Document:

Exhibit 10.4

 

 

 

 

CUSTODY AGREEMENT

 

 

 

 

 

dated as of March 31, 2022

 

by and between

 

Golub
Capital BDC 4 LLC

(“Company”)

 

and

 

Deutsche
Bank Trust Company Americas

(“Custodian”)

 

    

    

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	1.	DEFINITIONS	1

 

		1.1.	Defined Terms	1-6
	 	 	 	 
		1.2.	Construction	6
	 	 	 	 
		1.3.	Headings	7

 

	2.	APPOINTMENT OF CUSTODIAN	7

 

		2.1.	Appointment and Acceptance	7
	 	 	 	 
		2.2.	Instructions	7
	 	 	 	 
		2.3.	Company Responsible For Directions	7

 

	3.	DUTIES OF CUSTODIAN	7

 

		3.1.	Segregation	7
	 	 	 	 
		3.2.	Securities Custody Account	7-8
	 	 	 	 
		3.3.	Delivery of Securities to Custodian	8-10
	 	 	 	 
		3.4.	Release of Securities	10-11
	 	 	 	 
		3.5.	Registration of Securities	11
	 	 	 	 
		3.6.	Bank Accounts and Management of Cash	11-12
	 	 	 	 
		3.7.	Foreign Exchange	12-13
	 	 	 	 
		3.8.	Collection of Income	13
	 	 	 	 
		3.9.	Payment of Moneys	13-14
	 	 	 	 
		3.10.	Proxies	14
	 	 	 	 
		3.11.	Communications Relating to Securities	14
	 	 	 	 
		3.12.	Records	14
	 	 	 	 
		3.13.	Responsibility for Property Held by Sub-custodians	15
	 	 	 	 
		3.14.	Custody of Subsidiary Securities	15-16

 

	4.	REPORTING	16
	 	 	 
	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS	16-17
	 	 	 
	6.	SECURITIES HELD OUTSIDE OF THE UNITED STATES	17

 

		6.1.	Appointment of Foreign Sub-custodian	17
	 	 	 	 
		6.2.	Assets to be Held	17
	 	 	 	 
		6.3.	Omnibus Accounts	17
	 	 	 	 
		6.4.	Reports Concerning Foreign Sub-custodians	17

 

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Table of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
		6.5.	Transactions in Foreign Custody Account	17
	 	 	 	 
		6.6.	Foreign Sub-custodians	18
	 	 	 	 
		6.7.	Custodian’s Responsibility for Foreign Sub-custodians	18

 

	7.	CERTAIN GENERAL TERMS	18-19

 

		7.1.	No Duty to Examine Underlying Instruments	19
	 	 	 	 
		7.2.	Resolution of Discrepancies	19
	 	 	 	 
		7.3.	Improper Instructions	20
	 	 	 	 
		7.4.	Proper Instructions	20
	 	 	 	 
		7.5.	Actions Permitted Without Express Authority	20-21
	 	 	 	 
		7.6.	Evidence of Authority	21
	 	 	 	 
		7.7.	Receipt of Communications	21
	 	 	 	 
		7.8.	Actions on the Loans	21

 

	8.	COMPENSATION OF CUSTODIAN	21

 

		8.1.	Fees	21
	 	 	 	 
		8.2.	Expenses	22

 

	9.	RESPONSIBILITY OF CUSTODIAN	22

 

		9.1.	General Duties	22
	 	 	 	 
		9.2.	Instructions	22
	 	 	 	 
		9.3.	General Standards of Care	22-24
	 	 	 	 
		9.4.	Indemnification; Custodian’s Lien	24-25
	 	 	 	 
		9.5.	Force Majeure	25

 

	10.	SECURITY CODES	25

 

	11.	TAX LAW	25

 

		11.1.	Domestic Tax Law	25
	 	 	 	 
		11.2.	Foreign Tax Law	26

 

	12.	EFFECTIVE PERIOD, TERMINATION AND AMENDMENT	26

 

		12.1.	Effective Date	26
	 	 	 	 
		12.2.	Termination	26
	 	 	 	 
		12.3.	Resignation	26
	 	 	 	 
		12.4.	Successor	26

 

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Table of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
		12.5.	Payment of Fees, etc.	26
	 	 	 	 
		12.6.	Final Report	26

 

	13.	REPRESENTATIONS AND WARRANTIES	26

 

		13.1.	Representations of the Company	26-27
	 	 	 	 
		13.2.	Representations of the Custodian	27

 

	14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT	27
	 	 	 
	15.	NOTICES	27
	 	 	 
	16.	CHOICE OF LAW AND JURISDICTION	28

 

	17.	ENTIRE AGREEMENT; COUNTERPARTS	28

 

		17.1.	Complete Agreement	28
	 	 	 	 
		17.2.	Counterparts	28
	 	 	 	 
		17.3.	Facsimile and Electronic Signatures	28-29

 

	18.	AMENDMENT; WAIVER	29

 

		18.1.	Amendment	29
	 	 	 	 
		18.2.	Waiver	29

 

	19.	SUCCESSOR AND ASSIGNS	29

 

		19.1.	Successors Bound	29
	 	 	 	 
		19.2.	Merger and Consolidation	29

 

	20.	SEVERABILITY	29

 

	21.	REQUEST FOR INSTRUCTIONS	29-30
	 	 	 
	22.	OTHER BUSINESS	30
	 	 	 
	23.	REPRODUCTION OF DOCUMENTS	30
	 	 	 
	24.	MISCELLANEOUS	30

 

SCHEDULES

 

SCHEDULE A – Trade Confirmation

SCHEDULE B – Initial Authorized Persons

 

    -iii-

    

    

 

THIS
CUSTODY AGREEMENT (this “Agreement”) is dated as of March 31, 2022 and is by and between Golub Capital BDC
4 LLC (and any successor or permitted assign, including Golub Capital BDC 4, Inc., following its conversion to a Maryland corporation,
the “Company”), a non-diversified, closed-end management investment company that intends to elect to do business as a business
development company, having its principal place of business at 200 Park Avenue, 25th Floor, New York, New York 10106, and
Deutsche Bank Trust Company Americas (or any successor or permitted assign acting as custodian hereunder, the “Custodian”),
a New York banking corporation having a place of business at c/o Deutsche Bank National Trust Company, 1761 East St. Andrew Place, Santa
Ana, California 92705.

 

RECITALS

 

WHEREAS,
the Company intends to operate as a closed-end management investment company electing to do business as a business development company
under the Investment Company Act of 1940, as amended (the “1940 Act”) and, following its conversion to a Maryland corporation,
is authorized to issue shares of common stock;

 

WHEREAS,
the Company (as defined below) desires to retain Deutsche Bank Trust Company Americas to act as custodian for the Company and each Subsidiary
hereafter identified to the Custodian;

 

WHEREAS,
the Company desires that the Company’s Securities (as defined below) and cash be held and administered by the Custodian pursuant
to this Agreement; and

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

 

		1.	DEFINITIONS

 

1.1.          Defined
Terms. In addition to terms expressly defined elsewhere herein, the following words shall have the following meanings as used in
this Agreement:

 

“Account”
or “Accounts” means the Cash Account, the Securities Account, any Subsidiary Cash Account and any Subsidiary Securities
Account, collectively.

 

“Agreement”
means this Custody Agreement (as the same may be amended from time to time in accordance with the terms hereof).

 

“Authorized Person”
has the meaning set forth in Section 7.4.

 

“Business Day”
means a day on which the Custodian or the relevant sub-custodian, is open for business in the market or country in which a transaction
is to take place, except with respect to Section 4 reporting obligations of the Custodian or actions to be taken only by the Custodian,
then only the Custodian’s location shall be applicable.

 

“Cash Account”
means any or all of the segregated non-interest bearing account to be established at the Custodian to which the Custodian shall deposit
or credit and hold any cash Proceeds received by it from time to time from or with respect to the Securities or the sale of the common
stock of the Company, as applicable, which deposit account shall be designated the “Golub Capital BDC 4, Inc. Cash Proceeds
Account”.

 

    1

     

    

 

“Company”
means Golub Capital BDC 4 LLC and its successors or permitted assigns, including Golub Capital BDC 4, Inc. following the Company’s
conversion to a Maryland corporation.

 

“Confidential Information”
means any databases, computer programs, screen formats, screen designs, report formats, interactive design techniques, and other similar
or related information that may be furnished to the Company by the Custodian from time to time pursuant to this Agreement.

 

“Custodian”
has the meaning set forth in the first paragraph of this Agreement.

 

“Eligible Investment”
means any investment that at the time of its acquisition is one or more of the following:

 

(a)            United
States government and agency obligations;

 

(b)            commercial
paper having a rating assigned to such commercial paper by Standard & Poor’s Rating Services or Moody’s Investor
Service, Inc. (or, if neither such organization shall rate such commercial paper at such time, by any nationally recognized rating
organization in the United States of America) equal to one of the two highest ratings assigned by such organization, it being understood
that as of the date hereof such ratings by Standard & Poor’s Rating Services are “A1+” and “A1”
and such ratings by Moody’s Investor Service, Inc. are “P1” and “P2”;

 

(c)            interest
bearing deposits in United States dollars in United States or Canadian banks with an unrestricted surplus of at least U.S. $250,000,000,
maturing within one year; and

 

(d)            money
market funds (including funds of the bank serving as Custodian or its affiliates) or United States government securities funds designed
to maintain a fixed share price and high liquidity.

 

“Eligible Securities
Depository” has the meaning set forth in Section (b)(1) of Rule 17f-7 under the 1940 Act.

 

“Federal Reserve
Bank Book-Entry System” means a depository and securities transfer system operated by the Federal Reserve Bank of the United
States on which are eligible to be held all United States Government direct obligation bills, notes and bonds.

 

“Financing Documents”
has the meaning set forth in Section 3.3(b)(ii).

 

“Foreign Intermediary”
means a Foreign Sub-custodian and Eligible Securities Depository.

 

    2

     

    

 

“Foreign Sub-custodian”
means and includes (i) any branch of a “U.S. Bank,” as that term is defined in Rule 17f-5 under the 1940 Act, (ii) any
 “Eligible Foreign Custodian,” as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian
which the Custodian has determined will provide reasonable care of assets of the Company based on the standards specified in Section 6.7
below.

 

“Foreign Securities”
means Securities for which the primary market is outside the United States.

 

“Loan”
means any U.S. dollar denominated commercial loan, or participation therein, made by a bank or other financial institution that by its
terms provides for payments of principal and/or interest, including discount obligations and payment- in-kind obligations, acquired by
the Company from time to time.

 

“Loan Checklist”
means a list delivered to the Custodian in connection with delivery of each Loan to the Custodian that identifies the items contained
in the related Loan File.

 

“Loan File”
means, with respect to each Loan delivered to the Custodian, each of the Required Loan Documents identified on the related Loan List.

 

“Noteless Loan”
means a Loan with respect to which (i) the related loan agreement does not require the obligor to execute and deliver an Underlying
Note to evidence the indebtedness created under such Loan, and (ii) no Underlying Notes are outstanding with respect to the portion
of the Loan transferred to the issuer.

 

“Participation”
means an interest in a Loan that is acquired indirectly by way of a participation from a selling institution.

