Document:

EX-10.5

 Exhibit 10.5 

Private and Confidential             

AGTB PRIVATE BDC 

SUBSCRIPTION DOCUMENTS 

[     ] 2022 

 AGTB PRIVATE BDC 

Subscription Instructions 
 Basic
Subscription Documents 
 Subscription to invest in common shares of beneficial interest (the “Shares”) of AGTB Private
BDC, (the “Company”) may be made only by means of the completion, execution and delivery of the following basic subscription documents: 

Subscriber Information Forms: Complete all requested information in the Fund-Specific Subscriber Information Form (the
“Fund-Specific SIF”) attached hereto. Please review and confirm that all information provided in the Subscriber’s Angelo Gordon Subscriber Information Form, as amended or supplemented (the “Master SIF” and
together with the Fund-Specific SIF, the “Subscriber Information Forms”), remains accurate and complete as of the date hereof. 

Subscription Agreement: Date and sign the signature page. The Subscription Agreement may be completed by a duly authorized officer or
agent on behalf of the subscriber (the “Subscriber”). Any person signing the Subscription Agreement in a representative capacity should type or print on the last page of the Subscription Agreement the name of the Subscriber, the name of
the person signing the Subscription Agreement and the capacity in which he or she is signing. 
 IRS Forms
W-9 and/or W-8: If you are a “U.S. person” for U.S. federal income tax purposes,1 complete and sign
U.S. Internal Revenue Service (“IRS”) Form(s) W-9 (or any successor forms) in accordance with the instructions provided by the IRS to certify your U.S. taxpayer identification number. If you
are a non-U.S. person for U.S. federal income tax purposes, complete and sign the appropriate IRS Form(s) W-8 (or any successor forms). Please see Appendix B of the
Master SIF. 
 Supporting Documentation: To help the government fight the funding of terrorism and money laundering activities,
federal law requires the Company to obtain, verify and record certain identifying information with respect to all Subscribers. Any subscription application may be rejected if the Subscriber fails to provide certain required identifying information.
To assist the Company in meeting its obligations and to ensure the investment is appropriately authorized, the Subscriber should submit the applicable documentation set forth in the anti-money laundering grids included in the subscription materials
provided to the Subscriber. 
  

	1 	 For this purpose, a “U.S. person” generally includes (i) a citizen or resident of the United
States, (ii) a partnership, corporation or other entity created or organized under the laws of the United States or any State thereof, and (iii) an estate the income of which is subject to U.S. federal income tax regardless of its source,
or any trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all of the substantial decisions of the trust or the trust has
made a valid election to be treated as a U.S. person for U.S. federal income tax purposes. 

  

					
	Subscription Instructions	  	1	  	

 Delivery Instructions 

Completed and executed subscription documents should be delivered to Angelo, Gordon & Co., L.P. (“Angelo Gordon”)
either by email to AGClientServices@angelogordon.com OR by hard copy to the following address: 
 Angelo, Gordon & Co., L.P.

 245 Park Avenue, 26th Floor 

New York, New York 10167 

Attention: Francis Griffin 
 If
the executed subscription documents are delivered by email, the sender of such email represents that it is authorized to send such documents by the person required to execute such documents. 

All basic subscription documents, evidence of authorization and additional anti-money laundering disclosure documents will be returned to the
Subscriber if this subscription is not accepted. 
 Payments of Capital Calls 

Capital calls will be made pursuant to the terms set forth in the Private Placement Memorandum, as may be amended or supplemented from time to
time (the “Memorandum”). Capital contributions are due within five days after delivery of the initial capital call notice and within 10 days after delivery of each subsequent capital call notice or as may otherwise be set forth in
the Memorandum. Payments for the amount called must be made by wire transfer to an account that will be designated by the Company. 
 Acceptance of
Subscriptions 
 The acceptance of subscriptions is within the absolute discretion of the Company, which may require additional
information prior to making a determination. The Company will seek to notify the Subscriber of its acceptance or rejection of the subscription prior to the date of subscription. If the subscription is rejected, the Company will promptly refund
(without interest) to the Subscriber any subscription payments received by the Company. The Company shall not be liable to the Subscriber for any rejection of its subscription. 

If this application for subscription is accepted, in lieu of delivering a countersigned Subscription Agreement to the Subscriber, written
confirmation of the Company’s acceptance of the Subscriber’s subscription may be sent to the Subscriber by AGTB Fund Manager, LLC (in such capacity, the “Administrator”) or the Company as soon as reasonably practicable
after the date on which the Subscriber is issued Shares. Such written confirmation may be delivered by posting to Angelo Gordon’s website or other website indicated by e-mail (with notification of the
posting by e-mail) or via email and shall constitute the acceptance and agreement of the Company to this Subscription Agreement as of the date of acceptance of the Subscriber’s subscription, as indicated
in such written confirmation. The Subscriber consents to receiving any such written confirmation exclusively in electronic form regardless of whether or not it has consented to receiving communications electronically in Part I, Question 3 of the
Master SIF. For the avoidance of doubt, the Subscriber acknowledges that it may not receive a countersigned Subscription Agreement. 

  

					
	Subscription Instructions	  	2	  	

 Certain Regulatory Disclosures 

To fulfill certain regulatory requirements, the Company is required to furnish prospective investors in the Company with information relating
to certain past actions by firms that act as solicitors for prospective investors in the Company. Any such applicable disclosure will be made available to such investors via an online web portal or such other means as is determined by Angelo Gordon
from time to time. 
 Certain Regulatory Disclosures – Data Protection Regulation 

To fulfill certain regulatory requirements under the European Union General Data Protection Regulation (2016/679), as applicable, prospective
investors should review the disclosure set forth in Appendix C of the Master SIF. 
 Consumer Data Protection for California Resident Subscribers under
the California Consumer Privacy Act 
 Natural persons resident in California have certain rights under the California Consumer Privacy
Act, California Civil Code § 1798.100 et seq., together with any implementing regulations, as amended from time to time, relating to any personal information that the Company or Angelo Gordon obtains. To understand those rights, a California
resident should review the California-Specific Privacy Policy set forth in Appendix D of the Master SIF. 
 Additional Information 

For additional information concerning subscriptions, prospective investors should contact Francis Griffin (telephone: 212-692-7971) at the office of the Company. 

  

					
	Subscription Instructions	  	3	  	

 AGTB PRIVATE BDC 

Privacy Policy 
 of
Angelo, Gordon & Co., L.P. 
 Angelo, Gordon & Co., L.P. (“Angelo Gordon”) takes precautions to
maintain the privacy of personal information concerning current individual investors in private investment funds under its management. These precautions include the adoption of certain procedures designed to maintain and secure such investors’
nonpublic personal information from inappropriate disclosure to third parties. Federal regulations require Angelo Gordon to inform investors of this privacy policy. 

Angelo Gordon collects nonpublic personal information about investors from the following sources: 

 

	 	•	 	 Information received from investors in subscription documents, transfer documents or other related documents or
forms; 

  

	 	•	 	 Information about an investor’s transactions with a private investment fund, its affiliates, or others; and

  

	 	•	 	 Information Angelo Gordon may receive from a consumer reporting agency. 

Subject to the policy, Angelo Gordon does not disclose any nonpublic personal information about the investors in its private investment funds
to anyone, except as permitted by law, regulation or investor consent. Angelo Gordon restricts access to nonpublic personal information about its investors to those employees and agents of Angelo Gordon who need to know that information in order to
provide services to its investors. Angelo Gordon may also disclose such information to its affiliates and to service providers and financial institutions that provide services to such private investment funds. Angelo Gordon, and each of its private
investment funds, maintain physical, electronic, and procedural safeguards designed to safeguard the investors’ nonpublic personal information and which Angelo Gordon believes are adequate to prevent unauthorized disclosure of such information.

 If you have any questions concerning our privacy policies, please contact Francis Griffin (telephone: 212-692-7971). 

  
 Privacy Policy 

 AGTB PRIVATE BDC 

Subscriber Information Form 

Each Subscriber for common shares of beneficial interest (the “Shares”) in AGTB Private BDC (the “Company”)
is requested to furnish the following information (please print or type). Any information provided herein will supplement the information provided in the Subscriber’s Angelo Gordon Subscriber Information Form, as amended or supplemented to date
(the “Master SIF”). 
 All Subscribers must complete this section: 

 

	1.	 Identity of Subscriber 

Name:
                                         
                                         
                           
  

	2.	 Amount of Subscription 

$_________________ 
  

	3.	 Source of Funds for this Investment (please check the box that applies): 

 

					
	❑ Employment Compensation	  	❑ Savings	  	❑ Investments
		
	❑ Inheritance	  	❑ Other
                                         
                                   

  

					
	Fund-Specific Subscriber Information Form	  	SI-1	  	

	4.	 Remitting Bank or Financial Institution 

Does the Subscriber confirm that the Wiring Instructions provided in Part I, Question 5 of the Master SIF will apply with respect to the
Subscriber’s subscription to the Company? 

❑  Yes            ❑  No 

If the answer is “Yes,” skip to Question 5. 

If the answer is “No,” please answer the remaining questions in this section regarding the Wiring Institution (as defined below)
from which funds related solely to the Subscriber’s subscription to the Company will be wired. 
 Capital contributions are due on
or before the date specified by the Company in a written notice furnished to shareholders at least five days prior to such specified due date for the initial capital call notice and at least 10 days prior to such specified due date for each
subsequent capital call notice, or as may otherwise be set forth in the Memorandum. Payments for the amount called must be made by wire transfer of readily available funds to the account of the Company. Please identify the bank or other financial
institution (the “Wiring Institution”) from which the Subscriber’s funds will be wired. Note that any amounts paid to the Subscriber will be paid to the same account from which its subscription funds were originally
remitted, unless the Company agrees otherwise. 
 If the Wiring Institution is located in the U.S., please answer Questions 4(a) and 4(c)
below. If the Wiring Institution is located outside of the U.S., please answer Questions 4(b), 4(c) and 4(d) below. 
  

					
	(a)	  	U.S. Wiring Institutions	  	
			
		  	Beneficiary Bank Name:	  	  

			
		  	Beneficiary Bank ABA:	  	  

			
		  	Beneficiary Bank Address:	  	  

			
		  		  	  

			
		  	Account Name:	  	  

			
		  	Account Number:	  	  

			
		  	 For Further Credit Account
 Name (if
applicable):
	  	  

			
		  	 For Further Credit Account
 Number (if
applicable):
	  	  

			
		  	Reference (if applicable):	  	  

  

					
	Fund-Specific Subscriber Information Form	  	SI-2	  	

	(b)	 Non-U.S. Wiring Institutions 

 

			
	 Correspondent/Intermediary
 Bank Name:
	 	  

		
	 Correspondent/Intermediary
 Bank ABA and/or
SWIFT Code:
	 	  

		
	Beneficiary Bank Name:	 	  

		
	Beneficiary Bank SWIFT Code:	 	  

		
		 	  

		
	Beneficiary Bank Address:	 	  

		
	Beneficiary Bank Account Name:	 	  

		
	 Beneficiary Bank Account Number
 OR IBAN
Number:
	 	  

		
	 For Further Credit Account
 Name (if
applicable):
	 	  

		
	 For Further Credit Account
 Number (if
applicable):
	 	  

		
	Reference (if applicable):	 	  

  

	(c)	 Is the Subscriber a customer of the Wiring Institution? 

    ❑  Yes            ❑  No

  

	(d)	 If the Subscriber’s Wiring Institution is not located in the U.S., is the Wiring Institution located in an
“FATF Country”2? 

    ❑  Yes            ❑  No

 If the answer is “No” to Question 4(c) or 4(d), please contact the Company for additional information that may be required,
which may include documentation verifying the identity of the Subscriber and/or the beneficial owner of the Shares, certification relating to anti-money laundering policies and procedures and a bank reference letter. 

 

	5.	 Purchase of Shares Using Financing 

Is the Subscriber subscribing for Shares using the financing of a third party, such as the proceeds of a loan? 

    ❑  Yes            ❑   No

  

	2 	 If the Wiring Institution is not located in an FATF Country, the Company may require additional information.
For a list of countries that are members of the Financial Action Task Force on Money Laundering (each, an “FATF Country”), see: http://www.fatf-gafi.org. 

  

					
	Fund-Specific Subscriber Information Form	  	SI-3	  	

	6.	 Common Beneficial Ownership with other Investors 

Does the Subscriber have any Affiliated Investors3 in the Company? 

    ❑  Yes            ❑  No

 Has the Subscriber agreed to act together with any other person for the purpose of acquiring, holding, voting or disposing of the Shares?

    ❑  Yes            ❑  No

 If either of the above questions was answered “Yes,” identify the Affiliated Investor or the investor with which it has agreed
to act together: 
  

                       
                                         
                                         
                
  

	7.	 Supplemental Data for Entities and Trusts (other than Grantor Trusts) 

 

	 	(a)	 Do each of the Subscriber’s shareholders, partners, beneficiaries or other holders of equity or beneficial
interests participate in all investments made by the Subscriber pro rata in accordance with their respective ownership interests in the Subscriber (i.e., such holders are NOT permitted to opt in or out of (or determine the extent of
their participation in) particular investments made by the Subscriber)? 

    ❑  Yes            ❑  No

  

	 	(b)	 If the Subscriber is an investment company or a private
fund,4 please answer the following question (if not, please skip to Question 8): 

Is the current value of the amount of the Subscriber’s subscription to the Company less than or equal to 40% of the value of the
Subscriber’s total assets? 

    ❑  Yes            ❑  No

 Note: If either question 7(a) or 7(b) above is answered “No,” each beneficial owner of the Subscriber generally must be
qualified as a qualified purchaser and will be required to complete a qualified purchaser questionnaire if requested by the Company. 
  

	8.	 Excess Fee Offset Amounts 

 

	 	•	 	 Check this box only if the Subscriber elects to receive, upon liquidation of the Company, payment for the
Subscriber’s share of Offset Amounts (as defined in the Company’s Private Placement Memorandum) that have not been utilized. 

  

 

	3 	 For purposes of Question 6: “Affiliated Investor” means any investor who would be deemed to be
a Controlling Person with respect to the Shares held by the Subscriber or who would have an indirect Controlling Person in common. A “Controlling Person” with respect to a security includes any person who, directly or indirectly,
through any contract, arrangement, understanding, relationship or otherwise, has or shares, or is deemed to have or share, (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment
power which includes the power to dispose, or to direct the disposition of, such security and any person that has the right to become a Controlling Person as described in (i) or (ii) within 60 days, including through the exercise of an option,
the termination of a contract or otherwise. 

	4 	 A “private fund” means an issuer that would be an “investment company” (as defined
by Section 3 of the Investment Company Act of 1940) but for Section 3(c)(1) or 3(c)(7) thereof. 

  

					
	Fund-Specific Subscriber Information Form	  	SI-4	  	

	9.	 United Kingdom Investors and European Economic Area Investors Only 

 

	 	(a)	 Is the Subscriber, or any Investor Party5 (if applicable),
a person or entity that is resident in, with a registered office in or domiciled in a Member State of the European Economic Area (“EEA” and “EEA Subscriber”) or the United Kingdom (“UK” and
“UK Subscriber”)? 

    ❑  Yes            ❑  No

 If the answer to Question 9(a) above is “No,” please skip to Question 10. If “Yes,” please proceed to question
9(b). 
  

					
	(b)	  	(i)	  	Is the EEA Subscriber or UK Subscriber, or any Investor Party (if applicable), an entity that is required to be authorized or regulated to operate in the financial markets?

    ❑  Yes            ❑  No

  

	 	(ii)	 If the answer to Question 9(b)(i) above is “No,” please skip to Question 9(c). If
“Yes,” please check the applicable category of authorized or regulated entities6 below and then skip to Question 10. 

 

	 	•	 	 a credit institution; 

  

	 	•	 	 an investment firm; 

  

	 	•	 	 any other authorized or regulated financial institution; 

 

	 	•	 	 an insurance company; 

  

	 	•	 	 a collective investment scheme or management company of such a scheme; 

 

	 	•	 	 a pension fund or a management company of such a fund; 

 

	 	•	 	 a commodity or commodity derivatives dealer; 

 

	 	•	 	 a local; or 

  

	 	•	 	 any other institutional investor. 

