
Specified Jurisdiction; 
 (c)    such Real Property (other than any Real Property that constitutes a Development
Property) is improved with one or more completed warehouse/distribution buildings that are used as dry and/or cold storage facilities and such improvements are owned by (1) such Qualified Asset Guarantor or (2) such Wholly-Owned, direct
Foreign Subsidiary of a Qualified Asset Guarantor or (3) such Qualified Asset Holder; 

  
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 (d)    none of such leasehold interest or such improvements is directly
or indirectly subject to any Lien or any Negative Pledge (other than (1) Liens and Negative Pledges created hereunder, (2) Permitted Pari Passu Provisions and (3) Permitted Encumbrances) and none of the Capital Stock of (i) such
Qualified Asset Guarantor or (ii) such Wholly-Owned, direct Foreign Subsidiary of a Qualified Asset Guarantor or (iii) such Qualified Asset Holder (or, in any case, any income therefrom or proceeds thereof), is directly or indirectly
subject to any Lien or any Negative Pledge (other than (A) Permitted Pari Passu Provisions and (B) Permitted Equity Encumbrances); 

(e)    no default or event of default has occurred or with the passage of time or the giving of notice would occur under
the ground lease regarding such Real Property; 
 (f)    the lessor under the ground lease regarding such Real Property
shall not have the unilateral right to terminate such ground lease prior to the expiration of the stated term of such ground lease absent the occurrence of any casualty, condemnation or default by (1) such Qualified Asset Guarantor or
(2) such Wholly-Owned, direct Foreign Subsidiary of a Qualified Asset Guarantor or (3) such Qualified Asset Holder, thereunder; 

(g)    the lessee under the ground lease has the right to sublease, mortgage and encumber (subject to customary terms and
limitations) its interest in such Real Property without the consent of the lessor; 
 (h)    the ground lease regarding
such Real Property has a remaining term (inclusive of any unexercised extension options as to which there is no condition precedent to the exercise thereof other than compliance of lessee with the terms of the applicable ground lease and the giving
of a notice of exercise by the lessee) of 25 years or more at any time; 
 (i)    such Real Property is free of any
material defects and any material Environmental Liabilities and is in material compliance with all Environmental Laws; 

  
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 (j)    such Real Property is used in a business permitted under
Section 10.3; and 
 (k)    such Real Property constitutes an “Eligible Ground Leased Asset” or similar
term under each Principal Credit Facility described in clauses (a) and (b) of the definition thereof that applies eligibility requirements to ground leased properties in determining a borrowing base or what constitutes an unencumbered asset.

 “Eligible Owned Asset” means any Real Property that satisfies the following criteria: 

(a)    such Real Property is wholly owned in fee simple by (1) a Qualified Asset Guarantor that has no Indebtedness
outstanding (other than Pari Passu Obligations and Indebtedness arising under the Subsidiary Guaranty Agreement) or (2) in the case where such Real Property is located in a Specified Jurisdiction other than the United States, a Wholly-Owned,
direct Foreign Subsidiary of a Qualified Asset Guarantor, which Foreign Subsidiary has no Indebtedness outstanding, or (3) a Qualified Asset Holder that has no Indebtedness outstanding; 

(b)    such Real Property is a Stabilized Property or a Development Property located in the United States or another
Specified Jurisdiction; 
 (c)    such Real Property is free of any material defects and any material Environmental
Liabilities and is in material compliance with all Environmental Laws; 
 (d)    such Real Property (other than any Real
Property that constitutes a Development Property) is improved with one or more completed warehouse/distribution buildings that are used as dry and/or cold storage facilities; 

(e)    such Real Property (and any income therefrom or proceeds thereof) is not directly or indirectly subject to any Lien
or any Negative Pledge (other than (1) Liens and Negative Pledges created hereunder, (2) Permitted Pari Passu Provisions and (3) Permitted Encumbrances) and none of the Capital Stock of (i) such Qualified Asset Guarantor or
(ii) such Wholly-Owned, direct Foreign Subsidiary of a Qualified Asset Guarantor or (iii) such Qualified Asset Holder (and, in any case, any income therefrom or proceeds thereof), is directly or indirectly subject to any Lien or any
Negative Pledge (other than (A) Permitted Pari Passu Provisions and (B) Permitted Equity Encumbrances); 

  
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 (f)    such Real Property is used in a business permitted under
Section 10.3; and 
 (g)    such Real Property constitutes an “Eligible Owned Asset” or similar term
under each Principal Credit Facility described in clauses (a) and (b) of the definition thereof that applies eligibility requirements to owned real properties in determining a borrowing base or what constitutes an unencumbered asset. 

“Newly Acquired Property” means, as of any date, a Real Property (other than a Development Property), that has been owned or
ground leased by the Issuer or a Subsidiary for less than four full fiscal quarters as of such date. 
 “Newly Stabilized
Property” means, as of any date, a Real Property owned or ground leased by the Issuer or a Subsidiary that has been a Stabilized Property for less than four full fiscal quarters as of such date. 

“Permitted Acquisition” means any acquisition, whether by purchase, merger, amalgamation, consolidation or otherwise, of
(a) all or substantially all of the assets of any Person, or a business line or unit or a division of any Person, or any parcel of Real Property and improvements thereto or (b) the Capital Stock of any Person such that such Person becomes
a Subsidiary; provided that: 
 (1)    no Event of Default shall have occurred and be continuing or would result
therefrom; 
 (2)    before and after giving effect thereto, the Parent Guarantor and its Subsidiaries are in compliance
on a Pro Forma Basis with Section 10.6 and any Incorporated Covenant; and 
 (3)    after giving effect thereto,
the Parent Guarantor and its Subsidiaries are in compliance on a Pro Forma Basis with Section 10.3 and shall have complied with the requirements of Section 9.9(a), if applicable. 

“Permitted Holders” means, as of December 30, 2020, none. 

“Principal Credit Facility” means, as to the Parent Guarantor and its Subsidiaries, 

  
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 (a)    the Bank Credit Agreement, including any renewals, refinancings
and replacements thereof; 
 (b)    if (1) the Bank Credit Agreement is no longer in effect or (2) if the sum
of (i) the aggregate outstanding principal amount of loans under the Bank Credit Agreement and (ii) the unfunded commitments under the Bank Credit Agreement is less than $500,000,000 (or the equivalent of such amount in the relevant
currency of payment, determined as of the date of the closing of the then current Bank Credit Agreement based on the exchange rate of such other currency), then (A) in the case of clause (1), the “Principal Credit Facility” shall mean
the largest credit facility, based upon commitments, in respect of Recourse Indebtedness for borrowed money of the Parent Guarantor or any Subsidiary, or in respect of which the Parent Guarantor or any Subsidiary is an obligor or otherwise provides
a guarantee or other credit support and (B) in the case of clause (2), “Principal Credit Facility” shall mean the Bank Credit Agreement and the largest credit facility (not including the Bank Credit Agreement), based upon commitments,
in respect of Recourse Indebtedness for borrowed money of the Parent Guarantor or any Subsidiary, or in respect of which the Parent Guarantor or any Subsidiary is an obligor or otherwise provides a guarantee or other credit support; 

(c)    the Note and Guaranty Agreement dated as of May 7, 2019 among the Constituent Companies and the purchasers
named therein, including any renewals, refinancings and replacements thereof; 
 (d)    the Note and Guaranty Agreement
dated as of December 30, 2020 among the Constituent Companies and the purchasers named therein, including any renewals, refinancings and replacements thereof; and 

(e)    any other note purchase agreement or similar document, instrument or agreement executed in connection with a
private placement debt financing, regardless of the principal amount outstanding thereunder from time to time, in each case including any renewals, refinancings and replacements thereof. 

