Document:

Exhibit 10.7

 

EXECUTION COPY

 

 

  

CUSTODY AGREEMENT

 

 

 

dated as of April 22, 2022 

by
and between

 

NEW MOUNTAIN GUARDIAN IV BDC,
L.L.C. 

(“Company”)

 

and

 

U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION

 (“Custodian”)

 

     

     

    

 

Table of Contents

 

Page

 

	1.	DEFINITIONS	1
	2.	APPOINTMENT OF CUSTODIAN	4
	3.	DUTIES OF CUSTODIAN	4
	4.	REPORTING	6
	5.	CERTAIN GENERAL TERMS	6
	6.	COMPENSATION OF CUSTODIAN	8
	7.	RESPONSIBILITY OF CUSTODIAN	9
	8.	SECURITY CODES	12
	9.	TAX LAW	12
	10.	EFFECTIVE PERIOD, TERMINATION	12
	11.	REPRESENTATIONS AND WARRANTIES	13
	12.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT	14
	13.	NOTICES	15
	14.	CHOICE OF LAW AND JURISDICTION	15
	15.	ENTIRE AGREEMENT; COUNTERPARTS	15
	16.	AMENDMENT; WAIVER	16
	17.	SUCCESSOR AND ASSIGNS	16
	18.	SEVERABILITY	17
	19.	REQUEST FOR INSTRUCTIONS	17
	20.	OTHER BUSINESS	17
	21.	REPRODUCTION OF DOCUMENTS	17
	22.	MISCELLANEOUS	18

 

SCHEDULES 

	 	SCHEDULE A – Initial Authorized Persons	 

 

    i

     

    

 

This CUSTODY AGREEMENT (this “Agreement”) is dated
as of April 22, 2022 and is by and between NEW MOUNTAIN GUARDIAN IV BDC, L.L.C. (and any successor or permitted assign), a Delaware limited
liability company, and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (or any successor or permitted assign acting hereunder), a national
banking association, as custodian (in such capacity, along with any successor or permitted assign acting as custodian hereunder, the “Custodian”).

 

RECITALS

 

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

 

WHEREAS, the Company desires to retain
U.S. Bank Trust Company, National Association to act as custodian for the Company and each Subsidiary hereafter identified to the Custodian;

 

WHEREAS, the Company desires that certain
of the Company’s cash be held and administered by the Custodian pursuant to this Agreement in compliance with Section 17(f) of the
1940 Act; and

 

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

 

		1.	DEFINITIONS 

 

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

 

“1940 Act” has the meaning set forth in
the Recitals.

 

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

 

“Authorized Person” has the meaning set
forth in Section 5.3(a).

 

“Business Day” means a day on which
the Custodian or the relevant sub-custodian is open for business in the market or country in which a transaction is to take place.

 

“Cash Account” means, collectively,
the segregated accounts to be established at the Custodian to which the Custodian shall deposit or credit and hold any cash received by
it from time to time, which account shall be designated the “New Mountain Guardian IV BDC, L.L.C. Cash Interest Proceeds Account”
and the “New Mountain Guardian IV BDC, L.L.C. Cash Principal Proceeds Account”.

 

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

 

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

 

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

 

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

 

		(a)	United States government and agency obligations;

 

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

 

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

 

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

 

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

 

“Proper Instructions” means instructions received
by the Custodian in form acceptable to it, from the Company, or any Person duly authorized by the Company, by any of the following means:

 

(a)          
in writing signed by two (2) Authorized Persons (and delivered by hand, by mail, by overnight courier, or by telecopier);

 

(b)         
by electronic mail sent by one Authorized Person with one or more other Authorized Person(s) copied;

 

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

 

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

 

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“Reinvestment Earnings” has the meaning set forth
in Section 3.3(b).

 

“Subsidiary” means any wholly owned subsidiary
of the Company identified to the Custodian by the Company.

 

“Subsidiary Cash Account” shall have the
meaning set forth in Section 3.6(a).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		2.	APPOINTMENT OF CUSTODIAN 

 

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

 

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

 

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

 

		3.	DUTIES OF CUSTODIAN 

 

3.1          Cash Custody Account. The Custodian shall open and maintain with U.S. Bank National Association segregated accounts in the name
of the Company, subject only to order of the Custodian, in which the Custodian shall enter and carry the cash of the Company which is
delivered to it in accordance with this Agreement.

 

		3.2	Delivery of Cash to Custodian.

 

		(a)	The Company shall deliver, or cause to be delivered, to the Custodian certain of the Company’s cash, including (a) payments of
income, payments of principal and capital distributions received by the Company, cash owned by the Company at any time during the period
of this Agreement, and (b) cash received by the Company for the issuance, at any time during such period,
of shares or other securities or in connection with a borrowing by the Company. The Custodian shall not be responsible for such cash until
actually delivered to, and received by it.

 

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3.3           Cash Account and Management
of Cash

 

		(a)	Cash received by the Custodian from time to time shall be deposited or credited to the Cash Account. All amounts deposited or credited
to the designated Cash Account shall be subject to clearance and receipt of final payment by the Custodian.

 

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

 

		(c)	In the event that the Company shall at any time request a withdrawal of amounts from the Cash Account, the Custodian shall be entitled
to liquidate, and shall have no liability for any loss incurred as a result of the liquidation of, any investment of the funds credited
to such Cash Account as needed to provide necessary liquidity, unless such losses are directly resulting from the Custodian’s gross
negligence, willful misconduct or bad faith and breach of the terms of this Agreement. Investment instructions may be in the form of
standing instructions (in the form of Proper Instructions acceptable to Custodian).

 

		(d)	The Company acknowledges that cash deposited or invested with any bank (including the bank acting as Custodian)
may make a margin or generate banking income for which such bank shall not be required to account to the Company.

 

		(e)	The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for
administration of its duties hereunder, with notice to be provided to the Company.

 

		3.4	Payment of Moneys. At any time or times, the Custodian shall be entitled to pay (i)  itself from the Cash Account,
whether or not in receipt of express direction or instruction from the Company, any amounts due and payable to it pursuant to Section
6 hereof, and (ii) as otherwise permitted by Section 5.4, Section 7.4 or Section 10.5 below; provided, however, that in each case
(i) the Custodian shall have first invoiced or billed the Company for such amounts and the Company shall have failed to pay such amounts
within thirty (30) days after the date of such invoice or bill, and (ii) all such payments shall be regularly accounted for to the Company.

 

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3.5         Records.
The Custodian shall create and maintain complete and accurate records relating to its activities under this Agreement with respect to
the cash held for the Company under this Agreement, as required by Section 31 of the 1940 Act, and Rules 31a-1 and 32a-2 thereunder.
To the extent that the Custodian, in its sole opinion, is able to do so, the Custodian shall provide assistance to the Company (at the
Company’s reasonable request made from time to time) by providing sub-certifications regarding certain of its services performed
hereunder to the Company in connection with the Company’s certification requirements pursuant to the Sarbanes-Oxley Act of 2002,
as amended. All such records shall be the property of the Company and shall at all times during the regular business hours of the Custodian
be open for inspection by duly authorized officers, employees or agents of the Company (including its independent public accountants)
and employees and agents of the Securities and Exchange Commission, upon reasonable request and no less than five Business Days’
prior notice, unless the Custodian agrees to such shorter time, and at the Company’s expense.