 

	5 	 For the purposes of this section 9, the term “Investor Party” means, with respect to EEA
Subscribers, the beneficial owner(s) of the Subscriber or, where appropriate, the investment including where the Subscriber acts as trustee, agent, nominee or representative for, or is otherwise investing on behalf of, such beneficial owner(s);
and/or any person making the investment decision pursuant to discretionary investment management authority granted in its favor by the Subscriber or the beneficial owner(s) of the investment; and (where applicable) with respect to UK Subscribers,
the person or undertaking making the investment decision on behalf of the Subscriber. 

	6 	 The list above should be understood as including all authorized entities carrying out the characteristic
activities of the entities mentioned, (1) whether authorized in the UK under the Financial Services Markets Act 2000 (as amended) or in another jurisdiction outside the UK or (2) entities authorized by a member state under an EEA directive;
entities authorized or regulated by a member state without reference to an EEA directive; and entities authorized or regulated in a jurisdiction outside the EEA, as applicable. 

  

					
	Fund-Specific Subscriber Information Form	  	SI-5	  	

 
					
	(c)	  	(i)	  	Is the EEA Subscriber or UK Subscriber, or any Investor Party (if applicable), a large undertaking which meets two of the following size requirements on a company basis (as listed below in Question 9(c)(ii))?

    ❑  Yes            ❑  No

  

	 	(ii)	 If the answer to Question 9(c)(i) above is “No,” please skip to Question 9(d). If
“Yes,” please check the applicable size requirements below and then skip to Question 10. 

  

	 	•	 	 a balance sheet of EUR 20 million 

 

	 	•	 	 a net turnover of EUR 40 million 

 

	 	•	 	 own funds of EUR 2 million; or 

 

	 	(d)	 Is the EEA Subscriber or UK Subscriber, or any Investor Party (if applicable), a national or regional
government, including a public body that manages public debt at national or regional level, a Central Bank, an international or supranational institution such as the World Bank, the IMF, the ECB, the EIB or another similar international
organization? 

    ❑  Yes            ❑  No

 If the answer to Question 9(d) above is “Yes,” please skip to Question 10. If “No,” please proceed to Question
9(e). 
  

	 	(e)	 Is the EEA Subscriber or UK Subscriber, or any Investor Party (if applicable), another institutional investor
whose main activity is to invest in financial instruments, including an entity dedicated to the securitization of assets or other financing transactions? 

    ❑  Yes            ❑  No

 If the answer to Question 9(e) above is “Yes,” please skip to Question 10. If “No,” please proceed to Question
9(f). 

  

					
	Fund-Specific Subscriber Information Form	  	SI-6	  	

	 	(f)	 Is the EEA Subscriber or UK Subscriber, or any Investor Party (if applicable), an investor that does not fall
within any of the categories in paragraphs (b) to (e) above but who has separately provided to the satisfaction of Angelo Gordon appropriate representations, as to its status and eligibility and, upon reviewing appropriate wordings regarding
the loss of certain protections which are otherwise available to a “retail investor”7, the EEA Subscriber or UK Subscriber, or any Investor Party (if applicable), has elected to be
treated as a “professional investor”8, and Angelo Gordon has accepted such election? 

❑ Yes             ❑ No 

If the answer to Question 9(f) above is “Yes,” the Subscriber must complete an additional supplement if requested by Angelo
Gordon. 
 If the EEA Subscriber or UK Subscriber, or any Investor Party (if applicable), cannot give any of the above representations and
warranties, they should contact Angelo Gordon. 
  

	10.	 Confirmation of Information Provided in the Master SIF 

Please select one of the following statements: 
  

	 	•	 	 The Subscriber has reviewed the Master SIF provided in connection with this investment or provided previously and
affirms that all information contained therein is accurate as of the date hereof. 

  

	 	•	 	 The Subscriber has reviewed the Master SIF and confirms that certain information previously provided by the
Subscriber is no longer accurate. (If selected, please complete the “Amendment to the Master SIF” as provided by Angelo Gordon). 

  

	11.	 Affiliation with Angelo Gordon 

Do any of the following apply to the Subscriber: (i) the Subscriber controls, or is controlled by or under common control with, the
Company or Angelo Gordon, (ii) the Subscriber is an employee or officer of the Company or Angelo Gordon, (iii) the Subscriber is a member of the immediate family of any of the foregoing or (iv) the Subscriber is a trust or other
entity established for the benefit of any of the foregoing? 
 ❑ Yes
            ❑ No 
  

	12.	 DRIP Election 

The Investor may elect not to participate in the Company’s distribution reinvestment program (the “DRIP”) by checking the box
below. To the extent the Investor does not check the box below, the Investor will be a participant in the DRIP and 100% of all distributions otherwise to be made to the Investor shall be reinvested. 

 

	 	•	 	 The Investor hereby elects not to participate in the DRIP. 

 

	7 	 “retail investor” shall have the meaning under Directive 2011/61/EU (“AIFMD”) in
respect of the EEA, and, in respect of the UK, the Alternative Investment Fund Managers Regulations 2013 (as amended) (the “UK AIFM Regulations”). 

	8 	 “professional investor” shall have the meaning under the AIFMD and the AIFM Regulations (as
appropriate), and as deriving from the meaning of “professional client” in Section II of Annex II to the Markets in Financial Instruments Directive (Directive 2014/65/EU) as implemented in the EEA and as retained and amended by the
UK’s equivalent rules). 

  

					
	Fund-Specific Subscriber Information Form	  	SI-7	  	

 AGTB PRIVATE BDC 

SUBSCRIPTION AGREEMENT 

AGTB Fund Manager, LLC 
 c/o Angelo, Gordon & Co., L.P.

 245 Park Avenue, 26th Floor 
 New York, New York 10167 

Ladies and Gentlemen: 
 The undersigned (the
“Subscriber”) hereby acknowledges having received and read the current Private Placement Memorandum, as may be amended or supplemented from time to time (the “Memorandum”) of AGTB Private BDC, a Delaware statutory
trust (the “Company”). Terms used but not otherwise defined herein shall have the meanings given to them in Appendix A hereto. 

Subscription Commitment 
 The Subscriber
hereby subscribes for common shares of beneficial interest in the Company (the “Shares”) having a capital commitment in the amount set forth on the signature page of this Subscription Agreement or in the accompanying Fund-Specific
SIF completed and signed by the Subscriber, which shall be considered an integral part of this Subscription Agreement along with the Angelo Gordon Subscriber Information Form, as amended or supplemented (the “Master SIF” and
together with the Fund-Specific SIF, the “Subscriber Information Forms”). The Subscriber will be required to make capital contributions to purchase the Shares (a “Drawdown Purchase”) each time the Company delivers a
drawdown notice. Such capital contributions are due within five days after delivery of the initial drawdown notice and within 10 days after delivery of each subsequent drawdown notice, or as may otherwise be set forth in the Memorandum, in an
aggregate amount not to exceed the Subscriber’s “Unfunded Capital Commitment,” determined in accordance with the Memorandum and the Subscriber Information Forms. Drawdown Purchases will generally be made pro rata, in accordance
with the investors’ capital commitments. However, the Company retains the right at its discretion to call capital contributions on a non-pro rata basis so that the assets of the Fund will not be
considered “plan assets” under ERISA, the Code or Similar Law (each as defined below), or as otherwise necessary or desirable in order to comply with ERISA or any other applicable legal, regulatory, tax or similar regimes, including
potential affiliation concerns under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”). 

The Subscriber understands that this subscription is not binding on the Company until accepted by the Company, and may be rejected, or
accepted in part and rejected in part, by the Company in its absolute discretion. 
 Notwithstanding anything to the contrary contained in
this Subscription Agreement, the Company shall have the right (a “Limited Exclusion Right”) to exclude any Subscriber (such Subscriber, an “Excluded Subscriber”) in whole or in part from purchasing Shares from the
Company on any Drawdown Purchase date or receiving any Shares pursuant to the DRIP if, in the reasonable discretion of the Company, there is a substantial likelihood that such Subscriber’s purchase of Shares at such time would (i) result
in a violation of, or noncompliance with, or cause potential future 

  

					
	Subscription Agreement	  	SA-1	  	

 
restrictions under, any law or regulation to which such Subscriber, the Company, AGTB Fund Manager, LLC, the investment advisor of the Company (the “Advisor”), any other
Subscriber or a portfolio company would be subject or (ii) cause the investments of “benefit plan investors” (within the meaning of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and
certain Department of Labor regulations, as modified by Section 3(42) of ERISA (the “Plan Asset Regulations”)) to be “significant” within the meaning of the Plan Asset Regulations and the assets of the Company to be
considered “plan assets” under ERISA or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). 

If this application for subscription is accepted, in lieu of delivering a countersigned Subscription Agreement to the Subscriber, written
confirmation of the Company’s acceptance of the Subscriber’s subscription may be sent to the Subscriber by AGTB Fund Manager, LLC (in such capacity, the “Administrator”) or the Company as soon as reasonably practicable
after the date on which the Subscriber is issued Shares of the Company. Such written confirmation may be delivered by posting to the website of Angelo, Gordon & Co., L.P. (“Angelo Gordon”) or other website indicated by e-mail (with notification of the posting by e-mail) or via e-mail and shall constitute the acceptance and agreement of the Company to
this Subscription Agreement as of the date of acceptance of the Subscriber’s subscription, as indicated in such written confirmation. The Subscriber consents to receiving any such written confirmation exclusively in electronic form regardless
of whether or not it has consented to receiving communications electronically in Part I, Question 3 of the Master SIF. For the avoidance of doubt, the Subscriber acknowledges that it may not receive a countersigned Subscription Agreement. 

If rejected, the Company shall return to the Subscriber, without interest or deduction, any payment tendered by the Subscriber, and the
Company and the Subscriber shall have no further obligation to each other hereunder. The Company shall be held harmless for any rejection of the Subscriber’s subscription. Unless and until rejected by the Company, this subscription shall be
irrevocable by the Subscriber. 
 To the extent that the Company has outstanding obligations under a credit facility, the Subscriber agrees
in favor of the Company and any subscription lender that it shall be unconditionally obligated to fund, in accordance with this Subscription Agreement, any portion of its Unfunded Capital Commitment that will be used for the repayment of borrowings
under the credit facility without defense, counterclaim, reduction or offset of any kind, including any suretyship defense and any defense arising under Section 365(c) of the United States Bankruptcy Code, if applicable (and each of such
defenses is hereby waived by the Subscriber); provided that such agreement to fund shall not act as a waiver by the Subscriber of its right to assert independently any claim that the Subscriber may have against any other Subscriber or the Company.

 Representations, Warranties and Covenants – All Investors 

To induce the Company to accept this subscription, the Subscriber hereby makes the following representations, warranties and covenants to the
Company: 
 (a) The Subscriber represents that it is an “accredited investor,” as such term is defined in Rule 501(a) of the U.S.
Securities Act of 1933, as amended (the “Securities Act”). 

  

					
	Subscription Agreement	  	SA-2	  	

 (b) The Subscriber confirms that the information set forth in the accompanying Subscriber
Information Forms, including, for the avoidance of doubt, the Master SIF, (including, without limitation, any IRS Forms W-8BEN,
W-8BEN-E, W-8ECI, W-8EXP, and/or W-8IMY and/or W-9, or any successor forms) is accurate and complete as of the date hereof (notwithstanding that the Master SIF may have been provided by the Subscriber prior to the date hereof), and the Subscriber agrees to
notify the Company immediately if any representation or warranty contained in this Subscription Agreement, or any information provided pursuant to the Subscriber Information Forms, including, for the avoidance of doubt, the Master SIF, (including,
without limitation, any IRS Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, and/or W-8IMY and/or W-9, or any successor forms) becomes untrue, misleading, or otherwise requires updating at any time. For
so long as the Subscriber is a shareholder of the Company, the Subscriber further agrees to provide any revised or updated information necessary to cause the Subscriber Information Forms to remain true and correct as soon as practicable upon the
Subscriber becoming aware that any such change or revision is necessary. If the Subscriber’s Shares constitute or will at any time in the future constitute more than 15 percent in interest of the Company’s voting securities, the
Subscriber agrees to complete a separate questionnaire regarding any convictions, judgments, suspensions, bars or orders relating to securities offerings, commodity futures business or certain other businesses. Such questionnaire and the information
and representations otherwise provided under this Section shall form a part of this document and shall be subject to, among other things, the indemnification provisions and the duty to update information contained in this Subscription Agreement.

 (c) The Subscriber understands that the offering and sale of the Shares in non-U.S. jurisdictions
may be subject to additional restrictions and limitations, and represents and warrants that it is acquiring the Shares in compliance with all applicable laws, rules, regulations and other legal requirements applicable to the Subscriber including,
without limitation, the legal requirements of jurisdictions in which the Subscriber is resident and in which such acquisition is being consummated. 

(d) Except as disclosed in the Subscriber Information Forms, the Subscriber is acquiring the Shares for the Subscriber’s own account, does
not have any contract, undertaking or arrangement with any person or entity to sell, transfer or grant a participation with respect to any of the Shares, and is not acquiring the Shares with a view to or for sale in connection with any distribution
of the Shares. 
 (e) The Subscriber understands that the Shares have not been and may not be registered under the Securities Act or any
state law and that, as a business development company, the Company is subject to only certain provisions of the Investment Company Act. The Subscriber agrees to notify the Company prior to any proposed sale, transfer, distribution or other
disposition of the Shares or any beneficial interest therein, and will not sell, transfer, distribute or otherwise dispose of the Shares without the consent of the Company, which may be granted or withheld in the Company’s discretion, subject
to the Memorandum, and unless the Shares are registered or such sale, transfer, distribution or other disposition is exempt from registration. The Subscriber also understands that any such transfers without the consent of the Company are void ab
initio. The Subscriber understands that the Company has no intention to register the Company or the Shares with the U.S. Securities and Exchange Commission or any state and is under no obligation to assist the Subscriber in obtaining or
complying with any exemption from registration. The Company may require that a proposed transferee meet appropriate financial and other suitability standards and that the transferor furnish a legal opinion satisfactory to the Company and its counsel
that the proposed transfer complies with any applicable federal, state and any other applicable securities laws. 

  

					
	Subscription Agreement	  	SA-3	  	

 (f) The Subscriber understands and agrees further that, except as specifically set forth in
the Memorandum, its Shares must be held indefinitely unless such Shares are subsequently registered or qualified under the Securities Act, the securities laws of any state and the securities laws of any other applicable jurisdiction or an exemption
from registration or qualification under the Securities Act and these laws covering the sale of such interests is available; that even if such an exemption is available, the assignability and transferability of its Shares will be governed by the
Memorandum, which imposes substantial restrictions on transfer; that legends stating that its Shares have not been registered or qualified under the Securities Act and these laws and setting out or referring to the restrictions on the
transferability and resale of the Shares will be placed on all documents evidencing such Shares. 
 (g) In formulating a decision to invest
in the Company, the Subscriber has not relied or acted on the basis of any representations or other information purported to be given on behalf of the Company or the Advisor except as set forth in the Memorandum (it being understood that no person
has been authorized by the Company or the Advisor to furnish any such representations or other information). 
 (h) To its full satisfaction,
the Subscriber has been provided with any materials the Subscriber has requested relating to the Company, the offering of Shares or any statement made in the Memorandum, and the Subscriber has been afforded the opportunity to ask questions of
representatives of the Company concerning the terms and conditions of the offering and to obtain any additional information necessary to verify the accuracy of any representations or information set forth in the Memorandum. 

(i) The Subscriber recognizes that there is not now any public market for Shares and that such a market is not expected to develop;
accordingly, it may not be possible for the Subscriber to readily liquidate the Subscriber’s investment in the Company. 
 (j) The
Subscriber is not prohibited by any applicable law from holding the Shares or any investment interest in the investments to be pursued by the Company. 

