Document:

EX-10.1

 Exhibit 10.1 

FORM OF INVESTMENT MANAGEMENT AGREEMENT 

This INVESTMENT MANAGEMENT AGREEMENT (as amended, supplemented, restated or otherwise modified from time to time, this
“Agreement”) is made and entered into as of             , 2021, by and among SLR HC BDC LLC, a Delaware limited liability company (the “Fund”) and Solar
Capital Partners, LLC, a Delaware limited liability company (the “Investment Manager” or “SCP” or, where applicable, the “Administrative Coordinator”). 

WHEREAS, the Fund 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 “Investment Company Act”); 

WHEREAS, the Investment Manager is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the
“Advisers Act”); 
 WHEREAS, the Fund wishes to retain the Investment Manager to provide certain investment advisory
services to the Fund and the Investment Manager has agreed to furnish such services to the Fund; and 
 WHEREAS, the Fund also wishes to
retain the Administrative Coordinator to provide certain administrative and operational services to the Fund and the Administrative Coordinator has agreed to furnish such services to the Fund; 

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, the sufficiency of which are hereby acknowledged, the
Fund and SCP, in its capacity as the Investment Manager and/or the Administrative Coordinator, as applicable, hereby agree as follows: 
  

	1.	 Appointment 

The Fund hereby retains the Investment Manager to act as investment adviser to the Fund for the periods and on the terms set forth herein, and
the Fund hereby delegates to the Investment Manager full and exclusive discretion to invest, reinvest and dispose of the Fund’s assets. The Investment Manager hereby agrees to furnish the services to the Fund as set forth herein for the
compensation provided herein. 
  

	2.	 Services 

(a)    Services as Investment Manager to the Fund. The Investment Manager will provide investment advisory and
related services, including without limitation, providing overall investment management services to the Fund in accordance with the Limited Liability Company Agreement of the Fund (as amended, supplemented, restated or otherwise modified from time
to time, the “LLC Agreement”) as applicable prior to an Exchange Listing (as defined below) and any comparable organizational documents of the Fund that may be applicable prior to or following an Exchange Listing (the
“Fund’s organizational documents”),1 the Private Placement Memorandum (as defined in the LLC Agreement), any of the Fund’s registration statements filed with the
Securities and Exchange Commission prior to or following an Exchange Listing (each, and as the same shall be amended from time to time, the “Registration Statement”), and in accordance with the Investment Company Act, including,
without 
  

	1 	 Unless the context suggests otherwise herein, the term “Fund’s organizational documents” refers
to any organizational documents that may be applicable both prior to and following an Exchange Listing. 

 
limitation, (i) sourcing, structuring, negotiating, underwriting, performing diligence, originating and disposing of investments of the Fund, (ii) making all investment decisions for
the Fund, (iii) servicing investments of the Fund including, without limitation, monitoring the investments and the creditworthiness of all issuers, developing and executing work out strategies where applicable and assisting the Administrative
Coordinator, when requested, in confirming all principal, interest, fee, penalties or other amounts due with respect to all investments, (iv) overseeing the placement of purchase and sale orders on behalf of the Fund, including, without
limitation, realization of the Fund’s assets during a wind down and/or liquidation of the Fund’s affairs (unless otherwise provided in the Fund’s organizational documents), (v) undertaking certain compliance-related activities in
respect of the Fund in accordance with the Fund’s investment objective, (vi) providing good faith recommendations for valuations of Fund investments for which market quotes are not readily available pursuant to the Fund’s
organizational documents, (vii) voting proxies, exercise rights, options, warrants, conversion privileges, and redemption privileges, and tender securities pursuant to a tender offer, (viii) entering into agreements and executing any
documents (including, but not limited to, any loan or credit facility agreements), including without limitation, any market and/or industry standard documentation and standard representations contained therein and (ix) providing periodic and
special reports to the Fund as requested. In addition, subject to the ultimate supervision and direction of the Fund’s Board of Directors (the “Board”), the Investment Manager may settle, compromise or submit to arbitration any
claims, debts, or damages due or owing to or from the Fund, participate in, commence or defend legal proceedings and represent the Fund in legal proceedings (including, without limitation, class actions and derivative actions). In providing those
services, the Investment Manager will (x) invest and otherwise manage the assets of the Fund in accordance with the Private Placement Memorandum, the Registration Statement and the Fund’s organizational documents and (y) provide the
Fund with ongoing research, analysis, advice and judgments regarding individual investments, general economic conditions and trends and long-range investment policy. The Fund hereby agrees that the Investment Manager may (and the Fund further
authorizes the Investment Manager to) use information obtained by it in its capacity as investment manager to the Fund to provide information to, or for the benefit of, the unit holders of the Fund (the “Unitholders”), including
without limitation reports on valuation, portfolio positions and portfolio risk profiles. The Investment Manager has the authority to (A) enter into agreements and execute any documents required to make investments pursuant to the Private
Placement Memorandum, which shall include without limitation any market and/or industry standard documentation and the standard representations contained therein and (B) acknowledge the receipt of brokers’ risk disclosure statements,
electronic trading disclosure statements and similar disclosures. The Investment Manager is also authorized to instruct the custodian for the Fund (the “Custodian”) to: (1) pay cash for securities and other property delivered
to the Custodian, (2) deliver or accept delivery of cash, foreign currency, securities, commodities or other property underlying any futures or options contracts, and other property for the benefit of the Fund and (3) deposit margin or
collateral which shall include the transfer of money, securities or other property to the extent necessary to meet the obligations of the Fund. 

