Document:

Exhibit 10.3

 Exhibit 10.3 
 FORM OF REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT,
dated as of             , 2011, is entered into by and between American Capital Mortgage Investment Corp., a Maryland corporation (the “Company”), and American
Capital, Ltd., a Delaware corporation (“American Capital”). 
 WHEREAS, the Company will issue and sell to
American Capital 1,250,000 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”) pursuant to that certain Stock Purchase Agreement, dated as of
            , 2011 (the “Purchase Agreement”) in a transaction not registered under the Securities Act of 1933, as amended (the “Securities
Act”). 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
  

	Section 1.	Certain Definitions. 

 In addition to the terms defined elsewhere in this Agreement, the following terms, as used herein, shall have the following meanings: 

“Affiliate” of any Person means any other Person that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlled by” and “under common control with”) as used with respect to any Person means the
possession, directly or indirectly through one or more intermediaries, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 “Agreement” means this Registration Rights Agreement, including all amendments, modifications and
supplements and any exhibits or schedules to any of the foregoing, and shall refer to this Registration Rights Agreement as the same may be in effect at the time such reference becomes operative. 

“Business Day” means any day other than Saturday, Sunday or a day on which commercial banks in New York, New York are
directed or permitted to be closed. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Holders” means American Capital, as holder of record of Registrable Common Stock (as defined below) and
(ii) any Affiliate of American Capital that is a partnership, limited liability company, corporation or similar entity and (iii) a direct or indirect transferee of such Registrable Common Stock from American Capital. For purposes of this
Agreement, the Company may deem and treat a registered holder of Registrable Common Stock as the Holder and absolute owner thereof, and the Company shall not be affected by any notice to the contrary. 

“IPO” means the initial public offering of the Company’s Common Stock. 

“IPO Date” means the closing date of the IPO. 

 “Person” means any individual, sole proprietorship, partnership, limited
liability company, joint venture, trust, incorporated organization, association, corporation, institution, public benefit corporation, government (whether federal, state, county, city, municipal or otherwise, including, without limitation, any
instrumentality, division, agency, body or department thereof) or any other entity. 
 “Prospectus” means the
prospectus or prospectuses included in any Registration Statement (including without limitation, any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the Securities Act and any term sheet filed pursuant to Rule 433 under the Securities Act), as amended or supplemented by any prospectus supplement with respect to the terms of the
offering of any portion of the Registrable Common Stock covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference or deemed to
be incorporated by reference in such prospectus or prospectuses. 
 “Registrable Common Stock” means each of
the 1,250,000 shares of Common Stock issued and sold to American Capital in connection with the Purchase Agreement upon original issuance thereof and at all times subsequent thereto, including upon the transfer thereof by the original Holder or any
subsequent Holder and any securities issued in respect of such securities by reason of or in connection with any exchange for or replacement of such securities or any stock dividend, stock distribution, stock split, purchase in any rights offering
or in connection with any combination of shares, recapitalization, merger or consolidation, or any other equity securities issued pursuant to any other pro rata distribution with respect to the Common Stock, until, in the case of any such
securities, the earliest to occur of (i) the date on which it has been registered effectively pursuant to the Securities Act and disposed of in accordance with the Registration Statement relating to it or (ii) the date on which either it
is distributed to the public or is saleable, in each case pursuant to Rule 144 promulgated by the SEC pursuant to the Securities Act. 
 “Registration Statement” means any registration statement of the Company filed with the SEC under the Securities Act which covers any of the Registrable Common Stock pursuant to the
provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all materials incorporated by reference or deemed to be incorporated by
reference in such Registration Statement. 
 “Rule 415” means Rule 415 promulgated by the SEC pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar Rule or regulation hereafter adopted by the SEC as a replacement thereto having substantially the same effect as such rule. 

“SEC” means the Securities and Exchange Commission. 

“underwritten registration or underwritten offering” means a registration in which securities of the Company are sold to
underwriters for reoffering to the public. 

 “Underwriting Agreement” means the Underwriting Agreement dated
            , 2011 by and among the Company, American Capital MTGE Management, LLC, a Delaware limited liability company and the Manager of the Company, and Citigroup Global Markets
Inc. and                     , as representatives for the underwriters named on Schedule A of such Underwriting Agreement. 

 

	Section 2.	Demand Registrations. 

 (a) Right to Request Registration. From and after the date hereof, any Holder or Holders (“Initiating Holders”) may request registration under the Securities Act of all or part of
the Registrable Common Stock (“Demand Registration”) at any time and from time to time; provided further, that the Company shall not file any registration statement pursuant to any Demand Registration until 365 days after the date
of the Purchase Agreement. 
 Within ten (10) Business Days after receipt of any such request for Demand Registration, the
Company shall give written notice of such request to all other Holders of Registrable Common Stock, if any, and shall, subject to the provisions of Section 2(c) hereof, include in such registration all such Registrable Common Stock with respect
to which the Company has received written requests for inclusion therein within twenty (20) Business Days after the receipt of the Company’s notice. 
 (b) Priority on Demand Registrations. If the managing underwriters of a requested Demand Registration advise the Company in writing that in their opinion the shares of Registrable Common Stock
proposed to be included in any such registration exceeds the number of securities that can be sold in such offering and/or that the number of shares of Registrable Common Stock proposed to be included in any such registration would materially
adversely affect the price per share of the Company’s equity securities to be sold in such offering, the Company shall include in such registration only the number of shares of Registrable Common Stock that, in the opinion of such managing
underwriters, can be sold. If the number of shares that can be sold is less than the number of shares of Registrable Common Stock proposed to be registered, the Company shall allocate the amount of Registrable Common Stock to be so sold among the
Holders pro rata on the basis of Registrable Common Stock requested to be included in such registration by each Holder electing to participate in such registration. If the number of shares that can be sold, as determined by the managing
underwriters, exceeds the number of shares of Registrable Common Stock proposed to be sold, such excess shall be allocated pro rata among the other holders of Common Stock, if any, desiring to participate in such registration based on the amount of
such Common Stock initially requested to be registered by such Holders or as such Holders may otherwise agree. 
 (c)
Restrictions on Demand Registrations. The Company shall not be obligated to effect any Demand Registration within six (6) months after the effective date of a previous Demand Registration or a previous registration under which the
Initiating Holders had piggyback rights pursuant to Section 3 hereof wherein the Initiating Holders were permitted to register, and sold, at least 50% of the shares of Registrable Common Stock requested to be included therein. The Company may
(i) postpone for up to ninety (90) days the filing or the effectiveness of a Registration Statement for a Demand Registration if, based on the good faith judgment of the Company’s board of directors, such postponement or withdrawal is
necessary in order to avoid 