(k) If the Subscriber is a natural person, the Subscriber has the legal capacity to execute, deliver and perform this Subscription Agreement
and the Memorandum. 
 (l) If the Subscriber is a corporation, partnership, limited liability company, trust or other entity, it is
authorized and qualified to become a shareholder of, and authorized to make its capital commitment to, the Company and otherwise to comply with its obligations under the Memorandum; the person signing this Subscription Agreement on behalf of such
entity has been duly authorized by such entity to do so; and this Subscription Agreement has been duly executed and delivered on behalf of the Subscriber and is the valid and binding agreement of the Subscriber, enforceable against the Subscriber in
accordance with its terms. In addition, such Subscriber will, upon request of the Company, deliver any documents, including an opinion of counsel to the Subscriber, evidencing the existence of the Subscriber, the legality of an investment in the
Company and the authority of the person executing this Subscription Agreement on behalf of the Subscriber which may be requested by the Company. 

(m) Upon the request of the Company, the Subscriber shall provide such information and execute such documents as may be required in connection
with any loan to the Company. 
 (n) The Subscriber has carefully reviewed and understands the various risks of, and other considerations
relating to, an investment in the Company, as well as the fees and conflicts of interest to which the Company is subject, as set forth in the Memorandum. The Subscriber hereby consents and agrees to the payment of the fees so described to the
parties identified as the recipients thereof, and to such conflicts of interest. 

  

					
	Subscription Agreement	  	SA-4	  	

 (o) The Subscriber believes that the compensation terms of an investment in the Company
represent an “arm’s-length” arrangement and the Subscriber is satisfied that it has received adequate disclosure from the Company to enable it to understand and evaluate the compensation and
other terms of the Memorandum and the risks associated therewith. 
 (p) The Subscriber agrees to properly execute and provide the Company
and/or the Administrator in a timely manner any additional tax information or documentation that the Company or the Administrator believes is required or will enable the Company, the Advisor, the Administrator or any of their affiliates to comply
with or mitigate any of their respective tax reporting, tax withholding, and/or tax compliance obligations, or which may arise as a result of a change in law or in the interpretation thereof. 

(q) None of the Subscriber’s subscription funds consist of Proceeds of Municipal Securities or Municipal Escrow Investments. 

Anti-Money Laundering and Related Representations, Warranties and Covenants – all Investors 

(a) The Subscriber represents and warrants that neither the Subscriber nor any holder of any beneficial interest in the Shares (each a
“Beneficial Interest Holder”)9 and, in the case of a Subscriber or Beneficial Interest Holder which is an entity, no Related Person is: 

 

	 	(1)	 A person or entity (a) listed on; (b) controlled by one or more persons listed on; or (c) owned,
directly or indirectly, by 50 percent or greater in interest by one or more persons listed on: (i) the List of Specially Designated Nationals and Blocked Persons; (ii) the List of Foreign Sanctions Evaders; or (iii) the Sectoral
Sanctions Identification List, each maintained by the U.S. Department of Treasury’s Office of Foreign Asset Control (“OFAC”) or other list designated by the Company from time to time; 

 

	 	(3)	 A person or entity who is a citizen or resident of, which is located in, which is organized or chartered under
the laws of, or whose subscription funds are transferred from or through an account in, a jurisdiction which is the subject of an OFAC embargo (currently, the Crimea Region, Cuba, Iran, North Korea, and Syria; hereinafter referred to as
“OFAC Embargoed Territories”) or has been identified by the Secretary of State as a state sponsor of terror or in relation to which sanctions imposed by the UN, the EU and/or the UK apply; 

 
  

	9 	 Beneficial Interest Holders will include, but not be limited to: (i) shareholders of a corporation;
(ii) partners of a partnership; (iii) members of a limited liability company; (iv) any person controlling or controlled by the Subscriber; (v) investors in a fund of funds; (vi) the grantor of a revocable or grantor trust;
(vii) the beneficiaries of an irrevocable trust; (viii) the individual who established an IRA; (ix) the participant in a self-directed pension plan; (x) the sponsor of any other pension plan; and (xi) any person being
represented by the Subscriber in an agent, custodian, representative, intermediary, nominee or similar capacity. If the Beneficial Interest Holder is itself an entity, the information and representations set forth herein must also be given with
respect to its individual beneficial owners. If the Subscriber is a publicly-traded company, it is only obligated to conduct due diligence as to its beneficial owners that own 5% or more interest in the company. 

  

					
	Subscription Agreement	  	SA-5	  	

	 	(4)	 A person or entity with which the Company is prohibited or restricted to deal under the laws of the United
States or other applicable laws and regulations, including the sanctions laws and regulations administered by OFAC and anti-money laundering regulations or conventions; 

 

	 	(5)	 A Foreign Shell Bank; 

 

	 	(6)	 A person or entity who is a citizen or resident of, or which is located in, or whose subscription funds are
transferred from or through an account in a Non-Cooperative Jurisdiction; 

  

	 	(7)	 A person or entity who is citizen or resident of, located in, or organized or chartered under the laws of, a
jurisdiction that has been designated by the U.S. Secretary of the Treasury under Section 311 or 312 of the USA PATRIOT Act as warranting special measures due to money laundering concerns;10

  

	 	(8)	 A Senior Foreign Political Figure, any member of a Senior Foreign Political Figure’s Immediate Family or
any Close Associate of a Senior Foreign Political Figure, or a corporation, business or other entity that has been formed for the benefit of the above listed individuals; or 

 

	 	(9)	 A Politically Exposed Person, any member of a Politically Exposed Person’s Immediate Family or a Close
Associate of a Politically Exposed Person. 

 (b) The Subscriber represents and warrants that (except as otherwise
disclosed to the Company in writing) its subscription funds do not originate from, nor will they be routed through, an account maintained at a Foreign Shell Bank, an Offshore Bank, or a bank organized or chartered under the laws of a Non-Cooperative Jurisdiction or an OFAC Embargoed Territory. 
 (c) The Subscriber represents and warrants
that no capital commitment, contribution, or payment to the Company by the Subscriber and no distribution to the Subscriber by the Company shall cause the Company or the Advisor to be in violation of any applicable anti-money laundering, sanctions,
or anti-terrorism laws and regulations including, but not limited to, the USA PATRIOT Act, the anti-money laundering regulations administered by FinCEN, and the sanctions regulations administered by OFAC. 

(d) If the Subscriber or any Beneficial Interest Holder is a financial institution as defined in the Bank Secrecy Act, 31 U.S.C. §
5312(a)(2)(A) – (X), and is investing in the Company on behalf, directly or indirectly, of any of its customer accounts (as defined in rules under the USA PATRIOT Act), the Subscriber represents and warrants that it and any Beneficial Interest
Holder is aware of the obligations imposed upon it by the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, which comprises Title III of the USA PATRIOT Act, the Bank Secrecy Act, and implementing regulations at 31
C.F.R. Chapter X and is and shall remain in compliance with its obligations thereunder. 
  

	10 	 The Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issues
advisories regarding countries of primary money laundering concern. FinCEN’s advisories are posted at http://www.fincen.gov. 

  

					
	Subscription Agreement	  	SA-6	  	

 (e) If the Subscriber or any Beneficial Interest Holder is a European person or firm that is
subject to local legislation implementing the EC Money Laundering Directives or is established or based in a non-EU jurisdiction (other than the United States) and subject to anti-money laundering legislation
(any of the foregoing anti-money laundering legislation, “Non-U.S. AML Regulations”), the Subscriber represents and warrants that it and any Beneficial Interest Holder is aware of the
obligations imposed on it by Non-U.S. AML Regulations and is and shall remain in compliance with its obligations thereunder. 

(f) The Subscriber acknowledges and agrees that any monies paid to it will be paid to the same account from which its subscription funds were
originally remitted, unless the Company agrees otherwise. 
 (g) If the Subscriber is a fund-of-funds, or is purchasing the Shares as agent, custodian, representative, intermediary/nominee or in any similar capacity for any other person, or is otherwise requested to do so by the Company, it
represents and warrants that: (i) it is in compliance with all applicable anti-money laundering, sanctions and anti-terrorism laws and regulations; (ii) it shall provide a copy of its anti-money laundering and know-your-customer policies
(collectively, “AML Policies”) to the Company; (iii) its AML Policies are designed to address applicable anti-money laundering, sanctions, and anti-terrorism laws and regulations; (iv) it is in compliance with its AML
Policies, (v) its AML Policies have been approved by counsel or internal compliance personnel reasonably informed of anti-money laundering policies and their implementation and (vi) it has not received a deficiency letter, negative report
or any similar determination regarding its AML Policies from independent accountants, internal auditors or some other person responsible for reviewing the Subscriber’s compliance with its AML Policies. 

(h) The Subscriber represents and warrants that, with respect to any Beneficial Interest Holder, it: (i) has conducted thorough due
diligence (and where appropriate, enhanced due diligence); (ii) has established the identity of those Beneficial Interest Holders and their respective source of funds; and (iii) will retain evidence of any such identities, any such source of
funds and any such due diligence. The Subscriber represents and warrants that it does not know or have any reason to suspect that (1) the monies used to fund any Beneficial Interest Holder’s direct or indirect investment in the Shares has
been or will be derived from or related to any illegal activities, including without limitation money laundering activities or (2) the proceeds from any Beneficial Interest Holder’s direct or indirect investment in the Shares will be used
to finance any illegal activities, and the Subscriber has reasonable risk-based procedures in place to ensure itself of the same. 
 (i) The
Subscriber understands that the Company and its affiliates may take steps to verify the identity, address and source of funds of the Subscriber and any Beneficial Interest Holder. The Subscriber agrees to promptly notify the Company of any change in
information affecting the representations and covenants contained in this section “Anti-Money Laundering and Related Representations, Warranties and Covenants – all Investors.” The Subscriber also agrees to provide the Advisor, the
Company and Angelo Gordon with any additional information and/or documentation that any of such persons deems necessary or appropriate to ensure compliance with all applicable laws concerning money-laundering and similar activities. The Subscriber
acknowledges that the Company shall be held harmless and be indemnified against any loss arising as a result of a failure to process the subscription application if any such information that is required by the Company is delayed or not provided by
the Subscriber in a timely manner. 

  

					
	Subscription Agreement	  	SA-7	  	

 (j) The Subscriber acknowledges that the Company, Advisor, Angelo Gordon and their
affiliates may be obliged under applicable laws to submit information to the relevant regulatory authorities if the Company, Advisor, Angelo Gordon and/or their affiliates know, suspect or have reasonable grounds to suspect that any person is
engaged in money laundering, drug trafficking or the provision of financial assistance to terrorism and that the Company, Advisor, Angelo Gordon and/or their affiliates may not be permitted to inform anyone of the fact that such a report has been
made. The Subscriber authorizes and consents to the Company releasing information about the Subscriber and, if applicable, any Beneficial Interest Holder, to appropriate governmental authorities if the Company determines in good faith that it is in
the best interests of the Company in light of applicable anti-money laundering, sanctions, and anti-terrorism laws and regulations. 
 (k)
The Subscriber is advised that, by law, the Company may be obligated to “freeze the account” or “block the assets” of such Subscriber, either by prohibiting additional investments from the Subscriber, withholding distributions
and/or segregating the assets in the account in compliance with governmental regulations, and the Company may also be required to report such action and to disclose the Subscriber’s identity to OFAC or other authorities. 

(l) The Subscriber further acknowledges that, notwithstanding anything to the contrary contained in the Memorandum, any side letter or any
other agreement, the Company and the Advisor may prohibit additional capital contributions by the Subscriber, restrict distributions to the Subscriber, suspend the payment of withdrawal proceeds to the Subscriber, or take any other reasonably
necessary or advisable action with respect to the Shares, if the Company reasonably deems it necessary to do so to comply with anti-money laundering, sanctions, or anti-terrorism laws and regulations applicable to the Company, Advisor, Angelo
Gordon, any of their affiliates or any of the Company’s service providers. 
 (m) The Subscriber agrees that neither the Company,
Advisor, Angelo Gordon nor any of their affiliates shall have any liability to the Subscriber for any loss or liability that the Subscriber may suffer to the extent that it arises out of, or in connection with, compliance by the Company, Advisor,
Angelo Gordon and/or their affiliates in good faith with the requirements of applicable anti-money laundering, sanctions, and anti-terrorism legislation or regulatory provisions. 

Representations, Warranties and Covenants – ERISA Investors 

For the purpose of the following representations, references to “Subscriber” include references to the entity for which the
Subscriber is investing, where appropriate. If the Subscriber is or will be in the future, or is or will be in the future acting on behalf of, an employee benefit plan (as defined in Section 3(3) of ERISA) subject to Title I of ERISA or a plan
subject to Section 4975 of the Code, including an individual retirement account (“IRA”), or any entity whose underlying assets include plan assets for purposes of ERISA or the Code by reason of a plan’s investment in the
entity, to induce the Company to accept this subscription, the Subscriber hereby makes the additional representations, warranties and covenants to the Company: 

(a) The funds so constituting plan assets have been identified in writing to the Company. 

(b) The person executing this Subscription Agreement on behalf of the Subscriber either is a “named fiduciary” (within the meaning of
ERISA) of the Subscriber, or is authorized to act on behalf of a named fiduciary of the Subscriber pursuant to a proper delegation of authority, and in such capacity and in accordance with the constituent documents of the Subscriber, or is the owner
of an IRA or qualified IRA trustee or custodian. 

  

					
	Subscription Agreement	  	SA-8	  	

 (c) The person executing this Subscription Agreement on behalf of the Subscriber represents
and warrants on behalf of such person or the Subscriber, as applicable, as follows: 
  

	 	(1)	 The Subscriber is (w) an employee benefit plan subject to the fiduciary provisions of Title I of ERISA,
(x) a “plan” subject to Section 4975 of the Code (including individual retirement accounts or Keogh plans), (y) any entity (e.g. a fund of funds) whose underlying assets include plan assets by reason of plans investing in such
entity (a “Plan Asset Entity”) or (z) an entity that otherwise constitutes a “benefit plan investor” within the meaning of any U.S. Department of Labor regulation. 

 

	 	(2)	 The execution and delivery of this Subscription Agreement and the consummation of the transactions contemplated
hereunder, and in the Memorandum will not result in a breach or violation of any charter or organizational documents pursuant to which the Subscriber was formed, or any statute, rule, regulation or order of any court or governmental agency or body
having jurisdiction over the Subscriber or any of its assets, or in any material respect, any mortgage, indenture, contract, agreement or instrument to which the Subscriber is a party or otherwise subject. 

 

	 	(3)	 The investment in the Company is permitted by the governing documents of the Subscriber and such documents
permit the Subscriber to invest in entities that will engage in the investment program described in the Memorandum. 

  

	 	(4)	 The Subscriber, through the appropriate fiduciaries, has carefully reviewed and understands the various risks
of an investment in the Company, as well as the fees and conflicts of interest to which the Company is subject, as set forth in the Memorandum. 

  

	 	(5)	 The Subscriber hereby consents and agrees to the payment of the fees so described to the parties identified as
the recipients thereof, and to such conflicts of interest. 

  

	 	(6)	 The Subscriber is aware of and has taken into consideration the diversification requirements of
Section 404(a)(i) of ERISA or other applicable law, if any, and the decision to invest in the Company is consistent with such provisions. 

(d) The execution and delivery of this Subscription Agreement, and the acquisition and withdrawal of the Shares, either (i) is not a
prohibited transaction under ERISA or the Code or (ii) is exempt from the prohibited transaction rules of Section 406(a) of ERISA and Section 4975(c)(1)(A)–(D) of the Code by virtue of a Department of Labor Prohibited Transaction
Class Exemption or some other exemption of such rules. 
 (e) Unless otherwise indicated by the Subscriber, the Subscriber is not in any
way affiliated with (i.e., does not own or control, is not owned or controlled by, nor is under common ownership or control with) any person or entity which will receive compensation, directly or indirectly, from the Company, as specifically
identified and described in the Memorandum. 

