Document:

EX-10.6

 Exhibit 10.6 

TRANSFER AGENT SERVICING AGREEMENT 

THIS AGREEMENT is made and entered into as of this 17th day of April, 2018, by and among BC
PARTNERS LENDING CORPORATION, a Maryland corporation (the “Fund ”), and U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company (“USBFS”). 

WHEREAS, the Fund is a closed-end management investment fund that has elected to be regulated as a
business development company under the Investment Company Act of 1940, as amended (the “1940 Act” or the “Act”); 

WHEREAS, the Fund is authorized to offer and sell common stock in the Fund (collectively, the “Shares”); 

WHEREAS, USBFS is, among other things, in the business of administering transfer agent functions for the benefit of its customers; and 

WHEREAS, the Fund desires to retain USBFS to provide transfer agent services. 

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt
of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: 
  

	1.	Appointment of USBFS as Transfer Agent 

 The Fund hereby appoints USBFS as transfer agent
of the Fund on the terms and conditions set forth in this Agreement, and USBFS hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of USBFS shall be confined to those
matters expressly set forth herein, and no implied duties are assumed by or may be asserted against USBFS hereunder. 
  

	2.	Services and Duties of USBFS 

 USBFS shall provide the following transfer agent services
to the Fund: 
  

	 	(1)	Receive and process orders for the purchase of Shares in accordance with applicable rules under the 1940 Act and other applicable regulations, and as specified in the Fund’s registration statement.

  

	 	(2)	Process subscription agreements received from prospective holders of Shares (such holder of Shares, “Shareholders”). 

  

	 	(3)	Process purchase orders with prompt delivery, where appropriate, of payment and supporting documentation to the Fund’s custodian(s), and issue the appropriate number of uncertificated Shares with such
uncertificated Shares being held in the appropriate Shareholder account. 

  

	 	(4)	Arrange for issuance of Shares obtained through transfers of funds from Shareholders’ accounts at financial institutions. 

	 	(5)	Process tender offers and related repurchase requests received in good order and, where relevant, deliver appropriate documentation to the Fund. 

 

	 	(6)	Pay monies upon receipt from the Fund where relevant, in accordance with the instructions of redeeming Shareholders. 

  

	 	(7)	Process transfers of Shares in accordance with the Shareholder’s instructions and as permitted by the Fund’s registration statement. 

 

	 	(8)	Prepare and transmit payments for distributions declared by the Fund, after deducting any amount required to be withheld by any applicable laws, rules and regulations and in accordance with Shareholder instructions.

  

	 	(9)	Make changes to Shareholder records, including, but not limited to, address changes. 

  

	 	(10)	Prepare ad-hoc reports as necessary at prevailing rates. 

  

	 	(11)	Provide Shareholder account information upon Shareholder or Fund request and prepare and mail confirmations and statements of account to Shareholders for all purchases, redemptions, and other confirmable transactions as
agreed upon with the Fund. 

  

	 	(12)	Mail account statements and performance reports in a form approved by the Fund to Shareholders on a monthly basis and shareholder reports on annual basis. 

 

	 	(13)	Prepare and file U.S. Treasury Department Forms 1099 and other appropriate information required with respect to dividends, distributions and repurchases for all shareholders. 

 

	 	(14)	Reimburse the Fund each month for all material losses resulting from “as of” processing errors for which USBFS is responsible in accordance with the “as of” processing guidelines set forth on
Exhibit A hereto. 

  

	 	(16)	Answer correspondence from shareholders, securities brokers and others relating to USBFS’s duties hereunder within required time periods established by applicable regulation. 

 

	 	(17)	Provide service and support to financial intermediaries including but not limited to trade placements, settlements and corrections. 

  

	 	(18)	Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably requested by the Fund in connection with any
certification required of the Fund pursuant to the Sarbanes-Oxley Act of 2002 (“SOX Act”) or any rules or regulations promulgated by the U.S. Securities and Exchange Commission (“SEC”) thereunder, provided the same shall not be
deemed to change USBFS’ standard of care as set forth herein. 