 
premature disclosure of a matter the board has determined would not be in the best interest of the Company to be disclosed at such time or (ii) postpone the filing of a Demand Registration
in the event the Company shall be required to prepare audited financial statements as of a date other than its fiscal year and (unless the Holders requesting such registration agree to pay the expenses of such an audit); provided, however, that in
no event shall the Company withdraw a Registration Statement under clause (i) after such Registration Statement has been declared effective; and provided, further, however, that in any of the events described in clause (i) or
(ii) above, the Initiating Holders requesting such Demand Registration shall be entitled to withdraw such request. The Company shall provide written notice to the Initiating Holders requesting such Demand Registration of (x) any
postponement or withdrawal of the filing or effectiveness of a Registration Statement pursuant to this Section 2(c), (y) the Company’s decision to file or seek effectiveness of such Registration Statement following such withdrawal or
postponement and (z) the effectiveness of such Registration Statement. 
 (d) Selection of Underwriters. If any of
the Registrable Common Stock covered by a Demand Registration hereof is to be sold in an underwritten offering, American Capital shall have the right to select the managing underwriter(s) to administer the offering subject to the approval of the
Company, which approval shall not be unreasonably withheld. 
 (e) Effective Period of Demand Registrations. After any
Demand Registration filed pursuant to this Agreement has become effective, the Company shall use its best efforts to keep such Demand Registration effective for a period equal to 180 days from the date on which the SEC declares such Demand
Registration effective (or if such Demand Registration is not effective during any period within such 180 days, such 180-day period shall be extended by the number of days during such period when such Demand Registration is not effective), or such
shorter period that shall terminate when all of the Registrable Common Stock covered by such Demand Registration has been sold pursuant to such Demand Registration. If the Company shall withdraw or reduce the number of shares of Registrable Common
Stock that is subject to any Demand Registration pursuant to subsection (b) of this Section 2 (a “Withdrawn Demand Registration”), the Initiating Holders of the Registrable Common Stock remaining unsold and originally
covered by such Withdrawn Demand Registration shall be entitled to a replacement Demand Registration that (subject to the provisions of this Section 2) the Company shall use its best efforts to keep effective for a period commencing on the
effective date of such Demand Registration and ending on the earlier to occur of the date (i) that is 180 days from the effective date of such Demand Registration and (ii) on which all of the Registrable Common Stock covered by such Demand
Registration has been sold. Such additional Demand Registration otherwise shall be subject to all of the provisions of this Agreement. 
 (f) Underwritten Offerings. Notwithstanding the foregoing, in no event shall the Company be obligated to effect more than one (1) underwritten offering hereunder in any single six
(6) month period, with the first such period measured from the date of the first Demand Registration and ending on the same date during the six (6) months following such Demand Registration, whether or not a Business Day. 

	Section 3.	Piggyback Registrations. 

 (a) Right to Piggyback. Beginning 180 days after the date of the Purchase Agreement and until the termination of the Management Agreement, whenever the Company proposes to register any of its
common equity securities under the Securities Act (other than a registration statement on Form S-8 or on Form S-4 or any similar successor forms thereto), whether for its own account or for the account of one or more stockholders of the Company, and
the registration form to be used may be used for any registration of Registrable Common Stock (a “Piggyback Registration”), the Company shall give prompt written notice (in any event within ten (10) business days after its
receipt of notice of any exercise of other demand registration rights) to all Holders of its intention to effect such a registration and, subject to Sections 3(b) and 3(c), shall include in such registration all Registrable Common Stock with respect
to which the Company has received written requests for inclusion therein within twenty (20) days after the receipt of the Company’s notice. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at
any time in its sole discretion. 
 (b) Priority on Primary Registrations. If a Piggyback Registration is an underwritten
primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number that can be sold in such
offering and/or that the number of shares of Registrable Common Stock proposed to be included in any such registration would adversely affect the price per share of the Company’s equity securities to be sold in such offering, the underwriting
shall be allocated among the Company and all Holders pro rata on the basis of the Common Stock and Registrable Common Stock offered for such registration by the Company and each Holder, respectively, electing to participate in such registration.