  

					
	Subscription Agreement	  	SA-9	  	

 (f) The Subscriber acknowledges and agrees that (i) the decision to invest in the
Company and the review of the terms of the Company must be made solely and independently by a fiduciary of the Subscriber who has no affiliation with the Company or any of its affiliates or employees, without relying on any recommendation of the
Company or any of its affiliates or employees as a primary basis for its decision and (ii) any ongoing evaluation of the Company as an investment in the Subscriber’s overall portfolio (including any decision to remain invested in the
Company or to make additions to or withdrawals from the Company) must be made solely and independently by such a fiduciary, without relying on any recommendation of the Company or any of its affiliates or employees, unless otherwise indicated by the
Subscriber, as a primary basis for such fiduciary decision. 
 (g) The appropriate fiduciaries of the Subscriber have considered the
investment in light of the risks relating thereto and fiduciary responsibility provisions of ERISA or the Code applicable to the Subscriber and have determined that, in view of such considerations, the investment is appropriate for the Subscriber
and is consistent with such fiduciaries’ responsibilities under ERISA and/or the Code, and the appropriate fiduciaries: (i) are responsible for the Subscriber’s decision to invest in the Company, including the determination that such
investment is consistent with the requirement imposed by Section 404 of ERISA that employee benefit plan investments be diversified so as to minimize the risk of large losses; (ii) are independent of the Company and any of its affiliates
and employees and of any person or entity which will receive compensation, whether directly or indirectly, from the Company, as specifically identified and described in the Memorandum; (iii) are qualified and authorized to make such investment
decision; and (iv) in making such decision, have not relied on the recommendation of the Company or any of its affiliates or employees. 

(h) The Subscriber, through the appropriate fiduciaries, has been given the opportunity to discuss the Subscriber’s investment in the
Company and the structure and operation of the Company with the Company and has been given all information that the Subscriber has or the appropriate fiduciaries have requested and which the Subscriber or the appropriate fiduciaries deemed relevant
to the Subscriber’s decision to participate in the Company. 
 (i) If the Subscriber is acquiring Shares with the assets of the general
account of an insurance company, the Subscriber represents, warrants and covenants that on each day the Subscriber owns Shares either (i) the assets of such general account are not considered to be plan assets within the meaning of Department
of Labor Regulations Section 2510.3-101 or Department of Labor regulations issued pursuant to Section 401(c)(1)(A) of ERISA or (ii) the execution and delivery of this Subscription Agreement, and
the acquisition and redemption of the Shares, is exempt from the prohibited transaction rules of Section 406(a) of ERISA and Section 4975(c)(1)(A)–(D) of the Code by virtue of Department of Labor Prohibited Transaction
Class Exemption 95-60 or some other exemption of such rules. 
 (j) By signing this Subscription
Agreement, each Subscriber that is either a Plan Asset Entity or using the assets of an insurance company general account hereby covenants that if, after its initial acquisition of Shares, at any time during any month the percentage of the assets of
such general account (as reasonably determined by the Subscriber) or Plan Asset Entity, as applicable, that constitute “plan assets” for purposes of Title I of ERISA or Section 4975 of the Code exceeds the percentage specified by the
Subscriber in Part III, Question 4(a)(iii) of the Master SIF, then such Subscriber shall promptly notify the Company of such occurrence in writing. 

  

					
	Subscription Agreement	  	SA-10	  	

 Representations, Warranties and Covenants – Governmental Plan Investors and Non-U.S. Plan Investors 
 For the purpose of the following representations, references to “Subscriber”
include references to the entity for which the Subscriber is investing, where appropriate. 
 (a) If the Subscriber is or will become, or is
or will be acting on behalf of a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, (i) there is no provision in
the instruments governing such plan or any federal, state or local or foreign law, rule, regulation or constitutional provision applicable to the plan that could in any respect affect the operation of the Company or prohibit any action contemplated
by the operational documents and related disclosure of the Company, including, without limitation, the investments which may be made pursuant to the Company’s investment strategies, the concentration of investments for the Company and the
payment by the plan of incentive or other fees, (ii) the plan’s investment in the Company will not conflict with or violate the instruments governing such plan or any federal, state or local or foreign law, rule, regulation or
constitutional provision applicable to the plan and (iii) the plan’s investment in the Company will not cause the assets of the Company nor any person who manages the assets of the Company to be subject to any laws, rules, or regulations
applicable to such Subscriber as a result of the investment in the Company by such Subscriber. 
 (b) If the Subscriber is or will become, or
is or will be acting on behalf of an employee benefit plan maintained outside of the United States primarily for the benefit of persons substantially all of whom are nonresident aliens (as described in Section 4(b)(4) of ERISA) (i) there
is no provision in the instruments governing such plan or any federal, state or local or foreign law, rule, regulation or constitutional provision applicable to the plan that could in any respect affect the operation of the Company or prohibit any
action contemplated by the operational documents and related disclosure of the Company, including, without limitation, the investments which may be made pursuant to the Company’s investment strategies, the concentration of investments for the
Company and the payment by the plan of incentive or other fees, (ii) the plan’s investment in the Company will not conflict with or violate the instruments governing such plan or any federal, state or local or foreign law, rule, regulation
or constitutional provision applicable to the plan and (iii) the plan’s investment in the Company will not cause the assets of the Company nor any person who manages the assets of the Company to be subject to any laws, rules, or
regulations applicable to such Subscriber as a result of the investment in the Company by such Subscriber. 
 Representations, Warranties and Covenants
– Individual Retirement Account Investors 
 If the Subscriber is subscribing as a custodian for an individual retirement account,
the Subscriber acknowledges and agrees that the Company may, without further instruction or consent of the Subscriber or any beneficial owner of the Subscriber, re-register the Subscriber’s Shares in the
name of the beneficial owner of such Subscriber upon instruction provided by such custodian that it is no longer willing to custody or act as custodian for the Subscriber’s Shares and the Subscriber has not simultaneously provided a substitute
custodian for such individual retirement account. The Subscriber acknowledges that such re-registration may have adverse consequences to the beneficial owner of such individual retirement account. 

  

					
	Subscription Agreement	  	SA-11	  	

 Additional Representations, Warranties and Covenants 

EEA Investors and United Kingdom Investors 

By representing that the Subscriber is a person or entity that is resident in, with a registered office in or domiciled in a Member State of
the European Economic Area (“EEA” and “EEA Subscriber”) or the United Kingdom (“UK” “UK Subscriber”) and falls within one of the categories listed in Questions 10(b)-(f) of the
Fund-Specific SIF, the EEA Subscriber or UK Subscriber, or the Investor Party11 (if applicable), acknowledges that it will be treated as a “professional investor” (for the purposes of:
(i) the Directive 2011/61/EU (“AIFMD”), in respect of the EEA, and in respect of the UK, the Alternative Investment Fund Managers Regulations 2013 (as amended) (the “UK AIFM Regulations”); and
(ii) the Packaged Retail and Insurance-based Investment Products Regulation (Regulation (EU) No 1286/2014) (the “PRIIPs Regulation”) and the PRIIPs Regulation as retained as UK law by the European Union (Withdrawal) Act 2018
(“EUWA”) and as amended by UK domestic law (the “UK PRIIPs Regulation”)). Accordingly, by executing this subscription document, the EEA Subscriber or UK Subscriber, or any Investor Party (if applicable),
acknowledges that Angelo Gordon will not be under any obligation to produce a key information document for the purposes of the PRIIPs Regulation or UK PRIIPs Regulation in connection with the EEA Subscriber’s or UK Subscriber’s, or any
Investor Party’s (if applicable), investment in the Company. 
 Other than where such subscribers are resident in, with a registered
office in or domiciled in a Relevant AIFMD Jurisdiction12, each EEA Subscriber, or any Investor Party (if applicable): 

(a) acknowledges that Angelo Gordon has not carried out any notification or registration with the relevant regulator in the EEA
Subscriber’s, or any Investor Party’s (if applicable), jurisdiction in relation to the marketing of the Company under the AIFMD; 

(b) acknowledges that the EEA Subscriber, or any Investor Party (if applicable) may not receive the same information in respect of the Company
as would be required to be provided were the Company notified for marketing under AIFMD, or be entitled to any of the protections under applicable domestic law, or any of the disclosures that would be required were the Company notified for marketing
under AIFMD; and 
 (c) represents and warrants as follows: 
  

	 	(1)	 the EEA Subscriber, or any Investor Party (if applicable), of its own volition, initiated the discussions,
correspondence or other communications with Angelo Gordon or their affiliates or agents, which resulted in the EEA Subscriber, or any Investor Party (if applicable), making a decision to invest in the Company; and 

 

	 	(2)	 none of the Company, Angelo Gordon or any of their respective affiliates, directors, members, officers,
employees or agents at any time directly or indirectly offered or placed any Shares in the Company to the EEA Subscriber, 

  

 

	11 	 For the purposes of this section, the term “Investor Party” means, with respect to EEA
Subscribers, the beneficial owner(s) of the Subscriber or, where appropriate, the investment including where the Subscriber acts as trustee, agent, nominee or representative for, or is otherwise investing on behalf of, such beneficial owner(s);
and/or any person making the investment decision pursuant to discretionary investment management authority granted in its favor by the Subscriber or the beneficial owner(s) of the investment; and (where applicable) with respect to UK Subscribers,
the person or undertaking making the investment decision on behalf of the Subscriber. 

	12 	 For the purposes of this section, “Relevant AIFMD Jurisdiction” means the following
jurisdictions: Belgium, Denmark, Finland, Germany, Iceland, Ireland, Luxembourg, Malta, Netherlands, Norway and Sweden. 

  

					
	Subscription Agreement	  	SA-12	  	

 
or any Investor Party (if applicable), prior to the EEA Subscriber, or any Investor Party (if applicable), initiating discussions with Angelo Gordon. 

Japanese Investors 
 For
the purpose of the following representations, warranties and covenants, references to “Japanese Investor” means a Japanese resident, as defined in the first sentence of Article 6, Paragraph 1, Item 5 of the Foreign Exchange and
Foreign Trade Law of Japan, or any person or entity that was solicited in Japan in connection with its subscription of Shares. 
 (a) Each
Subscriber who is a Japanese Investor hereby represents and warrants that it is not a person (“Disqualified Investor”) who falls within any of the categories set forth in Items (a) through (c) of Article 63, Paragraph 1, Item 1
of the Financial Instruments and Exchange Law of Japan (the “FIEL”) and will not become a Disqualified Investor during the period that it holds any Shares. 

(b) If a Subscriber who is a Japanese Investor is a “qualified institutional investor” (tekikaku kikan toshika)
(“Qualified Institutional Investor”) as defined in Article 10, Paragraph 1 of the Cabinet Office Ordinance Concerning Definitions Provided in Article 2 of the Financial Instruments and Exchange Law of Japan, then the Subscriber
hereby agrees that (i) it will continue to maintain its status as a Qualified Institutional Investor as long as it holds any Shares and (ii) in the case of any transfer or assignment of any Shares (the “QII Shares”) held
by it, such transfer or assignment will not be made unless it is made to another Qualified Institutional Investor who is not a Disqualified Investor. 

(c) If a Subscriber who is a Japanese Investor is not a Qualified Institutional Investor but is an eligible investor (tokureigyomu taisho
toshika) as defined in Article 17-12, Paragraph 4, Item 2 of the Enforcement Order of the Financial Instrument and Exchange Law of Japan (an “Eligible
Non-Qualified Institutional Investor”), then the Subscriber hereby agrees that no transfer or assignment of its Shares (the “Non-QII Shares”) will
be made unless all of its Non-QII Shares are transferred or assigned to only one Qualified Institutional Investor or another Eligible Non-Qualified Institutional
Investor who is not a Disqualified Investor and who agrees that it will not further transfer the Shares unless it is a single transfer of all of the Shares then held by such Person to only one Qualified Institutional Investor or another Eligible Non-Qualified Institutional Investor who is not a Disqualified Investor. 
 (d) If a Subscriber who is a
Japanese Investor makes a transfer or assignment of its Shares pursuant to the terms and conditions of this Subscription Agreement and the Memorandum, such Subscriber shall notify and deliver the notice in writing to any transferee that (i) no
registration pursuant to Article 4, Paragraph 1 of the FIEL has been made or will be made with respect to the solicitation of the acquisition of the Shares because Article 2, Paragraph 3, Item 3 thereof does not apply to such solicitation, and
(ii) the Shares are securities set forth in Article 2, Paragraph 2, Item 6 of the FIEL. 
 (e) The Subscriber acknowledges and agrees
that the above-mentioned transfer restrictions shall apply to the Subscriber in addition to any other applicable requirements or restrictions provided elsewhere in this Subscription Agreement and in the Memorandum. 

(f) If a Subscriber is not a Qualified Institutional Investor, (i) it has received and notified from the Company advance notice pursuant
to Article 63, paragraph 11 and Article 34, paragraph 1 of the FIEL before the execution of this Subscription Agreement and it may make a request to the Company to be treated as a customer rather than a professional investor in connection with the
financial instruments transaction contract included in this type of contract, pursuant to Article 63, paragraph 11 and Article 34-2, paragraph 1 of the FIEL, and (ii) it did not make such an offer despite
having received advance notice. 

  

					
	Subscription Agreement	  	SA-13	  	

 Data Protection Representations and Warranties – For EEA and UK
Non-Natural Person Investors Only 
 (a) The Subscriber represents and warrants that it
has complied with all of its obligations under the EU General Data Protection Regulation (2016/679) (“GDPR”) and each other applicable law relating to the protection of personal data (together with any local supplementing or
delegated legislation in the European Economic Area, and in respect of the United Kingdom, the GDPR as it forms part of the laws of the United Kingdom by virtue of section 3 of the European Union (Withdrawal) Act 2018 and as amended by the Data
Protection, Privacy and Electronic Communications (Amendments etc.) (EU Exit) Regulations 2019 and the UK Data Protection Act 2018 (as amended)) (“Data Protection Legislation”), in respect of any personal data the Subscriber has
provided to the Company and/or Angelo Gordon, their affiliates, representatives and/or service providers (whether directly or indirectly) in connection with the Subscriber’s investment. 

(b) The Subscriber undertakes to continue to comply with all Data Protection Legislation in force from time to time for such period as the
Subscriber is a shareholder of the Company, so far as it relates to the Subscriber’s investment in the Company. 
 (c) The Subscriber
acknowledges that it is a data controller of all personal data provided by it, whether directly or indirectly, to the Company, Angelo Gordon, their affiliates, representatives and/or service providers, and accordingly the Subscriber represents and
warrants that it has collected, processes, and will transfer all such personal data lawfully in accordance with Data Protection Legislation. 

(d) The Subscriber represents and warrants that it provided or will provide the privacy notice in the form set out in Appendix C of the Master
SIF to any individuals whose personal data was or is to be transferred, whether directly or indirectly, to the Company, Advisor, Angelo Gordon, or any of their affiliates, representatives and/or service providers, prior to obtaining and transferring
that personal data. 
 (e) The Subscriber represents and warrants that it is aware and agrees that personal data it has provided may be
transferred, directly or indirectly, to the affiliates, representatives and/or service providers of the Company, the Advisor or Angelo Gordon, including to a jurisdiction outside the European Economic Area and the United Kingdom. 

Data Protection Representations and Warranties – California Residents 

(a) Each Subscriber that is a California resident acknowledges receipt of the Company’s, the Advisor’s and Angelo Gordon’s
California-specific Privacy Policy set out in Appendix D of the Master SIF, which explains the types of personal information that the Company, the Advisor and Angelo Gordon collect and disclose and the purpose relating thereto, as well as the rights
granted to California residents under the California Consumer Privacy Act, together with any implementing regulations, as amended from time to time (the “CCPA”). 

  

					
	Subscription Agreement	  	SA-14	  	

 (b) The Subscriber represents and warrants that, where applicable, it provided or will
provide the California-specific Privacy Policy set out in Appendix D of the Master SIF to any individuals whose personal information was or is to be transferred, whether directly or indirectly to the Company, the Advisor and Angelo Gordon, or any of
their affiliates, representatives and/or service providers, prior to obtaining and transferring that personal information. 
 (c) If
the Subscriber is subscribing as an agent, nominee, custodian or similar representative on behalf of a beneficial owner and is itself a “business” that is subject to the CCPA, such agent, nominee, custodian or representative represents and
warrants that it has complied with all of its obligations under the CCPA, as applicable, with respect to any of the personal information, as defined under the CCPA, of a California resident natural person that the Subscriber has provided to the
Company, the Advisor, Angelo Gordon, their affiliates, representatives and/or service providers in connection with the Subscriber’s investment. 