 

“Person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including
any beneficiary thereof) unincorporated organization, or any government or agency or political subdivision thereof.

 

“Proceeds”
means, collectively, (i) the net cash proceeds to the Company of the initial public offering by the Company and any subsequent offering
by the Company of any class of securities issued by the Company, (ii) all cash distributions, earnings, dividends, fees and other
cash payments paid on the Securities (or, as applicable, Subsidiary Securities) by or on behalf of the issuer or obligor thereof, or
applicable paying agent or administrative agents, (iii) the net cash proceeds of the sale or other disposition of the Securities
(or, as applicable, Subsidiary Securities) pursuant to the terms of this Agreement (and any Reinvestment Earnings from investment of
the foregoing, as defined in Section 3.6(b) hereof), and (iv) the net cash proceeds to the Company of any borrowing or
other financing by the Company.

 

    3

     

    

 

“Proper Instructions”
means instructions (including Trade Confirmations) received by the Custodian in form acceptable to it, from the Company (on its behalf
or on behalf of any Subsidiary thereof), or any Person duly authorized by the Company in any of the following forms acceptable to the
Custodian:

 

(a)            in
writing signed by an Authorized Person (and delivered by hand, by mail, by electronic mail, by overnight courier or by telecopier);

 

(b)            by
electronic mail (or other electronic transmission) from an Authorized Person;

 

(c)            in
tested communication;

 

(d)            in
a communication utilizing access codes effected between electro mechanical or electronic devices; or

 

(e)            such
other means as may be agreed upon from time to time by the Custodian and the party giving such instructions, including oral instructions.

 

“Responsible Officer”
means any officer within the corporate trust group of the Custodian (or any successor group of the Custodian) including any vice
president, assistant vice president or officer of the Custodian customarily performing functions similar to those performed by the persons
who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred at the corporate trust group
of the Custodian because of such person’s knowledge of and familiarity with the particular subject and, in each case, having direct
responsibility for the administration of this Agreement.

 

“Required Loan Documents”
means, for each Loan:

 

(a)            other
than in the case of a Participation, an executed copy of the Assignment for such Loan, as identified on the Loan Checklist;

 

(b)            with
the exception of Noteless Loans and Participations, the original executed Underlying Note endorsed by the issuer or the prior holder
of record in blank or to the Company;

 

(c)            an
executed copy of the Underlying Loan Agreement (which may be included in the Underlying Note if so indicated in the Loan Checklist),
together with a copy of all amendments and modifications thereto, as identified on the Loan Checklist;

 

(d)            a
copy of each related security agreement (if any) signed by the applicable obligor(s), as identified on the Loan Checklist;

 

(e)            a
copy of the Loan Checklist; and

 

(f)             a
copy of each related guarantee (if any) then executed in connection with such Loan, as identified on the Loan Checklist.

 

“Securities”
means, collectively, the (i) investments, including Loans, acquired by the Company and delivered to the Custodian by the Company
from time to time during the term of, and pursuant to the terms of, this Agreement, and (ii) all dividends in kind (e.g., non-cash
dividends) from the investments described in clause (i) above.

 

    4

     

    

 

“Securities Account”
means the segregated account to be established at the Custodian to which the Custodian shall deposit or credit and hold the Securities
(other than Loans) received by it pursuant to this Agreement, which account shall be designated the “Golub Capital BDC 4, Inc.
Securities Custody Account”.

 

“Securities Depository”
means The Depository Trust Company and any other clearing agency registered with the Securities and Exchange Commission under Section 17A
of the Securities Exchange Act of 1934, as amended (the “1934 Act”), which acts as a system for the central handling of securities
where all securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred
or pledged by bookkeeping entry without physical delivery of the securities.

 

“Securities System”
means the Federal Reserve Book-Entry System, a clearing agency which acts as a Securities Depository, or another book entry system for
the central handling of securities (including an Eligible Securities Depository).

 

“Shares”
means the shares of common stock, par value $0.001 per share, issued by the Company.

 

“Street Delivery
Custom” means a custom of the United States securities market to deliver securities which are being sold to the buying broker
for examination to determine that the securities are in proper form.

 

“Street Name”
means the form of registration in which the securities are held by a broker who is delivering the securities to another broker for the
purposes of sale, it being an accepted custom in the United States securities industry that a security in Street Name is in proper form
for delivery to a buyer and that a security may be re-registered by a buyer in the ordinary course.

 

“Subsidiary Cash
Account” shall have the meaning set forth in Section 3.14(b).

 

“Subsidiary Securities”
collectively, the (i) investments, including Loans, acquired by a Subsidiary and delivered to the Custodian from time to time during
the term of, and pursuant to the terms of, this Agreement, and (ii) all dividends in kind (e.g., non-cash dividends) from the investments
described in clause (i) above.

 

“Subsidiary Securities
Account” shall have the meaning set forth in Section 3.14(a).

 

“Subsidiary”
means, collectively, any wholly owned subsidiary of the Company.

 

“Trade Confirmation”
means a confirmation to the Custodian from the Company of the Company’s acquisition of a Loan, and setting forth applicable information
with respect to such Loan, which confirmation may be in the form of Schedule A attached hereto and made a part hereof, subject
to such changes or additions as may be agreed to by, or in such other form as may be agreed to by, the Custodian and the Company from
time to time.

 

“Underlying Loan
Agreement” means, with respect to any Loan, the document or documents evidencing the commercial loan agreement or facility
pursuant to which such Loan is made.

 

    5

     

    

 

“Underlying Loan
Documents” means, with respect to any Loan, the related Underlying Loan Agreement together with any agreements and instruments
(including any Underlying Note) executed or delivered in connection therewith.

 

“Underlying Note”
means the one or more promissory notes executed by an obligor evidencing a Loan.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York.

 

1.2.          Construction.
In this Agreement unless the contrary intention appears:

 

(a)            any
reference to this Agreement or another agreement or instrument refers to such agreement or instrument as the same may be amended, modified
or otherwise rewritten from time to time;

 

(b)            a
reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments,
re-enactments or replacements of any of them;

 

(c)            any
term defined in the singular form may be used in, and shall include, the plural with the same meaning, and vice versa;

 

(d)            a
reference to a Person includes a reference to the Person’s executors, custodians, successors and permitted assigns;

 

(e)            an
agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly and severally;

 

(f)             an
agreement, representation or warranty on the part of two or more Persons binds them jointly and severally;

 

(g)            a
reference to the term “including” means “including, without limitation,”

 

(h)            a
reference to any accounting term is to be interpreted in accordance with generally accepted principles and practices in the United States,
consistently applied, unless otherwise instructed by the Company; and

 

(i)             any
reference to “execute”, “executed”, “sign”, “signed”, “signature” or any
other like term hereunder shall include execution by electronic signature (including, without limitation, any .pdf file, .jpeg file,
or any other electronic or image file, or any “electronic signature” as defined under the U.S. Electronic Signatures in Global
and National Commerce Act (“E-SIGN”) or the New York Electronic Signatures and Records Act (“ESRA”), which includes
any electronic signature provided using Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably
available at no undue burden or expense to the Custodian), except to the extent the Custodian requests otherwise. Any such electronic
signatures shall be valid, effective and legally binding as if such electronic signatures were handwritten signatures and shall be deemed
to have been duly and validly delivered for all purposes hereunder.

 

    6

     

    

 

 

1.3.           Headings.
Headings are inserted for convenience and do not affect the interpretation of this Agreement.

 

		2.	APPOINTMENT
                                            OF CUSTODIAN

 

2.1.           Appointment
and Acceptance. The Company hereby appoints the Custodian as custodian of all Securities and cash owned by the Company and the Subsidiaries
(as applicable) and deposited with the Custodian at any time during the period of this Agreement, on the terms and conditions set forth
in this Agreement (which shall include any addendum hereto which is hereby incorporated herein and made a part of this Agreement), and
the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement with respect
to it subject to and in accordance with the provisions hereof.

 

2.2.           Instructions.
The Company agrees that it shall from time to time provide, or cause to be provided, to the Custodian all necessary instructions and
information in writing, and shall respond promptly to all inquiries and requests of the Custodian, as may reasonably be necessary to
enable the Custodian to perform its duties hereunder.

 

2.3.           Company
Responsible For Directions. The Company is solely responsible for directing the Custodian with respect to deposits to, withdrawals
from and transfers to or from the Account. Without limiting the generality of the foregoing, the Custodian has no responsibility for
the Company’s compliance with the 1940 Act, any restrictions, covenants, limitations or obligations to which the Company may be
subject or for which it may have obligations to third-parties in respect of the Account, and the Custodian shall have no liability for
the application of any funds made at the direction of the Company. The Company shall be solely responsible for properly instructing all
applicable payors to make all appropriate payments to the Custodian for deposit to the Account, and for properly instructing the Custodian
with respect to the allocation or application of all such deposits.

 

		3.	DUTIES
                                            OF CUSTODIAN

 

3.1.           Segregation.
All Securities, Subsidiary Securities and non-cash property held by the Custodian, as applicable, for the account of the Company or Subsidiary,
respectively, (other than Securities and Subsidiary Securities maintained in a Securities Depository or Securities System) shall be physically
segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash property
of the other series of the Company, if applicable) and shall be identified as property of the Company and subject to this Agreement.

 

3.2.           Securities
Custody Account. The Custodian shall open and maintain a segregated account in the name of the Company, subject only to order of
the Custodian, in which the Custodian shall enter and carry, subject to Section 3.3 (b), all Securities (other than Loans), cash
and other investment assets of the Company which are delivered to it in accordance with this Agreement. For avoidance of doubt, the Custodian
shall not be required to credit or deposit Loans in the Securities Account but shall instead maintain a register (in book-entry form
or in such other form as it shall deem necessary or desirable) of such Loans, containing such information as the Company and the Custodian
may reasonably agree; provided that, with respect to such Loans, all Required Loan Documents received by the Custodian shall be held
in safekeeping by the Custodian, individually segregated from the securities and investments of any other person and marked so as to
clearly identify them as the property of the Company in a manner consistent with Rule 17f-1 under the 1940 Act and as set forth
in this Agreement.

 

    7

     

    

 

3.3.           Delivery
of Securities to Custodian.

 

(a)           The
Company shall deliver, or cause to be delivered, to the Custodian all of the Company’s Securities, cash and other investment assets,
including (a) all payments of income, payments of principal and capital distributions received by the Company with respect to such
Securities, cash or other assets owned by the Company at any time during the period of this Agreement, and (b) all cash received
by the Company for the issuance, at any time during such period, of Shares or other securities or in connection with a borrowing by the
Company. With respect to Loans, Required Loan Documents and other Underlying Loan Documents shall be delivered to the Custodian (at the
address identified for it in Section 15). With respect to assets other than Loans, such assets shall be delivered to the Custodian
in its role as, and (where relevant) at the address identified for, the Custodian.  Except to the extent otherwise expressly provided
herein, delivery of Securities to the Custodian shall be in Street Name or other good delivery form. The Custodian shall not be responsible
for such Securities, cash or other assets until actually delivered to, and received by it.