 (c) Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on
behalf of a holder of the Company’s securities other than Registrable Common Stock (“Non-Holder Securities”), and the managing underwriters advise the Company in writing that in their opinion the number of securities requested
to be included in such registration exceeds the number that can be sold in such offering and/or that the number of shares of Registrable Common Stock proposed to be included in any such registration would adversely affect the price per share of the
Company’s equity securities to be sold in such offering, the underwriting shall be allocated among the holders of Non-Holder Securities and all Holders pro-rata on the basis of the Non-Holder Securities and Registrable Common Stock offered for
such registration by the holder of Non-Holder Securities and each Holder, respectively, electing to participate in such registration. 
 (d) Selection of Underwriters. If any Piggyback Registration is an underwritten primary offering, the Company shall have the right to select the managing underwriter or underwriters to administer
any such offering. 
 (e) Other Registrations. If the Company has previously filed a Registration Statement with respect
to Registrable Common Stock pursuant to Section 2 hereof or pursuant to this Section 3, and if such previous registration has not been withdrawn or abandoned, the Company shall not be obligated to cause to become effective any other
registration of any of its securities under the Securities Act, whether on its own behalf or at the request of any holder or holders of such securities, until a period of at least three (3) months has elapsed from the effective date of such
previous registration. 

	Section 4.	Holdback Agreement. 

In connection with an underwritten primary or secondary offering to the public, each Holder agrees, subject to any exceptions that may be
agreed upon at the time of such offering, not to sell or otherwise transfer or dispose of any shares of Registrable Common Stock (or other securities) of the Company held by them (other than Registrable Common Stock included in such offering in
accordance with the terms hereof) for a period equal to the lesser of one hundred eighty (180) days following the effective date of a Registration Statement of the Company filed under the Securities Act or such shorter period as the managing
underwriter shall agree to; provided that all other stockholders who own more than ten percent (10%) of the outstanding Common Stock of the Company and all officers and directors of the Company enter into similar agreements. Such agreement
shall be in writing in form reasonably satisfactory to the Company and the managing underwriter. The Company may impose stop-transfer instructions with respect to the shares of Registrable Common Stock (or other securities) subject to the foregoing
restriction until the end of said period. 
  

	Section 5.	Registration Procedures. 

 Whenever the Holders request that any Registrable Common Stock be registered pursuant to this Agreement, the Company shall use its commercially reasonable efforts to effect and maintain the registration
and the sale of such Registrable Common Stock in accordance with the intended methods of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible: 

(a) prepare and file with the SEC a Registration Statement with respect to such Registrable Common Stock and use its best efforts to
cause such Registration Statement to become effective as soon as practicable thereafter; and before filing a Registration Statement or Prospectus or any amendments or supplements thereto, furnish to the Holders of Registrable Common Stock covered by
such Registration Statement and the underwriter or underwriters, if any, copies of all such documents proposed to be filed, including, if requested by such Holders, documents incorporated by reference in the Prospectus and, if requested by such
Holders, the exhibits incorporated or deemed incorporated by reference, and such Holders shall have the opportunity to object to any information pertaining to such Holders that is contained therein and the Company will make the corrections
reasonably requested by such Holders with respect to such information prior to filing any Registration Statement or amendment thereto or any Prospectus or any supplement thereto; 

(b) prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective, in the case of Demand Registration, for a period not less than 180 days, or such shorter period as is necessary to complete the distribution of the securities covered by
such Registration Statement and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by
the sellers thereof set forth in such Registration Statement; 

 (c) furnish to each seller of Registrable Common Stock (without charge) such number of
copies of such Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement (including each preliminary Prospectus) and such other documents as such seller may reasonably request in order to
facilitate the disposition of the Registrable Common Stock owned by such seller, and the Company consents to the use of such Prospectus, including each preliminary Prospectus, by Holders of Registrable Common Stock, in connection with the offering
and sale of Registrable Common Stock covered by any such Prospectus; 
 (d) use its commercially reasonable efforts to register
or qualify such Registrable Common Stock under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such
seller to consummate the disposition in such jurisdictions of the Registrable Common Stock owned by such seller (provided, that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this subparagraph (d), (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction); 

(e) notify each seller of such Registrable Common Stock, at any time when a Prospectus relating thereto is required to be delivered under
the Securities Act, of the occurrence of any event as a result of which the Registration Statement, including the Prospectus contained therein, contains an untrue statement of a material fact or omits any fact required to be stated therein or
necessary to make the statements therein not misleading, and, at the request of any such seller, the Company shall prepare a supplement or amendment to such Registration Statement so that, as thereafter delivered to the purchasers of such
Registrable Common Stock, such Prospectus shall not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading; 

(f) in the case of an underwritten offering, enter into such customary agreements (including underwriting agreements in customary form)
and take all such other actions as the Holders of a majority of number of shares of the Registrable Common Stock being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Common
Stock (including making executive officers of the Company available to participate in, and cause them to cooperate with the underwriters in connection with, “road-show” and other customary marketing activities (including one-on-one
meetings with prospective purchasers of the Registrable Common Stock), and cause to be delivered to the underwriters and the sellers, if any, opinions of counsel to the Company in customary form, covering such matters as are customarily covered by
opinions for an underwritten public offering as the underwriters may request and addressed to the underwriters and the sellers; 

(g) subject to receipt of reasonably acceptable confidentiality agreements, make available, for inspection by representative of a seller
of Registrable Common Stock, any underwriter participating in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and

 
other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors and independent accountants to supply all information reasonably
requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration Statement; 
 (h)
to use its commercially reasonable efforts to cause all such Registrable Common Stock to be listed on each securities exchange on which securities of the same class issued by the Company are then listed or, if no such similar securities are then
listed, on a national securities exchange selected by the Company; 
 (i) provide a transfer agent and registrar for all such
Registrable Common Stock not later than the effective date of such Registration Statement; 
 (j) if requested, cause to be
delivered, immediately prior to the effectiveness of the Registration Statement (and, in the case of an underwritten offering, at the time of delivery of any Registrable Common Stock sold pursuant thereto), letters from the Company’s
independent certified public accountants addressed to each selling Holder (unless such selling Holder does not provide to such accountants the appropriate representation letter required by rules governing the accounting profession) and each
underwriter, if any, stating that such accountants are independent public accountants within the meaning of the Securities Act and the applicable rules and regulations adopted by the SEC thereunder, and otherwise in customary form and covering such
financial and accounting matters as are customarily covered by letters of the independent certified public accountants delivered in connection with primary or secondary underwritten public offerings, as the case may be; 