FATCA/AEOI Representations – All Investors 

The Subscriber acknowledges and agrees that a number of obligations may be imposed on the Company and its affiliates under:
(i) legislation known as the U.S. Foreign Account Tax Compliance Act, Sections 1471 through 1474 of the Code and the U.S. Treasury regulations thereunder (whether proposed, temporary or final); (ii) the Common Reporting Standard issued by the
Organisation for Economic Cooperation and Development; and (iii) any other legislation, regulations or guidance in any jurisdiction which seeks to implement any similar automatic exchange of financial, account or tax information agreements or
arrangements (collectively, “AEOI”). In this regard: 
 (a) The Subscriber acknowledges that, in order to comply with AEOI
and/or to avoid the imposition of U.S. federal withholding tax, the Company, Angelo Gordon, and the Company’s other agents and their affiliates, including but not limited to the Advisor, may, from time to time, (i) require further
information and/or documentation from the Subscriber, which information and/or documentation may (A) include, but is not limited to, information and/or documentation relating to or concerning the Subscriber, the Subscriber’s direct and
indirect beneficial owners and/or controlling persons (if any), any such person’s identity, residence (or jurisdiction of formation or tax residence) and income tax status and (B) need to be certified by the Subscriber and, where
applicable, under penalties of perjury and (ii) provide or disclose any such information and documentation to the IRS or other governmental authorities or agencies, or to any applicable jurisdiction under AEOI, and to certain withholding
agents. 
 (b) The Subscriber agrees to waive any provision of law of any jurisdiction that would, absent a waiver, prevent compliance with
AEOI by the Company or any affiliate thereof, including, but not limited to, the Subscriber’s provision of any requested information and/or documentation. 

(c) The Subscriber acknowledges that if the Subscriber provides information or documentation that is in any way misleading or inaccurate, or
does not timely provide or update the requested information and/or documentation or waiver, as applicable, the Company may, at its sole option and in addition to all other remedies available at law or in equity, immediately or at such other time or
times redeem or withdraw all or a portion of the Subscriber’s investment, prohibit in whole or part the Subscriber from participating in additional investments and/or deduct from the Subscriber’s account and retain amounts sufficient to
indemnify and hold harmless the Company, Angelo Gordon and any of the Company’s other agents (including but not limited to the Advisor), or any other 

  

					
	Subscription Agreement	  	SA-15	  	

 
subscriber/investor, or any partner, member, shareholder, director, manager, officer, employee, delegate, agent, affiliate, executor, heir, assign, successor or other legal representative of any
of the foregoing persons, from any and all withholding taxes, interest, penalties, costs, expenses and other losses or liabilities suffered by any such person or persons on account of the Subscriber’s failure to timely provide or update any
requested information and/or documentation; provided that the foregoing indemnity shall be in addition to and supplement any other indemnity provided under this Subscription Agreement. 

(d) The Subscriber acknowledges that the Company, in consultation with the Advisor, will determine in its sole discretion, whether and how to
comply with AEOI, and any such determinations shall include, but not be limited to, an assessment of the possible burden to Subscribers, the Company and the Administrator of timely collecting information and/or documentation. 

(e) The Subscriber acknowledges and agrees that it shall have no claim against the Company, Angelo Gordon and any of the Company’s other
agents (including but not limited to the Advisor), or any other subscriber/investor, or any partner, member, shareholder, director, manager, officer, employee, delegate, agent, affiliate, executor, heir, assign, successor or other legal
representative of any of the foregoing persons, for any damages or liabilities attributable to any AEOI compliance related determinations pursuant to the foregoing paragraph (d); provided that the foregoing indemnity shall be in addition to and
supplement any other indemnity provided under this Subscription Agreement. 
 Indemnification 

The Subscriber understands the meaning and legal consequences of the representations, warranties, agreements, covenants and confirmations set
out above and agrees that the subscription made hereby, if accepted by the Company, will be accepted in reliance thereon. The Subscriber agrees to indemnify and hold harmless the Company and the Advisor (including for this purpose its partners,
members, other beneficial owners, officers and employees, and each person who controls the Company within the meaning of Section 20 of the U.S. Securities Exchange Act of 1934, as amended) from and against any and all loss, damage, liability or
expense, including reasonable costs and attorneys’ fees and disbursements, which the Company or such persons may incur by reason of, or in connection with, any representation or warranty made herein (or in the Subscriber Information Forms) not
having been true, correct and complete when made or when deemed repeated, or any breach thereof, any misrepresentation made by the Subscriber or any failure by the Subscriber to fulfill any of the covenants or agreements set forth herein, in the
Subscriber Information Forms or in any other document provided by the Subscriber to the Company in connection with the Subscriber’s investment in the Company. In the event that an indemnified party is not a party to this Subscription Agreement
and accordingly may be unable to enforce the indemnity provisions hereof, the benefit of the indemnity shall be deemed to have been given in favor of the Company as trustee who shall be entitled and is hereby authorized to enforce the provisions of
this section on behalf of each indemnified party. This indemnification shall survive the Subscriber’s death or disposition of Shares of the Company. 

Miscellaneous 
 (a) The Subscriber agrees
that neither this Subscription Agreement, nor any of the Subscriber’s rights, interest or obligations hereunder, is transferable or assignable by the Subscriber, and further agrees that the transfer or assignment of any Shares acquired pursuant
hereto shall be made only in accordance with the provisions hereof, the Memorandum and all applicable laws. 

  

					
	Subscription Agreement	  	SA-16	  	

 (b) The Subscriber agrees that, except as permitted by applicable law, it may not cancel,
terminate or revoke this Subscription Agreement or any agreement of the Subscriber made hereunder, and that this Subscription Agreement shall survive the death or legal disability of the Subscriber and shall be binding upon the Subscriber’s
heirs, executors, administrators, successors and assigns. 
 (c) This Subscription Agreement has been duly authorized, executed and delivered
by the Subscriber and, upon due authorization, execution and delivery by the Company, will constitute the valid and legally binding agreement of the Subscriber enforceable in accordance with its terms against the Subscriber, except as such
enforceability may be limited by: (i) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other laws of general application relating to or affecting the enforcement of creditors’ rights and remedies, as from time
to time in effect; (ii) application of equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law); and (iii) considerations of public policy or the effect of applicable law relating
to fiduciary duties. 
 (d) The execution, delivery and performance of this Subscription Agreement and the Memorandum by the Subscriber do
not and will not result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement,
or any license, permit, franchise or certificate, to which the Subscriber is a party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under or pursuant to any of the foregoing, violate
the organizational documents of the Subscriber, or violate in any material respect any statute, regulation, law, order, writ, injunction or decree to which the Subscriber is subject. The Subscriber has obtained all authorizations, consents,
approvals and clearances of all courts, governmental agencies and authorities and such other persons, if any, required to permit the Subscriber to enter into this Subscription Agreement and the Memorandum and to consummate the transactions
contemplated hereby and thereby. 
 (e) The parties hereto consent to entering into this Subscription Agreement electronically and signing
this Subscription Agreement electronically. 
 (f) All of the representations, warranties, covenants, agreements, indemnities and
confirmations set out above and in the Subscriber Information Forms shall survive the acceptance of the subscription made herein and the issuance of any Shares, the closing date of the Company and the merger or dissolution of the Company without
limitation as to time. 
 (g) The Subscriber hereby agrees that any representation made hereunder will be deemed to be reaffirmed by the
Subscriber at any time it makes an additional capital contribution to the Company and the act of making such additional contribution will be evidence of such reaffirmation. 

(h) The Subscriber acknowledges that information concerning the Subscriber contained herein and in the records of the Company may be provided
to Angelo Gordon and professional advisers for any purpose. 
 (i) This Subscription Agreement together with the Subscriber Information Forms
and the Memorandum, in each case as modified by any side letter or similar agreement among the parties hereto, constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and may be amended only by a writing
executed by both parties. 

  

					
	Subscription Agreement	  	SA-17	  	

 (j) Within 10 days after receipt of a written request therefor from the Company, the
Subscriber agrees to provide such information and to execute and deliver such documents as the Company may deem reasonably necessary to comply with any and all laws, rules, regulations, orders and ordinances to which the Company, its Affiliates
and/or any investment is or may be subject. 
 (k) The Subscriber acknowledges and agrees that the Company may release confidential
information about it and, if applicable, any Beneficial Interest Holder or Related Person, to any governmental authority, self-regulatory organization or any other person, if the Company, in its sole discretion, determines that it is required to do
so or it is in the best interest of the Company to do so. 
 (l) If the Subscriber is subscribing for Shares as a record owner in its
capacity as agent, representative, custodian or nominee on behalf of one or more beneficial owners, it agrees that the representations, warranties and covenants made in this Subscription Agreement are made by it on behalf of itself and the
beneficial owners of the Shares subscribed for hereby. 
 (m) The Subscriber acknowledges that, within two years of the initial closing of
the Shares, the Company expects to merge with and into an affiliated publicly offered, non-traded business development company (the “Non-Traded BDC”)
having the same investment adviser, substantially the same investment objectives and policies as the Company and the same management and advisory fees as the Company (the “Merger”) and, to the extent required by applicable law, the
Subscriber consents to the Merger. 
 Notices 

Any notice required or permitted to be given to the Subscriber in relation to the Company shall be sent to the address specified in Question 2,
Contact Information, in Part I of the Master SIF or to such other address as the Subscriber designates by written notice received by the Company. To the extent required by the Investment Advisers Act of 1940, as amended, the Advisor will notify the
Company of any change in the membership of the Advisor within a reasonable time after the change. 
 Governing Law 

(a) This Subscription Agreement shall be governed by, and construed in accordance with, the laws of the state of New York. 

(b) The parties hereby consent to jurisdiction and venue for any action arising out of this Subscription Agreement in any state or federal
court of appropriate jurisdiction located in New York County, New York. To the fullest extent permitted by law, the Subscriber consents to service of process in any action or proceeding involving the Company by the mailing thereof by registered or
certified mail, postage prepaid, to shall be sent to the address specified in Question 2, Contact Information, in Part I of the Master SIF or to such other address as the Subscriber designates by written notice received by the Company. 

Third Party Rights 
 An indemnified party
who is not a party to this Subscription Agreement and who is granted rights pursuant to this Subscription Agreement may, in its own right enforce its rights subject to and in accordance with the provisions of the Contracts (Rights of Third Parties)
Act, 2014, as amended, modified, re-enacted or replaced. 

  

					
	Subscription Agreement	  	SA-18	  	

 Notwithstanding any other term of this Subscription Agreement, the consent of any
indemnified party who is not a party to this Subscription Agreement is not required for any amendment to, or variation, release, rescission or termination of this Subscription Agreement. 

  

					
	Subscription Agreement	  	SA-19	  	

 SIGNATURE PAGE 

(Complete and sign) 
 By signing below, the
Subscriber (1) confirms that the information contained in the Subscriber Information Forms is accurate and complete, (2) agrees to the terms of the Subscription Agreement (including the subscription for the Shares in the amount set forth
below) and the Memorandum, (3) requests that the records of the Company reflect the Subscriber’s admission as a shareholder, and (4) acknowledges that written confirmation of the Company’s acceptance of the Subscriber’s
subscription may be sent to the Subscriber in lieu of delivering a countersigned Subscription Agreement. 
  

					
	Executed as a deed.	 		 	
			
	Dated: ___________, 20__	 		 	AMOUNT OF SUBSCRIPTION
			
		 		 	$ ______________________________________

  

					
		 		 	  
 Print name of
Subscriber

			
	  
	 		 	  

	Signature of Witness	 		 	Signature
			
	  
	 		 	  

	Name of Witness (to Signature of Subscriber)	 		 	 Print name and title/representative capacity
 of
any person signing on behalf of an entity

			
	  
	 		 	  

	Signature of Witness	 		 	 Signature of Spouse or Other Joint Subscriber

(if applicable◆)

			
	  
	 		 	  

	Name of Witness (to Signature of Spouse or Other Joint Subscriber, if applicable)	 		 	 Print name of Spouse or Other Joint Subscriber

(if applicable)

			
	  
	 		 	  

	Signature of Witness	 		 	 Signature of IRA custodian or trustee
 (if
applicable◆◆)

			
	  
	 		 	  

	Name of Witness (to IRA custodian or trustee, if applicable)	 		 	 Print name and representative capacity of
 any
person signing as an IRA custodian or trustee

  

	◆ 	 If you are married and live in a community property state, both you and your spouse must sign. Community
property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Puerto Rico, Texas, Washington and Wisconsin. 

	◆◆ 	 The signature of the beneficial owner of the IRA is not required on this line. Only the signature
of the IRA custodian or trustee is required on this line. 

  

					
	Signature Page	  		  	

 APPENDIX A 

Definitions 
 Close
Associate: With respect to a Senior Foreign Political Figure, a person who is widely and publicly known internationally to maintain an unusually close relationship with the Senior Foreign Political Figure, and includes a person who is in a
position to conduct substantial domestic and international financial transactions on behalf of the Senior Foreign Political Figure. With respect to a Politically Exposed Person, any natural person who is known to hold the ownership of control of a
legal instrument or person jointly with a Politically Exposed Person, or who maintains some other kind of close business of personal relationship with a Politically Exposed Person, or who holds the ownership or control of a legal instrument or
person which is known to have been established to the benefit of a Politically Exposed Person. 
 FATF: The Financial Action Task
Force on Money Laundering. 
 Foreign Bank: An organization that: (a) is organized under the laws of a country outside the
United States; (b) engages in the business of banking; (c) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (d) receives deposits to a
substantial extent in the regular course of its business; and (e) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a foreign bank. 

Foreign Shell Bank: A Foreign Bank without a Physical Presence in any country: does not include a Regulated Affiliate. 

Government Entity: Any government or any state, department or other political subdivision thereof, or any governmental body, agency,
authority or instrumentality in any jurisdiction exercising executive, legislative, regulatory or administrative functions of or pertaining to government. 

Immediate Family: With respect to a Senior Foreign Political Figure or a Politically Exposed Person, typically includes that
person’s parents, siblings, spouse, children and in-laws. 
 Municipal Entity: Any
state, a political subdivision thereof or municipal corporate instrumentality of the above, including: (a) any agency, authority or instrumentality of the above; (b) any plan, program or pool of assets sponsored or established by the
above; and (c) any other issuer of municipal securities. 
 Municipal Escrow Investments: Proceeds of municipal securities and
any other funds of a Municipal Entity or obligated person, such as a guarantor, that are deposited in an escrow account to pay the principal of, premium, if any, and interest on one or more issues of municipal securities. 

Non-Cooperative Jurisdiction: Any foreign country or territory that has been designated as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as FATF, of which the United States is a member and with which designation the
United States representative to the group or organization continues to concur. For FATF’s list of non-cooperative countries and territories, see
http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/. 

  

					
	Appendix A	  	A-1	  	

 Offshore Bank: A Foreign Bank operating under an Offshore Banking License. 

Offshore Banking License: A license to conduct banking activities which, as a condition of the license, prohibits the licensed entity
from conducting banking activities with the citizens of, or with the local currency of, the country which issued the license. 
 Physical
Presence: A place of business that is maintained by a Foreign Bank and is located at a fixed address, other than solely a post office box or an electronic address, in a country in which the Foreign Bank is authorized to conduct banking
activities, at which location the Foreign Bank: (a) employs one or more individuals on a full-time basis; (b) maintains operating records related to its banking activities; and (c) is subject to inspection by the banking authority
that licensed the Foreign Bank to conduct banking activities. 
 Politically Exposed Person: Includes: (a) a person who is or
has been entrusted with prominent public functions by a foreign country, for example a Head of State or of government, senior politician, senior government, judicial or military official, senior executive of a state owned corporation, and important
political party official; (b) a person who is or has been entrusted domestically with prominent public functions, for example a Head of State or of government, senior politician, senior government, judicial or military official, senior
executive of a state owned corporation, and important political party official; and (c) a person who is or has been entrusted with a prominent function by an international organization like a member of senior management, such as a director, a
deputy director and a member of the board or equivalent functions. 
 Proceeds of Municipal Securities: Any of the following:
(a) monies derived by a Municipal Entity from the sale of municipal securities; (b) investment income derived from the investment or reinvestment of the monies in (a); (c) any monies of a Municipal Entity or obligated person, such as a
guarantor, held in funds under legal documents for the municipal securities that are reasonably expected to be used as security or a source of payment for the payment of the debt service on the municipal securities, including, reserves, sinking
funds, and pledge funds created for such purposes; and (d) the investment income derived from the investment or reinvestment of monies in such funds. 