  
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	 	(19)	In order to assist the Fund in satisfying the requirements of Rule 38a-1 under the 1940 Act, USBFS will provide the Fund’s Chief Compliance Officer with reasonable access to
USBFS’ Fund records relating to the services provided by it under this Agreement, and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in the 1940 Act) involving USBFS
that affect or could affect the Fund. 

  

	3.	Lost Shareholder Due Diligence Searches and Servicing 

 The Fund hereby acknowledges that
USBFS has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Costs
associated with such searches will be passed through to the Fund as a miscellaneous expense in accordance with the fee schedule set forth in Exhibit B hereto. If a shareholder remains lost and the shareholder’s account unresolved after
completion of the mandatory Rule 17Ad-17 search, the Fund hereby authorizes vendor to enter, at its discretion, into fee sharing arrangements with the lost shareholder (or such lost shareholder’s
representative or executor) to conduct a more in-depth search in order to locate the lost shareholder before the shareholder’s assets escheat to the applicable state. The Fund hereby acknowledges that
USBFS is not a party to these arrangements and does not receive any revenue sharing or other fees relating to these arrangements. Furthermore, the Fund hereby acknowledges that vendor may receive up to 35% of the lost shareholder’s assets as
compensation for its efforts in locating the lost shareholder. USBFS shall report, or arrange to have reported, to the Fund shareholder account information where such accounts or funds have been turned over to applicable state authorities. 

 

	4.	Anti-Money Laundering and Red Flag Identity Theft Prevention Programs 

 The Fund
acknowledges that it has had an opportunity to review, consider and comment upon the written procedures provided by USBFS describing various tools used by USBFS which are designed to promote the detection and reporting of potential money laundering
activity and identity theft by monitoring certain aspects of shareholder activity as well as written procedures for verifying a customer’s identity (collectively, the “Procedures”). Further, the Fund and USBFS have determined that the
Procedures, as part of the Fund’s overall anti-money laundering program and Red Flag Identity Theft Prevention program, are reasonably designed to: (i) prevent the Fund from being used for money laundering or the financing of terrorist
activities; (ii) prevent identity theft; and (iii) to achieve compliance with the applicable provisions of the Bank Secrecy Act, Fair and Accurate Credit Transactions Act of 2003 and the USA Patriot Act of 2001 and the implementing
regulations thereunder. 

  
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 Based on this determination, the Fund hereby instructs and directs USBFS to implement the
Procedures on the Fund’s behalf, as such may be amended or revised from time to time. It is contemplated that these Procedures will be amended from time to time by the parties as additional regulations are adopted and/or regulatory guidance is
provided relating to the Fund’s anti-money laundering and identity theft responsibilities. 
 USBFS agrees to provide to the Fund: 

 

	 	(a)	Prompt written notification of any transaction or combination of transactions that USBFS believes, based on the Procedures, evidence money laundering, activity that may warrant a suspicious activity report or identity
theft activities in connection with the Fund or any shareholder of the Fund; 

  

	 	(b)	Prompt written notification of any customer(s) that USBFS reasonably believes, based upon the Procedures, to be engaged in money laundering, activity that may warrant a suspicious activity report or identity theft
activities, provided that the Fund agrees not to communicate this information to such customer; 

  

	 	(c)	Any reports received by USBFS from any government agency or applicable industry self-regulatory organization pertaining to USBFS’s anti-money laundering monitoring or the Red Flag Identity Theft Prevention Program
on behalf of the Fund; 

  

	 	(d)	Prompt written notification of any action taken in response to anti-money laundering violations or identity theft activity as described in (a), (b) or (c); and 

 

	 	(e)	Certified quarterly reports of its monitoring and customer identification activities on behalf of the Fund, including an annual certification that USBFS has applied and followed the Procedures during the relevant
reporting period; 

  

	 	(f)	Prompt written notification of any material changes to the Procedures, and 

  

	 	(g)	Annual reports summarizing any material changes to the Procedures, the internal controls relevant to the Procedures, or to USBFS’s regulatory standing 

The Fund hereby directs, and USBFS acknowledges, that USBFS shall (i) permit federal regulators access to such information and records
maintained by USBFS and relating to USBFS’s implementation of the Procedures on behalf of the Fund, as it may request, and (ii) permit such federal regulators to inspect USBFS’s implementation of the Procedures on behalf of the Fund.