“Restricted EU Nation” means (a) any member state of the European Union that was not such a member state prior to
April 30, 2004 and (b) each of Portugal, Ireland, Italy, Greece and Spain. 

  
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 “Specified Jurisdiction” means each of Australia, Canada, New Zealand, the
United States, the United Kingdom and any nation that is a member state of the European Union, together with any other jurisdiction as may be agreed to by the Required Holders. 

“Total Asset Value” means, at any time, without duplication, the sum of 

(a)    with respect to Real Property (other than Newly Acquired Properties, Development Properties and Newly Stabilized
Properties) that is owned or ground leased by the Issuer or any Subsidiary and used in a business permitted under Section 10.3, the sum of the Eligible Values at such time of each such Real Property, plus 

(b)    with respect to each operating asset owned or leased by the Issuer or any Subsidiary and used in a business
permitted under Section 10.3, the sum of the portion of EBITDA attributable to each such asset for the most recently ended Reference Period multiplied by (1) with respect to any limestone quarry operating asset, 6.0, or (2) with
respect to any other operating asset, 8.0; provided that with respect to any operating asset owned or leased by the Issuer or such Subsidiary for less than four full fiscal quarters at such time such amount shall be equal to the purchase
price paid for such asset; plus 
 (c)    with respect to any Newly Acquired Property (other than a Development
Property or a Newly Stabilized Property), the purchase price paid for such Real Property; plus 
 (d)    with
respect to any (1) Development Property (until such Development Property becomes a Stabilized Property) and (2) Newly Stabilized Property that, at such time, has been a Newly Stabilized Property for less than one full fiscal quarter, the
lesser of (i) cost or (ii) market value at such time determined in accordance with GAAP; plus 

(e)    with respect to any Newly Stabilized Property that, at such time, has been a Newly Stabilized Property for at least
one full fiscal quarter but less than two full fiscal quarters, an amount equal to the portion of EBITDA for the most recent full fiscal quarter ended on or prior to such time in respect of which financial statements for such quarter or fiscal year
have been or are required to be delivered pursuant to Section 7.1(a) or (b), as applicable, that is attributable to such Newly Stabilized Property multiplied by 4, divided by the Capitalization Rate (but in no event less than
zero); plus 

  
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 (f)    with respect to any Newly Stabilized Property that, at such
time, has been a Newly Stabilized Property for at least two full fiscal quarters but less than three full fiscal quarters, an amount equal to the portion of EBITDA for the most recent period of two full consecutive fiscal quarters ended on or prior
to such time (taken as one accounting period) in respect of which financial statements for such each quarter or fiscal year in such period have been or are required to be delivered pursuant to Section 7.1(a) or (b), as applicable, that is
attributable to such Newly Stabilized Property multiplied by 2, divided by the Capitalization Rate (but in no event less than zero); plus 

(g)    with respect to any Newly Stabilized Property that, at such time, has been a Newly Stabilized Property for at least
three full fiscal quarters but less than four full fiscal quarters, an amount equal to the portion of EBITDA for the most recent period of three full consecutive fiscal quarters ended on or prior to such time (taken as one accounting period) in
respect of which financial statements for each quarter or fiscal year in such period have been or are required to be delivered pursuant to Section 7.1(a) or (b), as applicable, that is attributable to such Newly Stabilized Property
multiplied by 4/3, divided by the Capitalization Rate (but in no event less than zero); plus 

(h)    with respect to any business managed by the Issuer or any Subsidiary and any business operated by the Issuer or any
Subsidiary as part of such Person’s transportation business segment, in each case, to the extent such business is permitted under Section 10.3, the sum of the portion of EBITDA attributable to each such business for the most recently ended
Reference Period multiplied by 8.0; 
 provided that (1) not more than 30% of the Total Asset Value at any time may be
attributable to Real Property located in Specified Jurisdictions other than the United States, with any excess over such limit being excluded from the Total Asset Value, (2) not more than 25% of the Total Asset Value at any time may be
attributable to, without duplication, (i) Development Properties and (ii) Real Properties that are owned or operated by a Person that is not a Wholly-Owned Subsidiary of the Company, with any excess over such limit being excluded from the
Total Asset Value and (3) not more than 15% of the Total Asset Value at any time may be attributable to Development Properties, with any excess over such limit being excluded from the Total Asset Value. 

  
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 1.7.    Schedule A to the Note Agreement shall be and
hereby is amended by deleting the definitions of “Consolidated Secured Recourse Indebtedness,” “Secured Recourse Indebtedness,” and “Secured Recourse Leverage Ratio” therein. 

SECTION 2.    REPRESENTATIONS AND WARRANTIES OF THE
CONSTITUENT COMPANIES. To induce the Required Holders to execute and deliver this Amendment (which representations shall survive the execution and delivery of this Amendment), each Constituent Company represents and
warrants to the Noteholders that: 
 (a)    this Amendment has been duly authorized by all necessary corporate or limited
partnership action on the part of each Constituent Company and duly executed and delivered by each Constituent Company, and this Amendment and the Note Agreement, as amended by this Amendment, constitute the legal, valid and binding obligations of
each Constituent Company, enforceable against such Person in accordance with their respective terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); 

(b)    the execution and delivery of this Amendment by each Constituent Company and the performance hereof and of the Note
Agreement, as amended by this Amendment, will not (1) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Parent Guarantor or any Subsidiary under, any
indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter, regulations or by-laws, shareholders agreement or any other agreement or instrument to which the Parent
Guarantor or any Subsidiary is bound or by which the Parent Guarantor or any Subsidiary or any of their respective properties may be bound or affected, (2) conflict with or result in a breach of any of the terms, conditions or provisions of any
order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Parent Guarantor or any Subsidiary or (3) violate any provision of any statute or other rule or regulation of any Governmental Authority
applicable to the Parent Guarantor or any Subsidiary; 
 (c)    no consent, approval or authorization of, or
registration, filing or declaration with, any Governmental Authority is required in connection with the execution and delivery of this Amendment or the performance hereof or of the Note Agreement, as amended by this Amendment, by either Constituent
Company; 
 (d)    as of the date hereof and after giving effect to this Amendment, no Default or Event of Default has
occurred which is continuing; and 