 

(b)           (i)           In
connection with its acquisition of a Loan or other delivery of a Security constituting
a Loan, the Company shall deliver or cause to be delivered to the Custodian (at the address identified for it in Section 15) a properly
completed Trade Confirmation containing such information in respect of such Loan as the Custodian may reasonably require in order to
enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian may conclusively rely without further
inquiry or investigation, in such form and format as the Custodian reasonably may require, and shall deliver to the Custodian (at the
address identified for it in Section 15) the Required Loan Documents, including the Loan Checklist.

 

(ii)           Notwithstanding
anything herein to the contrary, delivery of Securities acquired by the Company (or, if applicable, Subsidiary thereof) which constitute
Noteless Loans or Participations or which are otherwise not evidenced by a “security” or “instrument” as defined
in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, shall be made by delivery to the Custodian of (i) in
the case of a Noteless Loan, a copy of the loan register with respect to such Noteless Loan evidencing registration of such Loan on the
books and records of the applicable obligor or bank agent to the name of the Company or, if applicable, a Subsidiary (or, in either case,
its nominee) or a copy (which may be a facsimile copy) of an assignment agreement (“Loan Assignment Agreement”) in favor
of the Company (or the applicable Subsidiary) as assignee, and (ii) in the case of a Participation, a copy of the related participation
agreement. Any duty on the part of the Custodian with respect to the custody of such Loans shall be limited to the exercise of reasonable
care by the Custodian in the physical custody of any such documents delivered to it, and any related instrument, security, credit agreement,
assignment agreement and/or other agreements or documents, if any (collectively, “Financing Documents”), that may be delivered
to it. Nothing herein shall require the Custodian to credit to the Securities Account or to treat as a financial asset (within the meaning
of Section 8-102(a)(9) of the UCC) any such Loan or other asset in the nature of a general intangible (as defined in Section 9-102(a)(42)
of the UCC) or to “maintain” a sufficient quantity thereof. The Custodian is not under a duty to examine any such Financing
Documents, or any underlying credit agreements or loan documents for such Loan to determine the validity, sufficiency, marketability
or enforceability of any Loan Assignment Agreement, Participation Agreement or other Financing Document (and shall have no responsibility
for the genuineness or completeness thereof), or for the Company’s title to any related Loan. The Custodian may assume the genuineness
of each such Financing Document it may receive and the genuineness and due authority of any signatures appearing thereon, and shall be
entitled to assume that each such Financing Document it may receive is what it purports to be. If an original Security or instrument
is or shall be or become available with respect to any such Loan, it shall be the sole responsibility of the Company to make or cause
delivery thereof to the Custodian, and the Custodian shall not be under any obligation at any time to determine whether any such original
security or instrument has been or is required to be issued or made available in respect of any Loan or to compel or cause delivery thereof
to the Custodian.

 

    8

     

    

 

(iii)           The
Custodian may assume the genuineness of any such Financing Document it may receive and the genuineness and due authority of any signatures
appearing thereon, and shall be entitled to assume that each such Financing Document it may receive is what it purports to be. If an
original “security” or “instrument” as defined in Section 8-102 and Section 9-102(a)(47) of the UCC,
respectively, is or shall be or become available with respect to any Loan to be held by the Custodian under this Agreement, it shall
be the sole responsibility of the Company to make or cause delivery thereof to the Custodian, and the Custodian shall not be under any
obligation at any time to determine whether any such original security or instrument has been or is required to be issued or made available
in respect of any Loan or to compel or cause delivery thereof to the Custodian.

 

(iv)           Contemporaneously
with the acquisition of any Loan, the Company shall (i) cause the Required Loan Documents evidencing such Loan to be delivered to
the Custodian; (ii) if requested by the Custodian, provide to the Custodian an amortization schedule of principal payments and a
schedule of the interest payable date(s) identifying the amount and due dates of all scheduled principal and interest payments for
such Loan; (iii) if applicable, provide a properly completed Trade Confirmation containing such information in respect of such Loan
as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which
the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may
require; (iv) take all actions necessary for the Company to acquire good title to such Loan; and (v) take all actions as may
be necessary (including appropriate payment notices and instructions to bank agents or other applicable paying agents or administrative
agents) to cause (A) all payments in respect of the Loan to be made to the Custodian, and (B) all notices, solicitations and
other communications in respect of such Loan to be directed to the Company. The Custodian shall have no liability for any delay or failure
on the part of the Company to provide necessary information to the Custodian, or for any inaccuracy therein or incompleteness thereof,
or for any delay or failure on the part of the Company to give such effective payment instruction to bank agents and other paying agents
or administrative agents, in respect of the Loans. With respect to each such Loan, the Custodian shall be entitled to rely on any information
and notices it may receive from time to time from the related bank agent, obligor, participating bank, nationally recognized pricing
service or vendor, reputable financial information reporting source, or similar party with respect to the related Loan, and shall be
entitled to update its records (as it may deem necessary or appropriate), or from the Company, on the basis of such information or notices
received, without any obligation on its part independently to verify, investigate or recalculate such information.

 

    9

     

    

 

3.4.           Release
of Securities.

 

(a)           The
Custodian shall release and deliver, or direct its agents or sub-custodians to release and deliver, as the case may be, Securities or
Required Loan Documents of the Company held by the Custodian, its agents or its sub-custodians from time to time upon receipt of Proper
Instructions (which shall, among other things, specify the Securities or Required Loan Documents to be released, with such delivery and
other information as may be necessary to enable the Custodian to perform (including the delivery method)), which may be standing instructions
(in form acceptable to the Custodian) in the following cases:

 

(i)           upon
sale of such Securities by or on behalf of the Company and, such sale may, unless and except to the extent otherwise directed by Proper
Instructions, be carried out by the Custodian:

 

(A)           in
accordance with the customary or established practices and procedures in the jurisdiction or market where the transactions occur, including
delivery to the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer) against expectation of receiving
later payment; or

 

(B)           in
the case of a sale effected through a Securities System, in accordance with the rules governing the operations of the Securities
System;

 

(ii)           upon
the receipt of payment in connection with any repurchase agreement related to such Securities;

 

(iii)          to
a depositary agent in connection with tender or other similar offers for such securities;

 

(iv)          to
the issuer thereof or its agent when such Securities are called, redeemed, retired or otherwise become payable (unless otherwise directed
by Proper Instructions, the cash or other consideration is to be delivered to the Custodian, its agents or its sub-custodians);

 

    10

     

    

 

(v)           to
an issuer thereof, or its agent, for transfer into the name of the Custodian or of any nominee of the Custodian or into the name of any
of its agents or sub-custodians or their nominees or for exchange for a different number of bonds, certificates or other evidence representing
the same aggregate face amount or number of units;

 

(vi)          to
brokers clearing banks or other clearing agents for examination in accordance with the Street Delivery Custom;

 

(vii)         for
exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities
of the issuer of such securities, or pursuant to any deposit agreement (unless otherwise directed by Proper Instructions, the new securities
and cash, if any, are to be delivered to the Custodian, its agents or its sub-custodians);

 

(viii)        in
the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities
or the surrender of interim receipts or temporary securities for definitive securities (unless otherwise directed by Proper Instructions,
the new securities and cash, if any, are to be delivered to the Custodian, its agents or its sub-custodians); and/or

 

(ix)           for
any other purpose, but only upon receipt of Proper Instructions and an officer’s certificate signed by an officer of the Company
(which officer shall not have been the Authorized Person providing the Proper Instructions) stating (i) the specified securities
to be delivered, (ii) the purpose for such delivery, (iii) that such purpose is a proper corporate purpose, and (iv) naming
the person or persons to whom delivery of such securities shall be made and attaching a certified copy of a resolution of the board of
directors of the Company or an authorized committee thereof approving the delivery of such Proper Instructions.

 

3.5.           Registration
of Securities. Securities held by the Custodian, its agents or its sub-custodians (other than bearer securities, securities held
in a Securities System or Securities that are Noteless Loans or Participations) shall be registered in the name of the Company or its
nominee; or, at the option of the Custodian, in the name of the Custodian or in the name of any nominee of the Custodian, or in the name
of its agents or its sub-custodians or their nominees; or if directed by the Company by Proper Instruction, may be maintained in Street
Name. The Custodian, its agents and its sub-custodians shall not be obligated to accept Securities on behalf of the Company under the
terms of this Agreement unless such Securities are in Street Name or other good deliverable form.

 

3.6.           Bank
Accounts and Management of Cash.

 

(a)           As
of the date of this Agreement, the Company shall make the initial deposit of funds into the Cash Account and such deposit shall consist
of all of the Company’s cash and cash equivalents.

 

(b)           Proceeds
from the Securities and other cash received by the Custodian from time to time shall be credited or deposited to the Cash Account as
designated by the Company. All amounts deposited into or credited to the Cash Account shall be subject to clearance and receipt of final
payment by the Custodian.

 

    11

     

    

 

(c)           Amounts
held in the Cash Account from time to time may be invested in Eligible Investments pursuant to specific written Proper Instructions (which
may be standing instructions) received by the Custodian from an Authorized Person acting on behalf of the Company. Such investments shall
be subject to availability and the Custodian’s then applicable transaction charges (which shall be at the Company’s expense).
The Custodian shall have no liability for any loss incurred on any such investment. Absent receipt of such written instruction from the
Company, the Custodian shall have no obligation to invest (or otherwise pay interest on) amounts on deposit in the Cash Account. In no
instance will the Custodian have any obligation to provide investment advice to the Company. Any earnings from such investment of amounts
held in the Cash Account from time to time (collectively, “Reinvestment Earnings”) shall be redeposited in the Cash Account
(and may be reinvested at the written direction of the Company). Investment instructions may be in the form of standing instructions
(in the form of Proper Instructions acceptable to Custodian).

 

(d)           In
the event that the Company shall at any time request a withdrawal of amounts from the Cash Account or the Custodian is otherwise required
or entitled to pay out funds in accordance with Section 3.9 of this Agreement without requiring further instructions from the Company,
the Custodian shall be entitled to liquidate, and shall have no liability for any loss incurred as a result of the liquidation of, any
investment of the funds credited to such account as needed to provide necessary liquidity.

 

(e)           The
Company acknowledges that cash deposited or invested with any bank (including the bank acting as Custodian) may make a margin or generate
banking income for which such bank shall not be required to account to the Company. The Company further acknowledges that the Custodian
or its affiliates are permitted to receive additional compensation that could be deemed to be in the Custodian’s economic self-interest
for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or subcustodian with respect to certain
of the Eligible Investments, (ii) using affiliates to effect transactions in certain Eligible Investments and (iii) effecting
transactions in certain Eligible Investments.

 

(f)           The
Custodian shall be authorized to open such additional accounts as may be necessary or convenient for administration of its duties hereunder.

 

3.7.           Foreign
Exchange.

 

(a)           Upon
the receipt of Proper Instructions, the Custodian, its agents or its sub-custodians may (but shall not be obligated to) enter into all
types of contracts for foreign exchange on behalf of the Company, upon terms acceptable to the Custodian and the Company (in each case
at the Company’s expense), including transactions entered into with the Custodian, its sub-custodians or any affiliates of the
Custodian or the sub-custodians. The Custodian shall have no liability for any losses incurred in or resulting from the rates obtained
in such foreign exchange transactions; and absent specific and acceptable Proper Instructions, the Custodian shall not be deemed to have
any duty to carry out any foreign exchange on behalf of the Company. The Custodian shall be entitled at all times to comply with any
legal or regulatory requirements applicable to currency or foreign exchange transactions.