  
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	5.	Compensation 

 USBFS shall be compensated for providing the services set forth in this
Agreement in accordance with the fee schedule set forth on Exhibit B hereto (as amended from time to time by consent of both parties to this agreement). USBFS shall be reimbursed for such miscellaneous expenses as are reasonably incurred and
documented by USBFS in performing its duties hereunder and as are described in Exhibit B hereto. The Fund shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except
for any fee or expense subject to a good faith dispute. The Fund shall notify USBFS in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts
within thirty (30) calendar days of the day on which the parties agree to the amount to be paid. Notwithstanding anything to the contrary, amounts owed by the Fund to USBFS shall only be paid out of assets and property of the Fund involved.

  

	6.	Representations and Warranties 

  

	 	A.	The Fund hereby represents and warrants to USBFS, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that: 

 

	 	(1)	The Fund 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; 

  

	 	(2)	This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its
terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and 

 

	 	(3)	It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now
conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

  

	 	B.	USBFS hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that: 

 

	 	(1)	It 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;

  
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	 	(2)	This Agreement has been duly authorized, executed and delivered by USBFS in accordance with all requisite action and constitutes a valid and legally binding obligation of USBFS, enforceable in accordance with its terms,
subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; 

 

	 	(3)	It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now
conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement; and

  

	 	(4)	It is a registered transfer agent under the Exchange Act. 

  

	7.	Standard of Care; Indemnification; Limitation of Liability 

  

	 	A.	USBFS shall exercise reasonable care in the performance of its duties under this Agreement. USBFS shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with
its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond USBFS’ control, except a loss arising out of or relating to USBFS’ refusal or failure to comply
with the terms of this Agreement or from its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement. Notwithstanding any other provision of this Agreement, if USBFS has exercised reasonable care in the
performance of its duties under this Agreement, the Fund shall indemnify and hold harmless USBFS from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable and documented
attorneys’ fees) that USBFS may sustain or incur or that may be asserted against USBFS by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing
standards, (ii) in reliance upon any written or oral instruction provided to USBFS by the Fund’s investment adviser or by any duly authorized officer of the Fund, as approved by the Board of Directors, except for any and all claims,
demands, losses, expenses, and liabilities arising out of or relating to USBFS’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this
Agreement. This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term “USBFS” shall include USBFS’ directors,
officers and employees. 

  
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 USBFS shall indemnify and hold the Fund harmless from and against any and all claims,
demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys’ fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising out of any action taken or omitted to be
taken by USBFS as a result of USBFS’ refusal or failure to comply with the terms of this Agreement, bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing
obligation of USBFS, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term “Fund” shall include the Fund’s directors, officers and employees. 

Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this
Agreement. 
 In the event of a mechanical breakdown or failure of communication or power supplies beyond its control, USBFS shall take all
reasonable steps to minimize service interruptions for any period that such interruption continues. USBFS shall as promptly as possible under the circumstances notify the Fund in the event of any service interruption that materially impacts
USBFS’ services under this Agreement. USBFS will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of USBFS as soon as practicable. USBFS agrees that it shall,
at all times, have reasonable business continuity and disaster recovery contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is
available. Representatives of the Fund shall be entitled to inspect USBFS’ premises and operating capabilities, books and records maintained on behalf of the Fund at any time during regular business hours of USBFS, upon reasonable notice to
USBFS. USBFS shall promptly notify the Fund upon discovery of any material administrative error, and shall consult with the Fund about the actions it intends to take to correct the error prior to taking such actions. A “material administrative
error” means any error which the Fund’s management, including its Chief Compliance Officer, would reasonably need to know to oversee Fund compliance. Moreover, USBFS shall obtain and provide the Fund, at such times as the Fund may
reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of USBFS relating to the services provided by USBFS under this Agreement. 

Notwithstanding the above, USBFS reserves the right to reprocess and correct administrative errors at its own expense. 

 

	 	B.	 In order that the indemnification provisions contained in this section shall apply, it is understood that if in
any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will
use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall have

  
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the option to defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon
the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee shall in no case confess
any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor’s prior written consent. 