  
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 (e)    each of the representations and warranties of the Constituent
Companies set forth in the Section 5 of the Note Agreement is correct in all material respects (or in all respects, to the extent such representation and warranty is qualified by materiality) as of the date hereof, except to the extent any such
representation and warranty that speaks as of a specific earlier date, in which case it was true and correct in all material respects (or in all respects, to the extent such representation and warranty is qualified by materiality) as of such earlier
date). 
 SECTION 3.    CONDITIONS TO EFFECTIVENESS OF
THIS AMENDMENT. This Amendment shall become effective upon the satisfaction of the following conditions: 

(a)    execution and delivery of this Amendment by the Constituent Companies and the Required Holders; 

(b)    executed counterparts of an amendment to the Note and Guaranty Agreement dated as of May 7, 2019, duly executed
by the Constituent Companies and the holders of the Notes thereunder, substantially identical to this Amendment, shall have been delivered to the Noteholders; 

(c)    executed counterparts of the Note and Guaranty Agreement dated as of December 30, 2020, duly executed by the
Constituent Companies and the Purchasers named therein, shall have been delivered to the Noteholders, and the conditions to closing thereunder shall have been satisfied; 

(d)    the Constituent Companies shall have paid the fees, charges and disbursements of Schiff Hardin LLP, special counsel
to the Noteholders, in connection with the review, negotiation, execution and delivery of this Amendment to the extent that the Constituent Companies shall have received an invoice therefor at least one Business Day prior to the date of this
Amendment; and 
 (e)    the representations and warranties of each Constituent Company set forth in Section 2
hereof shall be true and correct on and with respect to the date hereof. 
 SECTION 4.    REAFFIRMATION
OF SUBSIDIARY GUARANTY AGREEMENT. By its execution and delivery hereof, each Subsidiary Guarantor hereby acknowledges and agrees to this Amendment and reaffirms
its obligations under the Subsidiary Guaranty Agreement. 
 SECTION 5.    EFFECT OF
AMENDMENT. Except as set forth expressly herein, all terms of the Note Agreement, as amended hereby, shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the
Constituent Companies. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Noteholders under the Note Agreement, nor constitute a waiver
of any provision of the Note Agreement. From and after the date hereof, all references to the Note Agreement shall mean the Note Agreement as modified by this Amendment. This Amendment is limited solely to the specific matters listed herein and
shall not be deemed to be a waiver of any Default or Event of Default presently or hereafter existing or an amendment of or consent to departure from any other provisions of the Note Agreement. 

  
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 SECTION 6.    GOVERNING LAW. This
Amendment shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice of law principles of the law of such State that would permit the application of the
laws of a jurisdiction other than such State. 
 SECTION 7.    NO NOVATION. This Amendment
is not intended by the parties to be, and shall not be construed to be, a novation of the Note Agreement or an accord and satisfaction in regard thereto. 

SECTION 8.    COUNTERPARTS. This Amendment may be executed in any number of counterparts, each of which shall
be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. The parties agree to electronic
contracting and signatures with respect to this Amendment. Delivery of an electronic signature to, or a signed copy of, this Amendment by facsimile, email or other electronic transmission shall be fully binding on the parties to the same extent as
the delivery of the signed originals and shall be admissible into evidence for all purposes. Notwithstanding the foregoing, if any Noteholder shall request manually signed counterpart signatures to this Amendment, the Constituent Companies hereby
agree to use their reasonable endeavors to provide such manually signed signature pages as soon as reasonably practicable. 
 SECTION
9.    BINDING NATURE. This Amendment shall be binding upon and inure to the benefit of the parties hereto, any other holders of Notes from time to time and their respective successors, successors-in-titles, and assigns. 
 SECTION
10.    ENTIRE UNDERSTANDING. This Amendment sets forth the entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or
agreements, whether written or oral, with respect thereto. 
 [Signature pages follow] 

 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	AMERICOLD REALTY OPERATING PARTNERSHIP, L.P. 
		
	 By:
	 	 /s/ Marc J. Smernoff

		 	 Name: Marc J. Smernoff

		 	 Title: Chief Financial Officer

	
	 AMERICOLD REALTY
TRUST

		
	 By:
	 	 /s/ Marc J. Smernoff

		 	 Name: Marc J. Smernoff

		 	 Title: Chief Financial Officer

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
	
	AMERICOLD REALTY OPERATIONS, INC.
	AMERICOLD TRS PARENT, LLC
	ART AL HOLDING, LLC
	VERSACOLD USA, LLC
	AMERICOLD REAL ESTATE, L.P.
	AMERICOLD LOGISTICS, LLC
	SAVANNAH COLD STORAGE, LLC
	LANIER COLD STORAGE, LLC
	AMERICOLD AUSTRALIAN HOLDINGS PTY LTD
	ICECAP PROPERTIES NZ LIMITED
	NOVA COLD LOGISTICS ULC
	CHAMBERSBURG COLD STORAGE LIMITED PARTNERSHIP
	MHW GROUP AT PERRYVILLE, LLC

 

			
	 By:
	 	 /s/ Marc J. Smernoff

		 	 Name: Marc J. Smernoff

		 	 Title:    Chief Financial Officer

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 Executed by Americold Australian Holdings Pty 

Ltd ACN 117 491 291 in accordance with 
 section 127(1) of the
Corporations Act 2001 
 (Cth): 
  

							
	 /s/ Richard Charles Winnall
	 		 	      	 	              

	Signature of director	 		 		 	Signature of director
				
	 Richard Charles Winnall
	 		 		 	  

	Name (please print)	 		 		 	Name (please print)

 Executed by Americold Australian Holdings Pty 

Ltd ACN 117 491 291 in accordance with 
 section 127(1) of the
Corporations Act 2001 
 (Cth): 
  

							
	          
	 		 	    	 	 /s/ Jim Snyder

	Signature of director	 		 		 	Signature of director
				
	              

Name (please print)
	 		 		 	 James Conrad Snyder

Name (please print)

			
	ICECAP PROPERTIES NZ LIMITED
		
	By:	 	 /s/ Richard Charles Winnall

		 	Name: Richard Charles Winnall
		 	Title: Director
		
	By:	 	 /s/ Jim Snyder

	Name: James Conrad Snyder
	Title: Director & Secretary

 
			
	NEW YORK LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Andrew Leisman

		 	Name: Andrew Leisman
		 	Title:   Senior Director
	
	 NEW YORK LIFE INSURANCE
AND ANNUITY CORPORATION

		
	By:	 	NYL Investors LLC, its Investment Manager
		
	By:	 	 /s/ Andrew Leisman

		 	 Name: Andrew Leisman

		 	 Title:   Senior Director

	
	 NEW YORK LIFE INSURANCE
AND ANNUITY CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI 30C)