 

		3.6	Custody of Subsidiary Cash.

 

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

 

(b)           
To the maximum extent possible, the provisions of this Agreement regarding the Cash Account shall be applicable to any Subsidiary Account.
The parties hereto agree that the Company shall notify the Custodian in writing as to the establishment of any Subsidiary as to which
the Custodian is to serve as custodian pursuant to the terms of this Agreement; and identify in writing any accounts the Custodian shall
be required to establish for such Subsidiary as herein provided.

 

		4.	REPORTING

 

For each Business Day, the Custodian shall
render to the Company a daily report of all deposits to and withdrawals from the Cash Account (including any Subsidiary Cash Accounts)
for such Business Day and the outstanding balance as of the end of such Business Day.

 

		5.	CERTAIN GENERAL TERMS 

 

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

 

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

 

		5.3	Proper Instructions 

 

(a)           
The Company will give a notice to the Custodian, in form acceptable to the Custodian, specifying the names and specimen signatures (whether
manual, facsimile, .pdf or other electronic signature) of persons authorized to give Proper Instructions (collectively, “Authorized
Persons” and each is an “Authorized Person”) which notice shall be signed by any two Authorized Persons previously
certified to the Custodian. The Custodian shall be entitled to rely upon the identity and authority of such persons until it receives
written notice from an Authorized Person of the Company to the contrary. The initial Authorized Persons are set forth on Schedule A
attached hereto and made a part hereof (as such Schedule A may be modified from time to time by written notice from the Company
to the Custodian) and the Company hereby represents and warrants that the true and accurate specimen signatures of such initial Authorized
Persons are set forth on Schedule A. If such person elects to give the Custodian email or facsimile instructions (or instructions
by a similar electronic method) and the Custodian in its discretion elects to act upon such instructions, the Custodian’s reasonable
understanding of such instructions shall be deemed controlling. The Custodian shall not be liable for any losses, costs or expenses arising
directly or indirectly from the Custodian’s reliance upon and compliance with such instructions notwithstanding such instructions
conflicting with or being inconsistent with a subsequent written instruction. Any person providing such instructions or directions agrees
to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Custodian, including
without limitation the risk of the Custodian acting on unauthorized instructions, and the risk of interception and misuse by third parties
(except, in each case, to the extent due to the Custodian’s bad faith, willful misconduct or gross negligence, as applicable).

 

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

 

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

 

		(a)	make payments to itself as described in or pursuant to Section 3.4, provided that (i) the Custodian shall have first invoiced or billed the Company
for such amounts and the Company shall have failed to pay such amounts within thirty (30) days after the date of such invoice or bill,
and (ii) all such payments shall be regularly accounted for to the Company; and

 

		(b)	endorse for collection cheques, drafts and other negotiable instruments.

 

5.5          
Evidence of Authority. The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate,
instrument or paper reasonably believed by it to be genuine and to have been properly executed or otherwise given by or on behalf of the
Company by Authorized Persons. The Custodian may receive and accept a certificate signed by any two Authorized Persons as conclusive evidence
of:

 

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

 

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

 

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

 

5.6          
Receipt of Communications. Any communication received by the Custodian on a day which is not a Business Day or after 3:30 p.m.,
Eastern time (or such other time as is agreed by the Company and the Custodian from time to time), on a Business Day will be deemed to
have been received on the next Business Day (but in the case of communications so received after 3:30 p.m., Eastern time, on a Business
Day the Custodian will use its best efforts to process such communications as soon as possible after receipt).

 

		6.	COMPENSATION OF CUSTODIAN 

 

		6.1	Fees. The Custodian shall be entitled to compensation for its services in accordance with the terms
of that certain fee letter dated on or about April 1, 2022, between the Company and the Custodian.

 

6.2          
Expenses. The Company agrees to pay or reimburse to the Custodian upon its request from time to time all costs, disbursements,
advances, and expenses (including reasonable fees and expenses of legal counsel) incurred, and any disbursements and advances made (including
any account overdraft resulting from any settlement or assumed settlement, provisional credit, chargeback, returned deposit item, reclaimed
payment or claw-back, or the like), in connection with the preparation or execution of this Agreement or in connection with the transactions
contemplated hereby or the administration of this Agreement or performance by the Custodian of its duties and services under
this Agreement, from time to time (including costs and expenses of any action deemed necessary by the Custodian to collect any amounts
owing to it under this Agreement).

 

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		7.	RESPONSIBILITY OF CUSTODIAN 

 

7.1          
General Duties. The Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the
cash except for such duties as are expressly and specifically set forth in this Agreement, and the duties and obligations of the Custodian
shall be determined solely by the express provisions of this Agreement. No implied duties, obligations or responsibilities shall be read
into this Agreement against, or on the part of, the Custodian.

 

		7.2	Instructions 

 

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

 

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

 

7.3          
General Standards of Care. Notwithstanding any terms herein contained to the contrary, the acceptance by the Custodian of its appointment
hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement
(whether or not so stated therein):

 

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

 

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(b)          
Neither the Custodian nor any of its directors, officers or employees shall be liable to anyone for any error of judgment, or for any
act done or step taken or omitted to be taken by it (or any of its directors, officers of employees), or for any mistake of fact or law,
or for anything which it may do or refrain from doing in connection herewith, unless such action or inaction constitutes gross negligence,
willful misconduct or bad faith on its part and in breach of the terms of this Agreement. The Custodian shall not be liable for any action
taken by it in good faith and reasonably believed by it to be within powers conferred upon it, or taken by it pursuant to any direction
or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required
hereby for such action. The Custodian shall not be under any obligation at any time to ascertain whether the Company is in compliance
with the 1940 Act, the regulations thereunder, or the Company’s investment objectives and policies then in effect.

 

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

 

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

 

(e)           
The Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto unless actually known by an officer
working in its Corporate Trust Services group and charged with responsibility for administering this Agreement or unless (and then only
to the extent received) in writing by the Custodian at the applicable address(es) as set forth in Section 13 and specifically referencing
this Agreement.

 

(f)           
No provision of this Agreement shall require the Custodian to expend or risk its own funds, or to take any action (or forbear from action)
hereunder which might in its judgment involve any expense or any financial or other liability unless it shall be furnished with acceptable
indemnification. Nothing herein shall obligate the Custodian to commence, prosecute or defend legal proceedings in any instance, whether
on behalf of the Company or on its own behalf or otherwise, with respect to any matter arising hereunder, or relating
to this Agreement or the services contemplated hereby.