 

    12

     

    

 

(b)           The
Company acknowledges that the Custodian, any sub-custodians or any affiliates of the Custodian or any sub-custodian, involved in any
such foreign exchange transactions may make a margin or generate banking income from foreign exchange transactions entered into pursuant
to this section for which they shall not be required to account to the Company.

 

3.8.           Collection
of Income. The Custodian, its agents or its sub-custodians shall use reasonable efforts to collect on a timely basis all income and
other payments with respect to the Securities held hereunder to which the Company shall be entitled, to the extent consistent with usual
custom in the Custodian business in the United States. Such efforts shall include collection of interest income, dividends and other
payments with respect to registered domestic securities if, on the record date with respect to the date of payment by the issuer, the
Security is registered in the name of the Custodian or its nominee (or in the name of its agent or sub-custodian, or their nominee);
and interest income, dividends and other payments with respect to bearer domestic securities if, on the date of payment by the issuer,
such Securities are held by the Custodian or its sub-custodian or agent; provided, however, that in the case of the Securities held in
Street Name, the Custodian shall use commercially reasonable efforts only to timely collect income. Nothing herein shall be construed
to obligate the Custodian to (i) undertake any collection actions on behalf of the Company against any issuer or obligor (or agents
thereof) of a Security or (ii) commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Company
on its own behalf or otherwise, with respect to any matter arising hereunder or relating to this Agreement or the services contemplated
hereby.

 

3.9.           Payment
of Moneys.

 

(a)           Upon
receipt of Proper Instructions, which may be standing instructions, the Custodian shall pay out from the Cash Account (or remit to its
agents or its sub-custodians, and direct them to pay out) moneys of the Company on deposit therein in the following cases:

 

(i)           upon
the purchase of Securities for the Company pursuant to such Proper Instruction; and such purchase may, unless and except to the extent
otherwise directed by Proper Instructions, be carried out by the Custodian:

 

(A)           in
accordance with the customary or established practices and procedures in the jurisdiction or market where the transactions occur, including
delivering money to the seller thereof or to a dealer therefor (or any agent for such seller or dealer) against expectation of receiving
later delivery of such securities; or

 

(B)           in
the case of a purchase effected through a Securities System, in accordance with the rules governing the operation of such Securities
System;

 

    13

     

    

 

(ii)           for
the purchase or sale of foreign exchange or foreign exchange agreements for the account of the Company, including transactions executed
with or through the Custodian, its agents or its sub-custodians, as contemplated by Section 3.8 above; and

 

(iii)           for
any other purpose directed by the Company, but only upon receipt of Proper Instructions specifying the amount of such payment, and naming
the Person or Persons to whom such payment is to be made.

 

(b)           At
any time or times, the Custodian shall be entitled to pay (i) itself from the Cash Account, whether or not in receipt of express
direction or written instruction from the Company, any amounts due and payable to it pursuant to Section 8 hereof, and (ii) as
otherwise permitted by Sections 7.5, 9.4 or 12.5 below, provided, however, that in each case all such payments shall be accounted
for to the Company.

 

3.10.           Proxies.
The Custodian will, with respect to the Securities held hereunder, use reasonable efforts to cause to be made available to the Company
proxies, proxy soliciting materials and notices relating to such Securities received by the Custodian from its agents or its sub-custodians
or from issuers of the Securities being held for the Company in respect of the Assets, without indication of the manner in which such
proxies are to be voted. The Company may respond to such proxies, or may provide Proper Instructions to the Custodian to respond to such
proxies on its behalf. In order for the Custodian to act, it must receive Proper Instructions no later than one Business Day (or such
shorter period of time as the Custodian may find reasonably acceptable) prior to the deadline applicable to responses for corporate actions
for the bank serving as Custodian. In the absence of such Proper Instructions, or in the event that such Proper Instructions are not
received in a timely fashion, the Custodian shall be under no duty to act with regard to such proxies. Notwithstanding the above, neither
the Custodian nor any nominee of the Custodian shall vote any of the Securities held hereunder by or for the account of the Company,
except in accordance with Proper Instructions.

 

3.11.           Communications
Relating to Securities. The Custodian shall transmit promptly to the Company all written information (including proxies, proxy soliciting
materials, notices, pendency of calls and maturities of Securities and expirations of rights in connection therewith) received by the
Custodian, from its agents or its sub-custodians or from issuers of the Securities being held for the Company. The Custodian shall have
no obligation or duty to exercise any right or power, or otherwise to preserve rights, in or under any Securities unless and except to
the extent it has received timely Proper Instructions from the Company in accordance with the next sentence. The Custodian will not be
liable for any untimely exercise of any right or power in connection with Securities at any time held by the Custodian, its agents or
sub-custodian unless:

 

(i)           the
Custodian has received Proper Instructions with regard to the exercise of any such right or power; and

 

(ii)           the
Custodian, or its agents or sub-custodian are in actual possession of such Securities,

 

    14

     

    

 

in each case, at least three (3) Business
Days prior to the date on which such right or power is to be exercised. It will be the responsibility of the Company to notify the Custodian
of the Person to whom such communications must be forwarded under this Section.

 

3.12.           Records.
The Custodian shall create and maintain complete and accurate records relating to its activities under this Agreement with respect to
the Securities, cash or other property held for the Company under this Agreement, as required by Section 31 of the 1940 Act, and
Rules 31a-1 and 31a-2 thereunder. To the extent that the Custodian, in its sole opinion, is able to do so, the Custodian shall provide
assistance to the Company (at the Company’s reasonable request made from time to time) by providing sub-certifications regarding
certain of its services performed hereunder to the Company in connection with the Company’s certification requirements pursuant
to the Sarbanes-Oxley Act of 2002, as amended. All such records shall be the property of the Company and shall at all times during the
regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Company and employees
and agents of the Securities and Exchange Commission, upon reasonable request. The Custodian shall, at the Company’s request, supply
the Company with a tabulation of securities owned by the Company and held by the Custodian and shall, when requested to do so by the
Company and for such compensation as shall be agreed upon between the Company and the Custodian, include, to the extent applicable, the
certificate numbers in such tabulations, to the extent such information is available to the Custodian.

 

3.13.           Responsibility
for Property Held by Sub-custodians. The Custodian’s responsibility with respect to the selection or appointment of a sub-custodian
shall be limited to a duty to exercise reasonable care in the selection or retention of such sub-custodian in light of prevailing settlement
and securities handling practices, procedures and controls in the relevant market. With respect to any costs, expenses, damages, liabilities,
or claims (including attorneys’ and accountants’ fees) incurred as a result of the acts or the failure to act by any sub-custodian,
the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities, or claims from such sub-custodian;
provided that the Custodian’s sole liability in that regard shall be limited to amounts actually received by it from such sub-custodian
(exclusive of related costs and expenses incurred by the Custodian).

 

3.14.           Custody
of Subsidiary Securities.

 

(a)           At
the request of the Company, with respect to each Subsidiary identified in writing to the Custodian by the Company, there shall be established
at the Custodian a segregated account to which the Custodian shall deposit and hold any Subsidiary Securities (other than Loans) received
by it (and any Proceeds received by it in the form of dividends in kind) pursuant to this Agreement, which account shall be designated
the “[INSERT NAME OF SUBSIDIARY] Securities Account” (the “Subsidiary Securities Account”).

 

(b)           At
the request of the Company, with respect to each Subsidiary identified in writing to the Custodian by the Company, there shall be established
at the Custodian a segregated non-interest account to which the Custodian shall deposit and hold any cash Proceeds received by it from
time to time from or with respect to Subsidiary Securities, which account shall be designated the “[INSERT NAME OF SUBSIDIARY]
Cash Proceeds Account” (the “Subsidiary Cash Account”).

 

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(c)           To
the maximum extent possible, the provisions of this Agreement regarding Securities of the Company, the Securities Account and the Cash
Account shall be applicable to any Subsidiary Securities, cash and other investment assets, Subsidiary Securities Account and Subsidiary
Cash Account, respectively. The parties hereto agree that (i) any Subsidiary shall have the same rights and obligations as the Company
under this Agreement and (ii) the Company shall notify the Custodian in writing as to the establishment of any Subsidiary as to
which the Custodian is to serve as custodian pursuant to the terms of this Agreement; identify in writing any accounts the Custodian
shall be required to establish for such Subsidiary as herein provided; and provide to the Custodian, upon its request such identifying
information and documentation in order to enable Custodian to comply with Applicable Law and the requirements and limitations of Custodian’s
 “know your customer” rules that may be in effect from time to time with respect to each such Subsidiary.

 

		4.	REPORTING

 

(a)           If
requested by the Company, the Custodian shall render to the Company a monthly report of (i) all deposits to and withdrawals from
the Cash Account during the month, and the outstanding balance (as of the last day of the preceding monthly report and as of the last
day of the subject month), (ii) an itemized statement of the Securities held pursuant to this Agreement as of the end of each month,
as well as a list of all Securities transactions that remain unsettled at that time, and (iii) such other matters as the parties
may agree from time to time.

 

(b)           For
each Business Day, the Custodian shall render to the Company a daily report of (i) all deposits to and withdrawals from the Cash
Account for such Business Day and the outstanding balance as of the end of such Business Day, and (ii) a report of settled trades
of Securities for such Business Day.

 

(c)           The
Custodian shall have no duty or obligation to undertake any market valuation of the Securities under any circumstance.

 

(d)           The
Custodian shall provide the Company with such reports as are reasonably available to it and as the Company may reasonably request from
time to time, on the internal accounting controls and procedures for safeguarding securities, which are employed by the Custodian.

 

(e)           In
accordance with Section 3.12, at the reasonable request of, and at the expense of, the Company, the Custodian agrees to cooperate
with the Company’s independent public accountants and shall provide requested information to the extent such information is reasonably
available to the Custodian.

 

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		5.	DEPOSIT
                                            IN U.S. SECURITIES SYSTEMS

 

The Custodian may deposit
and/or maintain Securities in a Securities System within the United States (a “U.S. Securities System”) in accordance with
applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, including Rule 17f-4 under the
1940 Act, and subject to the following provisions:

 

(a)           The
Custodian may keep domestic Securities in a U.S. Securities System provided that such Securities are represented in an account of the
Custodian in the U.S. Securities System which shall not include any assets of the Custodian other than assets held by it as a fiduciary,
custodian or otherwise for customers;

 

(b)           The
records of the Custodian with respect to Securities which are maintained in a U.S. Securities System shall identify by book-entry those
Securities belonging to the Company;

 

(c)           If
requested by the Company, the Custodian shall provide to the Company copies of all notices received from the U.S. Securities System of
transfers of Securities for the account of the Company; and

 

(d)           Anything
to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Company for any direct loss, damage, cost,
expense, liability or claim to the Company resulting from use of any Securities System (other than to the extent resulting from the gross
negligence, willful misconduct or bad faith of the Custodian itself or from failure of the Custodian to enforce effectively such rights
as it may have against the U.S. Securities System).