		
	By:	 	NYL Investors LLC, its Investment Manager
		
	By:	 	 /s/ Andrew Leisman

		 	 Name: Andrew Leisman

		 	 Title:   Senior Director

	
	 NEW YORK LIFE INSURANCE
AND ANNUITY CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI
3-2)

		
	By:	 	NYL Investors LLC, its Investment Manager
		
	By:	 	 /s/ Andrew Leisman

		 	 Name: Andrew Leisman

		 	 Title:   Senior Director

 
			
	 THE BANK OF NEW
YORK MELLON, A BANKING CORPORATION ORGANIZED UNDER THE LAWS OF NEW
YORK, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS TRUSTEE UNDER THAT
CERTAIN TRUST AGREEMENT DATED AS OF JULY 1ST, 2015 BETWEEN NEW YORK
LIFE INSURANCE COMPANY, AS GRANTOR, JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.), AS
BENEFICIARY, JOHN HANCOCK LIFE INSURANCE COMPANY OF NEW YORK, AS BENEFICIARY,
AND THE BANK OF NEW YORK MELLON, AS TRUSTEE

		
	By:	 	New York Life Insurance Company, its attorney-in-fact
		
	By:	 	 /s/ Andrew Leisman

		 	Name: Andrew Leisman
		 	Title:   Corporate Vice President

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
			
	 MIDLAND NATIONAL LIFE
INSURANCE COMPANY

	NORTH AMERICAN COMPANY FOR LIFE AND HEALTH INSURANCE
		
	By:	 	 Guggenheim Partners Investment
 Management,
LLC

		
	By:	 	 /s/ Kevin M Robinson

		 	Name: Kevin M Robinson
		 	Title:   Attorney-in-fact
	
	 WILCAC LIFE INSURANCE COMPANY 

WILTON REASSURANCE COMPANY 

HORACE MANN LIFE INSURANCE COMPANY

		
	By:	 	 Guggenheim Partners Investment
 Management, LLC,
as Advisor

		
	By:	 	 /s/ Kevin M Robinson

		 	 Name: Kevin M Robinson

		 	 Title:   Attorney-in-fact

	
	GUARANTY INCOME LIFE INSURANCE COMPANY UNITED LIFE INSURANCE COMPANY
COMMONWEALTH ANNUITY AND LIFE INSURANCE COMPANY
		
	By:	 	 Guggenheim Partners Investment
 Management, LLC,
as Manager

		
	By:	 	 /s/ Kevin M Robinson

		 	 Name: Kevin M Robinson

		 	 Title:   Attorney-in-fact

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
			
	TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, a New York domiciled life insurance
company
		
	By:	 	Nuveen Alternatives Advisors LLC, a Delaware limited liability company, its investment manager
		
	By:	 	 /s/ Jeffrey Hughes

		 	Name: Jeffrey Hughes
		 	Title:   Senior Director

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
	
	 ATHENE ANNUITY AND LIFE
COMPANY 

	 ATHENE ANNUITY & LIFE
ASSURANCE COMPANY 

	 ATHENE ANNUITY & LIFE
ASSURANCE COMPANY OF NEW YORK 

	 VOYA INSURANCE AND ANNUITY
COMPANY 

	 LIFE INSURANCE COMPANY OF
THE SOUTHWEST 

	 AMERICAN EQUITY INVESTMENT LIFE
INSURANCE COMPANY 

	 MIDLAND NATIONAL LIFE INSURANCE
COMPANY 

 
			
		
	By:	 	Apollo Insurance Solutions Group LP, its investment adviser
	By:	 	Apollo Capital Management, L.P., its sub adviser
	By:	 	Apollo Capital Management GP, LLC, its General Partner
		
	By:	 	 /s/ Joseph D. Glatt

		 	Name: Joseph D. Glatt
		 	Title:   Vice President

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

	
	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
	By: Barings LLC as Investment Adviser
	
	 /s/ Patrick M. Manseua

	By: Patrick M. Manseua
	Title: Managing Director
	
	YF LIFE INSURANCE INTERNATIONAL LIMITED
	By: Barings LLC as Investment Adviser
	
	 /s/ Patrick M. Manseua

	By: Patrick M. Manseau
	Title: Managing Director

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
			
	 GENWORTH LIFE AND
ANNUITY INSURANCE COMPANY

		
	 By:
	 	 /s/ Kumrija Ganic

		 	 Name: Kumrija Ganic

		 	 Title:   Investment Officer

	
	 GENWORTH LIFE INSURANCE
COMPANY 

		
	 By:
	 	 /s/ Kumrija Ganic

		 	 Name: Kumrija Ganic

		 	 Title:   Investment Officer

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
	
	 MINNESOTA LIFE INSURANCE COMPANY

	 OPTUM BANK, INC. 

	 ALLIANCE UNITED INSURANCE COMPANY

	 SECURIAN LIFE INSURANCE COMPANY

	 UNITED INSURANCE COMPANY OF
AMERICA 

	 AMERICAN REPUBLIC INSURANCE COMPANY

	 CATHOLIC UNITED FINANCIAL 

	 UNITEDHEALTHCARE INSURANCE COMPANY

	 DELTA DENTAL OF MINNESOTA

	 NEW ERA LIFE INSURANCE
COMPANY 

 
			
		
	 By:
	 	 Securian Asset Management, Inc.

		
	 By:
	 	 /s/ Robin J. Lenarz

		 	 Name: Robin J. Lenarz

		 	 Title:   Vice President

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
			
	 AMERICAN EQUITY INVESTMENT
LIFE INSURANCE COMPANY

	 EAGLE LIFE INSURANCE
COMPANY

		
	 By:
	 	 /s/ Sashsa Kamper

		 	 Name: Sashsa Kamper

		 	 Title:   Authorized Signatory

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
			
	 NATIONWIDE LIFE AND
ANNUITY INSURANCE COMPANY

		
	 By:
	 	 /s/ Mary Beth Cadle

		 	 Name: Mary Beth Cadle

		 	 Title:   Authorized Signatory

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
			
	UNITED OF OMAHA LIFE INSURANCE COMPANY
		
	 By:
	 	 /s/ Lee Martin

		 	 Name: Lee Martin

		 	 Title:   Vice President

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
			
	 ENSIGN PEAK ADVISORS,
INC.