 

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

 

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

 

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

 

7.4           Indemnification; Custodian’s
Lien.

 

(a)          
The Company shall and does hereby indemnify and hold harmless the Custodian for and from any and all costs and expenses (including reasonable
attorney’s fees and expenses), and any and all losses, damages, claims and liabilities, that may arise, be brought against or incurred
by the Custodian, whether direct, indirect or consequential, as a result of or arising from or in any way relating to any claim, demand,
suit, action or proceeding (including any inquiry or investigation) by any person, including without limitation the Company or any Subsidiary,
and any advances or disbursements made by the Custodian (including in respect of any Cash Account overdraft, returned deposit item, chargeback,
provisional credit, settlement or assumed settlement, reclaimed payment, claw-back or the like), as a result of, relating to, or arising
out of this Agreement, or the administration or performance of the Custodian’s duties hereunder, or the relationship between the
Company (including, for the avoidance of doubt, any Subsidiary) and the Custodian created hereby, including the enforcement of any indemnification
rights hereunder, other than such liabilities, losses, damages, claims, costs and expenses as are directly caused by the Custodian’s
action or inaction constituting gross negligence, bad faith or willful misconduct.

 

(b)          
If the Company requires the Custodian, its affiliates, subsidiaries or agents, to advance cash for any purpose, or in the event that the
Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with
the performance of this Agreement, except such as may arise from its or its nominee’s own gross negligent action, grossly negligent
failure to act, bad faith or willful misconduct, or if the Company fails to compensate or pay the Custodian pursuant to Section 6.1 or
Section 7.4 hereof, any cash at any time held for the account of the Company shall be security therefor and should the Company fail to
repay the Custodian promptly (or, if specified, within the time frame provided herein), the Custodian shall be entitled to utilize available
cash to the extent necessary to obtain reimbursement.

 

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7.5          
Force Majeure. Without prejudice to the generality of the foregoing, the Custodian shall be without liability to the Company for
any damage or loss resulting from or caused by events or circumstances beyond the Custodian’s reasonable control, including nationalization,
expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and practices of any securities
market, power, mechanical, communications or other technological failures or interruptions, computer viruses or the like, fires, floods,
earthquakes or other natural disasters, civil and military disturbance, acts of war or terrorism, riots, revolution, acts of God, work
stoppages, strikes, national disasters of any kind, or other similar events or acts; errors by the Company (including any Authorized Person)
in its instructions to the Custodian; or changes in applicable law, regulation or orders.

 

		8.	SECURITY CODES 

 

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

 

		9.	TAX LAW 

 

9.1          
Domestic Tax Law. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the Company,
or the Custodian as custodian of the Cash Account, by the tax law of the United States or any state or political subdivision thereof.
The Custodian shall be kept indemnified by and be without liability to the Company for such obligations including taxes (but excluding
any income taxes assessable in respect of compensation paid to the Custodian pursuant to this Agreement), withholding, certification and
reporting requirements, claims for exemption or refund, additions for late payment interest, penalties and other expenses (including legal
expenses) that may be assessed against the Company, or the Custodian as custodian of the Cash Account.

 

		10.	EFFECTIVE PERIOD, TERMINATION 

 

10.1         Effective Date. This Agreement shall become effective as of its due execution and delivery by each of the parties. This Agreement
shall continue in full force and effect until terminated as hereinafter provided. This Agreement may be terminated by the Custodian or
the Company pursuant to Section 10.2.

 

10.2         Termination. This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified
in any written notice of termination given by the Company or the Custodian to the other not later than sixty (60) days prior to the effective
date of termination specified therein, (b) such other date of termination as may be mutually agreed upon by the parties in writing.

 

    - 12 -

     

    

 

10.3         Resignation. The Custodian may at any time resign under this Agreement by giving not less than sixty (60) days advance written
notice thereof to the Company. The Company may at any time remove the Custodian under this Agreement by giving not less than sixty (60)
days advance written notice thereof to the Custodian.

 

10.4         Successor. Prior to the effective date of termination of this Agreement, or the effective date of the resignation of the Custodian,
as the case may be, the Company shall give Proper Instruction to the Custodian designating a successor Custodian, if applicable. The Custodian
shall, upon receipt of Proper Instruction from the Company deliver directly to the successor Custodian all cash then owned by the Company
and held by the Custodian as custodian, provided that the Company shall have paid to the Custodian all fees, expenses and other amounts
to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Company, transfer
to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement
(if such form differs from the form in which the Custodian has maintained the same, the Company shall pay any expenses associated with
transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities. Upon such delivery and transfer,
the Custodian shall be relieved of all obligations under this Agreement.

 

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

 

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

 

		11.	REPRESENTATIONS AND WARRANTIES 

 

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

 

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

 

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

 

    - 13 -

     

    

 

(c)          
(i) the Company is not a Plan-Assets Vehicle (as defined below); (ii) the Company is not subject to the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), (iii) the aggregate interest in any class of equity interests by any benefit plan
investors (as such term is interpreted under ERISA) for whose benefit or account the Accounts for such Company is held does not equal
or exceed 25% of the outstanding interests and (iv) neither the portfolio of the Securities or the Accounts for such Company is deemed
to be assets of an employee benefit plan which is subject to ERISA. If for any reason the Company breaches or otherwise fails to comply
with any of the foregoing representations, warranties, or covenants, then (i) the Custodian’s duties hereunder with respect to such
Company shall terminate immediately upon such breach, regardless of whether the Custodian received notice of such breach or provided notice
of termination, and promptly thereafter, the Company and the Custodian (or an affiliate of the Custodian) shall negotiate in good faith
to enter into a separate ERISA fund custody agreement, (ii) the Company will promptly notify the Custodian of such breach, (iii) the Company
acknowledges that the Custodian does not act as investment manager of the Securities or the Accounts and (iv) the Company acknowledges
that the Custodian does not provide any services as a “fiduciary” with respect to the Company within the meaning of
ERISA §3(21). For purposes herein, “Plan-Assets Vehicle” means an investment contract, product, or entity that
holds plan assets (as determined pursuant to ERISA §§3(42) and 401 and 29 CFR §2510.3-101).

 

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

 

		(a)	it is qualified to act as a custodian pursuant to Sections 17(f) and 26(a)(1) of the
1940 Act;

 

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

 

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

 

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

 

12.            PARTIES IN INTEREST;
NO THIRD PARTY BENEFIT

 

This Agreement is not intended for, and shall not be construed
to be intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties (other than successors
and permitted assigns pursuant to Section 17).

 

    - 14 -

     

    

 

13.            NOTICES

 

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

 

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

 

New Mountain Guardian IV BDC, L.L.C. 

787 Seventh Avenue, 49th Floor 

New York, New York 10019

Attention: Rob Hamwee, John Kline, Shiraz Kajee and Josh Porter

Facsimile: (212) 582-2277

Email: debtops@newmountaincapital.com

 

(b)           if to the Custodian,
to

 

U.S. Bank Trust Company, National Association

Corporate Trust Services 

One Federal Street, Third Floor 

Boston, MA 02110 

Telephone: (857) 268-0056 

Attention: Dana Charles

Email: new.mountain.cdo@usbank.com,with a copy to dana.charles@usbank.com

 

14.            CHOICE OF LAW AND
JURISDICTION

 

This Agreement shall be construed, and the provisions thereof
interpreted under and in accordance with and governed by the laws of the State of New York for all purposes (without regard to its choice
of law provisions); except to the extent such laws are inconsistent with federal securities laws, including the 1940 Act, in which case
such federal securities laws shall govern. The Custodian and the Company each waive, to the fullest extent permitted by applicable law,
any and all right to trial by jury in any legal proceeding arising out of or relating to this agreement, any other agreement or the transactions
contemplated hereby.