 

		6.	SECURITIES
                                            HELD OUTSIDE OF THE UNITED STATES

 

6.1.           Appointment
of Foreign Sub-custodian. The Company hereby authorizes and instructs the Custodian upon approval of the Company’s board or
directors to employ one or more Foreign Sub-custodians to act as Eligible Securities Depositories or as Foreign Sub-custodian to hold
the Securities and other assets of the Company maintained outside the United States. If, after the initial approval of a Foreign Sub-custodian
by the board of directors of the Company in connection with this Agreement, the Custodian wishes to appoint other Foreign Sub-custodians
to hold property of the Company subject to this Agreement, it will so notify the Company and provide it with information reasonably necessary
to determine any such new Foreign Sub-custodian’s eligibility under Rule 17f-5 under the 1940 Act, including a copy of the
proposed agreement with such Foreign Sub-custodian. The Company shall at the meeting of its board of directors next following receipt
of such notice and information give a written approval or disapproval of the proposed action.

 

6.2.           Assets
to be Held. The Custodian shall limit the Securities and other assets maintained in the custody of the Foreign Sub-custodian to:
(a) Foreign Securities and (b) cash and cash equivalents in such amounts as the Company (through Proper Instructions) may determine
to be reasonably necessary to effect the Company’s transactions in such investments.

 

6.3.           Omnibus
Accounts. The Custodian may hold Foreign Securities and related Proceeds with one or more Foreign Sub-custodians or Eligible Securities
Depositories in each case in a single account with such Foreign Sub-custodian or Securities Depository that is identified as belonging
to the Custodian for the benefit of its customers; provided however, that the records of the Custodian with respect to Securities and
related Proceeds that are property of the Company maintained in such account(s) shall identify by book-entry those Securities and
other property as belonging to the Company.

 

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6.4.           Reports
Concerning Foreign Sub-custodians. The Custodian will supply to the Company, upon request from time to time, statements in respect
of the Securities held by Foreign Sub-custodians or Eligible Securities Depositories, including an identification of the Foreign Sub-custodians
and Eligible Securities Depositories having physical possession of the Foreign Securities.

 

6.5.           Transactions
in Foreign Custody Account. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Securities
received by a Foreign Intermediary for the account of the Company may be effected in accordance with the customary established securities
trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including delivering
securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation
of receiving later payment for such securities from such purchaser or dealer.

 

6.6.           Foreign
Sub-custodians. Each contract or agreement pursuant to which the Custodian employs a Foreign Sub-custodian shall include provisions
that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Company will
be adequately protected against the risk of loss of assets held in accordance with such contract or agreement; (ii) that the Company’s
assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Foreign Sub-custodian or
its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor
of creditors of the Foreign Sub-custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership
for the Company’s assets will be freely transferable without the payment of money or value other than for safe custody or administration;
(iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being held by a third party
for the benefit of the Company; (v) that the Company’s independent public accountants will be given access to those records
or confirmation of the contents of those records; and (vi) that the Company will receive periodic reports with respect to the safekeeping
of the Company’s assets, including notification of any transfer to or from a Company’s account or a third-party account containing
assets held for the benefit of the Company. Such contract may contain, in lieu of any or all of the provisions specified above, such
other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for
the Company’s assets as the specified provisions, in their entirety.

 

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6.7.           Custodian’s
Responsibility for Foreign Sub-custodians.

 

(a)           With
respect to its responsibilities under this Section 6, the Custodian agrees to exercise reasonable care, prudence and diligence such
as a person having responsibility for the safekeeping of property of the Company would exercise. The Custodian further agrees that the
Foreign Securities will be subject to reasonable care, based on the standards applicable to custodians in the relevant market, if maintained
with each Foreign Sub-custodian, after considering all factors relevant to the safekeeping of such assets, including: (i) the Foreign
Sub-custodian’s practices, procedures, and internal controls for certificated securities (if applicable), method of keeping custodial
records, and security and data protection practices; (ii) whether the Foreign Sub-custodian has the requisite financial strength
to provide reasonable care for the Company’s assets; (iii) the Foreign Sub-custodian’s general reputation and standing
and, in the case of Eligible Securities Depository, the Eligible Securities Depository’s operating history and number of participants;
and (iv) whether the Company will have jurisdiction over and be able to enforce judgments against the Foreign Sub-custodian, such
as by virtue of the existence of any offices of the Foreign Sub-custodian in the United States or the Sub-custodian’s consent to
service of process in the United States. If a Foreign Sub-custodian shall have been approved by the board of directors of the Company
pursuant to Section 6, the foregoing factors and applicable standards for such Foreign Sub-custodian shall be deemed to be satisfied.

 

(b)           At
the end of each calendar quarter, if requested by the Company, the Custodian shall provide written reports notifying the board of directors
of the Company as to the placement of the Foreign Securities and cash of the Company with a particular Foreign Sub-custodian and of any
material changes in the Company’s foreign custody arrangements. The Custodian shall promptly take such steps as may be required
to withdraw assets of the Company from any Foreign Sub-custodian that Custodian has actual knowledge, or received written notice, that
such Foreign Sub-custodian has ceased to meet the requirements of Rule 17f-5 under the 1940 Act.

 

(c)           The
Custodian shall establish a system to monitor the appropriateness of maintaining the Company’s assets with a particular Foreign
Sub-custodian and the performance of the contract governing the Company’s arrangements with such Foreign Sub-custodian.

 

(d)           The
Custodian’s responsibility with respect to the selection or appointment of Foreign Sub-custodians shall be limited to a duty to
exercise reasonable care in the selection or retention of such Foreign Intermediaries in light of prevailing settlement and securities
handling practices, procedures and controls in the relevant market. With respect to any costs, expenses, damages, liabilities, or claims
(including attorneys’ and accountants’ fees) incurred as a result of the acts or the failure to act by any Foreign Sub-custodian,
the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities, or claims from such Foreign Sub-custodian;
provided that the Custodian’s sole liability in that regard shall be limited to amounts actually received by it from such Foreign
Intermediaries (exclusive of related costs and expenses incurred by the Custodian); provided, further, that the Custodian shall not be
obligated to pursue legal proceedings against any Foreign Intermediary. The Custodian shall have no responsibility for any act or omission
(or the insolvency of) any Securities System (including an Eligible Securities Depository). In the event the Company incurs a loss due
to the negligence, willful misconduct, or insolvency of a Securities System (including an Eligible Securities Depository), the Custodian
shall make reasonable endeavors, in its discretion, to seek recovery from the Eligible Securities Depository; provided that the Custodian
shall not be obligated to pursue legal proceedings against any Eligible Securities Depository.

 

		7.	CERTAIN
                                            GENERAL TERMS

 

7.1.           No
Duty to Examine Underlying Instruments. Nothing herein shall obligate the Custodian to review or examine the terms of any underlying
instrument, certificate, credit agreement, indenture, loan agreement, promissory note, or other Financing Document evidencing or governing
any Security to determine the validity, sufficiency, marketability or enforceability of any Security (and shall have no responsibility
for the genuineness or completeness thereof), or otherwise.

 

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7.2.           Resolution
of Discrepancies. In the event of any discrepancy between the information set forth in any report provided by the Custodian to the
Company and any information contained in the books or records of the Company, the Company shall promptly notify the Custodian thereof
and the parties shall cooperate to diligently resolve the discrepancy.

 

7.3.           Improper
Instructions. Notwithstanding anything herein to the contrary, the Custodian shall not be obligated to take any action (or forebear
from taking any action), which it reasonably determines (at its sole option) to be contrary to the terms of this Agreement or applicable
law. In no instance shall the Custodian be obligated to provide services on any day that is not a Business Day.

 

7.4.           Proper
Instructions.

 

(a)           The
Company will give written notice to the Custodian, in form acceptable to the Custodian, specifying the names and specimen signatures
(whether manual, facsimile, pdf or other electronic signature) of persons authorized to give Proper Instructions on behalf of the Company
or any Subsidiary thereof (collectively, “Authorized Persons” and each is an “Authorized Person”)
which notice shall be signed (whether manual, facsimile, pdf or other electronic signature) by an Authorized Person previously certified
to the Custodian. The Custodian shall be entitled to rely upon the identity and authority of such persons until it receives written notice
from an Authorized Person of the Company to the contrary. The initial Authorized Persons for the Company (and, if applicable, any Subsidiary
thereof) are set forth on Schedule B attached hereto and made a part hereof (as such Schedule B may be modified from time
to time by written notice from the Company to the Custodian). The Custodian shall be entitled to accept and act upon Proper Instructions
sent by unsecured email, facsimile transmission or other similar unsecured electronic methods. If such person on behalf of the Company
elects to give the Custodian email or facsimile instructions (or instructions by a similar electronic method) and the Custodian in its
discretion elects to act upon such instructions, the Custodian’s reasonable understanding of such instructions shall be deemed
controlling. The Custodian shall not be liable for any losses, costs or expenses arising directly or indirectly from the Custodian’s
good faith reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent
with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit
instructions and directions to the Custodian, including without limitation the risk of the Custodian acting on unauthorized instructions,
and the risk of interception and misuse by third parties and acknowledges and agrees that there may be more secure methods of transmitting
such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in connection
with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs
and circumstances.

 

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(b)           The
Custodian shall have no responsibility or liability to the Company (or any other person or entity), and shall be indemnified and held
harmless by the Company, in the event that a subsequent written confirmation of an oral instruction fails to conform to the oral instructions
received by the Custodian. The Custodian shall not have an obligation to act in accordance with purported instructions to the extent
that they conflict with applicable law or regulations, local market practice or the Custodian’s operating policies and practices.
The Custodian shall not be liable for any loss resulting from a delay while it obtains clarification of any Proper Instructions.

 

7.5.           Actions
Permitted Without Express Authority. The Custodian may, at its discretion, without express authority from the Company:

 

(a)           make
payments to itself as described in or pursuant to Section 3.9(b) of this Agreement, or to make payments to itself or others
for customary expenses of handling securities or other similar items relating to its duties under this Agreement, provided that all such
payments shall be accounted for to the Company;

 

(b)           surrender
Securities in temporary form for Securities in definitive form;

 

(c)           endorse
for collection cheques, drafts and other negotiable instruments; and

 

(d)           in
general attend to all nondiscretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings
with the Securities and property of the Company.

 

7.6.           Evidence
of Authority. The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate instrument
or paper reasonably believed by it to be genuine and to have been properly executed (whether manual, facsimile, pdf or other electronic
signature) or otherwise given by or on behalf of the Company by an Authorized Person. The Custodian may receive and accept a certificate
signed (whether manual, facsimile, pdf or other electronic signature) by any Authorized Person as conclusive evidence of:

 

(a)           the
authority of any person to act in accordance with such certificate; or

 

(b)           any
determination or of any action by the Company as described in such certificate,

 

and such certificate may be considered as in full force
and effect until receipt by the Custodian of written notice to the contrary from an Authorized Person of the Company.

 

7.7.           Receipt
of Communications. Any communication received by the Custodian on a day which is not a Business Day or after 3:30 p.m., Eastern time
(or such other time as is agreed by the Company and the Custodian from time to time), on a Business Day will be deemed to have been received
on the next Business Day (but in the case of communications so received after 3:30 p.m., Eastern time, on a Business Day, the Custodian
will use its best efforts to process such communications as soon as possible after receipt).