(k) make generally available to its stockholders a consolidated earnings statement (which need not be audited) for the 12 months (or, if
applicable, such shorter period that the Company has been in existence) beginning after the effective date of a Registration Statement as soon as reasonably practicable after the end of such period, which earnings statement shall satisfy the
requirements of an earning statement under Section 11(a) of the Securities Act and Rule 158 thereunder; 
 (l) cooperate
with each selling Holder of Registrable Common Stock and each underwriter participating in the disposition of such Registrable Common Stock and their respective counsel in connection with any filings required to be made with the Financial Industry
Regulatory Authority, Inc. and make reasonably available its employees and personnel and otherwise provide reasonable assistance to the underwriters (taking into account the needs of the Company’s businesses and the requirements of the
marketing process) in the marketing of Registrable Common Stock in any underwritten offering; 
 (m) use its best efforts to
prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Common Stock for sale in any jurisdiction and, if such an order or suspension
is issued, to use reasonable efforts to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify each seller of Registrable Common Stock being sold of the issuance of such order and the resolution thereof or
its receipt of actual notice of the initiation or threat of any proceeding for such purpose; 

 (n) promptly notify each seller of Registrable Common Stock and the underwriter or
underwriters, if any: 
 (i) when the Registration Statement, pre-effective amendment, the Prospectus or any prospectus
supplement or post-effective amendment to the Registration Statement has been filed and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective; 

(ii) of any written request by the SEC for amendments or supplements to the Registration Statement or Prospectus; 

(iii) of the notification to the Company by the SEC of its initiation of any proceeding with respect to the issuance by the SEC of any
stop order suspending the effectiveness of the Registration Statement; and 
 (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification of any Registrable Common Stock for sale under the applicable securities or blue sky laws of any jurisdiction. 
 (o) At all times after the Company has filed a registration statement with the SEC pursuant to the requirements of either the Securities Act or the Exchange Act, the Company shall file all reports and
other documents required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder, and take such further action as any Holders may reasonably request, all to the extent required to
enable such Holders to be eligible to sell Registrable Common Stock pursuant to Rule 144 under the Securities Act (or any similar rule then in effect). 
 (p) As a condition to being included in any Registration Statement, the Company may require each seller of Registrable Common Stock as to which any registration is being effected to furnish to the Company
any other information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing. 
 (q) Each seller of Registrable Common Stock agrees by having its stock treated as Registrable Common Stock hereunder that, upon notice of the happening of any event as a result of which the Prospectus
included in such Registration Statement contains an untrue statement of a material fact or omits any material fact necessary to make the statements therein not misleading (a “Suspension Notice”), such seller will forthwith
discontinue disposition of Registrable Common Stock until such seller is advised in writing by the Company that the use of the Prospectus may be resumed and is furnished with a supplemented or amended Prospectus as contemplated by Section 5(e)
hereof, and, if so directed by the Company, such seller, at its option, either will destroy or deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such seller’s possession, of the
Prospectus covering such Registrable Common Stock current at the time of receipt of such notice; provided, however, that such postponement of sales of Registrable Common Stock by the Holders shall not exceed thirty (30) days in the aggregate in
any three-month period or ninety (90) days in the aggregate in any one year except as a result of a refusal by the SEC to declare any post-effective amendment to the Registration Statement effective after the Company has used all commercially
reasonable 

 
efforts to cause such post-effective amendment to be declared effective, in which case the Company shall terminate the suspension of the use of the Registration Statement immediately following
the effective date of the post-effective amendment. If the Company shall give any notice to suspend the disposition of Registrable Common Stock pursuant to a Prospectus, the Company shall extend the period of time during which the Company is
required to maintain the Registration Statement effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the date such seller either is advised by the
Company that the use of the Prospectus may be resumed or receives the copies of the supplemented or amended Prospectus contemplated by Section 5(e). In any event, the Company shall not be entitled to deliver more than three (3) Suspension
Notices in any one year. 
  

	Section 6.	Registration Expenses. 

 (a) All fees and expenses incident to the Company’s performance of or compliance with this Agreement, including, without limitation, all registration and filing fees, fees and expenses of compliance
with securities or blue sky laws, listing application fees, printing, word processing, telephone, messenger and delivery expenses, transfer agent’s and registrar’s fees, cost of distributing Prospectuses in preliminary and final form as
well as any supplements thereto, and fees and disbursements of counsel for the Company, one counsel retained by the Holders of Registrable Common Stock (in accordance with Section 6(b)) and all independent certified public accountants and other
Persons retained by the Company (all such expenses being herein called “Registration Expenses”) (but not including any underwriting discounts or commissions attributable to the sale of Registrable Common Stock or fees and expenses
of more than one counsel representing the Holders of Registrable Common Stock, which shall be borne by the Holders), shall be borne by the Company (whether or not any Registration Statement is declared effective or any of the transactions described
herein is consummated). In addition, the Company shall pay its internal expenses, the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on
each securities exchange on which they are to be listed. 
 (b) In connection with each registration initiated hereunder
(whether a Demand Registration or a Piggyback Registration), the Company shall reimburse the Holders covered by such registration or sale for the reasonable fees and disbursements of one law firm chosen by the Holders of a majority of the number of
shares of Registrable Common Stock included in such registration sale. 
 (c) The obligation of the Company to bear the expenses
described in Section 6(a) and to reimburse the Holders for the expenses described in Section 6(b) shall apply irrespective of whether a registration, once properly demanded, if applicable, becomes effective, is withdrawn or suspended, is
converted to another form of registration and irrespective of when any of the foregoing shall occur; provided, however, that Registration Expenses for any Registration Statement withdrawn solely at the request of a Holder of Registrable Common Stock
(unless withdrawn following postponement of filing by the Company in accordance with Section 2(c) or any supplements or amendments to a Registration Statement or Prospectus resulting from a misstatement furnished to the Company by a Holder
shall be borne by such Holder. 