 

		15.	ENTIRE AGREEMENT; COUNTERPARTS 

 

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

 

    - 15 -

     

    

 

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

 

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

 

		16.	AMENDMENT; WAIVER 

 

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

 

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

 

		17.	SUCCESSOR AND ASSIGNS 

 

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

 

    - 16 -

     

    

 

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

 

		18.	SEVERABILITY 

 

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

 

19.           REQUEST FOR INSTRUCTIONS

 

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

 

20.           OTHER BUSINESS

 

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

 

21.           REPRODUCTION OF
DOCUMENTS

 

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

 

    - 17 -

     

    

 

22.           MISCELLANEOUS

 

The Company acknowledges receipt of the following notice:

 

“IMPORTANT INFORMATION
ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.

 

To help the government fight the funding of terrorism and
money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies
each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other legal entity the
Custodian will ask for documentation to verify its formation and existence as a legal entity. The Custodian may also ask to see financial
statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other
relevant documentation.”

 

    - 18 -

     

    

 

IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be executed and delivered by a duly authorized officer, intending the
same to take effect as of the 22nd day of April, 2022.

 

	 	NEW MOUNTAIN GUARDIAN IV BDC,
    L.L.C.
	 	 
	 	 	 
	 	 	By:	/s/ Adam Weinstein
	 	 	Name: Adam Weinstein
	 	 	Title: Authorized Signatory
	 	 
	 	 
	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION
	 	as Custodian
	 	 
	 	 	By:	/s/ Ralph J. Creasia, Jr.
	 	 	Name: Ralph J. Creasia, Jr.
	 	 	Title: Senior Vice President

 

[Signature Page to the Custody Agreement]

 

    

     

    

 

SCHEDULE A

 

CERTIFICATE OF AUTHORIZED PERSONS

  

 

[On File with the Custodian]Exhibit 10.8

 

EXECUTION

 

TRANSFER AGENCY AND SERVICE AGREEMENT

 

THIS AGREEMENT is made as
of the 9th day of May, 2022, by and between STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company having its principal office
and place of business at One Lincoln Street, Boston, Massachusetts 02111 (“State Street” or the “Transfer Agent”),
and NEW MOUNTAIN GUARDIAN IV BDC, L.L.C., a corporation organized and existing under the laws of the state of Delaware (the “Company”).

 

WHEREAS, the Company is a
closed-end management investment company that intends to elect to be regulated as a business development company under the Investment
Company Act of 1940, as amended (the "1940 Act");

 

WHEREAS, the Company desires
to appoint the Transfer Agent as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities,
and the Transfer Agent desires to accept such appointment;

 

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

 

		1.	TERMS OF APPOINTMENT 

 

		1.1	Appointment. Subject to the terms and conditions set forth in this Agreement, the Company hereby
employs and appoints the Transfer Agent to act as, and the Transfer Agent agrees to act as, transfer agent for each of the Company’s
authorized and issued shares of common stock, par value $10.00 per share (“Shares”), dividend disbursing agent, and agent
in connection with any accumulation or similar plans provided to shareholders (“Shareholders”) of the Company and set out
in the Company’s Registration Statement, and each Prospectus and Statement of Additional Information of the Company, if applicable
(collectively, the “Prospectus”), and each supplement and amendment thereto, including without limitation any periodic investment
plan or periodic withdrawal program.

 

		1.2	Transfer Agency Services. In accordance with procedures established from time to time by agreement
between the Company and the Transfer Agent, the Transfer Agent shall:

 

		(i)	receive orders for the purchase of Shares from the Company, and promptly deliver payment and appropriate
documentation thereof to the custodian of the Company as identified by the Company (the “Custodian”);

 

		(ii)	pursuant to such purchase orders, issue the appropriate number of Shares and book such Share issuance
to the appropriate Shareholder account;

 

		(iii)	receive redemption requests and redemption directions from the Company and deliver the appropriate documentation
thereof to the Custodian;

 

     

     

    

 

		(iv)	with respect to the transactions in items (i) and (iii) above, the Transfer Agent shall process transactions
received directly from broker-dealers or other intermediaries authorized by the Company who shall thereby be deemed to be acting on behalf
of the Company;

 

		(v)	at the appropriate time as and when it receives monies paid to it by the Custodian with respect to any
redemption, pay over or cause to be paid over in the appropriate manner such monies as instructed by the redeeming Shareholders;

 

		(vi)	process Shareholder account maintenance instructions (excluding instructions to change an account’s
registration or wire instructions) received directly from broker-dealers or other intermediaries authorized per procedures established
by mutual agreement of the Transfer Agent and the Company;

 

		(vii)	process transfer of Shares by the registered owners thereof upon receipt of proper instruction and approval
by the Company;

 

		(viii)	process and transmit payments for any dividends and distributions declared by the Company; and

 

		(ix)	record the issuance of Shares and maintain, pursuant to SEC Rule 17Ad-10(e) under the Securities Exchange
Act of 1934, as amended (the “1934 Act”), a record of the total number of Shares of the Company which are authorized, based
upon data provided to it by the Company, and issued and outstanding; and provide the Company on a regular basis with the total number
of Shares of the Company which are issued and outstanding but Transfer Agent shall have no obligation, when recording the issuance of
Shares, to monitor the issuance of such Shares to determine if there are authorized Shares available for issuance or to take cognizance
of any laws relating to, or corporate actions required for, the issue or sale of such Shares, which functions shall be the sole responsibility
of the Company.

 

		1.3	Additional Services. In addition to, and neither in lieu of nor in contravention of the
services set forth in Section 1.2 above, the Transfer Agent shall perform the following services:

 

		(i)	Other Customary Services. Perform certain customary services of a transfer agent and dividend disbursing
agent, including, but not limited to: maintaining Shareholder accounts, preparing Shareholder meeting lists, arranging for the distribution
of Shareholder reports to current Shareholders, maintaining on behalf of the Company such bank accounts as the Transfer Agent shall deem necessary
for the performance of its duties under this Agreement, withholding taxes on U.S. resident and non-resident alien accounts, preparing
and filing U.S. Treasury Department Forms 1099 and other appropriate forms required with respect to dividends and distributions by federal
authorities for all Shareholders, arranging for the preparation and mailing of confirmation forms and statements of account to Shareholders
for all purchases and redemptions of Shares and other confirmable transactions in Shareholder accounts, arranging for the preparation
and mailing of activity statements for Shareholders, and providing Shareholder account information.

 

    	 	2	 

     

    

 

		(ii)	State Transaction (“Blue Sky”) Reporting. The Company shall be solely responsible for
its “blue sky” compliance and state registration requirements.

 

		(iii)	Lost Shareholder Searches and Unresponsive Payees. The Transfer Agent shall conduct lost Shareholder
searches and communicate with Unresponsive Payees as required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the
 “1934 Act”). If a Shareholder remains lost after the completion of the mandatory Rule 17Ad-17 searches, the Company hereby
authorizes and directs the Transfer Agent to escheat the assets in such lost Shareholder’s account to the U.S. state or territory
in the shareholder’s account registration.