 

7.8.           Actions
on the Loans. The Custodian shall have no duty or obligation hereunder to take any action on behalf of the Company, to communicate
on behalf of the Company, to collect amounts or proceeds in respect of, or otherwise to interact or exercise rights or remedies on behalf
of the Company, with respect to any of the Loans. All such actions and communications are the responsibility of the Company.

 

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		8.	COMPENSATION OF CUSTODIAN

 

8.1.          Fees.
The Custodian shall be entitled to compensation for its services in accordance with the terms of that certain fee letter dated on or
around the date hereof, between the Company and the Custodian.

 

8.2.          Expenses.
The Company agrees to pay or reimburse to the Custodian upon its request and as agreed upon between the Company, including pursuant to
Section 3.9(b), and the Custodian from time to time all reasonable costs, disbursements, advances, and expenses and indemnification
amounts (including reasonable fees and expenses of legal counsel and experts) incurred, and any disbursements and advances made (including
any account overdraft resulting from any settlement or assumed settlement, provisional credit, chargeback, returned deposit item, reclaimed
payment or claw-back, or the like), in connection with the preparation, execution or enforcement of this Agreement, or in connection with
the transactions contemplated hereby or the administration of this Agreement or performance by the Custodian of its duties and services
under this Agreement, from time to time (including costs and expenses of any action deemed necessary by the Custodian to collect any amounts
owing to it under this Agreement).

 

The obligations of the Company
under this Section 8 and such separate agreements shall survive the termination of this Agreement or the earlier resignation or removal
of the Custodian.

 

		9.	RESPONSIBILITY OF CUSTODIAN

 

9.1.          General
Duties. The Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the Securities
or Proceeds except for such duties as are expressly and specifically set forth in this Agreement, and the duties and obligations of the
Custodian shall be determined solely by the express provisions of this Agreement. No implied duties, obligations or responsibilities shall
be read into this Agreement against, or on the part of, the Custodian.

 

9.2.          Instructions.

 

(a)          The
Custodian shall be entitled to refrain from taking any action unless it has such instruction (in the form of Proper Instructions) from
the Company as it reasonably deems necessary, and shall be entitled to require, upon notice to the Company, that Proper Instructions to
it be in writing. The Custodian shall have no liability for any action (or forbearance from action) taken pursuant to the Proper Instructions
of the Company.

 

(b)          Whenever
the Custodian is entitled or required to receive or obtain any communications or information pursuant to or as contemplated by this Agreement,
it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable to it and otherwise in accordance
with any applicable terms of this Agreement; and whenever any report or other information is required to be produced or distributed by
the Custodian it shall be in form, content and medium reasonably acceptable to it and the Company, and otherwise in accordance with any
applicable terms of this Agreement.

 

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9.3.          General
Standards of Care. Notwithstanding any terms herein contained to the contrary, the acceptance by the Custodian of its appointment
hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement
(whether or not so stated therein):

 

(a)          The
Custodian may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction, statement, certificate,
request, waiver, consent, opinion, report, instrument, document, receipt or other paper, electronic communication or document furnished
to it (including any of the foregoing provided to it by facsimile or electronic means), not only as to its due execution and validity,
but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine and signed (whether
manual, facsimile, pdf or other electronic signature), sent or presented by the proper person (which in the case of any instruction from
or on behalf of the Company shall be an Authorized Person); and the Custodian shall be entitled to presume the genuineness and due authority
of any signature (whether manual, facsimile, pdf or other electronic signature) appearing thereon. The Custodian shall be entitled to
refrain from taking any action unless it has such instruction from the Company as it reasonably deems necessary, and shall be entitled
to require, upon notice to the Company, that instructions to it be in writing. The Custodian shall not be bound to make any independent
investigation into the facts or matters stated in any such notice, instruction, statement, certificate, request, waiver, consent, opinion,
report, receipt, electronic communication or other paper or document, provided, however, that if the form thereof is specifically prescribed
by the terms of this Agreement, the Custodian shall examine the same to determine whether it substantially conforms on its face to such
requirements hereof.

 

(b)          Neither
the Custodian nor any of its directors, officers or employees shall be liable to anyone for any error of judgment, unless it shall be
conclusively determined by a court of competent jurisdiction that the Custodian was negligent in ascertaining the pertinent facts. Neither
the Custodian nor any of its directors, officers or employees shall be liable to anyone for any act done or step taken or omitted to be
taken by it (or any of its directors, officers or employees), or for any mistake of fact or law, or for anything which it may do or refrain
from doing in connection herewith, unless there has been a final, non-appealable judicial determination that such act or omission was
performed or omitted constituted gross negligence, or willful misconduct on its part and in breach of the terms of this Agreement. The
Custodian shall not be liable for any action taken by it in good faith and reasonably believed by it to be within powers conferred upon
it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason
of the lack of direction or instruction required hereby for such action. Except for the Custodian’s agreement to hold loan documents
in safe keeping in a manner consistent with Rule 17f-1 and keep records in accordance with Roles 31a-1 and 31a-2, the Custodian shall
not be under any obligation at any time to ascertain whether the Company is in compliance with the 1940 Act, the regulations thereunder,
or the Company’s investment objectives and policies then in effect.

 

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(c)          In
no event shall the Custodian be liable for any indirect, incidental, special, punitive or consequential damages (including lost profits
or diminution of value) whether or not it has been advised of the likelihood of such damages.

 

(d)          The
Custodian may consult with, and obtain advice from, legal counsel selected in good faith with respect to any question as to any of the
provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of such counsel shall be full
and complete authorization and protection in respect of any action taken, suffered or omitted by the Custodian in good faith in accordance
with the opinion and directions of such counsel; the reasonable cost of such services shall be reimbursed pursuant to Section 8.2
above.

 

(e)          The
Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto unless actually known by a Responsible Officer
or unless (and then only to the extent received) in writing by the Custodian at the applicable address(es) as set forth in Section 15
and specifically referencing this Agreement. With the exception of this Agreement, the Custodian is not responsible for or chargeable
with knowledge of any terms or conditions contained in any agreement referred to herein.

 

(f)          The
Custodian shall not be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the
performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing
that prompt repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it. No representation,
warranty, covenant, agreement, obligation or duty of the Custodian shall be implied with respect to this Agreement or the services of
the Custodian hereunder. Nothing herein shall obligate the Custodian to commence, prosecute or defend legal proceedings in any instance,
whether on behalf of the Company or on its own behalf or otherwise, with respect to any matter arising hereunder, or relating to this
Agreement or the services contemplated hereby. The liabilities of the Custodian shall be limited to those expressly set forth in this
Agreement.

 

(g)          If
the Custodian is to ship any Required Loan Documents, then the Company shall provide written instructions as to the method of shipment
and shipper that the Custodian is to utilize in connection with the transmission of the Mortgage Files.  In the event the Company
fails to provide such written instructions, the Customer is authorized, and shall be reimbursed and indemnified herein by the Company,
to utilize a nationally recognized courier service.

 

(h)          The
permissive right of the Custodian to take any action hereunder shall not be construed as duty.

 

(i)          The
Custodian may act or exercise its duties or powers hereunder through agents, sub-custodians, or attorneys, and the Custodian shall not
be liable or responsible for the actions or omissions of any such agent, sub-custodians, or attorney appointed with due care.

 

(j)          All
indemnifications contained in this Agreement in favor of the Custodian shall survive the termination of this Agreement or the earlier
resignation or removal of the Custodian.

 

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9.4.          Indemnification;
Custodian’s Lien.

 

(a)          The
Company shall and does hereby indemnify and hold harmless each of the Custodian and each of its officers, directors, employees, attorneys,
agents, advisors, successors and assigns (collectively, the “Indemnified Persons” and each an “Indemnified Person”)
for and from any costs and expenses (including reasonable attorney’s fees and expenses), and any reasonable losses, damages, claims
and liabilities, that may arise, be brought against or incurred by an Indemnified Person, whether brought by or involving any third party
or the Company whether direct, indirect or consequential, as a result of or arising from or in any way relating to any claim, demand,
suit, action or proceeding (including any inquiry or investigation) by any person, including without limitation the Company or any Subsidiary,
and any reasonable advances or disbursements made by the Custodian (including in respect of any Account overdraft, returned deposit item,
chargeback, provisional credit, settlement or assumed settlement, reclaimed payment, claw-back or the like), as a result of, relating
to, or arising out of this Agreement, or the administration or performance of the Custodian’s duties hereunder, the enforcement
of any provision of this Agreement, or the relationship between the Company (including, for the avoidance of doubt, any Subsidiary) and
the Custodian created hereby, other than such liabilities, losses, damages, claims, costs and expenses as are directly caused by the Custodian’s
own actions constituting gross negligence, bad faith or willful misconduct.

 

(b)          The
Custodian shall have and is hereby granted a continuing lien upon and security interest in, and right of set-off against, the Account,
and any funds (and investments in which such funds may be invested) held therein or credited thereto from time to time, whether now held
or hereafter required, and all proceeds thereof, to secure the payment of any amounts that may be owing to the Custodian under or pursuant
to the terms of this Agreement, whether now existing or hereafter arising.

 

9.5.          Force
Majeure. Without prejudice to the generality of the foregoing, the Custodian shall be without liability to the Company for any damage
or loss resulting from or caused by events or circumstances beyond the Custodian’s reasonable control including nationalization,
expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and practices of any securities
market, power, mechanical, communications or other technological failures or interruptions, computer viruses or the like, fires, floods,
earthquakes or other natural disasters, civil and military disturbance, acts of war or terrorism, riots, revolution, acts of God, pandemics,
epidemics, government-mandated closures, work stoppages, strikes, national disasters of any kind,
or other similar events or acts; errors by the Company (including any Authorized Person) in its instructions to the Custodian; or changes
in applicable law, regulation or orders.

 

		10.	SECURITY CODES

 

If the Custodian issues to
the Company, security codes, passwords or test keys in order that it may verify that certain transmissions of information, including Proper
Instructions, have been originated by the Company, the Company shall take all commercially reasonable steps to safeguard any security
codes, passwords, test keys or other security devices which the Custodian shall make available.

 

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		11.	TAX LAW

 

11.1.          Domestic
Tax Law. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the Company or the
Custodian as custodian of the Securities or the Proceeds, by the tax law of the United States or any state or political subdivision thereof.
The Custodian shall be kept indemnified by and be without liability to the Company for such obligations including taxes, (but excluding
any income taxes assessable in respect of compensation paid to the Custodian pursuant to this agreement) withholding, certification and
reporting requirements, claims for exemption or refund, additions for late payment interest, penalties and other expenses (including legal
expenses) that may be assessed against the Company, or the Custodian as custodian of the Securities or Proceeds.

 

11.2.          Foreign
Tax Law. It shall be the responsibility of the Company to notify the Custodian of the obligations imposed on the Company, or the Custodian
as custodian of any foreign Securities or related Proceeds by the tax law of foreign (e.g., non-U.S.) jurisdictions, including responsibility
for withholding and other taxes, assessments or other government charges, certifications and government reporting. The sole responsibility
of the Custodian with regard to such tax law shall be to use reasonable efforts to cooperate with the Company with respect to any claims
for exemption or refund under the tax law of the jurisdictions for which the Company has provided such information.