 

	 	C.	The indemnity and defense provisions set forth in this Section 7 shall indefinitely survive the termination and/or assignment of this Agreement. 

 

	 	D.	If USBFS is acting in another capacity for the Fund pursuant to a separate agreement, nothing herein shall be deemed to relieve USBFS of any of its obligations in such other capacity. 

 

	8.	Data Necessary to Perform Services 

 The Fund or its agent shall furnish to USBFS the
data necessary to perform the services described herein at such times and in such form as mutually agreed upon. For the avoidance of doubt, USBFS agrees that, to the extent required in order to carry out any of its obligations hereunder, USBFS will
coordinate with all other service providers of the Fund as may be requested and authorized by the Fund, including each custodian of the Fund, as appropriate. If USBFS is also acting in another capacity for the Fund, nothing herein shall be deemed to
relieve USBFS of any of its obligations in such capacity. 
  

	9.	Proprietary and Confidential Information 

 USBFS agrees on behalf of itself and its
directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said
shareholders) including all shareholder trading information, and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and
approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where USBFS may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such
information by duly constituted authorities provided that to the extent permitted by law, USBFS shall provide the Fund notice prior to such disclosures, or (iii) when so requested by the Fund. Records and other information which have become
known to the public through no wrongful act of USBFS or any of its employees, agents or representatives, and information that was already in the possession of USBFS prior to receipt thereof from the Fund or its agent, shall not be subject to this
paragraph. USBFS acknowledges that it may come into possession of material nonpublic information with respect to the Transfer Agent or the Fund and confirms that it has in place effective procedures to prevent the use of such information in
violation of applicable insider trading laws. 

  
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 Further, USBFS will adhere to the privacy policies adopted by the Fund pursuant to Title V
of the Gramm Leach Bliley Act, as may be modified from time to time. In this regard, USBFS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of,
and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders. In addition, USBFS has implemented and will maintain an effective information security program reasonably designed to protect
information relating to Shareholders (such information, “Personal Information”), which program includes sufficient administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) insure
the security and confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized
access to or use of such Personal Information that could result in substantial harm or inconvenience to the Fund or any Shareholder (the “Information Security Program”). The Information Security Program complies and shall comply with
reasonable information security practices within the industry. Upon written request from the Fund, USBFS shall provide a written description of its Information Security Program. USBFS shall promptly notify the Fund in writing of any breach of
security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any Personal Information (any or all of the foregoing referred to individually and collectively for purposes of this provision as a
“Security Breach”). USBFS shall promptly investigate and remedy, and bear the cost of the measures (including notification to any affected parties), if any, to address any Security Breach. USBFS shall bear the cost of the Security Breach
only if USBFS is determined to be responsible for such Security Breach. 
 In addition to, and without limiting the foregoing, USBFS will
promptly cooperate with the Fund or any of their affiliates’ regulators at USBFS’s expense (only if USBFS is determined to be responsible for such Security Breach) to prevent, investigate, cease or mitigate any Security Breach, including
but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement. 

USBFS will provide the Transfer Agent with certain copies of third party audit reports (e.g., SSAE 16 or SOC 1) through access to USBFS’s
CCO Portal (limited to two persons) to the extent such reports are available and related to services performed or made available by USBFS under this Agreement. The Transfer Agent acknowledges and agrees that such reports are confidential and that it
will not disclose such reports except to its employees and service providers who have a need to know and have agreed to obligations of confidentiality applicable to such reports. 

Notwithstanding the foregoing, USBFS will not share any nonpublic personal information concerning any of the Fund’s shareholders to any
third party unless specifically directed by the Transfer Agent or allowed under one of the exceptions noted under the Gramm Leach Bliley Act. 