(b)    Pre-Exchange Listing Administration. The Administrative Coordinator
will provide certain Administration Services (as defined in the LLC Agreement) to the Fund, including (i) maintaining responsibility for the books and records with respect to the Fund and its transactions and coordinating the financial
reporting of the Fund in accordance with the LLC Agreement, (ii) coordinating and supervising the activities of, and act as liaison with, each party providing legal, audit, tax, administrator services, prime brokerage (if applicable),
custodial, fund accounting, financial reporting and/or other services to the Fund and (iii) assisting the Investment Manager to provide good faith recommendations for valuations of investments for which market quotes are not readily available
pursuant to the LLC Agreement. The Administrative Coordinator will be responsible for all expenses of its own staff responsible for (i) certain on-going, routine,
non-investment-related administrative services for the Fund, (ii) the coordination of various third-party services needed or required by the Fund and (iii) certain Unitholder servicing functions.

  
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 (c)    Post-Exchange Listing Administration. In connection with
an Exchange Listing, and subject to Board approval, the Fund intends to enter into an administration agreement with Solar Capital Management, LLC (“SCM”) pursuant to which SCM will provide administrative services to the Fund. For
providing these services, facilities and personnel, the Fund will reimburse SCM for the Fund’s allocable portion of overhead and other expenses incurred by SCM in performing its obligations under the administration agreement (the
“Post-Exchange Listing Administration Expenses”). 
  

	3.	 Investment Manager Personnel and Resources 

The Investment Manager and the Administrative Coordinator shall make those of its and its Affiliates’ (as defined in the LLC Agreement)
employees and other personnel (“Investment Manager Personnel”) and those of its and its Affiliates’ other resources available to the Fund that are reasonably necessary in the reasonable discretion of the Investment Manager and
the Administrative Coordinator to perform, or shall otherwise ensure the performance of, the services hereunder, including without limitation providing on behalf of the Fund, to the extent required under the Investment Company Act, any managerial
assistance as may be requested by any eligible portfolio company investment. 
  

	4.	 Brokerage 

To the extent the Investment Manager selects brokers or dealers to execute transactions on behalf of the Fund, the Investment Manager will use
commercially reasonable efforts to seek the best overall terms available. In assessing the best overall terms available for any Fund transaction, the Investment Manager will consider all factors it deems relevant, including but not limited to the
breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, the reasonableness of the commission, if any, for the specific transaction and on a continuing basis, factors
specific to alternative transactions (including, but not limited to, investments in commercial or residential real estate companies and entities) and the brokerage and research services (as those terms are defined in Section 28(e) of the
Securities Exchange Act of 1934, as amended) provided to the other accounts over which the Investment Manager or its Affiliates exercise investment discretion. The parties hereto acknowledge that it is desirable for the Fund that the Investment
Manager have access to supplemental investment and market research and security and economic analysis provided by broker-dealers who may execute brokerage transactions at a higher cost to the Fund than may result when allocating brokerage to other
brokers on the basis of seeking the most favorable price and efficient execution. Therefore, the Investment Manager may cause the Fund to pay a broker-dealer which furnishes brokerage and research services a higher commission or spread than that
which might be charged by another broker-dealer for effecting the same transaction, provided that the Investment Manager determines in good faith that such commission or spread is reasonable in relation to the value of the brokerage and research
services provided by such broker-dealer, viewed in terms of either the particular transaction or the overall responsibilities of the Investment Manager. It is understood and agreed that the services provided by such broker-dealers may be useful to
the Investment Manager in connection with the Investment Manager’s services to other clients. 
  

	5.	 Records 

The Administrative Coordinator agrees to be responsible for and to preserve for the Fund such records as are necessary and proper or required
by Applicable Law (as defined below). For the avoidance of doubt, the Administrative Coordinator will have the primary responsibility for the books and records of the Fund. The Fund hereby acknowledges and agrees that certain records relating to the
Fund as prepared by the Administrative Coordinator may be kept on a consolidated basis with other clients/accounts advised by the Investment Manager. “Applicable Law” shall mean any applicable law, regulation, ruling, order,
guideline, guidance, decree or directive, or license, permit or other similar approval, of any governmental authority, now or hereafter in effect, including any state law that may become applicable to the Fund. 