		
	 By
	 	 /s/ Matthew D. Dall

	 Name:
	 	 Matthew D. Dall

	 Title:
	 	 Head of Credit Research

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
			
	 TRANSAMERICA LIFE INSURANCE
COMPANY

		
	By:	 	AEGON USA Investment Management, LLC, its investment manager
		
	By:	 	 /s/ Josh Prieskorn

		 	Name: Josh Prieskorn
		 	Title:   Vice President
	
	 TRANSAMERICA LIFE (BERMUDA)
LTD

		
	By:	 	AEGON USA Investment Management, LLC, its investment manager
		
	By:	 	 /s/ Josh Prieskorn

		 	 Name: Josh Prieskorn

		 	 Title:   Vice President

	
	 TLIC OAKBROOK REINSURANCE
INC

		
	By:	 	AEGON USA Investment Management, LLC, its investment manager
		
	By:	 	 /s/ Josh Prieskorn

		 	 Name: Josh Prieskorn

		 	 Title:   Vice President

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
			
	 THE GUARDIAN LIFE
INSURANCE COMPANY OF AMERICA

		
	By	 	 /s/ Barry Scheinholtz

		 	Name: Barry Scheinholtz
		 	Title:   Managing Director
	
	 BERKSHIRE LIFE INSURANCE
COMPANY OF AMERICA

		
	By	 	 /s/ Barry Scheinholtz

		 	 Name: Barry Scheinholtz

		 	 Title:   Managing Director

	
	 THE GUARDIAN INSURANCE &
ANNUITY COMPANY, INC.

		
	By	 	 /s/ Barry Scheinholtz

		 	 Name: Barry Scheinholtz

		 	 Title:   Managing Director

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
			
	GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
		
	By	 	 /s/ Ward Argust

		 	Name: Ward Argust
		 	Title:   Assistant Vice President, Investments

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
			
	MODERN WOODMEN OF AMERICA
		
	By	 	 /s/ Aaron R. Birkland

		 	Name: Aaron R. Birkland
		 	Title:   Portfolio Manager, Private Placements
		
	By	 	 /s/ Brett M. Van

		 	Name: Brett M. Van
		 	Title:   Chief Investment Officer & Treasurer

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
			
	 AMERICO FINANCIAL LIFE &
ANNUITY INSURANCE COMPANY

		
	By	 	 /s/ Gregory Hamilton

		 	Name: Gregory Hamilton
		 	Title:   SVP & Chief Investment Officer

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
			
	AMERITAS LIFE INSURANCE CORP. 
	AMERITAS LIFE INSURANCE CORP. OF NEW YORK 
	
	By: Ameritas Investment Partners Inc., as Agent
		
	By:	 	 /s/ Tina Udell

		 	    Name: Tina Udell
		 	    Title:   Vice President & Managing Director

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

			
	CMFG LIFE INSURANCE COMPANY
		
	By:	 	MEMBERS Capital Advisors, Inc. acting as Investment Advisor
		
	By:	 	 /s/ Allen R. Cantrell

		 	Name: Allen R. Cantrell
		 	Title: Managing Director, Investments

 [Signature Page to Second Amendment to Note and Guaranty Agreement] 

 
			
	 THE OHIO NATIONAL LIFE
INSURANCE COMPANY

	 OHIO NATIONAL LIFE
ASSURANCE CORPORATION

		
	 By:
	 	 /s/ Brenda Kalb

		 	 Name: Brenda Kalb

		 	 Title: Vice President

 [Signature Page to Second Amendment to Note and Guaranty Agreement]EX-10.1

 Exhibit 10.1 

INVESTMENT ADVISORY AGREEMENT 

BETWEEN 

CRESCENT CAPITAL BDC, INC. 

AND 
 CRESCENT
CAP ADVISORS, LLC 
 This Investment Advisory Agreement (this “Agreement”) is hereby made as of this 5th day of January,
2021 (the “Effective Date”), by and between CRESCENT CAPITAL BDC, INC., a Maryland corporation (the “Company”), and CRESCENT CAP ADVISORS, LLC, a Delaware limited liability company (the “Advisor”). 

WHEREAS, the Company operates as a closed-end, non-diversified
management investment company; 
 WHEREAS, the Company has filed an election to be treated as a business development company under the
Investment Company Act of 1940, as amended (the “Investment Company Act”); 
 WHEREAS, the Advisor is registered as an investment
adviser under the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”); and 
 WHEREAS, the Company and the
Advisor, with the approval of the Company’s stockholders, desire to enter into this Agreement to set forth the terms and conditions for the provision by the Advisor of investment advisory services to the Company. 

NOW, THEREFORE, in consideration of the promises contained herein and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereby agree as follows: 
 1. Duties of the Advisor. 

(a) The Company hereby employs the Advisor to act as the investment adviser to the Company and to manage the investment and reinvestment of the
assets of the Company, subject to the supervision of the board of directors of the Company (the “Board of Directors”), for the period and upon the terms herein set forth, in accordance with (i) the investment objective, policies and
restrictions that are determined by the Board of Directors from time to time and disclosed to the Advisor, which objectives, policies and restrictions, as of the Effective Date, shall be those set forth in the Company’s filings with the
Securities and Exchange Commission (the “SEC”), as the same may be amended from time to time, (ii) the Investment Company Act, the Investment Advisers Act and all other applicable federal and state law and (iii) the
Company’s articles of incorporation and bylaws, as the same may be amended from time to time. Without limiting the generality of the foregoing, the Advisor shall, during the term and subject to the provisions of this Agreement,
(i) determine the composition of the 

 
portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments
made by the Company (including performing due diligence on prospective portfolio companies); (iii) execute, close, service and monitor the Company’s investments; (iv) determine the securities and other assets that the Company will
purchase, retain or sell; and (v) provide the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds and the disposition of such
investments. To facilitate the Advisor’s performance of these undertakings, but subject to the restrictions contained herein, the Company hereby delegates to the Advisor, and the Advisor hereby accepts, the power and authority on behalf of the
Company to effectuate its investment decisions for the Company, including the execution and delivery of all documents relating to the Company’s investments and the placing of orders for other purchase or sale transactions on behalf of the
Company. In the event that the Company determines to acquire debt financing or to refinance existing debt financing, the Advisor shall arrange for such financing on the Company’s behalf, subject to the oversight and approval of the Board of
Directors. If it is necessary or advisable for the Advisor to make investments on behalf of the Company, or establish financing or similar arrangements, through a subsidiary or special purpose vehicle, the Advisor shall have authority to create or
arrange for the creation of such subsidiary or special purpose vehicle and to make such investments or establish such arrangements through such subsidiary or special purpose vehicle in accordance with the Investment Company Act. 

(b) The Advisor hereby accepts such employment and agrees during the term hereof to render the services described herein for the amounts of
compensation provided herein. 
 (c) Subject to the requirements of the Investment Company Act, the Advisor is hereby authorized, but not
required, to enter into one or more sub-advisory agreements with other investment advisers (each, a “Sub-Advisor”) pursuant to which the Advisor may obtain the
services of the Sub-Advisor(s) to assist the Advisor in fulfilling its responsibilities hereunder. Specifically, the Advisor may retain a Sub-Advisor to recommend
specific securities or other investments based upon the Company’s investment objective and policies, and work, along with the Advisor, in sourcing, structuring, negotiating, arranging or effecting the acquisition or disposition of such
investments and monitoring investments on behalf of the Company, subject in all cases to the oversight of the Advisor and the Company. The Advisor, and not the Company, shall be responsible for any compensation payable to any Sub-Advisor. Any sub-advisory agreement entered into by the Advisor shall be in accordance with the requirements of the Investment Company Act, the Investment Advisers Act and
other applicable federal and state law. Nothing in this subsection (c) will obligate the Advisor to pay any expenses that are the expenses of the Company under Section 2 hereof. 