  
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	10.	Records 

 USBFS shall keep records relating to the services to be performed hereunder in
the form and manner, and for such period, as it may deem advisable and is agreeable to the Fund, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules
thereunder. USBFS agrees that all such records prepared or maintained by USBFS relating to the services to be performed by USBFS hereunder are the property of the Fund and will be preserved, maintained, and made available in accordance with such
applicable sections and rules of the 1940 Act and will be promptly surrendered to the Fund or their designee on and in accordance with its request. USBFS agrees to provide any records necessary to the Fund to comply with the Fund’s disclosure
controls and procedures and internal control over financial reporting adopted in accordance with the SOX Act. Without limiting the generality of the foregoing, USBFS shall cooperate with the Transfer Agent and assist the Fund, as necessary, by
providing information to enable the appropriate officers of the Fund to (i) execute any required certifications and (ii) provide a report of management on the Fund’s internal control over financial reporting (as defined in Sections 13a-15(f) or 15a-15(f) of the Exchange Act). 
  

	11.	Compliance with Laws 

 The Fund has and retains primary responsibility for all compliance
matters relating to the Fund, including but not limited to compliance with the Act, the Internal Revenue Code of 1986, the SOX Act, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set
forth in its registration statement. USBFS’ services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance and oversight responsibility with respect thereto. 

The foregoing shall not affect USBFS’ responsibilities for compliance and related matters delegated to USBFS by the Fund as expressly
provided herein. USBFS shall comply with changes to all regulatory requirements affecting its services hereunder to the Fund and shall implement any necessary modifications to the services prior to the deadline imposed, or extensions authorized by,
the regulatory or other governmental body having jurisdiction for such regulatory requirements. 

  
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	12.	Term of Agreement; Amendment 

 This Agreement shall become effective as of the date first
written above and will continue in effect for a period of three (3) years. This Agreement may be terminated by either party upon giving ninety (90) days’ prior written notice to the other party or such shorter period as is mutually
agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within fifteen (15) days of notice of
such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by USBFS and the Fund, and authorized or approved by the Board of Directors. 

 

	13.	Duties in the Event of Termination 

 In the event that, in connection with termination, a
successor to any of USBFS’ duties or responsibilities hereunder is designated by the Fund by written notice to USBFS, USBFS will promptly, upon such termination and, except in the case of a material breach by USBFS, in which case all expenses
shall be borne by USBFS, at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBFS under this Agreement in a form reasonably acceptable to the Fund (if such
form differs from the form in which USBFS has maintained the same, the Fund shall pay any reasonable and documented expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities,
including provision for assistance from USBFS’ personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Fund. 

 

	14.	Assignment 

 This Agreement shall extend to and be binding upon the parties hereto and
their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of USBFS, or by USBFS without the written consent of the Fund accompanied by the authorization or
approval of the Board of Directors. 
  

	15.	Governing Law 

 This Agreement shall be construed in accordance with the laws of the
State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Act, the latter shall control, and
nothing herein shall be construed in a manner inconsistent with the Act or any rule or order of the SEC thereunder. 

  
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	16.	Services not Exclusive 

 Nothing in this Agreement shall limit or restrict USBFS from
providing services to other parties that are similar or identical to some or all of the services provided hereunder. 
  

	17.	No Agency Relationship 

 Nothing herein contained shall be deemed to authorize or empower
either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement. 

18.    Invalidity 

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties. 

19.    Notices 
 Any
notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail,
postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party’s address set forth below: 

Notice to USBFS shall be sent to: 

U.S. Bancorp Fund Services, LLC 

615 East Michigan Street 

Milwaukee, WI 53202 
 and notice
to the Fund shall be sent to: 
 BC Partners Lending Corporation 

650 Madison Avenue, 23rd Floor 

New York, NY 10022 

  
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 20.    Multiple Originals 

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such
counterparts shall together constitute but one and the same instrument. 
 21.    Entire Agreement 

This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, constitutes the entire agreement
of the parties with respect to the subject matter hereof and supersedes all prior agreements, arrangements and understandings, whether written or oral. 

[Signature Page Follows] 

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

			
	U.S. BANCORP FUND SERVICES, LLC

			
		
	By:	 	 /s/ Anita Zagrodnik

	Name:	 	 Anita Zagrodnik

	Title:	 	 Senior Vice President

			
	
	BC PARTNERS LENDING CORPORATION

			
		
	By:	 	 /s/ Edward (Ted) Goldthorpe

	Name:	 	 Edward (Ted) Goldthorpe

	Title:	 	 Chief Executive Officer

  
 14Exhibit

Exhibit 10.3

FIRSTENERGY SOLUTIONS CORP.