Publicly Traded Company: An entity whose securities are listed on a recognized securities exchange or quoted on an automated quotation
system in the U.S. or country other than a Non-Cooperative Jurisdiction or a wholly-owned subsidiary of such an entity. 

Qualified Plan: A tax qualified pension or retirement plan in which at least 100 employees participate that is maintained by an
employer that is organized in the U.S. or is a U.S. Government Entity. 
 Regulated Affiliate: A Foreign Shell Bank that (a) is
an affiliate of a depository institution, credit union, or Foreign Bank that maintains a Physical Presence in the U.S. or a foreign country, as applicable and (b) is subject to supervision by a banking authority in the country regulating such
affiliated depository institution, credit union, or Foreign Bank. 

  

					
	Appendix A	  	A-2	  	

 Related Person: With respect to any entity, interest holder, director, senior
officer, trustee, beneficiary or grantor of such entity; provided that in the case of an entity that is a Publicly Traded Company or a Qualified Plan, the term “Related Person” shall exclude any interest holder holding less than 5% of any
class of securities of such Publicly Traded Company and beneficiaries of such Qualified Plan. 
 Senior Foreign Political Figure: A
senior official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a senior official of a major
non-U.S. political party, or a senior executive of a non-U.S. government-owned corporation. In addition, a Senior Foreign Political Figure includes any corporation,
business or other entity that has been formed by, or for the benefit of, a Senior Foreign Political Figure. 
 USA PATRIOT Act: The
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 (Pub. L. No. 107-56). 

  

					
	Appendix A	  	A-3EX-10.6

 Exhibit 10.6 
  

 
 GLOBAL CUSTODY AGREEMENT 

AGREEMENT, dated as of _____________________ between ___________________________________ (“Customer”) and The Bank of New York
Mellon Trust Company, National Association (“Custodian”). 
 ARTICLE I 

DEFINITIONS 
 Whenever used
in this Agreement, the following words shall have the meanings set forth below: 
 1. “Authorized Person” shall be
any person, whether or not an officer or employee of Customer, duly authorized by Customer to give Oral Instructions or Written Instructions with respect to one or more Accounts, such persons to be designated in a Certificate of Authorized Persons
which contains a specimen signature of such person. 
 2. “BNYM Affiliate” shall mean any office, branch or
subsidiary of The Bank of New York Mellon Corporation. 
 3. “Book-Entry
System” shall mean the Federal Reserve/Treasury book-entry system for receiving and delivering securities, its successors and nominees. 

4. “Business Day” shall mean any day on which Custodian and relevant Subcustodians and Depositories are open for
business. 
 5. “Corporate Action Instructions” shall mean instructions delivered to Custodian by Electronic Means,
other than e-mail. Corporate Action Instructions sent by facsimile shall be sent to the following number 844-299-3627
(which such number may be changed from time to time as Custodian may designate in writing). 
 6. “Depository” shall
include the Book-Entry System, the Depository Trust Company, Euroclear, Clearstream Banking S.A. and any other securities depository, book-entry system or clearing agency (and their respective successors and nominees) authorized to act as a
securities depository, book-entry system or clearing agency pursuant to applicable law and identified to Customer from time to time. 

7. “Electronic Means” shall mean the following communications methods: e-mail,
facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Custodian, or another method or system specified by the Custodian as available for use in connection
with its services hereunder.
 8. “Oral Instructions” shall mean instructions received verbally by Custodian. 

9. “Sanctions” means all economic sanctions laws, rules, regulations, executive orders and requirements administered
by any governmental authority of the United States (including the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”)), the United Nations Security Council, the European Union, HM Treasury or any other
applicable domestic or foreign authority with jurisdiction over Customer.” 
 10. “Securities” shall include,
without limitation, any common stock and other equity securities, mutual funds, hedge funds, collective investment vehicles, bonds, debentures, bank loans and other debt securities, notes, mortgages or other obligations, and any instruments
representing rights to receive, purchase, or subscribe for the same, or representing any other rights or interests therein (whether represented by a certificate or held in a Depository, with a Subcustodian or on the books of the issuer). 

11. “Subcustodian” shall mean a bank or other financial institution (other than a Depository) which is utilized by
Custodian in connection with the purchase, sale or custody of Securities hereunder and identified to Customer from time to time. 

 12. “Written Instructions” shall mean written communications
actually received by Custodian by letter or by Electronic Means. 
 ARTICLE II 

APPOINTMENT OF CUSTODIAN; ACCOUNTS; 

REPRESENTATIONS AND WARRANTIES 

1. Customer hereby appoints Custodian as custodian of all Securities and cash at any time delivered to Custodian during the term of this
Agreement, and authorizes Custodian to hold Securities in registered form in its name or the name of its nominees. Custodian hereby accepts such appointment and agrees to establish and maintain one or more securities accounts and cash accounts
(which accounts will be segregated from the accounts of other customers of Custodian) in which Custodian will hold Securities and cash as provided herein. Such accounts (each, an “Account”; collectively, the “Accounts”) shall be
in the name of Customer. 
 2. Customer hereby represents, warrants and covenants, which representations, warranties and covenants shall be
continuing and shall be deemed to be reaffirmed upon each Oral Instruction or Written Instruction given by Customer, that: 
 (a) Customer is
duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 

(b) This Agreement has been duly authorized, executed and delivered by Customer, constitutes a valid and legally binding obligation of
Customer, enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on Customer prohibits Customer’s execution or performance of this Agreement; and 

(c) Either Customer owns the Securities in the Accounts free and clear of all liens, claims, security interests and encumbrances (except those
granted herein) or, if the Securities in an Account are owned beneficially by others, Customer has the right to pledge such Securities to the extent necessary to secure Customer’s obligations hereunder, free of any right of redemption or prior
claim by the beneficial owner. Custodian’s security interest pursuant to Article V hereof shall be a first lien and security interest subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any other
party (other than specific liens granted preferred status by statute), and Customer shall take any and all additional steps which are required to assure Custodian of such priority and status, including (i) notifying third parties or obtaining
their consent to Custodian’s security interest, (ii) prohibiting transfer of any interest in a Security from the nominee name in which such investment is registered without the express written consent of Custodian and (iii) ensuring
it does not take any other action that would cause Custodian’s first lien and security interest hereunder to be materially and adversely affected. 

3. Custodian hereby represents and warrants, which representations and warranties shall be deemed to be reaffirmed upon each Oral or Written
Instruction given by Customer to Custodian, that: 
 (a) Custodian is duly organized and existing under the laws of the jurisdiction of its
organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; and 

(b) This Agreement has been duly authorized, executed and delivered by Custodian, constitutes a valid and legally binding obligation of
Custodian, enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on Custodian prohibits Custodian’s execution or performance of this Agreement. 

ARTICLE III 
 CUSTODY AND
RELATED SERVICES 
 1. (a) Subject to the terms hereof, Customer hereby authorizes Custodian to hold any Securities received by it from
time to time for Customer’s account. Custodian shall be entitled to utilize Depositories and Subcustodians to the extent possible in connection with its performance hereunder. Securities and cash deposited by Custodian in a Depository will be
held subject to the rules, terms and conditions of such Depository. Securities and cash held through Subcustodians shall be held subject to the terms and conditions of Custodian’s agreements with such Subcustodians. Subcustodians may be
authorized to hold Securities in central securities depositories or clearing agencies in which such Subcustodians participate. Unless otherwise required by local law or practice or a particular subcustodian agreement, Securities deposited with
Subcustodians will be held in a commingled account in the name of Custodian as custodian or trustee for its customers. Custodian shall identify on its books and records the Securities and cash belonging to Customer, whether held directly or
indirectly through Depositories or Subcustodians. Custodian shall use commercially reasonable methods (taking into consideration the methods employed by professional custodians in comparable circumstances) so that, in the event of an attachment,
bankruptcy, moratorium or any situation similar event affecting the Custodian, any Subcustodian or Depository, Customer would be entitled to recover, free and clear of all liens, encumbrances and claims, the Customer’s Securities and cash held
by Custodian, any Subcustodian or Depository and, wherever applicable, the physical possession of the Securities held by Custodian, any 

 
Subcustodian or Depository. Custodian will require each Subcustodian to separately identify the Securities and cash in its safe-keeping as being held on Custodian’s own account from those
held on behalf of Custodian’s clients, to the extent permitted by the laws and regulations of the local jurisdiction and the procedures of the relevant Subcustodian. In addition, Custodian will keep its books and registers up to date and will
make a distinction in its books and registers between the Securities and cash held on its own account from the Securities and cash held on behalf of its clients, and the Securities and cash held for Customer’s account from Securities and cash
held on behalf of its other clients. 
 (b) Unless applicable law otherwise requires, Custodian shall hold Securities indirectly through a
Subcustodian only if (i) the Securities are not subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors, including a receiver or trustee in bankruptcy or similar authority,
except for a claim of payment for the safe custody or administration of Securities or for funds advanced on behalf of Customer by such Subcustodian, and (ii) beneficial ownership of the Securities is freely transferable without the payment of
money or value other than for safe custody or administration. 
 2. Custodian shall furnish Customer with an advice of daily transactions
and a monthly summary of all transfers to or from the Accounts by the 1st business day of each calendar month. Customer may elect to receive advices, confirmations, reports or statements
electronically through the Internet to an email address specified by it for such purpose. By electing to use the Internet for this purpose, Customer acknowledges that such transmissions are not encrypted and therefore are insecure. Customer further
acknowledges that there are other risks inherent in communicating through the Internet such as the possibility of virus contamination and disruptions in service, and agrees that Custodian shall not be responsible for any loss, damage or expense
suffered or incurred by Customer or any person claiming by or through Customer as a result of the use of such methods. 
 3. With respect to
all Securities held hereunder, Custodian shall, unless otherwise instructed to the contrary: 
 (a) Receive all income and other payments and
advise Customer as promptly as practicable of any such amounts due but not paid; 
 (b) Present for payment and receive the amount paid upon
all Securities which may mature and advise Customer as promptly as practicable of any such amounts due but not paid; 
 (c) Forward to
Customer all information or documents that it may receive from an issuer of Securities which, in the opinion of Custodian, are intended for the beneficial owner of Securities; 

(d) Execute, as custodian, any certificates of ownership, affidavits, declarations or other certificates under any tax laws now or hereafter in
effect in connection with the collection of bond and note coupons; 
 (e) Hold directly or through a Depository or Subcustodian all rights
and similar Securities issued with respect to any Securities credited to an Account hereunder; and 
 (f) Endorse for collection checks,
drafts or other negotiable instruments. 
 (g) Custodian shall perform the following functions with respect to Securities consisting of bank
loans and the cash receipts and proceeds with respect thereto: 
 (i) Receive funds to purchase bank loans and remit those funds to the
recipient borrower or seller of such bank loans upon Written Instructions of Authorized Person; 
 (ii) Enter standard bank loan information
into Custodian’s loan tracking system; 
 (iii) Forward to Customer the agent bank notices received from agent banks with respect to
Customer; and 
 (iv) Prepare and deliver to Customer a position summary statement, cash flow activity and contract accrual reports with
respect to the bank loans on a mutually agreed upon periodic basis. 
 4. (a) Custodian shall use reasonable endeavours to deliver or cause
to be delivered to Customer, copies of all notices, proxies and proxy-soliciting materials received by Custodian or its nominee in relation to any of the Securities held by Custodian or its nominee for the account of Customer as soon as reasonably
practicable after such information becoming available to it. Promptly following receipt thereof, Custodian shall notify Customer of such rights or discretionary actions or of the date or dates by when such rights must be exercised or such action
must be taken provided that Custodian has received, from the issuer or the relevant Depository (with respect to Securities issued in the United States) or from the relevant Subcustodian, Depository or a nationally or internationally recognized bond
or corporate action service to which Custodian subscribes, timely notice of such rights or discretionary corporate action or of the date or dates such rights must be exercised or such action must be taken (except for bank loans). Absent actual
receipt of such notice, Custodian shall have no liability for failing to so notify Customer. 

 (b) Whenever Securities (including, but not limited to, warrants, options, tenders, options
to tender or non-mandatory puts or calls) confer optional rights on Customer or provide for discretionary action or alternative courses of action by Customer, Customer shall be responsible for making any
decisions relating thereto and for directing Custodian to act. In order for Custodian to act, it must receive Customer’s Corporate Action Instructions, not later than noon at least two (2) Business Days prior to the last scheduled date to
act with respect to such Securities (or such earlier date or time as Custodian may notify Customer). Absent Custodian’s timely receipt of such Corporate Action Instructions, Custodian shall not be liable for failure to take any action relating
to or to exercise any rights conferred by such Securities. 
 5. In order to facilitate access by Customer or its designee to ballots or
online systems to assist in the voting of proxies received for eligible positions of Securities held in the Account (excluding bankruptcy matters), the Custodian will, at the written request of Customer upon the execution of this Agreement, appoint
a provider of proxy voting services to act as agent of Customer to provide global proxy voting services to Customer. Custodian shall have no obligation or liability in respect of such proxy voting services or the acts or omissions of the provider of
such proxy voting services. 
 6. Custodian shall promptly advise Customer upon its notification of the partial redemption, partial payment
or other action affecting less than all Securities of the relevant class (except for bank loans). If Custodian, any Subcustodian or Depository holds any such Securities in which Customer has an interest as part of a fungible mass, Custodian, such
Subcustodian or Depository may select the Securities to participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection.

 7. Custodian shall not under any circumstances accept bearer interest coupons which have been stripped from United States federal, state
or local government or agency securities unless explicitly agreed to by Custodian in writing. 
 8. Customer shall be liable for all taxes,
assessments, duties and other governmental charges, including any interest or penalty with respect thereto (“Taxes”), with respect to any cash or Securities held on behalf of Customer or any transaction related thereto. Customer shall
indemnify Custodian and each Subcustodian for the amount of any Tax that Custodian, any such Subcustodian or any other withholding agent is required under applicable laws (whether by assessment or otherwise) to pay on behalf of, or in respect of
income earned by or payments or distributions made to or for the account of Customer (including any payment of Tax required by reason of an earlier failure to withhold). Custodian shall, or shall instruct the applicable Subcustodian or other
withholding agent to, withhold the amount of any Tax which is required to be withheld under applicable law upon collection of any dividend, interest or other distribution made with respect to any Security and any proceeds or income from the sale,
loan or other transfer of any Security. In the event that Custodian or any Subcustodian is required under applicable law to pay any Tax on behalf of Customer, Custodian is hereby authorized to withdraw cash from any cash account in the amount
required to pay such Tax and to use such cash, or to remit such cash to the appropriate Subcustodian, for the timely payment of such Tax in the manner required by applicable law. If the aggregate amount of cash in all cash accounts is not sufficient
to pay such Tax, Custodian shall promptly notify Customer of the additional amount of cash (in the appropriate currency) required, and Customer shall directly deposit such additional amount in the appropriate cash account promptly after receipt of
such notice, for use by Custodian as specified herein. In the event that Custodian reasonably believes that Customer is eligible, pursuant to applicable law or to the provisions of any tax treaty, for a reduced rate of, or exemption from, any Tax
which is otherwise required to be withheld or paid on behalf of Customer under any applicable law, Custodian shall, or shall instruct the applicable Subcustodian or withholding agent to, either withhold or pay such Tax at such reduced rate or
refrain from withholding or paying such Tax, as appropriate; provided that Custodian shall have received from Customer all documentary evidence of residence or other qualification for such reduced rate or exemption required to be received
under such applicable law or treaty. Custodian and the applicable Subcustodian shall have no responsibility for the accuracy or validity of any forms or documentation provided by Customer to Custodian hereunder. Customer hereby agrees to indemnify
and hold harmless Custodian and each Subcustodian in respect of any liability arising from any underwithholding or underpayment of any Tax which results from the inaccuracy or invalidity of any such forms or other documentation, and such obligation
to indemnify shall be a continuing obligation of Customer, its successors and assigns, notwithstanding the termination of this Agreement. 