	Section 7.	Indemnification. 

(a) The Company shall indemnify and hold harmless, to the fullest extent permitted by law, each Holder, its officers, directors and
Affiliates, employees and agents of such Holder and each Person, if any, who controls such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) from and against all losses, claims, damages,
liabilities, judgments and expenses (including without limitation, the reasonable fees and other expenses incurred in connection with any suit, action, investigation or proceeding or any claim asserted) caused by, arising out of, in connection with
or based upon, any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus (including any preliminary Prospectus) or any amendment thereof or supplement thereto or any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus in the light of the circumstances under which they were made, not misleading or any violation or alleged violation by the Company
of the Securities Act, the Exchange Act or applicable “blue sky” laws, except insofar as the same are made in reliance and in conformity with information relating to such Holder furnished in writing to the Company by such Holder expressly
for use therein or caused by such Holder’s failure to deliver to such Holder’s immediate purchaser a copy of the Prospectus or any amendments or supplements thereto (if the same was required by applicable law to be so delivered) after the
Company has furnished such Holder with a sufficient number of copies of the same. 
 (b) In connection with any Registration
Statement in which a Holder of Registrable Common Stock is participating, each such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, shall indemnify, to the fullest extent permitted by law, the Company, its officers, directors, Affiliates, and each Person who “controls” the Company within the meaning of the Securities Act (excluding American
Capital to the extent that American Capital is the Holder of the Registrable Common Stock), against all losses, claims, damages, liabilities and expenses arising out of or based upon any untrue or alleged untrue statement of material fact contained
in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein, in
the case of the Prospectus in the light of the circumstances under which they were made, not misleading, but only to the extent that the same are made in reliance and in conformity with information relating to such Holder furnished in writing to the
Company by such Holder expressly for use therein or caused by such Holder’s failure to deliver to such Holder’s immediate purchaser a copy of the Prospectus or any amendments or supplements thereto (if the same was required by applicable
law to be so delivered) after the Company has furnished such Holder with a sufficient number of copies of the same; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders and the liability of
each such Holder shall be in proportion to and limited to the net amount received by such Holder from the sale of Registrable Common Stock pursuant to such Registration Statement. 

(c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim
with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, such indemnifying

 
party shall assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any
liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a
claim shall not be obligated to pay the fees and expenses of more than one counsel for each party indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party there may be one or more
legal or equitable defenses available to such indemnified party which are in addition to or may conflict with those available to another indemnified party with respect to such claim. Failure to give prompt written notice shall not release the
indemnifying party from its obligations hereunder. No indemnifying party shall, without the prior written consent of the indemnified party, consent to entry of any judgment or enter into any settlement or other compromise (i) which does not
include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation or (ii) which includes any statement of admission of fault,
culpability or failure to act by or on behalf of such indemnified party. 
 (d) The indemnification provided for under this
Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of securities or
the termination of this Agreement. 
 (e) If the indemnification provided for in or pursuant to this Section 7 is
unavailable, unenforceable or insufficient to hold harmless any indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each applicable indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection with the statements or omissions which result in such losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations. The relative
fault of the indemnifying party on the one hand and of the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by the indemnifying party or by the indemnified party, and by such party’s relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. In no event shall the liability of any selling Holder be greater in amount than the amount of net proceeds received by such Holder upon such sale or the amount for which such indemnifying party would have been obligated to pay by way of
indemnification if the indemnification provided for under Section 7(a) or 7(b) hereof had been available under the circumstances. The indemnity and contribution agreements contained in this Section 7 are in addition to any liability which
the indemnifying Persons may otherwise have to the indemnified parties hereunder, under applicable law or at equity. 

	Section 8.	Participation in Underwritten Registrations. 

 No Person may participate in any registration hereunder that is underwritten unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements
approved by the Person or Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, opinions and other documents required under the terms
of such underwriting arrangements. 
  

	Section 9.	Rule 144. 

 The
Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder in accordance with the requirements of the Securities Act and the
Exchange Act, and it will take such further action as any Holder may reasonably request to make available adequate current public information with respect to the Company meeting the current public information requirements of Rule 144(c) under the
Securities Act (to the extent such information is available), to the extent required to enable such Holder to sell Registrable Common Stock without registration under the Securities Act within the limitation of the exemptions provided by
(i) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder, the Company will deliver to such Holder a written
statement as to whether it has complied with such information and requirements. 
 Section 10. Miscellaneous. 