2016 KEY EMPLOYEE RETENTION PLAN

		
	1.
	Purpose.  This FirstEnergy Solutions Corp. (the “Company”) 2016 Key Employee Retention Plan (the “Plan” or “KERP”) is designed to motivate eligible key employees of the Company and its subsidiaries to remain continuously employed by the Company and its subsidiaries.

		
	2.
	Adoption of the Plan.  The Company, intending to be legally bound, hereby adopts the Plan effective as of December 1, 2016 (the “Effective Date”).  The Plan shall be in effect from the Effective Date and shall continue until the Termination Date.

		
	3.
	General.  The compensation provided under the Plan is intended to be in addition to all other compensation payable to Participants, including payments provided under the FirstEnergy Corp. 2015 Incentive Plan and the FirstEnergy Corp. Short Term Incentive Program in effect with the Company’s parent company and its direct or indirect subsidiaries. 

		
	4.
	Definitions.  For the purposes of the Plan:

		
	a.
	“Cause” means that within the sole discretion of the Company (i) the Participant fails to perform the duties of his or her position in a satisfactory manner, (ii) the Participant violates a material policy or rule of the Company, (iii) the Participant intentionally commits an act materially detrimental to the Company, or (iv) the Participant loses his or her unescorted access. 

		
	b.
	“President” means the President of FirstEnergy Solutions Corp.

		
	c.
	“Committee” means a committee authorized by the President to administer the Plan comprised of officers of Company and its subsidiaries.

		
	d.
	“Company Group” means the Company and its direct and indirect subsidiaries.

		
	e.
	“KERP Payment” shall mean, in the case of any Participant, the amount set forth on Schedule A. Said amount will be determined by multiplying the percentage set forth on Schedule A by the Participant’s salary as of December 1, 2016.  

		
	f.
	 “Participant” shall have the meaning ascribed thereto in Section 5 hereof.

		
	g.
	“Termination Date” shall mean the earlier of (i) midnight on November 30, 2018 (ii) the date on which Company terminates the Plan or (iii) such date as all amounts payable hereunder shall have been paid.

		
	5.
	Eligible Participants.  Each person listed on Schedule A shall be a Participant under the Plan and eligible to receive a KERP Payment in an amount set forth on Schedule A.

		
	6.
	Term of Participation.  Effective December 1, 2016, subject to the provisions of the Plan, each Participant shall be eligible to earn a KERP Payment which shall be the amount set forth on schedule A for that Participant. Any KERP Payment required to be made under this Section 6 

1

shall be paid by the Company as soon as practical, but no later than seventy-five (75) days after November 30, 2018 or the Termination Date.

		
	7.
	Termination of Employment; Forfeitures.  

		
	a.
	Upon involuntary termination of a Participant by the Company for cause, or voluntary termination by the Participant prior to earning his or her KERP Payment, such Participant’s KERP Payment shall be forfeited.  For any other terminations prior to the Termination Date (i.e., death, disability, involuntary termination by the Company without cause such as a termination due to the completion of a wind down process or a sale), the Participant will be paid his or her KERP Payment.   

		
	b.
	If, at any time prior to the Termination Date, the Company transfers a Participant  to a different position within the Company Group or to an affiliate of FirstEnergy Corp., then the KERP Payment shall be paid as set forth in Schedule A as if earned on November 30, 2018.  If the Participant transfers to another position without Company permission, his or her KERP Payment will be forfeited.    

		
	c.
	Any KERP Payment that becomes payable to a Participant following termination of employment under this Section 7 shall be paid no later than the 15th day of the second month in the year following the date of the Participant’s termination.