(d) For all purposes herein provided, the Advisor shall be deemed to be an independent contractor and, except as expressly provided or
authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company. 

  
 2 

 (e) The Advisor shall keep and preserve, in the manner and for the period that would be
applicable to investment companies registered under the Investment Company Act, any books and records relevant to the provision of its investment advisory services to the Company, shall specifically maintain all books and records with respect to the
Company’s portfolio transactions and shall render to the Board of Directors such periodic and special reports as the Board of Directors may reasonably request. The Advisor agrees that all records that it maintains for the Company are the
property of the Company and shall surrender promptly to the Company any such records upon the Company’s request, provided that the Advisor may retain a copy of such records. 

2. Company’s Responsibilities and Expenses Payable by the Company. 

(a) All investment professionals of the Advisor and their respective staffs, when and to the extent engaged in providing investment advisory
and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Advisor and not by the Company. The Company shall bear all costs and expenses
of its operations and transactions, including, without limitation, those relating to: (a) calculating the Company’s net asset value (including the cost and expenses of any independent valuation firm); (b) fees and expenses, including
travel expenses, incurred by the Advisor or payable to third parties, including agents, consultants or other advisors, in performing due diligence on prospective portfolio companies, monitoring the Company’s investments and, if necessary,
enforcing the Company’s rights; (c) costs and expenses related to the formation and maintenance of entities or special purpose vehicles to hold assets for tax, financing or other purposes; (d) expenses related to consummated and
unconsummated portfolio investments; (e) debt servicing (including interest, fees and expenses related to the Company’s indebtedness) and other costs arising out of borrowings, leverage, guarantees or other financing arrangements,
including, but not limited to, the arrangements thereof; (f) costs of effecting sales and repurchases of the Company’s common stock and other securities; (g) the Base Management Fee and any Incentive Fee (each as defined below); (h)
dividends and other distributions on the Company’s common stock; (i) administration fees payable to CCAP Administration, LLC or any successor thereto (the “Administrator”) under the Administration Agreement dated as of
June 2, 2015 or any successor agreement (the “Administration Agreement”); (j) fees and expenses incurred in connection with the services of transfer agents, dividend agents, trustees, rating agencies and custodians; (k) the
allocated costs incurred by the Administrator in providing managerial assistance to those portfolio companies that request it; (l) other expenses incurred by the Advisor, the Administrator, the
sub-administrator or the Company in connection with administering its business, including payments made to third-party providers of goods or services and payments to the Administrator that will be based upon
the Company’s allocable portion of overhead; (m) amounts payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating, making and disposing of investments (excluding payments to
third-party vendors for financial information services and costs associated with meeting potential sponsors); (n) fees and expenses associated with marketing efforts associated with the offer and sale of the Company’s securities (including
attendance at investment conferences and similar events); (o) brokerage fees and commissions; (p) federal, state and local registration fees; (q) all costs of registration and listing the Company’s securities on any securities
exchange; (r) federal, state and local taxes; (s) independent director fees and expenses; (t) costs associated with the Company’s reporting and compliance obligations under the Investment Company Act and applicable U.S. federal
and state securities laws, including compliance with the Sarbanes-Oxley Act; (u) the costs of any reports, proxy statements or other notices to the Company’s stockholders, including printing costs; (v)

  
 3 

 
costs of holding Board of Directors meetings and stockholder meetings; (w) the Company’s fidelity bond; (x) directors and officers/errors and omissions liability insurance, and any
other insurance premiums; (y) costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute, and indemnification and other non-recurring or
extraordinary expenses; (z) direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, cellular phone and data service, copying, secretarial and other staff, audit and legal costs; (aa)
dues, fees and charges of any trade association of which the Company is a member; (bb) costs of hedging, including the use of derivatives by the Company; (cc) costs associated with investor relations efforts; and (dd) all other expenses
reasonably incurred by the Company, the Administrator or the sub-administrator in connection with administering the Company’s business, such as the allocable portion of overhead under the Administration
Agreement, including rent and the Company’s allocable portion of the costs and expenses of the Company’s chief compliance officer, chief financial officer, general counsel, secretary and their respective staffs (but not including, for the
avoidance of doubt, costs and expenses attributable to the Advisor’s investment professionals acting in such capacity to provide investment advisory and management services hereunder). 

(b) To the extent that expenses to be borne by the Company are paid by the Advisor, the Company will reimburse the Advisor for such expenses;
provided, however, that the Advisor agrees to waive its right to reimbursement to the extent that it would cause any distributions to the Company’s stockholders to constitute a return of capital. 

3. Compensation of the Advisor. In addition to the costs and expenses of its operations and transactions as described in Section 2
hereof, the Company agrees to pay, and the Advisor agrees to accept, as compensation for the investment advisory and management services provided by the Advisor hereunder, a fee consisting of two components: a base management fee (the “Base
Management Fee”) and an incentive fee (the “Incentive Fee”), each as hereinafter set forth. The Company shall make any payments due hereunder to the Advisor or to the Advisor’s designee as the Advisor may otherwise direct. To the
extent permitted by applicable law, the Advisor may elect, or adopt a deferred compensation plan pursuant to which it may elect to defer all or a portion of its fees hereunder for a specified period of time. 

(a) The Base Management Fee shall be calculated at an annual rate equal to 1.25% of the gross assets of the Company, including assets purchased
with borrowed funds or other forms of leverage but excluding cash and cash equivalents; provided, however, that the Advisor agrees to waive a portion of the Base Management Fee for the Waiver Period (as defined below) such that the
Base Management Fee shall be charged at an annual rate of 0.75% of the gross assets of the Company for such period. For services rendered under this Agreement, the Base Management Fee shall be payable quarterly in arrears. The Base Management Fee
shall be calculated based on the average carrying value of the gross assets of the Company at the end of the two most recently completed calendar quarters. Such amount shall be appropriately adjusted (based on the actual number of days elapsed
relative to the total number of days in such calendar quarter) for any share issuances or repurchases by the Company during a calendar quarter. The Base Management Fee for any partial month or quarter (including as a result of the commencement and
expiration of the Waiver Period) shall be appropriately pro-rated (based on the number of days actually elapsed at the end of such partial month or quarter relative to the total number of days in such month or
quarter). For purposes of this Agreement, cash equivalents shall mean U.S. government securities and commercial paper instruments maturing within one year of purchase of such instrument by the Company. “Waiver Period” means the period
commencing on February 1, 2020 and ending on August 1, 2021. 