(a) Notices. All notices, requests and other communications to any party hereunder shall be in writing (including facsimile or
similar writing) and shall be given, 
 If to the Company: 

American Capital Mortgage Investment Corp. 
 2 Bethesda Metro Center, 14th Floor 
 Bethesda, Maryland 20814 

Attention: Chief Executive Officer 
 Facsimile No.: (301) 968-9221 
 If to American Capital: 

American Capital, Ltd. 
 2 Bethesda Metro Center, 14th Floor 
 Bethesda, Maryland 20814 

Attention: Chief Executive Officer 
 Facsimile No.: (301) 654-6714 
 If to a transferee Holder, to the address of
such Holder set forth in the transfer documentation provided to the Company; or such other address or facsimile number as such 

 
party (or transferee) may hereafter specify for the purpose by notice to the other parties. Each such notice, request or other communication shall be effective (a) if given by facsimile,
when such facsimile is transmitted to the facsimile number specified in this Section 10(a) and the appropriate facsimile confirmation is received or (b) if given by any other means, when delivered at the address specified in this Section.

 (b) No Waivers. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate
as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive
of any rights or remedies provided by law. 
 (c) Expenses. Except as otherwise provided for herein or otherwise agreed
to in writing by the parties, all costs and expenses incurred in connection with the preparation of this Agreement shall be paid by the Company. 
 (d) Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, it being understood
that subsequent Holders of the Registrable Common Stock are intended third party beneficiaries hereof. 
 (e) Governing
Law. This Agreement and the rights and obligations of the parties under this Agreement shall be governed by, and construed and interpreted in accordance with, the law of the State of New York, without regard to principles of conflicts of law
(other than Section 5-1401 of the General Obligations Law). Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New York and the United States District Court for any district within such
state for the purpose of any action or judgment relating to or arising out of this Agreement or any of the transactions contemplated hereby and to the laying of venue in such court. 

(f) Jurisdiction. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in
connection with, this Agreement or the transactions contemplated hereby may be brought in any federal or state court located in the County and State of New York, and each of the parties hereby consents to the jurisdiction of such courts (and of the
appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or
proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world,
whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 10(a) shall be deemed effective service of process on such party.

 (g) Waiver of Jury Trial. 
 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 (h) Counterparts; Effectiveness. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 (i) Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and
understandings, both oral and written, between the parties with respect to the transactions contemplated herein. No provision of this Agreement or any other agreement contemplated hereby is intended to confer on any Person other than the parties
hereto any rights or remedies. 
 (j) Captions. The captions herein are included for convenience of reference only and
shall be ignored in the construction or interpretation hereof. 
 (k) Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to
the fullest extent possible. 
 (l) Amendments. The provisions of this Agreement, including the provisions of this
sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the prior written consent of the Holders of a majority of the then-outstanding shares of Registrable
Common Stock; provided, further, that the consent or agreement of the Company shall be required with regard to any termination, amendment, modification or supplement of, or waivers or consents to departures from, the terms hereof, which affect the
Company’s obligations hereunder. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, this Registration Rights Agreement has been duly executed by each of the
parties hereto as of the date first written above 
  

					
	AMERICAN CAPITAL MORTGAGE INVESTMENT CORP.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

		 	Name:	 	
		 	Title:Exhibit 10.4

 Exhibit 10.4 
 FORM OF LICENSE AGREEMENT 
 THIS LICENSE AGREEMENT (this
“Agreement”) is effective as of __________ ___, 2011 (the “Effective Date”) by and between American Capital, Ltd., a Delaware Corporation having its principal offices at 2 Bethesda Metro, Bethesda, MD 20814 (“Licensor”
or “ACAS”) and American Capital Mortgage Investment Corp., a Maryland corporation having its principal offices at 2 Bethesda Metro, Bethesda, MD 20814 (“Licensee”) (each a “Party” and collectively the
“Parties”). 
 WHEREAS, Licensor owns all right, title and interest in the service marks (including any and all
variations and combinations thereof, and associated company names) listed at Exhibit A and attached hereto (each a “Mark” and collectively, the “Marks”), for use in connection with financial and investment services,
including but not limited to, financial analysis and consultation, real estate investment services, real estate investment trust advisory and management services, and mortgage-related investment services, and other related services and activities
(the “Business Activities”) together with the goodwill symbolized by the Marks, and has the exclusive right to use and to license others to use the Marks; 
 WHEREAS, Licensor owns all right, title and interest in the domain name mtge.com (the “Domain Name”) together with the goodwill symbolized by the Domain Name, and has the exclusive right to use
and to license others to use the Domain Name; 
 WHEREAS, Licensee is affiliated with Licensor and is currently party to a
Management Agreement (the “Management Agreement”), dated __________ ____, 2011 with American Capital Mortgage Management, LLC (“ACMM”), an entity in which Licensor has an indirect controlling equity interest; and

 WHEREAS, Licensor desires that Licensee use the Marks and Domain Name in connection with Business Activities in accordance
with the terms and conditions of this Agreement; and 

 WHEREAS, Licensee desires to obtain from Licensor a license for such use; and 

WHEREAS, Licensee has been using the Marks and Domain Name with ACAS’s permission in conjunction with the Business Activities
pursuant to an oral agreement; and 
 WHEREAS, the Parties wish to memorialize in writing the permission and licenses that ACAS
has granted to Licensee to use the Marks and Domain Name in connection with Licensee’s provision of the Business Activities and ACAS wishes to specify further the terms and conditions of this permission and licenses. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual promises hereinafter set forth in this Agreement and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 
  

	1.	LICENSE GRANT. 

 (a)
Subject to the terms and conditions specified herein, ACAS has granted and otherwise hereby grants to Licensee, and Licensee’s direct and indirect subsidiaries, a worldwide, nonexclusive, royalty free license, with no right to sublicense
(except to direct and indirect subsidiaries of Licensee), to use the Marks as part of a trade name and in connection with the Business Activities (the “Trademark License”). Any such sublicense shall be substantially in the form of this
License Agreement and shall be subject to ACAS’ prior approval. ACAS expressly retains any right to use and/or further license and authorize sublicenses of the Marks during the Term of this Agreement. 