9. (a) For the purpose of settling Securities and foreign exchange transactions, Customer shall provide Custodian with sufficient immediately
available funds for all transactions by such time and date as conditions in the relevant market dictate. As used herein, “sufficient immediately available funds” shall mean either (i) sufficient cash denominated in the currency of
Customer’s home jurisdiction to purchase the necessary foreign currency, or (ii) sufficient applicable foreign currency to settle the transaction. Custodian shall provide Customer with immediately available funds each day which result from
the actual settlement of all sale transactions, based upon advices received by Custodian from its Subcustodians and Depositories. Such funds shall be in the currency of Customer’s home jurisdiction or such other currency as Customer may specify
to Custodian. 
 (b) If the Custodian receives an instruction to effect any foreign exchange transactions, or cannot comply with
instructions without effecting foreign exchange transactions, the Custodian is authorized to enter into spot foreign exchange transactions (“FX Transactions”) with the Customer in connection with the Accounts and may provide such foreign
exchange services to the Customer itself or through any BNYM Affiliates. The Custodian may convert currency itself or through any BNYM Affiliate and, in 

 
those cases, the Custodian or, as the case may be, the relevant BNYM Affiliate through which currency is converted acts as principal for its own account and not as agent, advisor, broker or
fiduciary on behalf of any other person and may earn revenue, including, without limitation, transaction spreads, and sales margin, that it will retain for its own account. The revenue is based on, among other things, the difference between the
exchange rate assigned to the FX Transaction made under this Agreement and the rate that the Custodian or any BNYM Affiliate receives when buying or selling foreign currency for its own account. The Custodian or the relevant BNYM Affiliate makes no
representation that the exchange rate used or obtained for any FX Transaction under this Agreement will be the most favorable rate that could be obtained at the time or as to the method by which that rate will be determined. The Custodian or the
relevant BNYM Affiliate may establish rules or limitations concerning any foreign exchange facility made available to the Customer. Any such FX Transactions will be subject to terms and conditions (the “FX Terms”) separately disclosed. In
addition, the Custodian may transmit any FX Transaction to a Subcustodian or Depository or as otherwise agreed between the Customer and the Custodian. In such cases, the relevant FX Transaction may not be processed and priced as described in the FX
Terms. 
 10. To the extent that Custodian has agreed to provide pricing or other information services in connection with this Agreement,
Custodian is authorized to utilize any vendor (including brokers and dealers of Securities) reasonably believed by Custodian to be reliable to provide such information. Customer understands that certain pricing information with respect to complex
financial instruments (e.g., derivatives) may be based on calculated amounts rather than actual market transactions and may not reflect actual market values, and that the variance between such calculated amounts and actual market values may
or may not be material. Where vendors do not provide information for particular Securities or other property, an Authorized Person may advise Custodian regarding the fair market value of, or provide other information with respect to, such Securities
or property as determined by it in good faith. Custodian shall not be liable for any loss, damage or expense incurred as a result of errors or omissions with respect to any pricing or other information utilized by Custodian hereunder, except any
loss, damage or expense arising out of the gross negligence or wilful misconduct of Custodian or the failure of Custodian to exercise reasonable care in the selection of said vendor. 

11. As an accommodation to Customer, Custodian may provide consolidated recordkeeping services pursuant to which Custodian reflects on Account
statements Securities not held in Custodian’s vault or for which Custodian or its nominee is not the registered owner (“Non-Custody Securities”).
Non-Custody Securities shall be designated on Custodian’s books as “shares not held” or by other similar characterization. Customer acknowledges and agrees that it shall have no security
entitlement against Custodian with respect to Non-Custody Securities, that Custodian shall conclusively rely, without independent verification, on information provided by Customer regarding Non-Custody Securities (including but not limited to positions and market valuations) and that Custodian shall have no responsibility whatsoever with respect to Non-Custody
Securities or the accuracy of any information maintained on Custodian’s books or set forth on account statements concerning Non-Custody Securities. 

12. With respect to Securities issued in the United States, the Shareholders Communications Act of 1985 (the “Act”) requires
Custodian to disclose to the issuers, upon their request, the name, address and securities position of its customers who are (a) the “beneficial owners” (as defined in the Act) of the issuer’s Securities, if the beneficial owner
does not object to such disclosure, or (b) acting as a “respondent bank” (as defined in the Act) with respect to the Securities. (Under the Act, “respondent banks” do not have the option of objecting to such disclosure upon
the issuers’ request.) The Act defines a “beneficial owner” as any person who has, or shares, the power to vote a security (pursuant to an agreement or otherwise), or who directs the voting of a security. The Act defines a
“respondent bank” as any bank, association or other entity that exercises fiduciary powers which holds securities on behalf of beneficial owners and deposits such securities for safekeeping with a bank, such as Custodian. Under the Act,
Customer is either the “beneficial owner” or a “respondent bank.” 
  

	☐	 Customer is the “beneficial owner,” as defined in the Act, of the Securities to be held by Custodian
hereunder. 

  

	☐	 Customer is not the beneficial owner of the Securities to be held by Custodian, but is acting as a
“respondent bank,” as defined in the Act, with respect to the Securities to be held by Custodian hereunder. 

 IF NO BOX IS
CHECKED, CUSTODIAN SHALL ASSUME THAT CUSTOMER IS THE BENEFICIAL OWNER OF THE SECURITIES. 
 For beneficial owners of the Securities only: 

 

	☐	 Customer objects 

  

	☐	 Customer does not object 

to the disclosure of its name, address and securities position to any issuer that requests such information pursuant to the Act for the specific purpose of
direct communications between such issuer and Customer. 
 IF NO BOX IS CHECKED, CUSTODIAN SHALL RELEASE SUCH INFORMATION UNTIL IT RECEIVES A
CONTRARY WRITTEN INSTRUCTION FROM CUSTOMER. 
 With respect to Securities issued outside of the United States, information shall be released to issuers only
if required by law or regulation of the particular country in which the Securities are located. 
  

 13. The Bank of New York Mellon Corporation is a global financial organization that operates
in and provides services and products to clients through its affiliates and subsidiaries, including the Custodian, located in multiple jurisdictions (the “BNY Mellon Group”). The BNY Mellon Group may (i) centralize in one or more
affiliates and subsidiaries certain activities (the “Centralized Functions”), including audit, accounting, administration, risk management, legal, compliance, sales, product communication, relationship management, and the compilation and
analysis of information and data regarding Customer (which, for purposes of this provision, includes the name and business contact information for the Customer’s employees and representatives) and the accounts established pursuant to this
Agreement (“Customer Information”) and (ii) use third party service providers to store, maintain and process Customer’s Information (“Outsourced Functions”). Notwithstanding anything to the contrary contained
elsewhere in this Agreement and solely in connection with the Centralized Functions and/or Outsourced Functions, Customer consent to the disclosure of, and authorize BNY Mellon to disclose, Customer’s Information to (i) other members of
the BNY Mellon Group (and their respective officers, directors and employees) and to (ii) third-party service providers (but solely in connection with Outsourced Functions) who are required to maintain the confidentiality of Customer’s
Information. In addition, the BNY Mellon Group may aggregate Customer Information with other data collected and/or calculated by the BNY Mellon Group, and the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon
Group shall not distribute the aggregated data in a format that identifies Customer Information with Customer specifically. Customer represent that Customer is authorized to consent to the foregoing and that the disclosure of Customer’s
Information in connection with the Centralized Functions and/or Outsourced Functions does not violate any relevant data protection legislation. Customer also consent to the disclosure of Customer’s Information to governmental and
regulatory authorities in jurisdictions where the BNY Mellon Group operates and otherwise as required by law. 
 ARTICLE IV 

PURCHASE, SALE AND REDEMPTION OF SECURITIES; 

CREDITS TO ACCOUNT 
 1. (a)
Promptly after each purchase or sale of Securities by Customer, an Authorized Person shall deliver to Custodian Written Instructions specifying all information necessary for Custodian to settle such purchase or sale. Custodian shall account for all
purchases and sales of Securities on the actual settlement date unless otherwise agreed by Custodian. 
 (b) With respect to purchases and
redemptions of hedge fund interests or other collective investments interests (“Hedge Fund Investments”), Custodian (or its nominee) will as agent for Customer, upon the Written Instructions of an Authorized Person, subscribe for and
redeem shares, units or other interests and complete, execute and submit all relevant subscription and redemption documentation required by the relevant issuer; provided that any Written Instructions given to Custodian hereunder shall be in
accordance with Custodian’s procedures notified to Customer from time to time; and provided further, that Customer’s delivery to Custodian of any such Written Instructions to purchase Hedge Fund Investments shall constitute Customer’s
representation and warranty that Customer has reviewed and understands the terms of the relevant offering memorandum or subscription agreement (or similar document) and other document(s) related thereto and agreement to be bound by the terms and
conditions thereof (including all representations and warranties to which Customer will be bound as beneficial owner of such Hedge Fund Investment). 

2. Customer understands that when Custodian is instructed to deliver Securities against payment, delivery of such Securities and receipt of
payment therefor may not be completed simultaneously. Customer assumes full responsibility for all credit risks involved in connection with Custodian’s delivery of Securities pursuant to instructions of Customer. 

3. Custodian may, as a matter of bookkeeping convenience or by separate agreement with Customer, credit the Account with the proceeds from the
sale, redemption or other disposition of Securities or interest, dividends or other distributions payable on Securities prior to its actual receipt of final payment therefor. All such credits shall be conditional until Custodian’s actual
receipt of final payment and may be reversed by Custodian to the extent that final payment is not received. Payment with respect to a transaction will not be “final” until Custodian shall have received immediately available funds which
under applicable local law, rule and/or practice are irreversible and not subject to any security interest, levy or other encumbrance, and which are specifically applicable to such transaction. 

 ARTICLE V 

OVERDRAFTS OR INDEBTEDNESS 

1. If Custodian in its sole discretion advances funds in any currency hereunder or there shall arise for whatever reason an overdraft in an
Account (including, without limitation, overdrafts incurred in connection with the settlement of securities transactions, funds transfers or foreign exchange transactions) or if Customer is for any other reason indebted to Custodian, Customer agrees
to repay Custodian on demand the amount of the advance, overdraft or indebtedness plus accrued interest at a rate ordinarily charged by Custodian to its institutional custody customers in the relevant currency. 

2. In order to secure repayment of Customer’s obligations to Custodian hereunder, Customer hereby pledges and grants to Custodian a
continuing lien and security interest in, and right of set-off against, all of Customer’s right, title and interest in and to the Accounts and the Securities, money and other property now or hereafter
held in the Accounts (including proceeds thereof), and any other property at any time held by it for the account of Customer. In this regard, Custodian shall be entitled to all the rights and remedies of a pledgee and secured creditor under
applicable laws, rules or regulations as then in effect. 
 ARTICLE VI 

CONCERNING CUSTODIAN 
 1.
(a) Except as otherwise expressly provided herein, Custodian shall not be liable for any costs, expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees (collectively, “Losses”), incurred by or
asserted against Customer, except those Losses arising out of the negligence or willful misconduct of Custodian. Custodian shall have no liability whatsoever for the action or inaction of any Depository or issuer of Securities. During the term of
this Agreement, the Custodian will remain responsible to Customer for the performance of its duties in accordance with its standard of care hereunder. Custodian will be solely responsible for, and shall remunerate and reimburse, all fees, costs and
other expenses of any such Subcustodian, agent or such other person. Custodian hereby undertakes to take all reasonable care in selecting, retaining and monitoring any Subcustodian, agent or any other person engaged by Custodian in connection with
the performance of its obligations hereunder. With respect to any Losses incurred by Customer as a result of the acts or the failure to act by any Subcustodian (other than a BNYM Affiliate), Custodian shall take appropriate action to recover such
Losses from such Subcustodian; and Custodian’s sole responsibility and liability to Customer shall be limited to amounts so received from such Subcustodian (exclusive of costs and expenses incurred by Custodian). Provided however, that, at
Customer’s election and to the extent practicable under the circumstances and allowable under the Subcustodian agreement and/ or the law pursuant to which a Subcustodian agreement is construed, Customer shall be subrogated to the rights of the
Custodian with respect to any claims against a Subcustodian as a consequence of any such Loss if and to the extent that Customer has not been made whole for any such Loss by such Subcustodian. In no event shall Custodian or Customer be liable to the
other party hereto or any third party for special, indirect or consequential damages, or lost profits or loss of business, arising in connection with this Agreement. 

(b) Custodian may enter into subcontracts, agreements and understandings with any BNYM Affiliate, whenever and on such terms and conditions as
it deems necessary or appropriate to perform its services hereunder. No such subcontract, agreement or understanding shall discharge Custodian from its obligations hereunder. 

(c) Customer agrees to indemnify Custodian and hold Custodian harmless from and against any and all Losses sustained or incurred by or
asserted against Custodian by reason of or as a result of any action or inaction, or arising out of Custodian’s performance hereunder, including reasonable fees, costs and expenses of counsel incurred by Custodian in a successful defense of
claims by Customer; provided however, that Customer shall not indemnify Custodian for those Losses arising out of Custodian’s gross negligence or willful misconduct. This indemnity shall be a continuing obligation of Customer, its successors
and assigns, notwithstanding the termination of this Agreement. 
 2. Without limiting the generality of the foregoing, Custodian shall be
under no obligation to inquire into, and shall not be liable for, any losses incurred by Customer or any other person as a result of the receipt or acceptance of fraudulent, forged or invalid Securities, or Securities which are otherwise not freely
transferable or deliverable without encumbrance in any relevant market. 
 3. Custodian may, with respect to questions of law specifically
regarding an Account, obtain the advice of counsel and shall be fully protected with respect to anything done or omitted by it in good faith in conformity with such advice. 

4. Custodian shall be under no obligation to take action to collect any amount payable on Securities in default, or if payment is refused
after due demand and presentment. 
 5. Custodian shall have no duty or responsibility to inquire into, make recommendations, supervise, or
determine the suitability of any transactions affecting any Account. 
 6. Customer shall pay to Custodian the fees and charges as may be
specifically agreed upon from time to time and such other fees and charges at Custodian’s standard rates for such services as may be applicable. Customer shall reimburse Custodian for all reasonable costs associated with the conversion of
Customer’s Securities hereunder and the transfer of Securities and records kept in connection with this Agreement. Customer shall also reimburse Custodian for
out-of-pocket expenses which are a normal incident of the services provided hereunder. 

 7. Custodian has the right to debit any cash account for any amount payable by Customer and
not disputed by Customer in good faith in connection with any and all obligations of Customer to Custodian, whether or not relating to or arising under this Agreement. In addition to the rights of Custodian under applicable law and other agreements,
at any time when Customer shall not have honored any and all of its obligations to Custodian, Custodian shall have the right without notice to Customer to retain or set-off, against such obligations of
Customer, any Securities or cash Custodian or a BNYM Affiliate may directly or indirectly hold for the account of Customer, and any obligations (whether matured or unmatured) that Custodian or a BNYM Affiliate may have to Customer in any currency,
provided, however Custodian shall endeavor to provide notice to Customer prior to exercising any rights hereunder. Any such asset of, or obligation to, Customer may be transferred to Custodian and any BNYM Affiliate in order to effect the above
rights. 
 8. (a) Subject to the terms below, Custodian shall be entitled to conclusively rely upon any Written Instructions or Oral
Instructions actually received by Custodian and reasonably believed by Custodian to be duly authorized and delivered. Customer agrees that an Authorized Person shall forward to Custodian Written Instructions confirming Oral Instructions by the close
of business of the same day that such Oral Instructions are given to Custodian. Customer agrees that the fact that such confirming Written Instructions are not received or that contrary Written Instructions are received by Custodian shall in no way
affect the validity or enforceability of transactions authorized by such Oral Instructions and effected by Custodian. 
 (b) The Custodian
shall have the right to accept and act upon Written Instructions, including funds transfer instructions and Corporate Action Instructions, given pursuant to this Custody Agreement and delivered using Electronic Means; provided, however, that the
Customer shall provide to the Custodian a Certificate of Authorized Persons listing Authorized Persons and containing specimen signatures of such Authorized Persons, which Certificate shall be amended by the Customer whenever a person is to be added
or deleted from the listing. If the Customer elects to give the Custodian Written Instructions using Electronic Means and the Custodian in its discretion elects to act upon such Written Instructions, the Custodian’s understanding of such
Written Instructions shall be deemed controlling. The Customer understands and agrees that the Custodian cannot determine the identity of the actual sender of such Written Instructions and that the Custodian shall conclusively presume that
directions that purport to have been sent by an Authorized Person listed on the Certificate of Authorized Persons provided to the Custodian have been sent by such Authorized Person. The Customer shall be responsible for ensuring that only Authorized
Persons transmit such Written Instructions to the Custodian and that the Customer and all Authorized Persons are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication
keys upon receipt by the Customer. The Custodian shall not be liable for any losses, costs or expenses arising directly or indirectly from the Custodian’s reliance upon and compliance with such Written Instructions notwithstanding such
directions conflict or are inconsistent with a subsequent written instruction, except any loss, damage or expense arising out of the gross negligence or willful misconduct of Custodian. The Customer agrees: (i) to assume all risks arising out
of the use of Electronic Means to submit Written Instructions to the Custodian, including without limitation the risk of the Custodian acting on unauthorized Written Instructions, and the risk of interception and misuse by third parties;
(ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Written Instructions to the Custodian and that there may be more secure methods of transmitting Written Instructions than the
method(s) selected by the Customer; (iii) that the security procedures (if any) to be followed in connection with its transmission of Written Instructions provide to it a commercially reasonable degree of protection in light of its particular
needs and circumstances; and (iv) to notify the Custodian immediately upon learning of any compromise or unauthorized use of the security procedures. 