  
 4 

 (b) The Incentive Fee shall consist of two parts—an incentive fee based on income and
an incentive fee based on capital gains, as follows: 
 (i) The part of the Incentive Fee based on income (the “Income
Fee”) will be calculated and payable quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. For this purpose, Pre-Incentive Fee Net Investment Income means the Company’s interest income, distribution income and any other income (including any other fees such as commitment, origination, structuring, diligence and
consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the relevant calendar quarter(s), minus the Company’s operating expenses incurred
during the relevant calendar quarter(s) (including the Base Management Fee, expenses payable under the Administration Agreement and any interest expense and dividends and other distributions paid on any issued and outstanding debt or preferred
stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as market discount, original issue discount, debt
instruments with payment-in-kind (“PIK”) interest, preferred stock with PIK dividends and zero coupon securities), accrued income that the Company has not yet
received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. 

Pre-Incentive Fee Net Investment Income will be compared to a “Hurdle Amount” equal to the
product of (i) the “hurdle rate” of 1.75% per quarter (7.00% annualized) and (ii) the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the
period) at the end of the immediately preceding calendar quarter. There is also a “catch-up” feature described in detail below. 

For purposes of computing Pre-Incentive Fee Net Investment Income, the calculation methodology will
look through derivative financial instruments or swaps as if the Company owned the reference assets directly. Therefore, net interest income, if any, associated with a derivative financial instrument or swap (which represents the difference between
(i) the interest income and fees received in respect of the reference assets of the derivative financial instrument or swap and (ii) the interest expense or financing charges paid by the Company to the derivative or swap counterparty) will
be included in the calculation of Pre-Incentive Fee Net Investment Income for purposes of the Income Fee. 

  
 5 

 The Company will pay the Income Fee in each calendar quarter as follows: 

1. no Income Fee in the calendar quarter in which the Company’s Pre-Incentive Fee
Net Investment Income does not exceed the Hurdle Amount; 
 2. 100% of the Company’s
Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Amount but is less
than or equal to 2.1212% in the calendar quarter; and 
 3. 17.5% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.1212% in the calendar quarter; 
 provided,
however, that the Advisor agrees to waive the Income Fee for the Waiver Period. 
 These calculations will be appropriately pro-rated for any period of less than three months and adjusted for any share issuances or repurchases by the Company during the current quarter. If the Waiver Period ends on a date other than the last day of a
calendar quarter, the Income Fee shall be calculated for the full calendar quarter as set forth above; provided, however, that the Advisor shall waive a portion of the Income Fee determined by multiplying the Income Fee for the full
calendar quarter by a fraction determined by dividing (i) the number of days in such quarter prior to the expiration of the Waiver Period by (ii) the total number of days in such calendar quarter. 

The second part of the Incentive Fee (the “Capital Gains Fee”) will be determined and payable in arrears in cash as of the end of each fiscal year
(or upon termination of this Agreement as set forth below), and will equal 17.5% of the Company’s aggregate realized capital gains on a cumulative basis from inception through the end of the fiscal year, computed net of the Company’s
aggregate realized capital losses and aggregate unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Fees. 

For purposes of computing the Capital Gains Fee: 

1. the calculation methodology will look through derivative financial instruments or swaps as if the Company owned the
reference assets directly. Therefore, realized gains and realized losses on the disposition of any reference assets, as well as unrealized depreciation on reference assets retained in the derivative financial instrument or swap, will be included on
a cumulative basis in the calculation of the Capital Gains Fee; 
 2. the cumulative aggregate realized capital gains
are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment; 

3. the cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net
sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment; and 

  
 6 

 4. the aggregate unrealized capital depreciation is calculated as the
sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gains Fee calculation date and (b) the accreted or amortized cost basis of such investment. 

Notwithstanding the foregoing, if the Company is required by United States generally accepted accounting principles (“GAAP”) to
record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment (including, for example, as a result of the application of the acquisition method of accounting), then solely for the
purposes of calculating the Capital Gains Fee, the “accreted or amortized cost basis” of an investment shall be an amount (the “Contractual Cost Basis”) equal to (1) (x) the actual amount paid by the Company for such investment
plus (y) any amounts recorded in the Company’s financial statements as required by GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in the
Company’s financial statements, including payment-in-kind interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in
the Company’s financial statements as required by GAAP that are attributable to the amortization of such investment. For the avoidance of doubt, the Contractual Cost Basis as determined pursuant to the foregoing sentence may be higher or lower
than the fair value of such investment (as determined in accordance with GAAP) at the time of acquisition. In connection with the foregoing, in the event investments are purchased in a single transaction or series of related transactions for an
aggregate purchase price without the Company allocating such purchase price to specific investments, the Company may assign a Contractual Cost Basis to a specific investment equal to such investment’s Pro Rata Share of such aggregate purchase
price paid. “Pro Rata Share” means the resulting percentage determined using the amount at which a specific investment acquired in a single transaction or series of related transactions is recorded in the Company’s financial
statements at the time of acquisition according to GAAP divided by the total amount at which all investments acquired in the same transaction or series of related transactions are recorded in the Company’s financial statements at the time of
acquisition according to GAAP. 
 In the event that this Agreement shall terminate as of a date that is not a fiscal year end, the
termination date shall be treated as though it were a fiscal year end for purposes of calculating and paying a Capital Gains Fee. 
 (c) In
the event that this Agreement is terminated, to calculate the Base Management Fee and Incentive Fee through the termination date, the Company will engage at its own expense a firm acceptable to the Company and the Advisor to determine the maximum
reasonable fair value as of the termination date of the Company’s consolidated assets (assuming each asset is readily marketable among institutional investors without minority discount and with an appropriate control premium for any control
positions and ascribing an appropriate net present value to unamortized organizational and offering costs and going concern value). 

  
 7 

 4. Covenants of the Advisor. The Advisor hereby covenants that it is registered as an
investment adviser under the Investment Advisers Act. The Advisor hereby agrees that its activities shall at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments.

 5. Excess Brokerage Commissions. The Advisor is hereby authorized, to the fullest extent now or hereafter permitted by law, to
cause the Company to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have
charged for effecting such transaction if the Advisor determines, in good faith and taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational
facilities of the firm and the firm’s risk and skill in positioning blocks of securities, that the amount of such commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or
dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company’s portfolio, and constitutes the best net result for the Company. 

6. Proxy Voting. The Advisor shall be responsible for voting any proxies solicited by an issuer of securities held by the Company in the
best interest of the Company and in accordance with the Advisor’s proxy voting policies and procedures, as any such proxy voting policies and procedures may be amended from time to time. The Company has been provided with a copy of the
Advisor’s proxy voting policies and procedures and has been informed as to how it can obtain further information from the Advisor regarding proxy voting activities undertaken on behalf of the Company. 