(b) License of Domain Name. Subject to the terms and conditions specified herein, ACAS has granted and otherwise hereby grants to
Licensee, and Licensee’s direct 

  
 -2-

 
and indirect subsidiaries, a worldwide, nonexclusive, royalty free license, with no right to sublicense (except to direct and indirect subsidiaries of Licensee), to use the Domain Name in
connection with the Business Activities (the “Domain Name License,” and together with the Trademark License, the “Licenses”). 
  

	2.	OWNERSHIP. 

 (a) Licensee
acknowledges that ACAS owns all right, title and interest in and to the Marks and Domain Name and agrees that it will do nothing inconsistent with such ownership, including without limitation applying to register the Marks or any variations thereof
with any tribunal or other entity worldwide, or registering the Domain Name or any variations thereof in combination with any top level domain. Licensee further acknowledges that nothing in this Agreement shall give Licensee any right, title or
interest in the Marks or Domain Name other than the right to use the Marks and Domain Name in accordance with this Agreement and that any benefit or value added to the Marks or Domain Name as a result of Licensee’s use shall inure to the
benefit of ACAS. Licensee shall not use the Marks in combination with any other mark without the prior written consent of ACAS. 

(b) Licensor shall be responsible for maintaining and renewing the registration for the Domain Name. 

 

	3.	QUALITY MAINTENANCE; FORM OF USE. 

 (a) Quality Control. ACAS shall have the right to supervise the nature and quality of the Business Activities associated with the Marks and Domain Name pursuant to this Agreement. Licensee agrees
to maintain the high quality of the Business Activities associated with the Marks and Domain Name, and to supervise the use of the Marks and Domain Name by its direct and indirect subsidiaries to ensure that the nature and quality of the Business
Activities associated with the Marks and Domain Name comply with the terms of this Agreement. 

  
 -3-

 (b) Licensee shall not use, or allow others to use the Marks in any manner that would, in
the sole discretion of ACAS, dilute or tarnish the Marks. 
 (c) Wherever appropriate, Licensee shall cause uses of registered
Marks hereunder to bear the registered service mark notice “®”. 
 (d) Licensee shall comply in all material
respects with any applicable laws and regulations and shall obtain all appropriate government approvals pertaining to the performance, sale, distribution, promotion and advertising of the Business Activities. 

(e) From time to time, the Parties may amend Exhibit A, in writing, to add further ACAS-owned marks and/or to delete any existing
Marks. 
  

	4.	REPRESENTATIONS AND WARRANTIES. 

 (a) ACAS represents and warrants that (i) it possesses all necessary rights to enter into this Agreement; (ii) to the best of ACAS’s knowledge, there are no adverse rulings by any tribunal
regarding ACAS’s rights in the Marks or Domain Name; and (iii) to the best of ACAS’s knowledge, Licensee’s use of the Marks and Domain Name in connection with the Business Activities, as authorized by this Agreement, will not
infringe any rights of any third parties, including, but not limited to, intellectual property rights arising under the laws of any jurisdiction in which Licensor has registered the Marks. 

(b) Licensee represents and warrants that (i) it has the full right to enter into this Agreement and fulfilling its obligations
hereunder does not infringe on the rights of any person or entity; (ii) it shall comply in all material respects with any applicable laws and regulations and shall obtain all appropriate government approvals pertaining to the performance, sale,
distribution, promotion and advertising of the Business Activities; and (iii) it shall use the Marks and Domain Name solely in accordance with this Agreement. 

  
 -4-

	5.	INFRINGEMENT. 

 (a) The
Parties agree to cooperate in their efforts to defend and 
 protect the rights in and to the Marks and Domain Name. Licensee shall promptly
notify ACAS in writing of any potential or actual infringements of such rights as may come to Licensee’s attention. In the event of any potential or actual infringement, ACAS reserves the exclusive right, but is not required, to take any legal
action or other measures to protect the Marks and/or Domain Name against such infringement. Licensee shall cooperate with ACAS in any such actions or measures at ACAS’s request and sole expense. Licensee shall take no legal action or any other
measures to protect the Marks or Domain Name without first obtaining ACAS’s prior written approval. 
 (b) Licensee shall
promptly notify ACAS in writing of any infringement claims made by third parties, as may come to Licensee’s attention, pertaining to Licensee’s right to use and/or ACAS’s ownership of the Marks or Domain Name. In the event of any such
infringement claims, Licensee shall cooperate with ACAS in defending ACAS’s rights in and to the Mark or Domain Name against such claims at ACAS’s request and sole expense. 

  
 -5-

	6.	INDEMNIFICATION. 

 (a)
ACAS. ACAS shall indemnify and hold harmless Licensee and any of its directors, partners, officers, trustees, employees, agents, successors, and permitted assigns from and against any loss, damage or expense arising from any claim, suit,
judgment or proceeding brought or asserted by any third party arising out of or in connection with (i) any use of the Marks or Domain Name by Licensee that is authorized expressly by this Agreement; and (ii) any material breach by ACAS of
its agreements, representations, warranties or covenants set forth in this Agreement. 
 (b) Licensee. Licensee shall
indemnify and hold harmless ACAS and any of its directors, officers, trustees, partners, employees, agents, successors, and assigns from and against any loss, damage or expense arising from any claim, suit, judgment or proceeding brought or asserted
by any third party arising out of or in connection with (i) any use of the Marks or Domain Name by Licensee that is not authorized by this Agreement; and (ii) any material breach by Licensee of its agreements, representations, warranties
or covenants set forth in this Agreement. 
  