 

		(iv)	Escheatment Laws. Notwithstanding Section 1.3(iii), the Company shall be solely responsible for
its compliance with the requirements of any applicable escheatment laws, including without limitation, the laws of any U. S. state or
territory.

 

		(v)	Depository Trust & Clearing Corporation (“DTCC”)/National Securities Clearing Corporation
(“NSCC”). If applicable, the Transfer Agent shall: (a) accept and effectuate the registration
and maintenance of accounts with DTCC/NSCC, and the purchase and redemption of Shares in such accounts, in accordance with instructions
transmitted to and received by the Transfer Agent by transmission from DTCC or NSCC (acting on behalf of its members); and (b) issue instructions
to a Company’s banks for the settlement of transactions between the Company and DTCC or NSCC (acting on behalf of its members and
bank participants).

 

		(vi)	Performance of Certain Services by the Company or Affiliates or Agents. New procedures as to who
shall provide certain of these services described in this Section 1 may be established in writing from time to time by agreement between
the Company and the Transfer Agent. If agreed to in writing by the Company and the Transfer Agent, the Transfer Agent may at times perform
only a portion of these services, and the Company or its agent may perform these services on the Company’s behalf.

 

    	 	3	 

     

    

 

		1.4	Authorized Persons. The Company hereby agrees and acknowledges that the Transfer Agent may rely
on the current list of authorized persons, as provided or agreed to by the Company and as may be amended from time to time, in receiving
instructions to issue or redeem the Shares. The Company agrees and covenants for itself and each such authorized person
that any order, sale or transfer of, or transaction in the Shares received by it after the close of the market shall be effectuated at
the net asset value determined on the next business day or as otherwise required pursuant to the Company’s then-effective Prospectus,
and the Company or such authorized person shall so instruct the Transfer Agent of the proper effective date of the transaction.

 

		1.5	Anti-Money Laundering and Client Screening. With respect to the Company’s offering and sale
of Shares at any time, and for all subsequent transfers of such interests, the Company or its delegate shall, directly or indirectly and
to the extent required by law: (i) conduct know your customer/client identity due diligence with respect to potential investors and transferees
in the Shares and shall obtain and retain due diligence records for each investor and transferee; (ii) use its best efforts to ensure
that each investor’s and any transferee’s funds used to purchase Shares shall not be derived from, nor the product of, any
criminal activity; (iii) if requested, provide periodic written verifications that such investors/transferees have been checked against
the United States Department of the Treasury Office of Foreign Assets Control database for any non-compliance or exceptions; and (iv)
perform its obligations under this Section in accordance with all applicable anti-money laundering laws and regulations. In the event
that the Transfer Agent has received advice from counsel that access to underlying due diligence records pertaining to the investors/transferees
is necessary to ensure compliance by the Transfer Agent with relevant anti-money laundering (or other applicable) laws or regulations,
the Company shall, upon receipt of written request from the Transfer Agent, provide the Transfer Agent copies of such due diligence records.

 

		1.6	Tax Law. The Transfer Agent shall have no responsibility or liability for any obligations now or
hereafter imposed on the Company, the Shares, a Shareholder or the Transfer Agent in connection with the services provided by the Transfer
Agent hereunder by the tax laws of any country or of any state or political subdivision thereof. It shall be the responsibility of the
Company to notify the Transfer Agent of the obligations imposed on the Company, the Shares, a Shareholder or the Transfer Agent in connection
with the services provided by the Transfer Agent hereunder by the tax law of countries, states and political subdivisions thereof, including
responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting.

 

		1.7	REGULATION GG. The Company represents and warrants that it does not engage in an “Internet
gambling business,” as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) and covenants that
it shall not engage in an Internet gambling business. In accordance with Regulation GG, the Company is hereby notified that “restricted
transactions,” as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with the Transfer Agent
pursuant to this Agreement or otherwise between or among any party hereto.

 

    	 	4	 

     

    

 

		2.	FEES AND EXPENSES 

 

		2.1	Fee Schedule. For the performance by the Transfer Agent of services provided pursuant to this Agreement,
the Company agrees to pay the Transfer Agent the fees and expenses set forth in a written fee schedule.

 

	3.	REPRESENTATIONS AND WARRANTIES OF THE TRANSFER AGENT 
	 	 
	 	The Transfer Agent represents
and warrants to the Company that:

 

		3.1	It is a trust company duly organized and existing under the laws of The Commonwealth of Massachusetts.

 

		3.2	It is duly registered as a transfer agent under Section 17A(c)(2) of the 1934 Act, it will remain so registered
for the duration of this Agreement, and it will promptly notify the Company in the event of any material change in its status as a registered
transfer agent.

 

		3.3	It is duly qualified to carry on its business in The Commonwealth of Massachusetts.

 

		3.4	It is empowered under applicable laws and by its organizational documents to enter into and perform the
services contemplated in this Agreement.

 

		3.5	All requisite organizational proceedings have been taken to authorize it to enter into and perform this
Agreement.

 

	4.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
	 	 
	 	The Company represents and
warrants to the Transfer Agent that:

 

		4.1	The Company is a corporation duly organized, existing and in good standing under the laws of its state
of organization.

 

		4.2	The Company is empowered under applicable laws and by its organizational documents to enter into and perform
this Agreement.

 

		4.3	All requisite proceedings have been taken to authorize the Company to enter into, perform and receive
services pursuant to this Agreement and to appoint the Transfer Agent as transfer agent of the Company.

 

		4.4	The Company intends to elect to be regulated as a business development company under the 1940 Act and
it intends to elect to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment
company under the Internal Revenue Code of 1986, as amended (the “Code”);

 

    	 	5	 

     

    

 

		4.5	The Company warrants to the Transfer Agent that as of the effective date of this Agreement, all necessary
filings under the securities laws of the states in which the Company offers or sells its shares have been made;

 

		4.6	Where information provided by the Company or the Company’s investors includes information about
an identifiable individual (“Personal Information”), the Company represents and warrants that it has obtained all consents
and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or
disclosure of Personal Information, necessary to disclose such Personal Information to the Transfer Agent, and as required for the Transfer
Agent to use and disclose such Personal Information in connection with the performance of the services hereunder. The Company acknowledges
that the Transfer Agent may perform any of the services and may use and disclose Personal Information outside of the jurisdiction in which
it was initially collected by the Company, including the United States and that information relating to the Company, including Personal
Information of investors may be accessed by national security authorities, law enforcement and courts. The Transfer Agent shall be kept
indemnified by and be without liability to the Company for any action taken or omitted by it in reliance upon this representation and
warranty, including without limitation, any liability or costs in connection with claims or complaints for failure to comply with any
applicable law that regulates the collection, processing, use or disclosure of Personal Information.