  
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	6.	 Standard of Care/Indemnification 

(a)    To the fullest extent permitted by Applicable Law, and except to the extent specified in Section 36(b) of the
Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings), the Investment Manager and/or the Administrative Coordinator, and each of their respective affiliates, as
applicable, shall not be liable to the Fund or any Unitholder thereof, and the Fund does hereby release the Investment Manager and/or the Administrative Coordinator, for any act or omission, including any mistake of fact or error in judgment, taken,
suffered or made by the Investment Manager and/or the Administrative Coordinator, as applicable, in good faith and in the belief that such act or omission is in or is not contrary to the best interests of the Fund; provided that such act or omission
does not constitute Disabling Conduct (as defined herein) by the Investment Manager and/or the Administrative Coordinator. To the extent that, at law or in equity, the Investment Manager and/or the Administrative Coordinator, as applicable, has
duties and liabilities relating to the Fund or the Unitholders, the Investment Manager and/or the Administrative Coordinator, as applicable, acting under this Agreement shall not be liable to the Fund or any Unitholder for its good faith reliance on
the provisions of this Agreement, to the maximum extent permitted by Applicable Law. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of the Investment Manager and/or the Administrative
Coordinator, as applicable, otherwise existing at law or in equity, are agreed by the Fund to replace such other duties and liabilities of the Investment Manager and/or the Administrative Coordinator, as applicable, to the maximum extent permitted
by Applicable Law. Notwithstanding any provisions of this Agreement to the contrary, nothing contained herein shall protect or be deemed to protect the Investment Manager and/or Administrative Coordinator against or entitle or be deemed to entitle
the Investment Manager or Administrative Coordinator to indemnification in respect of any liability to the Fund or the Unitholders to which the Investment Manager or the Administrative Coordinator would otherwise by subject by reason of Disabling
Conduct in the performance of their duties and obligations under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the Securities and Exchange Commission or its staff
thereunder). As used in this Section 6, the term “Disabling Conduct” shall mean fraud, willful misfeasance, bad faith, gross negligence or reckless disregard of the obligations and duties of the Investment Manager and/or the
Administrative Coordinator, as applicable, under this Agreement and in the conduct of the Investment Manager’s and/or the Administrative Coordinator’s office, as applicable. 

(b)    The Fund shall, to the fullest extent permitted by Applicable Law, indemnify and hold harmless the Investment
Manager and/or the Administrative Coordinator, as applicable, from and against any and all liabilities, disputes, costs, expenses (including reasonable attorneys’ fees and disbursements), damages, losses, fines, penalties, fees, interest and
judgments, of whatever nature, known or unknown, liquidated or unliquidated (“Losses”), that may accrue to or be incurred by the Investment Manager and/or the Administrative Coordinator, as applicable, in connection with any claim,
demand, investigation, suit, proceeding or action (a “Proceeding”), whether civil or criminal, in which the Investment Manager and/or the Administrative Coordinator, as applicable, may become involved, as a party or otherwise, or
with which the Investment Manager and/or the Administrative Coordinator, as applicable, may be threatened, relating to or arising out of the investments or other activities of the Fund, activities undertaken in connection with the Fund, or otherwise
relating to or arising out of this Agreement, including amounts paid in compromise or settlement approved by the Board, and attorneys’ fees and expenses incurred in connection with the preparation for or defense or disposition of any Proceeding
(all of such Losses, amounts and expenses referred to in this Section 6 are referred to collectively as “Damages”), except to the extent that it shall have been determined by a court of competent jurisdiction in a non-appealable judgment, or there has been an admission by the Investment Manager and/or the Administrative Coordinator, as applicable, in a settlement or proceeding, that such Damages arose from Disabling Conduct
of the Investment Manager and/or the Administrative Coordinator, as applicable (with such limitation applied solely to the extent attributable to such Disabling Conduct). The termination of any Proceeding by settlement shall not, of itself, create a
presumption that any Damages relating to such settlement or otherwise relating to such Proceeding arose from Disabling Conduct of the Investment Manager and/or the Administrative Coordinator, as applicable. 

  
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 (c)    As used in this Section 6, the term “Investment
Manager” and/or the term “Administrative Coordinator” shall include each of their respective members, principals, officers, managers, investors, employees and other representatives and agents and entities controlling, controlled by or
under common control with the Investment Manager and/or the Administrative Coordinator, as applicable. 
 (d)    Nothing
herein shall be deemed or construed to effect a waiver of any rights of any person under U.S. federal securities laws or state securities laws, which provide protections that by law cannot be waived. 