	7.	ASSIGNABILITY 

 Licensee
shall not assign, mortgage or otherwise hypothecate this Agreement or any of Licensee’s rights, nor shall Licensee delegate its obligations, under this Agreement without the prior written consent of ACAS. 

 

	8.	TERM AND TERMINATION. 

(a) Term. This Agreement shall continue in force and effect unless terminated by mutual agreement of the Parties as provided
below. 
 (b) Termination. Either Party may terminate this Agreement, with or without cause upon sixty
(60) days’ written notice to the other Party. 

  
 -6-

 (c) Termination for Breach. Either Party may terminate this Agreement for material
breach by the other Party of such Party’s agreements, representations, warranties or covenants that remains uncured for thirty (30) days after receiving written notice from the non-breaching party. 

(d) Termination of Management Agreement. Unless otherwise agreed in writing by the parties, this Agreement shall automatically
terminate upon ACMM (or its successor or affiliate) ceasing for any reason to be Manager of Licensee pursuant to the Management Agreement. 
 (e) Termination of Licenses. Upon termination or expiration of this Agreement, as the case may be, all rights granted herein shall terminate automatically and Licensee immediately shall:
(i) cease using, in any way, the Marks and any marks or names confusingly similar thereto; (ii) uninstall from any and all websites under Licensee’s control the Marks and any marks or names confusingly similar thereto;
(iii) destroy any and all copies of any material containing the Marks and any marks or names confusingly similar thereto; and (iv) cease using, in any way, the Domain Name. Notwithstanding the foregoing, the Parties may agree in writing to
implement “phase out” procedures for removing the Marks from websites and other materials and ceasing use of the Domain Name, based on terms and conditions mutually agreeable to both Parties. 

(e) Other Remedies. The Parties acknowledge that the right to terminate this Agreement for Breach, as set forth in Subsection
8(c), may be inadequate as a sole remedy. The Parties therefore agree that either Party may avail itself of any and all remedies at law and in equity, including provisional remedies (i.e. injunctive relief). 

(f) Survival. The provisions of Sections 2 (Ownership), 4 (Representations and Warranties), 6 (Indemnification), 8(e) (Termination
of Licenses), 9 (Notices); and 12 (Miscellaneous) shall remain in effect after the expiration or termination of this Agreement, as the case may be. 

  
 -7-

	9.	NOTICES. 

 All notices,
demands or other communications pursuant to or in connection with this Agreement shall be in writing and shall be deemed given (“Delivered”) upon delivery or on the first date on which receipt is refused, regardless of the date of delivery
of any copies indicated below, if Delivered either: (a) by registered or certified mail, return receipt requested, and postage prepaid; (b) by a recognized overnight delivery service, with confirmation of delivery; (c) by hand with a
written receipt; or (d) if the recipient has supplied a telecopy number, by telecopy, with confirmation of receipt; in each case at the appropriate address indicated in the preamble to this Agreement. 

 

	10.	GOVERNING LAW; VENUE. 

This Agreement shall be governed in all respects by the internal laws of the State of Maryland, without regard to conflicts of law
principles. The jurisdictional venue for any legal proceedings involving this Agreement shall be held in any applicable state or federal court located in the State of Maryland. 

 

	11.	ENTIRE AGREEMENT; NO WAIVER. 

 This Agreement and its exhibit contain the entire agreement of the Parties with respect to the subject matter hereof and no provisions of this Agreement may be changed or modified except by written
instrument signed by the Parties. The failure or delay of either Party in enforcing any of its rights under this Agreement shall not be deemed a continuing waiver or modification of such rights. 

  
 -8-

	12.	MISCELLANEOUS. 

 (a) Binding
Effect. This Agreement shall inure to the benefit of and be binding upon the Parties and their successors and permitted assigns. 
 (b) Headings. The section headings inserted in this Agreement are for convenience only and are not intended to affect the meaning or interpretation of this Agreement. 

(c) Severability. The provisions of this Agreement are severable, and the unenforceability of any provision of this Agreement
shall not affect the enforceability of the remainder of this Agreement. The parties acknowledge that it is their intention that if any provision of this Agreement is determined by a court to be unenforceable as drafted, that provision should be
construed in a manner designed to effectuate the purpose of that provision to the greatest extent possible under applicable law. 
 (d) Remedies Cumulative. The rights and remedies provided in this Agreement and all other rights and remedies available to either party at law or in equity are, to the extent permitted by law,
cumulative and not exclusive of any other right or remedy now or hereafter available at law or in equity. Neither asserting a right nor employing a remedy shall preclude the concurrent assertion of any other right or employment of any other remedy,
nor shall the failure to assert any right or remedy constitute a waiver of that right or remedy. 
 (e) Counterpart and
Facsimile Signatures. This Agreement may be executed in multiple counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same Agreement. Facsimile
signatures on this Agreement shall be as binding and enforceable as original signatures. 
 [remainder of page intentionally
left blank] 

  
 -9-

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

					
	AMERICAN CAPITAL, LTD.	 		 	AMERICAN CAPITAL MORTGAGE INVESTMENT CORP.
			
	 	 		 	 
	By:	 		 	By:
			
	 	 		 	 
	Name:	 		 	Name:
			
	 	 		 	 
	Title:	 		 	Title:
			
	 	 		 	 
	Date:	 		 	Date:

  
 -10-

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