 

		5.	DATA ACCESS SERVICES 

 

		5.1	The Company acknowledges that the databases, computer programs, screen formats, report formats, interactive
design techniques, and documentation manuals furnished to the Company by the Transfer Agent as part of the Company’s ability to
access certain Company-related data maintained by the Transfer Agent or another third party on databases under the control and ownership
of the Transfer Agent (“Data Access Services”) constitute copyrighted, trade secret, or other proprietary information (collectively,
 “Proprietary Information”) of substantial value to the Transfer Agent or another third party. In no event shall Proprietary
Information be deemed to be Shareholder information or the confidential information of the Company. The Company agrees to treat all Proprietary
Information as proprietary to the Transfer Agent and further agrees that it shall not divulge any Proprietary Information to any person
or organization except as may be provided hereunder. Without limiting the foregoing, the Company agrees for itself and its officers, to:

 

		(i)	use such programs and databases solely on the Company’s, or such agents’ computers, or solely
from equipment at the location(s) agreed to between the Company and the Transfer Agent, and solely in accordance with the Transfer Agent’s
applicable user documentation;

 

		(ii)	refrain from copying or duplicating in any way the Proprietary Information;

 

    	 	6	 

     

    

 

		(iii)	refrain from obtaining unauthorized access to any portion of the Proprietary Information, and if such
access is inadvertently obtained, to inform the Transfer Agent in a timely manner of such fact and dispose of such information in accordance
with the Transfer Agent’s instructions;

 

		(iv)	refrain from causing or allowing Proprietary Information transmitted from the Transfer Agent’s computers
to the Company’s, or such agents’ computer to be retransmitted to any other computer facility or other location, except with
the prior written consent of the Transfer Agent;

 

		(v)	allow the Company or such agents to have access only to those authorized transactions agreed upon by the
Company and the Transfer Agent;

 

		(vi)	honor all reasonable written requests made by the Transfer Agent to protect, at the Transfer Agent’s
expense, the rights of the Transfer Agent in Proprietary Information at common law, under federal copyright law and under other federal
or state law.

 

		5.2	Proprietary Information shall not include all or any portion of any of the foregoing items that (i) are
or become publicly available without breach of this Agreement; (ii) that are released for general disclosure by a written release by the
Transfer Agent; or (iii) that are already in the possession of the receiving party at the time of receipt without obligation of confidentiality
or breach of this Agreement.

 

		5.3	If the Company notifies the Transfer Agent that any of the Data Access Services do not operate in material
compliance with the most recently issued user documentation for such services, the Transfer Agent shall use commercially reasonable efforts
to correct such failure. Organizations from which the Transfer Agent may obtain certain data included in the Data Access Services are
solely responsible for the contents of such data, and the Company agrees to make no claim against the Transfer Agent arising out of the
contents of such third-party data, including, but not limited to, the accuracy thereof.

 

		5.4	If the transactions available to the Company include the ability to originate electronic instructions
to the Transfer Agent in order to (i) effect the transfer or movement of cash or Shares, or (ii) transmit Shareholder information or other
information, then in such event the Transfer Agent shall be entitled to rely on the validity and authenticity of such instruction without
undertaking any further inquiry as long as such instruction is undertaken in conformity with security procedures established by the Transfer
Agent from time to time.

 

		5.5	Each party shall take reasonable efforts to advise its employees of their obligations pursuant to this
Section. The obligations of this Section shall survive any earlier termination of this Agreement.

 

    	 	7	 

     

    

 

		5.6	DATA ACCESS SERVICES AND ALL COMPUTER PROGRAMS AND SOFTWARE SPECIFICATIONS USED IN CONNECTION THEREWITH
ARE PROVIDED ON AN “AS IS, AS AVAILABLE” BASIS. THE TRANSFER AGENT EXPRESSLY DISCLAIMS ALL WARRANTIES EXCEPT THOSE EXPRESSLY
STATED HEREIN INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

 

	6.	STANDARD OF CARE / LIMITATION OF LIABILITY 

 

		6.1	The Transfer Agent shall at all times act in good faith in its performance of all services performed under
this Agreement but assumes no responsibility and shall not be liable for loss or damage due to errors, including encoding and payment
processing errors, unless said errors are caused by its gross negligence, bad faith, or willful misconduct or that of its employees or
agents. The parties agree that any encoding or payment processing errors shall be governed by this standard of care, and that Section
4-209 of the Uniform Commercial Code is superseded by this Section.

 

		6.2	In any event, the Transfer Agent’s cumulative liability for the term of the Agreement for any liability
or loss, regardless of the form of action or legal theory, shall be limited to the fees (excluding expenses) received by the Transfer
Agent under this Agreement during the preceding 12-month period. In no event shall the Transfer Agent be liable for special, incidental,
indirect, punitive or consequential damages, regardless of the form of action and even if the same were foreseeable.

 

		7.	INDEMNIFICATION 

 

		7.1	The Transfer Agent and its affiliates, including their respective officers, directors, employees and agents
(the “Indemnitees”), shall not be responsible for, and the Company shall indemnify and hold the Indemnitees harmless, from
and against, any and all losses, damages, costs, charges, counsel fees (including the defense of any lawsuit in which one of the Indemnitees
is a named party), payments, expenses and liability arising out of or attributable to:

 

		(i)	all actions of the Transfer Agent or its agents or subcontractors required to be taken pursuant to this
Agreement, provided that such actions are taken in good faith and without gross negligence or willful misconduct;

 

		(ii)	the Company’s breach of any representation, warranty or covenant of the Company hereunder;

 

		(iii)	the Company’s lack of good faith, gross negligence or willful misconduct;

 

    	 	8	 

     

    

 

		(iv)	reliance upon, and any subsequent use of or action taken or omitted, by the Transfer Agent, or its
                                                              agents or subcontractors on: (a) any information, records, documents, data, stock certificates or services, which are received by the Transfer Agent or its agents
or subcontractors, including those received in hard copy, or by machine readable input, facsimile, data entry, electronic instructions
or other similar means authorized by the Company, and which have been prepared, maintained or performed by the Company or any other person
or firm on behalf of the Company, including but not limited to any broker-dealer, third party administrator or previous transfer agent;
(b) any instructions or requests of the Company or its officers, or the Company’s agents or subcontractors or their officers or
employees; (c) any instructions or opinions of legal counsel to the Company with respect to any matter arising in connection with the
services to be performed by the Transfer Agent under this Agreement which are provided to the Transfer Agent by the Company after consultation
with such legal counsel; or (d) any paper or document, reasonably believed to be genuine, authentic, or signed by the proper person or
persons;

 

		(v)	the offer or sale of Shares in violation of any requirement under the federal or state securities laws
or regulations requiring that such Shares be registered, or in violation of any stop order or other determination or ruling by any federal
or state agency with respect to the offer or sale of such Shares;

 

		(vi)	the negotiation and processing of any checks, wires and ACH transmissions, including without limitation,
for deposit into, or credit to, the Company’s demand deposit accounts maintained by the Transfer Agent;

 

		(vii)	all actions relating to the transmission of Company or Shareholder data through the NSCC clearing systems,
if applicable; and

 

		(viii)	any tax obligations under the tax laws of any country or of any state or political subdivision thereof,
including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties
and other expenses (including legal expenses) that may be assessed, imposed or charged against the Transfer Agent as transfer agent hereunder.