 

		12.	EFFECTIVE PERIOD, TERMINATION AND AMENDMENT

 

12.1.          Effective
Date. This Agreement shall become effective as of its due execution (whether manual, facsimile, pdf or other electronic signature)
and delivery by each of the parties. This Agreement shall continue in full force and effect until terminated as hereinafter provided.
This Agreement may only be amended by mutual written agreement of the parties hereto. This Agreement may be terminated by the Custodian
or the Company pursuant to Section 12.2.

 

12.2.          Termination.
This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified in any written
notice of termination given by either party to the other not later than ninety (90) days prior to the effective date of termination specified
therein, (b) such other date of termination as may be mutually agreed upon by the parties in writing.

 

12.3.          Resignation.
The Custodian may at any time resign under this Agreement by giving not less than ninety (90) days advance written notice thereof to the
Company.

 

12.4.          Successor.
Prior to the effective date of termination of this Agreement, or the effective date of the resignation of the Custodian, as the case may
be, the Company shall give Proper Instructions to the Custodian designating a successor Custodian, if applicable.

 

12.5.          Payment
of Fees, etc. Upon termination of this Agreement or resignation of the Custodian, the Company shall pay to the Custodian such
compensation, and shall likewise reimburse the Custodian for its reasonable costs, expenses and disbursements, as may be due as of the
date of such termination or resignation (or removal, as the case may be). All indemnifications in favor of the Custodian under this Agreement
shall survive the termination of this Agreement, or any resignation or removal of the Custodian.

 

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12.6.        Final
Report. In the event of any resignation or removal of the Custodian, the Custodian shall provide to the Company a complete final report
or data file transfer of any Confidential Information as of the date of such resignation or removal.

 

		13.	REPRESENTATIONS AND WARRANTIES

 

13.1.        Representations
of the Company. The Company represents and warrants to the Custodian that:

 

(a)          it
has the power and authority to enter into and perform its obligations under this Agreement, and it has duly authorized and executed this
Agreement so as to constitute its valid and binding obligation; and

 

(b)          in
giving any instructions which purport to be “Proper Instructions” under this Agreement, the Company will act in accordance
with the provisions of its certificate of incorporation and bylaws and any applicable laws and regulations.

 

13.2.        Representations
of the Custodian. The Custodian hereby represents and warrants to the Company that:

 

(a)          it
is qualified to act as a custodian pursuant to Section 26(a)(1) of the 1940 Act;

 

(b)          it
has the power and authority to enter into and perform its obligations under this Agreement;

 

(c)          it
has duly authorized and executed this Agreement so as to constitute its valid and binding obligations; and

 

(d)          that
it maintains business continuity policies and standards that include data file backup and recovery procedures that comply with all governmental
or regulatory requirements applicable to it.

 

		14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT

 

This Agreement is not intended
for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or enforced by any third
parties (other than successors and permitted assigns pursuant to Section 19).

 

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		15.	NOTICES

 

Any Proper Instructions shall
be given to the following address (or such other address as either party may designate by written notice to the other party), and otherwise
any notices, approvals and other communications hereunder shall be sufficient if made in writing and given to the parties at the following
address (or such other address as either of them may subsequently designate by notice to the other), given by (i) certified or registered
mail, postage prepaid, (ii) recognized courier or delivery service, (iii) electronic mail or (iv) confirmed facsimile,
with a duplicate sent on the same day by first class mail, postage prepaid:

 

(a)          if
to the Company or any Subsidiary, to

 

Golub Capital BDC 4, Inc.

200 Park Avenue, 25th Floor

New York, New York 10166

Attention: David B. Golub

Facsimile: (212) 750-3756

 

(b)          if
to the Custodian, to

 

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

1761 East St. Andrew Place

Santa Ana, California 92705

Attn: Structured Credit Services –

Golub Capital BDC 4, Inc.

 

		16.	CHOICE OF LAW AND JURISDICTION

 

This Agreement shall be construed,
and the provisions thereof interpreted under and in accordance with and governed by the laws of the State of New York for all purposes
(without regard to its choice of law provisions); except to the extent such laws are inconsistent with federal securities laws, including
the 1940 Act in which case such federal securities laws shall govern. All actions and proceedings relating to or arising from, directly
or indirectly, this Agreement may be brought in New York State or U.S. federal courts located within the City of New York, State of New
York and the Company and the Custodian hereby submit to personal jurisdiction of such courts for such actions or proceedings. The Company
and the Custodian each hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury and
any objection to laying of venue in such courts on grounds of forum nonconveniens in respect of any claim based upon, arising out of or
in connection with this Agreement. No actions or proceedings relating to or arising from, directly or indirectly, this Agreement shall
be brought in a forum outside of the United States of America.

 

		17.	ENTIRE AGREEMENT; COUNTERPARTS

 

17.1.        Complete
Agreement. This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters addressed herein
and supersedes and terminates as of the date hereof, all prior agreements, agreements or understandings, oral or written between the parties
to this Agreement relating to such matters.

 

17.2.        Counterparts.
This Agreement may be executed (whether manual, facsimile, pdf or other electronic signature) in any number of counterparts and all counterparts
taken together shall constitute one and the same instrument.

 

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17.3.          Facsimile
and Electronic Signatures. The exchange of copies of this Agreement and of signature pages by facsimile, pdf or other electronic
transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original
Agreement for all purposes. Signatures of the parties transmitted by facsimile or pdf shall be deemed to be their original signatures
for all purposes. By executing this Agreement, the Company hereby acknowledges and agrees, and directs the Custodian to acknowledge and
agree and the Custodian does hereby acknowledge and agree, that execution of this Agreement, any Proper Instructions and any other notice,
form or other document executed by the Company or the Custodian in connection with this Agreement, by electronic signature (including,
without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any other “electronic signature” as
defined under E-SIGN or ESRA, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably
available at no undue burden or expense to the Custodian) shall be permitted hereunder notwithstanding anything to the contrary herein
and such electronic signatures shall be legally binding as if such electronic signatures were handwritten signatures. Any electronically
signed document delivered via email from a person purporting to be an Authorized Person shall be considered signed or executed by such
Authorized Person on behalf of the Company. The Company also hereby acknowledges that the Custodian shall have no duty to inquire into
or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such
electronic signature without any liability with respect thereto.

 

		18.	AMENDMENT; WAIVER

 

18.1.        Amendment.
This Agreement may not be amended except by an express written instrument duly executed by each of the Company and the Custodian.

 

18.2.        Waiver.
In no instance shall any delay or failure to act be deemed to be or effective as a waiver of any right, power or term hereunder, unless
and except to the extent such waiver is set forth in an expressly written instrument signed by the party against whom it is to be charged.

 

		19.	SUCCESSOR AND ASSIGNS

 

19.1.        Successors
Bound. The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties and their
respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this Agreement without the
written consent of the other party; provided, however, that the foregoing shall not limit the ability of the Custodian to delegate certain
duties or services to or perform them through agents or attorneys appointed with due care as expressly provided in this Agreement.

 

19.2.        Merger
and Consolidation. Any corporation or association into which the Custodian may be merged or converted or with which it may be consolidated,
or any corporation or association resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any
corporation or association to which the Custodian transfers all or substantially all of its corporate trust business, shall be the successor
of the Custodian hereunder, and shall succeed to all of the rights, powers and duties of the Custodian hereunder, without the execution
or filing of any paper or any further act on the part of any of the parties hereto.

 

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		20.	SEVERABILITY

 

The terms of this Agreement
are hereby declared to be severable, such that if any term hereof is determined to be invalid or unenforceable, such determination shall
not affect the remaining terms.

 

		21.	REQUEST FOR INSTRUCTIONS

 

If, in performing its duties
under this Agreement, the Custodian is required to decide between alternative courses of action, the Custodian may (but shall not be obliged
to) request written instructions from the Company as to the course of action desired by it. If the Custodian does not receive such instructions
within two (2) Business Days after it has requested them, the Custodian may, but shall be under no duty to, take or refrain from
taking any such courses of action. The Custodian shall act in accordance with instructions received from the Company in response to such
request after such two Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent
with such instructions.

 

		22.	OTHER BUSINESS

 

Nothing herein shall prevent
the Custodian or any of its affiliates from engaging in other business, or from entering into any other transaction or financial or other
relationship with, or receiving fees from or from rendering services of any kind to the Company or any other Person. Nothing contained
in this Agreement shall constitute the Company and/or the Custodian (and/or any other Person) as members of any partnership, joint venture,
association, syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established
by this Agreement.

 

		23.	REPRODUCTION OF DOCUMENTS

 

This Agreement and all schedules,
exhibits, attachments and amendment hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic
or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself
in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made
by a party in the regular course of business, and that any enlargement, facsimile or further production shall likewise be admissible in
evidence.

 

		24.	MISCELLANEOUS

 

The Company acknowledges receipt
of the following notice:

 

“IMPORTANT INFORMATION ABOUT PROCEDURES

FOR OPENING A NEW ACCOUNT.

 

In order to comply with the
laws, rules, regulations, and executive orders in effect from time to time applicable to banking institutions, including, without limitation,
those relating to the funding of terrorist activities and money laundering including Section 326 of the USA PATRIOT Act of the United
States (“Applicable Law”), Custodian is required to obtain, verify, record, and update certain information relating
to individuals and entities which maintain a business relationship with Custodian. Accordingly, each of the parties agrees to provide
to Custodian upon its request from time to time such identifying information and documentation as may be available for such party in order
to enable Custodian to comply with Applicable Law.”

 

[PAGE INTENTIONALLY ENDS HERE. SIGNATURES APPEAR
ON NEXT PAGE.]

 

    30

     

    

 

IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be executed and delivered by a duly authorized officer, intending
the same to take effect as of the 31st day of March, 2022.

 

	 	GOLUB CAPITAL BDC 4 LLC, Company
	 	 
	 	 
	 	By:	                 
	 	Name:
	 	Title:
	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,
    Custodian
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Custody
Agreement]

 

    

     

    

 

SCHEDULE
A

 

(Trade Confirmation)

 

[See Attached.]

 

    A-1

     

    

 

SCHEDULE
B

 

Any of the following persons
(each acting singly) shall be an Authorized Person (as this list may subsequently be modified by the Company from time to time by written
notice to the Custodian):

 

	Name	 	Title	 	Signature
	 	 	 	 	 
	Lawrence E. Golub	 	Chairman 	 	 
	 	 	 	 	 
	David B. Golub 	 	President and CEO	 	 
	 	 	 	 	 
	Christopher C. Ericson	 	Chief Financial Officer	 	 
	 	 	 	 	 
	Joshua M. Levinson	 	Chief Compliance Officer	 	 
	 	 	 	 	 
	Francis P. Straub III	 	CFO of Golub Capital LLC	 	 
	 	 	 	 	 
	Gregory W. Cashman	 	Authorized Person	 	 
	 	 	 	 	 
	Andrew H. Steuerman	 	Authorized Person	 	 
	 	 	 	 	 
	Robert G. Tuchscherer	 	Authorized Person	 	 
	 	 	 	 	 
	Marc C. Robinson	 	Authorized Person	 	 
	 	 	 	 	 
	Patrick W. Hayes	 	Authorized Person	 	 
	 	 	 	 	 
	Scott M. Morrison	 	Authorized Person	 	 
	 	 	 	 	 
	Marko Soldo	 	Authorized Person	 	 
	 	 	 	 	 
	Pierre-Olivier Lamoureux	 	Authorized Person	 	 
	 	 	 	 	 
	Matthew M. Hair	 	Authorized Person	 	 

 

    B-1Exhibit 10.5

 

TRADEMARK
LICENSE AGREEMENT

 

This TRADEMARK LICENSE AGREEMENT
(this “Agreement”) is made and effective as of the date hereof, by and between Golub Capital LLC, a Delaware limited
liability company (the “Licensor”), and Golub Capital BDC 4, Inc., a corporation organized under the laws of the
State of Maryland (the “Licensee”) (each a “party,” and collectively, the “parties”).