7. Limitations on the Employment of the Advisor. The services of the Advisor to the Company are not, and shall not be, exclusive. The
Advisor may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however
structured, having investment objectives similar to those of the Company; provided that its services to the Company hereunder are not impaired thereby. Nothing in this Agreement shall limit or restrict the right of any manager, partner, officer or
employee of the Advisor to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including
fees for serving as a director of, or providing consulting services to, one or more of the portfolio companies of the Company, subject at all times to applicable law). So long as this Agreement or any extension, renewal or amendment hereof remains
in effect, the Advisor shall be the only investment adviser for the Company, subject to the Advisor’s right to enter into sub-advisory agreements. The Advisor assumes no responsibility under this
Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees and stockholders of the Company are or may become interested in the Advisor and its affiliates, as directors, officers, employees,
partners, stockholders, members, managers or otherwise, and that the Advisor and directors, officers, employees, partners, stockholders, members and managers of the Advisor and its affiliates are or may become similarly interested in the Company as
stockholders or otherwise. 

  
 8 

 Subject to any restrictions prescribed by law, by the provisions of the Code of Ethics of
the Company and the Advisor and by the Advisor’s Allocation Policy, the Advisor and its members, officers, employees and agents shall be free from time to time to acquire, possess, manage and dispose of securities or other investment assets for
their own accounts, for the accounts of their family members, for the account of any entity in which they have a beneficial interest or for the accounts of others for whom they may provide investment advisory, brokerage or other services
(collectively, “Managed Accounts”), in transactions that may or may not correspond with transactions effected or positions held by the Company or to give advice and take action with respect to Managed Accounts that differs from advice
given to, or action taken on behalf of, the Company; provided that the Advisor allocates investment opportunities to the Company, over a period of time on a fair and equitable basis compared to investment opportunities extended to other Managed
Accounts. The Advisor is not, and shall not be, obligated to initiate the purchase or sale for the Company of any security that the Advisor and its members, officers, employees or agents may purchase or sell for its or their own accounts or for the
account of any other client if, in the opinion of the Advisor, such transaction or investment appears unsuitable or undesirable for the Company. Moreover, it is understood that when the Advisor determines that it would be appropriate for the Company
and one or more Managed Accounts to participate in the same investment opportunity, the Advisor shall seek to execute orders for the Company and for such Managed Account(s) on a basis that the Advisor considers to be fair and equitable over time. In
such situations, the Advisor may (but is not required to) place orders for the Company and each Managed Account simultaneously or on an aggregated basis. If all such orders are not filled at the same price, the Advisor may cause the Company and each
Managed Account to pay or receive the average of the prices at which the orders were filled for the Company and all relevant Managed Accounts on each applicable day. If all such orders cannot be fully executed under prevailing market conditions, the
Advisor may allocate the investment opportunities among participating accounts in a manner that the Advisor considers equitable, taking into account, among other things, the size of each account, the size of the order placed for each account and any
other factors that the Advisor deems relevant. 
 8. Responsibility of Dual Directors, Officers and/or Employees. If any person who is
a manager, partner, officer or employee of the Advisor or the Administrator is or becomes a director, officer and/or employee of the Company and acts as such in any business of the Company, then such manager, partner, officer and/or employee of the
Advisor or the Administrator shall be deemed to be acting in such capacity solely for the Company and not as a manager, partner, officer and/or employee of the Advisor or the Administrator or under the control or direction of the Advisor or the
Administrator, even if paid by the Advisor or the Administrator. 
 9. Limitation of Liability of the Advisor; Indemnification. The
Advisor (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Advisor, including without limitation the Administrator) shall not be liable to the Company for any
action taken or omitted to be taken by the Advisor in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company, except to the extent specified in Section 36(b)
of the Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the 

  
 9 

 
same is finally determined by judicial proceedings) with respect to the receipt of compensation for services, and the Company shall indemnify, defend and protect the Advisor (and its officers,
managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Advisor, including without limitation the Administrator, each of whom shall be deemed a third-party beneficiary hereof)
(collectively, the “Indemnified Parties”) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the
Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based
upon the performance of any of the Advisor’s duties or obligations under this Agreement or otherwise as an investment adviser of the Company. Notwithstanding the preceding sentence of this Paragraph 9 to the contrary, nothing contained herein
shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties
would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Advisor’s duties or by reason of the reckless disregard of the Advisor’s duties and obligations under this Agreement (as
the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder). 

10. Effectiveness; Duration and Termination of Agreement. This Agreement shall become effective as of the Effective Date and
remain in effect for two years, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Board of Directors, or by the vote of
stockholders holding a majority of the outstanding voting securities of the Company and (b) the vote of a majority of the Company’s Directors who are not parties to this Agreement or “interested persons” (as such term is defined
in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act. This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’
written notice, by the vote of stockholders holding a majority of the outstanding voting securities of the Company, or by the vote of the Company’s Directors or by the Advisor. This Agreement shall automatically terminate in the event of its
“assignment” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act). Except with the consent of the Advisor, upon termination of this Agreement, the Company shall immediately delete the term
“Crescent” from its corporate name and not incorporate Crescent as part of any subsequent name. The provisions of Section 9 of this Agreement shall remain in full force and effect, and the Advisor shall remain entitled to the benefits
thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Advisor shall be entitled to any amounts owed under Section 2 and Section 3 of this
Agreement through the date of termination or expiration and Section 9 shall continue in full force and effect and apply to the Advisor and its representatives as and to the extent applicable. 

  
 10 

 11. No Third-Party Beneficiaries. This Agreement is made for the benefit of and shall
be enforceable by, each of the parties hereto and nothing in this Agreement shall confer any rights upon, nor shall this Agreement be construed to create any rights in, any person that is not a party (except as herein otherwise specifically
provided) to this Agreement. 
 12. Notices. Any notice under this Agreement shall be given in writing, addressed and delivered or
mailed, postage prepaid, to the other party at its principal office. 
 13. Amendments. This Agreement may be amended by mutual
consent, but the consent of the Company must be obtained in conformity with the requirements of the Investment Company Act. 
 14. Entire
Agreement; Governing Law. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter of this Agreement. This Agreement shall be construed in
accordance with the laws of the State of New York and the applicable provisions of the Investment Company Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the
Investment Company Act, the latter shall control. 
 *     *     *    *

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the
date above written. 
  

			
	CRESCENT CAPITAL BDC, INC.
		
	By:	 	 /s/ Jason Breaux

	Name:	 	Jason Breaux
	Title:	 	Chief Executive Officer
	
	CRESCENT CAP ADVISORS, LLC
		
	By:	 	 /s/ Jason Breaux

	Name:	 	Jason Breaux
	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ George P. Hawley

	Name:	 	George P. Hawley
	Title:	 	General Counsel

 [Signature page for Investment Advisory Agreement]

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