 

		7.2	At any time the Transfer Agent may apply to any officer of the Company for instructions, and may consult
with legal counsel (which may be Company counsel) with respect to any matter arising in connection with the services to be performed by
the Transfer Agent under this Agreement, and the Transfer Agent and its agents or subcontractors shall not be liable and shall be indemnified
by the Company for any action taken or omitted by it in reliance upon such instructions or upon the opinion of such counsel. The Transfer
Agent, its agents and subcontractors shall be protected and indemnified in acting upon any paper or document furnished by or on behalf
of the Company reasonably believed to be genuine and to have been signed by the proper person or persons, or upon any instruction, information,
data, records or documents provided the Transfer Agent or its agents or subcontractors by machine
readable input, electronic data entry or other similar means authorized by the Company and shall not be held to have notice of any change
of authority of any person, until receipt of written notice thereof from the Company. The Transfer Agent, its agents and subcontractors
shall also be protected and indemnified in recognizing stock certificates which are reasonably believed to bear the proper manual or facsimile
signatures of the officers of the Company, and the proper countersignature of any former transfer agent or former registrar, or of a co-transfer
agent or co-registrar.

 

    	 	9	 

     

    

 

		8.	ADDITIONAL COVENANTS OF THE COMPANY AND THE TRANSFER AGENT 

 

		8.1	Delivery of Documents. The Company shall promptly furnish to the Transfer Agent the following:

 

		(i)	A certificate of the Secretary of the Company certifying the resolution of the Board of the Company authorizing
the appointment of the Transfer Agent and the execution and delivery of this Agreement.

 

		(ii)	A copy of the By-Laws of the Company and all amendments thereto.

 

		8.2	Certificates, Checks, Facsimile Signature Devices. The Transfer Agent hereby agrees to establish
and maintain facilities and procedures for safekeeping of any stock certificates, check forms and facsimile signature imprinting devices;
and for the preparation or use, and for keeping account of, such certificates, forms and devices.

 

		8.3	Records. In furtherance of the Company’s compliance with the requirements of Rule 31a-3 under
the 1940 Act, the Transfer Agent agrees that any records relating to the services provided hereunder shall be made available upon request
and preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided
above. Records may be surrendered in either written or machine-readable form, at the option of the Transfer Agent. In the event that the
Transfer Agent is requested or authorized by the Company, or required by subpoena, administrative order, court order or other legal process,
applicable law or regulation, or required in connection with any investigation, examination or inspection of the Company by state or federal
regulatory agencies, to produce the records of the Company or the Transfer Agent’s personnel as witnesses or deponents, the Company
agrees to pay the Transfer Agent for the Transfer Agent’s time and expenses, as well as the fees and expenses of the Transfer Agent’s
counsel, incurred in such production.

 

    	 	10	 

     

    

 

		9.	CONFIDENTIALITY AND USE OF DATA 

 

		9.1	All
                                            information provided under this Agreement by a party (the “Disclosing Party”)
                                            to the other party (the “Receiving Party”) regarding the Disclosing Party’s
                                            business and operations shall be treated as confidential. Subject to Section 9.2 below, all
                                            confidential information provided under this Agreement by Disclosing Party shall be used,
                                            including disclosure to third parties, by the Receiving Party, or its agents or service providers,
                                            solely for the purpose of performing or receiving the services and discharging the Receiving
                                            Party’s other obligations under the Agreement or managing the business of the Receiving
                                            Party and its Affiliates (as defined in Section 9.2 below), including financial and operational
                                            management and reporting, risk management, legal and regulatory compliance and client service
                                            management. The foregoing shall not be applicable to any information (a) that is publicly
                                            available when provided or thereafter becomes publicly available, other than through a breach
                                            of this Agreement, (b) that is independently derived by the Receiving Party without the use
                                            of any information provided by the Disclosing Party in connection with this Agreement, (c)
                                            that is disclosed to comply with any legal or regulatory proceeding, investigation, audit,
                                            examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed
                                            as required by operation of law or regulation or as required to comply with the requirements
                                            of any market infrastructure that the Disclosing Party or its agents direct the Transfer
                                            Agent or its Affiliates to employ (or which is required in connection with the holding or
                                            settlement of instruments included in the assets subject to this Agreement), or (e) where
                                            the party seeking to disclose has received the prior written consent of the party providing
                                            the information, which consent shall not be unreasonably withheld.

 

		9.2	(a)     In connection with the provision of the services and the discharge of its other obligations under
this Agreement, the Transfer Agent (which term for purposes of this Section 9.2 includes each of its parent company, branches and affiliates
(“Affiliates”)) may collect and store information regarding the Company and share such information with its
Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated
under this Agreement and other agreements between the Company and the Transfer Agent or any of its Affiliates and (ii) to carry out management
of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory
compliance and client service management.

 

(b)     Subject
to paragraph (d) below, the Transfer Agent and/or its Affiliates may use any Confidential Information of the Company or the
Portfolios (“Data”) obtained by such entities in the performance of their services under this Agreement or any other
agreement between the Company and the Transfer Agent or one of its Affiliates, including Data regarding transactions and portfolio
holdings relating to the Company to develop, publish or otherwise distribute to third parties certain investor behavior
 “indicators” or “indices” that represent broad trends in the flow of investment funds into various markets,
sectors or investment instruments (collectively, the “Indicators”), but only so long as (i) the Data is combined or
aggregated with (A) information of other customers of the Transfer Agent and/or (B) information derived from other sources, in each
case such that the Indicators do not allow for attribution or identification of such Data with the Company, (ii) the Data represents
less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Transfer Agent publishes
or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or
otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted
under this Agreement.

 

    	 	11	 

     

    

 

(c)      The Company acknowledges that the Transfer Agent may seek to realize economic benefit from the publication or distribution of the Indicators

 

(d)      Except as expressly contemplated by this Agreement, nothing in this Section 9.2 shall limit the confidentiality and data-protection obligations
of the Transfer Agent and its Affiliates under this Agreement and applicable law. The Transfer Agent shall cause any Affiliate, agent
or service provider to which it has disclosed Data pursuant to this Section 9.2 to comply at all times with confidentiality and data-protection
obligations as if it were a party to this Agreement.

 

		9.3	The Transfer Agent affirms that it has and will continue to have throughout the term of this Agreement,
procedures in place that are reasonably designed to protect the privacy of non-public personal consumer/customer financial information
to the extent required by applicable laws, rules and regulations.

 

		10.	EFFECTIVE PERIOD AND TERMINATION 

 

This Agreement shall
remain in full force and effect for an initial term ending May 9, 2023 (the “Initial Term”). After the expiration of the
Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a “Renewal Term”) unless a
written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the
Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either party may terminate this
Agreement: (i) in the event of the other party’s material breach of a material provision of this Agreement that the other
party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60
days’ written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party
or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent
jurisdiction. Upon termination of this Agreement pursuant to this paragraph the Company shall pay Transfer Agent its compensation
due and shall reimburse Transfer Agent for its costs, expenses and disbursements.