 

RECITALS

 

WHEREAS, Licensee is a newly
organized, externally managed, closed-end, non-diversified management investment company that has filed an election to be regulated as
a business development company under the Investment Company Act of 1940, as amended (the “1940 Act”);

 

WHEREAS, Licensor, together
with its affiliates, provides investment management, investment consultation and investment advisory services;

 

WHEREAS, Licensor and its
affiliates, including GC Advisors LLC, a Delaware limited liability company (“Adviser”), have used the mark “Golub
Capital” (the “Licensed Mark”) in the United States of America and certain other jurisdictions (collectively,
the “Territory”) in connection with the investment management, investment consultation and investment advisory services
they provide;

 

WHEREAS, the Licensee is entering
into an investment advisory and management agreement with Adviser (the “Advisory Agreement”), wherein Licensee shall
engage Adviser to act as the investment adviser to the Licensee;

 

WHEREAS, it is intended that
Adviser be a third party beneficiary of this Agreement; and

 

WHEREAS, Licensee desires
to use the Licensed Mark as part of its corporate name and in connection with the operation of its business, and Licensor is willing to
grant Licensee a license to use the Licensed Mark, subject to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:

 

ARTICLE 1.

LICENSE GRANT

 

1.1.          License.
Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee, and Licensee hereby accepts from Licensor,
a personal, non-exclusive, royalty-free right and license to use the Licensed Mark solely and exclusively as a component of Licensee’s
own corporate name and in connection with marketing the investment management, investment consultation and investment advisory services
that Adviser may provide to Licensee. During the term of this Agreement, Licensee shall use the Licensed Mark only to the extent permitted
under this License, and except as provided above, neither Licensee nor any affiliate, owner, director, officer, employee or agent thereof
shall otherwise use the Licensed Mark or any derivative thereof in the Territory without the prior express written consent of Licensor
in its sole and absolute discretion and shall not use the Licensed Mark for any purpose outside the Territory. All rights not expressly
granted to Licensee hereunder shall remain the exclusive property of Licensor.

 

     

     

    

 

1.2.          Nothing
in this Agreement shall preclude Licensor or any of its successors or assigns from using or permitting other entities to use the Licensed
Mark, whether or not such entity directly or indirectly competes or conflicts with Licensee’s business in any manner.

 

ARTICLE 2.

COMPLIANCE

 

2.1.          Quality
Control. In order to preserve the inherent value of the Licensed Mark, Licensee agrees to use reasonable efforts to ensure that it
maintains the quality of the Licensee’s business and the operation thereof equal to the standards prevailing in the operation of
Licensee’s business as of the date of this Agreement. The Licensee further agrees to use the Licensed Mark in accordance with such
quality standards as may be reasonably established by Licensor and communicated to the Licensee from time to time in writing, or as may
be agreed to by Licensor and the Licensee from time to time in writing.

 

2.2.          Compliance
With Laws. Licensee agrees that the business operated by it in connection with the Licensed Mark shall comply with all laws, rules,
regulations and requirements of any governmental body in the Territory or elsewhere as may be applicable to the operation, marketing,
and promotion of the business and shall notify Licensor of any action that must be taken by Licensee to comply with such law, rules, regulations
or requirements.

 

2.3.          Notification
of Infringement. Each party shall immediately notify the other party and provide to the other party all relevant background facts
upon becoming aware of (a) any registrations of, or applications for registration of, marks in the Territory that do or may conflict
with the Licensor’s rights in the Licensed Mark or the rights granted to the Licensee under this Agreement, (b) any infringements
or misuse of the Licensed Mark in the Territory by any third party (“Third Party Infringement”), or (c) any claim
that Licensee’s use of the Licensed Mark infringes the intellectual property rights of any third party in the Territory (“Third
Party Claim”). Licensor shall have the exclusive right, but not the obligation, to prosecute, defend and/or settle in its sole
discretion, all actions, proceedings and claims involving any Third Party Infringement or Third Party Claim, and to take any other action
that it deems necessary or proper for the protection and preservation of its rights in the Licensed Mark. Licensee shall cooperate with
Licensor in the prosecution, defense or settlement of such actions, proceedings or claims.

 

    - 2 -

     

    

 

ARTICLE 3.

REPRESENTATIONS AND WARRANTIES

 

3.1.          Licensee
accepts this license on an “as is” basis. Licensee acknowledges that Licensor makes no explicit or implicit representation
or warranty as to the registrability, validity, enforceability, ownership of the Licensed Mark, or as to Licensee’s ability to use
the Licensed Mark without infringing or otherwise violating the rights of others, and Licensor has no obligation to indemnify Licensee
with respect to any claims arising from Licensee’s use of the Licensed Mark, including without limitation any Third Party Claim.

 

3.2.          Mutual
Representations. Each party hereby represents and warrants to the other party as follows:

 

(a)            Due
Authorization. Such party is a limited liability company duly formed or a corporation duly incorporated, as applicable, and is in
good standing as of the date hereof, and the execution, delivery and performance of this Agreement by such party have been duly authorized
by all necessary action on the part of such party.

 

(b)            Due
Execution. This Agreement has been duly executed and delivered by such party and, upon due authorization, execution and delivery of
this Agreement by the other party, constitutes a legal, valid and binding obligation of such party, enforceable against such party in
accordance with its terms.

 

(c)            No
Conflict. Such party’s execution, delivery and performance of this Agreement do not: (i) violate, conflict with or result
in the breach of any provision of the operating agreement, charter or bylaws (or similar organizational documents) of such party; (ii) conflict
with or violate any governmental order applicable to such party or any of its assets, properties or businesses; or (iii) conflict
with, result in any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become
a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation
or cancellation of any contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which it
is a party.

 

ARTICLE 4.

TERM AND TERMINATION

 

4.1.          Term.
This Agreement shall expire if the Adviser or one of its affiliates ceases to serve as investment adviser to the Licensee. This Agreement
shall be terminable by Licensor at any time and in its sole discretion in the event that Licensor or Licensee receives notice of any Third
Party Claim arising out of Licensee’s use of the Licensed Mark; by Licensor or Licensee upon sixty (60) days’ written notice
to the other party; or by Licensee at any time in the event Licensee assigns or attempts to assign or sublicense this Agreement or any
of Licensee’s rights or duties hereunder without the prior written consent of Licensor.

 

    - 3 -

     

    

 

4.2.          Upon
Termination. Upon expiration or termination of this Agreement, all rights granted to Licensee under this Agreement with respect to
the Licensed Mark shall cease, and Licensee shall immediately delete the term “Golub Capital” from its corporate name and
shall discontinue all other use of the Licensed Mark. For twenty-four (24) months following termination of this Agreement, Licensee shall
specify on all public-facing materials in a prominent place and in prominent typeface that Licensee is no longer operating under the Licensed
Mark, is no longer associated with Licensor, or such other notice as may be deemed necessary by Licensor in its sole discretion in its
prosecution, defense, and/or settlement of any Third Party Claim.

 

ARTICLE 5.

MISCELLANEOUS

 

5.1.          Third
Party Beneficiaries. The parties agree that Adviser shall be a third party beneficiary of this Agreement, and shall have the rights
and protections provided to Licensee under this Agreement. Nothing in this Agreement, either express or implied, is intended to or shall
confer upon any third party other than Adviser any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason
of this Agreement.

 

5.2.          Assignment.
Licensee shall not sublicense, assign, pledge, grant or otherwise encumber or transfer to any third party all or any part of its rights
or duties under this Agreement, in whole or in part, without the prior written consent from Licensor, which consent Licensor may grant
or withhold in its sole and absolute discretion. Any purported transfer without such consent shall be void ab initio.

 

5.3.          Independent
Contractor. Neither party shall have, or shall represent that it has, any power, right or authority to bind the other party to any
obligation or liability, or to assume or create any obligation or liability on behalf of the other party.

 

5.4.          Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be
deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by
facsimile or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses
(or such other address as the parties may provide to each other by written Notice):

 

If to Licensor:

 

Golub Capital LLC

200 Park Avenue, 25th Floor

New York, New York 10166

Tel. No.: 212.750.6060

Fax No.: 212.750.3756

Attn: Member

 

    - 4 -

     

    

 

If to Licensee:

 

Golub Capital BDC 4, Inc.

200 Park Avenue, 25th Floor

New York, New York 10166

Tel. No.: 212.750.6060

Fax No.: 212.750.3756

Attn: Chief Executive Officer

 

5.5.          Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. The parties unconditionally
and irrevocably consent to the exclusive jurisdiction of the courts located in the State of New York and waive any objection with respect
thereto, for the purpose of any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby.

 

5.6.          Amendment.
This Agreement may not be amended or modified except by an instrument in writing signed by each party hereto.

 

5.7.          No
Waiver. The failure of either party to enforce at any time for any period the provisions of or any rights deriving from this Agreement
shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and
no waiver shall be binding unless executed in writing by all parties hereto.

 

5.8.          Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other
terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term
or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions
contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

5.9.          Headings.
The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning
or interpretation of this Agreement.

 

5.10.        Counterparts.
This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original instrument and
all of which taken together shall constitute one and the same agreement.

 

    - 5 -

     

    

 

5.11.        Entire
Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes
all prior agreements and undertakings, both written and oral, between the parties with respect to such subject matter.

 

[Remainder of Page Intentionally Left Blank]

 

    - 6 -

     

    

 

IN
WITNESS WHEREOF, each party has caused this Agreement to be executed as of April 1, 2022 by its duly authorized officer.

 

	 	LICENSOR:
	 	 
	 	GOLUB
    CAPITAL LLC
	 	 
	 	 
	 	By:	 
	 	 	Name: David B. Golub
	 	 	Title: Manager
	 	 
	 	 
	 	LICENSEE:
	 	 
	 	GOLUB CAPITAL BDC 4, INC.
	 	 
	 	 
	 	By:	 
	 	 	Name: David B. Golub
	 	 	Title: President and Chief Executive Officer

 

	ACKNOWLEDGED AND AGREED TO	 
	AS OF April 1, 2022	 
	 	 
	GC ADVISORS LLC	 
	 	 
	 	 
	By:	                 	 
	 	Name: David B. Golub	 
	 	Title:   President	 

 

[Signature Page to Trademark
License Agreement]

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