(c) If Customer elects to transmit Written Instructions or Corporate Action Instructions through an electronic platform offered by Custodian or
a BNYM Affiliate, Customer’s access to and use thereof shall be subject to any terms and conditions contained in a separate written agreement. Customer shall be responsible for requesting access to any such electronic platform and completing
the documentation required for such access and nothing herein shall obligate Custodian to ensure any such access. Should Customer fail to, or elect not to, avail itself of such access, neither Custodian nor any BNYM Affiliate accepts any
responsibility whatsoever for any Losses arising as a result of the lack of such access in connection with its services under this Agreement. Notwithstanding any other provision of this Agreement, whenever Custodian is required to deliver any notice
or information to Customer under the terms of this Agreement, it may do so by making the relevant notice or information available to Customer via an electronic platform operated by Custodian or a BNYM Affiliate. If Customer elects (with
Custodian’s prior consent) to transmit Written Instructions or Corporate Action Instructions through an on-line communications service owned or operated by a third party, Customer agrees that Custodian
shall not be responsible or liable for the reliability or availability of any such service. 
 9. Upon reasonable request and provided
Custodian shall suffer no significant disruption of its normal activities, Customer shall have access to Custodian’s books and records relating to the Accounts during Custodian’s normal business hours. Upon reasonable request, copies of
any such books and records shall be provided to Customer at Customer’s expense. 
 10. Custodian shall not either before or for one
year after the termination of this Agreement disclose to any person not authorized by Customer in writing to receive the same any confidential information relating to Customer or its business. Custodian shall not disclose Customer’s
confidential information to personnel responsible for any proprietary trading activity of Custodian or its affiliates. Notwithstanding the immediately preceding sentence, it is understood that Custodian is authorized to supply any information
regarding the Accounts which is required by any law, regulation or rule of any governmental authority having jurisdiction over Custodian, as now or hereafter may be in effect. 

 11. Custodian will not be responsible or liable for any failure or delay in the performance
of its obligations under this Agreement to the extent caused, directly or indirectly, by natural disasters, fire, acts of God, strikes or other labor disputes, work stoppages, acts of war or terrorism, general civil unrest, actual or threatened
epidemics, disease, act of any government, governmental authority or police or military authority, declared or threatened state of emergency, legal constraint, the interruption, loss or malfunction of utilities or transportation, communications or
computer systems, or any other similar events beyond its reasonable control. Custodian will use commercially reasonable efforts to minimize the effect of any such events. 

12. Custodian shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in
this Agreement, and no covenant or obligation shall be implied against Custodian in connection with this Agreement. 
 ARTICLE VII

 TERMINATION 

Either party may terminate this Agreement by giving to the other party a notice in writing specifying the date of such termination, which
shall be not less than ninety (90) days after the date of such notice. Upon termination hereof, Customer shall pay to Custodian such compensation as may be due to Custodian, and shall likewise reimburse Custodian for other amounts payable or
reimbursable to Custodian hereunder. Custodian shall follow such reasonable Oral or Written Instructions concerning the transfer of custody of records, Securities and other items as Customer shall give; provided, that (a) Custodian shall have
no liability for shipping and insurance costs associated therewith, and (b) full payment shall have been made to Custodian of its compensation, costs, expenses and other amounts to which it is entitled hereunder. If any Securities or cash
remain in any Account, Custodian may deliver to Customer such Securities and cash. Except as otherwise provided herein, all obligations of the parties to each other hereunder shall cease upon termination of this Agreement. 

ARTICLE VIII 

MISCELLANEOUS 
 1. Customer
agrees to furnish to Custodian a new Certificate of Authorized Persons in the event of any change in the then present Authorized Persons. Until such new Certificate is received, Custodian shall be fully protected in acting upon Oral Instructions and
Written Instructions of such present Authorized Persons. 
 2. Any notice or other instrument in writing, authorized or required by this
Agreement to be given to Custodian, shall be sufficiently given if addressed to Custodian and received by it at its offices at 601 Travis Street, Houston, Texas 77002, or at such other place as Custodian may from time to time designate in writing;
provided however, any instruction given to Custodian in connection with Securities pursuant to Section 4(b) of Article III shall be given by Customer exclusively by Corporate Action Instructions. 

3. Any notice or other instrument in writing, authorized or required by this Agreement to be given to Customer shall be sufficiently given if
addressed to Customer and received by it at its offices at _______________________________________________________________________________________________, or at such other place as Customer may from time to time designate in writing. 

4. Each and every right granted to either party hereunder or under any other document delivered hereunder or in connection herewith, or
allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of either party to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial
exercise by either party of any right preclude any other or future exercise thereof or the exercise of any other right. 
 5. In case any
provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected thereby. This
Agreement may not be amended or modified in any manner except by a written agreement executed by both parties. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided
however, that this Agreement shall not be assignable by either party without the written consent of the other. 
 6. (a) This Agreement
shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. Customer and Custodian hereby consent to the jurisdiction of a state or federal court situated in New York
City, New York in connection with any dispute arising hereunder. Customer hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding
brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum. Customer and Custodian each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising
out of or relating to this Agreement. 

 (b) The parties hereto agree that the establishment and maintenance of the Account, and all
interests, duties and obligations with respect thereto, shall be governed by the laws of the State of New York. 
 (c) (1) In the event
The Bank of New York Mellon Trust Company, National Association becomes subject to a proceeding under a U.S. special resolution regime, the transfer of this Agreement (and any interest and obligation in or under, and any property securing, this
Agreement) from The Bank of New York Mellon Trust Company, National Association will be effective to the same extent as the transfer would be effective under the U.S. special resolution regime if this Agreement (and any interest and obligation in or
under, and any property securing, this Agreement) were governed by the laws of the United States or a state of the United States; and 
 (2)
In the event The Bank of New York Mellon Trust Company, National Association or any of its affiliates becomes subject to a proceeding under a U.S. special resolution regime, default rights with respect to this Agreement that may be exercised against
The Bank of New York Mellon Trust Company, National Association are permitted to be exercised to no greater extent than the default rights could be exercised under the U.S. special resolution regime if this Agreement were governed by the laws of the
United States or a state of the United States. 
 (d) For Governmental Entities: To the extent that in any jurisdiction Customer may
now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, Customer irrevocably agrees not to claim, and it hereby waives, such immunity. 

7. The parties hereto agree that in performing hereunder, Custodian is acting solely on behalf of Customer and no contractual or service
relationship shall be deemed to be established hereby between Custodian and any other person. 
 8. Customer hereby acknowledges that
Custodian is subject to federal laws, including the Customer Identification Program (CIP) requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which Custodian must obtain, verify and record information that allows
Custodian to identify Customer. Accordingly, prior to opening an Account hereunder Custodian will ask Customer to provide certain information including, but not limited to, Customer’s name, physical address, tax identification number and other
information that will help Custodian to identify and verify Customer’s identity such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying information. Customer agrees that Custodian
cannot open an Account hereunder unless and until the Custodian verifies the Customer’s identity in accordance with its CIP. If Customer is a hedge fund or other type of collective investment vehicle (i) Customer has established and
presently maintains an anti-money laundering program (the “Program”) reasonably designed to prevent Customer from being used as a conduit for money laundering or other illicit purposes or the financing of terrorist activities, (ii) it
is in compliance with the Program and all anti-money laundering laws, regulations and rules now or hereafter in effect that are applicable to it, (iii) it has verified the identity of each of its investors and documented the origin of the
assets funding each investor’s account with Customer, (iv) it can represent and warrant that, to the best of its knowledge, no investor has invested in Customer for money laundering or other illicit purposes; and (v) it shall promptly
notify Custodian in writing if any of the foregoing representations and warranties are no longer true. 
 9. (a) Throughout the term of this
Agreement, the Customer: (i) will have in place and will implement policies and procedures designed to prevent violations of Sanctions, including measures to accomplish effective and timely scanning of all relevant data with respect to its
clients and with respect to incoming or outgoing assets or transactions relating to this Agreement; (ii) shall ensure that neither the Customer nor any of its affiliates, directors, officers, employees is an individual or entity that is, or is
owned or controlled by an individual or entity that is: (A) the target of Sanctions; or (B) located, organized or resident in a country or territory that is, or whose government is, the target of Sanctions; and (iii) shall not,
directly or indirectly, use the services and/or Accounts in any manner that would result in a violation by the Customer or the Custodian of Sanctions. 

(b) The Customer will promptly provide to the Custodian such information as the Custodian reasonably requests in connection with the matters
referenced in this Clause, including information regarding the Customer, the Accounts, the assets in relation to which services are to be provided and the source thereof, and the identity of any individual or entity having or claiming an interest
therein. The Custodian may decline to act or provide services in respect of any Account, and take such other actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Clause. If the
Custodian declines to act or provide services as provided in the preceding sentence, except as otherwise prohibited by applicable law or official request, the Custodian will inform the Customer as soon as reasonably practicable. 

[In documents for clients from jurisdictions with blocking or anti-boycott laws (e.g., German clients), a third
sub-clause is required: 

 (c) This Clause does not apply if and to the extent that it is or would be unenforceable by
reason of breach of (i) any provision of Council Regulation (EC) No 2271/96 of 22 November 1996 (or any law or regulation implementing such Regulation in any member state of the EEA) or (ii) any similar blocking or anti-boycott law in
the United Kingdom or elsewhere. However, if the aforementioned Council Regulation purports to make compliance with any portion of this Clause unenforceable by any Customer, the Customer will nonetheless take such measures as may be necessary to
ensure that the Customer does not use the services or Accounts in any manner which would cause the Custodian to violate Sanctions applicable to the Custodian.] 

10. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts
shall, together, constitute only one instrument. 

 IN WITNESS WHEREOF, Customer and Custodian have caused this Agreement to be executed
by their respective officers, thereunto duly authorized, as of the day and year first above written. 
  

			
	  

		
	By:	 	
                 

	
	Title:
	
	Tax Identification No:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION
		
	By:	 	
                 

		
	Title:	 	

 CERTIFICATE OF AUTHORIZED PERSONS 

(Customer – Oral Instructions and Written Instructions) 

The undersigned hereby certifies that he/she is the duly elected and acting ______________________________ of
________________________________________________________________________ (the “Corporation”), and further certifies that the following officers or employees of the Corporation have been duly authorized in conformity with the
Corporation’s Articles of Incorporation and By-Laws to deliver Oral Instructions and Written Instructions to The Bank of New York Mellon Trust Company, National Association (“BNYM”) pursuant to
the Global Custody Agreement between the Corporation and BNYM dated _______________, and that the signatures appearing opposite their names are true and correct: 
  

							
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number

 This certificate supersedes any certificate of authorized individuals you may currently have on file. 

 

					
	[corporate seal]	 		 	  

			
		 		 	Title:
			
		 		 	Date:

 CUSTODY ACCOUNT AGENCY AUTHORIZATION 

Reference is made to the Global Custody Agreement (the “Custody Agreement”) dated as of ____________________ between
_____________________________________________________________________________________________ (“Customer”) and The Bank of New York Mellon Trust Company, National Association (“BNYM”). 

This is to advise BNYM that for the account(s) identified below Customer has duly authorized the following investment managers (each, an
“Investment Manager”) to act as Customer’s agent for the purpose of (a) delivering Oral Instructions and Written Instructions to BNYM (as defined in the Custody Agreement), and/or (b) buying and selling foreign currency (on
a spot and forward basis) and options to buy and sell foreign currency, as such purposes are designated below, and to confirm to BNYM that all actions taken by BNYM in reliance upon such authorization (whether in its capacity as custodian or
counterparty) shall be binding on Customer. 
  

							
	Investment Manager	  	Account Title/Number	  	Inst.	  	F/X

  

					
		 		 	  

			
	[corporate seal]	 		 	By
                                         
                           
			
		 		 	Title:
			
		 		 	Date:

 CERTIFICATE OF AUTHORIZED PERSONS 

(Investment Manager - Oral Instructions and Written Instructions) 

 

	Re:	 Account Name: 

Account Number: 
 The
undersigned hereby certifies that he/she is the duly elected and acting ______________________ of ___________________________________________________________________________________________ (the “Investment Manager”), and further certifies
that the following officers or employees of the Investment Manager have been duly authorized in conformity with the Investment Manager’s organizational documents to deliver Oral Instructions and Written Instructions to The Bank of New York
Mellon Trust Company, National Association (“BNYM”) with respect to the above-referenced Account, and that the signatures appearing opposite their names are true and correct: 

 

							
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number

 This certificate supersedes any certificate of authorized individuals you may currently have on file. 

 

					
	 [seal]
	 		 	  

			
		 		 	Title:
			
		 		 	Date:

 CERTIFICATE OF AUTHORIZED PERSONS 

(Customer - Foreign Exchange) 

The undersigned hereby certifies that he/she is the duly elected and acting ______________________ of
_____________________________________________________________________________________ (the “Corporation”), and further certifies that the following officers or employees of the Corporation have been duly authorized in conformity with the
Corporation’s Articles of Incorporation and By-Laws to enter into contracts with The Bank of New York Mellon (“BNYM”) to buy and sell foreign currency (on a spot and forward basis) and options
to buy and sell foreign currency on behalf of the Corporation or any Account (“F/X Transactions”), and that the signatures appearing opposite their names are true and correct: 

 

							
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number

 and further certifies that the following officers or employees of the Corporation have been duly authorized in conformity with
the Corporation’s Articles of Incorporation and By-Laws to confirm, orally and in writing, the terms of F/X Transactions entered with BNYM, and that the signatures appearing opposite their names are true
and correct: 
  

							
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number

 This certificate supersedes any certificate of authorized individuals you may currently have on file. 

 

					
	 [corporate seal]
	 		 	  

			
		 		 	Title:
			
		 		 	Date:

 CERTIFICATE OF AUTHORIZED PERSONS 

(Investment Manager - Foreign Exchange) 

Re: Account Name: 
 Account Number: 

The undersigned hereby certifies that he/she is the duly elected and acting ______________________ of
_________________________________________________________________________________________ (the “Investment Manager”), and further certifies that the following officers or employees of the Investment Manager have been duly authorized in
conformity with the Investment Manager’s organizational documents to enter into contracts with The Bank of New York Mellon (“BNYM”) to buy and sell foreign currency (on a spot and forward basis) and options to buy and sell foreign
currency on behalf of the above-referenced Account (“F/X Transactions”), and that the signatures appearing opposite their names are true and correct: 
  

							
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number

 and further certifies that the following officers or employees of the Investment Manager have been duly authorized in
conformity with the Investment Manager’s organizational documents to confirm, orally and in writing, the terms of F/X Transactions entered by the Investment Manager with BNYM, and that the signatures appearing opposite their names are true and
correct: 
  

							
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number
				
	  
	  	  
	 	  
	 	  

	Name	  	Title	 	Signature	 	Phone Number

 This certificate supersedes any certificate of authorized individuals you may currently have on file. 

 

					
	 [seal]
	 		 	  

			
		 		 	Title:
			
		 		 	Date:

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