 

In the event of: (i) the
Company’s termination of this Agreement for any reason other than as set forth in the immediately preceding paragraph, or (ii)
a transaction not in the ordinary course of business pursuant to which the Transfer Agent is not retained to continue providing
services hereunder to the Company (or its respective successor), the Company shall pay the Transfer Agent its compensation due
through the end of the then-current term (based upon the average monthly compensation previously earned by Transfer Agent with
respect to the Company) and shall reimburse the Transfer Agent for its costs, expenses and disbursements. Upon receipt of such
payment and reimbursement, the Transfer Agent will deliver the Company’s records as set forth herein. For the avoidance of
doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of any transaction such as (a) the
liquidation or dissolution of the Company and distribution of the Company’s assets as a result of the Board’s
determination in its reasonable business judgment that the Company is no longer viable, (b) a merger of the Company into, or the
consolidation of the Company with, another entity, or (c) the sale by the Company of all, or substantially all, of its assets to
another entity, in each of (b) and (c) where the Transfer Agent is retained to continue providing services to the Company (or its
respective successor) on substantially the same terms as this Agreement.

 

    	 	12	 

     

    

 

		11.	RESERVED 

 

		12.	ASSIGNMENT 

 

		12.1	Except as provided in Section 13 below, neither this Agreement nor any rights or obligations hereunder
may be assigned by either party without the written consent of the other party.

 

		12.2	Except as explicitly stated elsewhere in this Agreement, nothing under this Agreement shall be construed
to give any rights or benefits in this Agreement to anyone other than the Transfer Agent and the Company, and the duties and responsibilities
undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Transfer Agent and the Company. This Agreement
shall inure to the benefit of, and be binding upon, the parties and their respective permitted successors and assigns.

 

		12.3	This Agreement does not constitute an agreement for a partnership or joint venture between the Transfer
Agent and the Company. Neither party shall make any commitments with third parties that are binding on the other party without the other
party’s prior written consent.

 

		13.	DELEGATION; SUBCONTRACTORS 

 

		13.1	The Transfer Agent shall have the right, without the consent or approval of the Company, to employ agents,
subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of any
part of the services stated herein (each, a “Delegate” and collectively, the “Delegates”), without the consent
or approval of the Company. The Transfer Agent shall be responsible for the services delivered by, and the acts and omissions of, any
such Delegate as if the Transfer Agent had provided such services and committed such acts and omissions itself. Where required, such Delegate
shall be a duly registered transfer agent pursuant to Section 17A(c)(2) of the 1934 Act.

 

		13.2	The Transfer Agent will provide the Company with information regarding its global operating model for
the delivery of the services on a quarterly or other periodic basis, which information shall include the identities of Delegates affiliated
with the Transfer Agent that perform or may perform parts of the services, and the locations from which such Delegates perform services,
as well as such other information about its Delegates
as the Company may reasonably request from time to time. Nothing in this Section 13 shall limit or restrict the Transfer Agent’s
right to use affiliates or third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or
duties under this Agreement other than the provision of the services.

 

    	 	13	 

     

    

 

	14.	MISCELLANEOUS 

 

		14.1	Amendment. This Agreement may be amended or modified by a written agreement executed by both parties.

 

		14.2	Massachusetts Law to Apply. This Agreement shall be construed, and the provisions hereof interpreted
under and in accordance with the laws of The Commonwealth of Massachusetts without giving effect to any conflict of laws rules.

 

		14.3	Force Majeure. In the event either party is unable to perform its obligations under the terms of
this Agreement because of acts of God, acts of war or terrorism, strikes, equipment or transmission failure or damage reasonably beyond
its control, or other causes reasonably beyond its control, such party shall not be liable for damages to the other for any damages resulting
from such failure to perform or otherwise from such causes.

 

		14.4	Data Protection. State Street will implement and maintain a comprehensive written information security
program that contains appropriate security measures to safeguard the personal information of the Company’s shareholders, employees,
directors and/or officers that the Transfer Agent receives, stores, maintains, processes or otherwise accesses in connection with the
provision of services hereunder. For these purposes, “personal information” shall mean (i) an individual’s name (first
initial and last name or first name and last name), address or telephone number plus (a) social security number, (b) driver’s
license number, (c) state
identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password
that would permit access to a person’s account or (ii) any combination of the foregoing that would allow a person to log onto or
access an individual’s account. Notwithstanding the foregoing, “personal information” shall not include information
that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available
to the general public.

 

		14.5	Survival. All provisions regarding indemnification, warranty, liability, and limits thereon, and
confidentiality and/or protections of proprietary rights and trade secrets shall survive the termination of this Agreement.

 

		14.6	Severability. If any provision or provisions of this Agreement shall be held invalid, unlawful,
or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.

 

    	 	14	 

     

    

 

		14.7	Priorities Clause. In the event of any conflict, discrepancy or ambiguity between the terms and
conditions contained in this Agreement and any schedules or attachments hereto, the terms and conditions contained in this Agreement shall
take precedence.

 

		14.8	Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on
any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence
to that term or any term of this Agreement. The failure of a party hereto to exercise or any delay in exercising any right or remedy under
this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies. No single
or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise
of any other right or remedy. Any waiver must be in writing signed by the waiving party.

 

		14.9	Entire Agreement. This Agreement and any schedules, exhibits, attachments or amendments hereto
constitute the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof
whether oral or written.

 

		14.10	Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed
to be an original, and all such counterparts taken together shall constitute one and the same Agreement. Counterparts may be executed
in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby
adopt as original any signatures received via electronically transmitted form.

 

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

 

		14.12	Notices. Any notice instruction or other instrument required to be given hereunder will be in writing
and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the
following address or such other address as may be notified by any party from time to time:

 

(a)       If to Transfer
Agent, to:

 

State Street Bank and Trust Company

Transfer Agency

Attention: Compliance

 

    	 	15	 

     

    

 

One Heritage Drive Building

1 Heritage Drive

Mail Stop OHD0100

North Quincy MA 02171

 

With a copy to:

 

State Street Bank and Trust Company

Legal Division – Global Services Americas

One Lincoln Street

Boston, MA 02111

 

 

(b)       If to the Company,
to:

 

New Mountain Guardian IV BDC, L.L.C.

1633 Broadway, 48th
Floor

New York, NY 10019

Attention: Shriaz Kajee

Telephone: (212) 655-0194

 

		14.13	Interpretive and Other Provisions. In connection with the operation of this Agreement, the Transfer
Agent and the Company may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement
as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall
be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws
or regulations or any provision of the Company’s governing documents. No interpretive or additional provisions made as provided
in the preceding sentence shall be deemed to be an amendment of this Agreement.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and
year first above written.

 

 

	STATE STREET BANK AND TRUST COMPANY	 
	 	 
	 	 
	By:	/s/ James
    F Smith 	 
	 	Name:	James
    F Smith 	 
	 	Title:	 	 

 

 

	NEW
    MOUNTAIN GUARDIAN IV  BDC, L.L.C.	 
	 	 
	 	 
	By:	/s/
Shiraz Y. Kajee	 
	 	Name:	Shiraz
    Y. Kajee	 
	 	Title:	Chief
    Financial Officer and Treasurer

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