		
	8.
	Plan Administration. The Plan shall be administered by the Committee. The Committee is given full authority and discretion within the limits of the Plan to establish such administrative measures as may be necessary to administer and attain the objectives of the Plan and may delegate the authority to administer the Plan to an officer of the Company. The Committee (or its delegate) shall have full power and authority to construe and interpret the Plan and any interpretation by the Committee (or its delegate) shall be binding on all Participants and shall be accorded the maximum deference permitted by law.

		
	a.
	General. All rights and interests of Participants under the Plan shall be non-assignable and nontransferable, and otherwise not subject to pledge or encumbrance, whether voluntary or involuntary, other than by will or by the laws of descent and distribution. In connection with any sale, transfer or other disposition of all or substantially all of the Company’s assets or business, whether by merger, stock sale, consolidation or otherwise, the Company may assign the Plan’s sponsorship, in whole or in part.

		
	b.
	Receipt and Release. Any payment to a Participant in accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction of all claims against the Company Group, and the Company may require Employee, as a condition precedent to such payment, to execute a receipt and release to such effect. Such release must be executed and become irrevocable no later than fifty-two (52) days following the date on which Employee becomes entitled to the KERP Payment (i.e., November 30, 2018 or the date of Employee’s termination of employment, as applicable).  If the release is not effective and irrevocable by such fifty-second (52nd) day, Employee shall forfeit his or her right to the KERP Payment.

2

		
	c.
	Form of Payment; Withholding. Payment of amounts due under the Plan shall be provided to a Participant in the same manner as such Participant receives his or her  regular paycheck or by mail at the last known address of Participant in the possession of the Company, at the discretion of Committee. The Company will withhold all applicable taxes and any other required withholdings to be withheld with respect to the payment of any award pursuant to the Plan.

		
	d.
	Unfunded Arrangement; Exclusion of Compensation. The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to ensure the payment of any award provided for hereunder. KERP Payments shall not be considered as extraordinary, special incentive compensation, and will not be included as “earnings,” “wages,” “salary,” or “compensation” in any pension, savings plan, welfare, life insurance, or other employee benefit plan or arrangement of the Company Group, except as otherwise provided in any such other benefit plan. A discretionary pool of Five-hundred thousand ($500,000.00) shall be available under this Plan for KERP Payments (or portion thereof) to Participants not yet identified as being eligible, any additional Participants will be identified by the Committee and Schedule A will be amended to add such additional Participants. 

		
	e.
	Amendment and Termination. The Company, in its sole discretion, shall have the right to modify, supplement, suspend or terminate the Plan at any time; provided that in no event shall any amendment or termination adversely affect the rights of any existing Participants regarding any KERP Payment without the prior written consent of the affected Participants. Subject to the foregoing, the Plan shall terminate upon the satisfaction of all obligations of the Company or its successor entities hereunder and a Participant shall be entitled to payment of any KERP earned as of the Termination Date.

		
	f.
	No Right to Continued Employment. Nothing contained in the Plan shall in any way affect the right and power of the Company to discharge any Participant or otherwise terminate his or her employment at any time or for any reason or to change the terms of his or her employment in any manner.  

		
	g.
	Expenses of Plan. Except as otherwise provided under the Plan, any expense incurred in administering the Plan shall be borne by the Company. 

		
	h.
	Captions. Captions preceding the sections hereof are inserted solely as a matter of convenience and in no way define or limit the scope or intent of any provision hereof.

		
	i.
	Administration. The administration of the Plan shall be governed by the substantive laws of the State of Ohio, without regard to principles of conflicts of laws. Any persons or corporations who now are or shall subsequently become parties to the Plan shall be deemed to consent to this provision.  Any litigation that arises under the Plan or which in any way relates to the Plan may only be brought in the Summit County Court of Common Pleas in Ohio or the Federal District Court of the Northern District of Ohio.

		
	j.
	Section 409A. The Plan is intended to either comply with, or be exempt from, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Code Section 409A”). To the extent that the Plan is not exempt from the requirements of Code 

3

Section 409A, the Plan is intended to comply with the requirements of Code Section 409A and shall be limited, construed and interpreted in accordance with such intent. Notwithstanding the foregoing, in no event whatsoever shall the Company be liable for any additional tax, interest, income inclusion or other penalty that may be imposed on a Participant by Code Section 409A or for damages for failing to comply with Code Section 409A.

	
	
	FIRSTENERGY SOLUTIONS CORP.

	 

	 

	 

	By: /s/ Donald R. Schneider

	Donald R. Schneider

	President, FirstEnergy Solutions Corp.

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