(e)    In the event of a conflict between the provisions of this Section 6 and any applicable provisions in the
Fund’s organizational documents, the applicable provisions of the Fund’s organizational documents shall control. Notwithstanding the foregoing, the provisions of this Section 6 shall survive the termination of this Agreement and shall
continue to afford protection to the Investment Manager and/or the Administrative Coordinator, as applicable, regardless of any subsequent amendment to this Agreement, or termination of the Fund, and no amendment to this Agreement, or termination of
the Fund shall reduce or restrict the extent to which these indemnification provisions apply to actions taken or omissions made prior to the date of such amendment or termination. 

 

	7.	 Compensation 

In consideration of the services rendered pursuant to this Agreement, the Fund shall pay the Investment Manager Management Fees (as defined
below), Pre-Exchange Listing Incentive Fees (as defined below) and Post-Exchange Listing Incentive Fees (as defined below) and shall pay the Administrative Coordinator a
Pre-Exchange Listing Administration Fee (as defined below) in the amount and in the manner as follows: 

(a)    Management Fees. The Fund shall pay to the Investment Manager (i) management fees prior to the Fund
effectuating a listing of the common limited liability company units of the Fund (the “Units”) (or securities into which the Units are converted or exchanged) on a national securities exchange (an “Exchange
Listing”) (collectively, and as the same may be adjusted pursuant to this Agreement, “Pre-Exchange Listing Management Fees”) and (ii) management fees following an Exchange
Listing (collectively, and as the same may be adjusted pursuant to this Agreement, “Post-Exchange Listing Management Fees,” and, together with the Pre-Exchange Listing Management Fees, the
“Management Fees”). The Management Fees shall be payable quarterly in arrears as follows: 

(i)    Pre-Exchange Listing. Prior to an Exchange Listing,
the Pre-Exchange Listing Management Fees shall be calculated as of the close of business on the last day of each calendar quarter in an amount equal to 1.50% per annum of Invested Capital (as defined in
the LLC Agreement). 
 (ii)    Post-Exchange Listing. Following an Exchange Listing, the
Post-Exchange Listing Management Fees shall be an amount equal to 1.50% per annum of the average value of the Fund’s total assets at the end of the two most recently completed calendar quarters; provided, however, the Post-Exchange
Listing Management Fees shall be calculated at an annual rate of 1.00% of the average value of the Fund’s total assets at the end of the two most recently completed calendar quarters that exceeds the product of (i) 200% and (ii) the value
of the Fund’s total net assets at the end of the immediately preceding calendar quarter. 

  
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 The Management Fees will be appropriately adjusted for any stub period. 

(b)    Pre-Exchange Listing Incentive Fee. Prior to an Exchange Listing,
and subject to the requirements of Section 852(a) of the Code, the Fund will make distributions of distributable cash to Unitholders and pay distributable cash to the Investment Manager as an incentive fee (the
“Pre-Exchange Listing Incentive Fee”) out of two categories: Current Proceeds and Disposition Proceeds (collectively referred to as “Investment Proceeds”). The Fund shall
apportion each Unitholder’s share of Investment Proceeds between Current Proceeds and Disposition Proceeds. Subject to Section 6.4 of the LLC Agreement, immediately prior to any distribution of Investment Proceeds attributable to all or
any part of any Portfolio Investment(s), such amount shall initially be apportioned among the Unitholders pro rata in accordance with their respective Capital Contributions (as defined in the LLC Agreement) in respect of such Portfolio
Investment. Amounts apportioned to the Investment Manager shall be distributed to the Investment Manager. Investment Proceeds shall be divided between and distributed to all Unitholders, on the one hand, and paid to the Investment Manager, on the
other hand, in the following amounts and order of priority: 
 (i)    Disposition Proceeds apportioned to
Unitholders shall be divided between and distributed to Unitholders, on the one hand, and paid to the Investment Manager as a Pre-Exchange Listing Incentive Fee, on the other hand, in the following amounts and
order of priority: 
  

	 	(A)	 Return of Capital Contributions. First, 100% to such Unitholder until such Unitholder has received
cumulative distributions of Investment Proceeds pursuant to this clause (i)(A) equal to such Unitholder’s total Capital Contributions to the Fund (including amounts contributed to pay Pre-Exchange Listing
Management Fees, Pre-Exchange Listing Administration Fees, Organizational Expenses (as defined in the LLC Agreement) and other Fund Expenses); 

 

	 	(B)	 Unitholder Preferred Return. Second, 100% of all remaining Disposition Proceeds to Unitholders until
they have each received cumulative distributions of Investment Proceeds, without duplication, pursuant to this clause (B) and clause (D) below and pursuant to Section 7(b)(ii)(A) and Section 7(b)(ii)(C) below equal to 6% per
annum return, compounded annually, on Unitholders’ Capital Contributions to the Fund (including amounts contributed to pay Pre-Exchange Listing Management Fees,
Pre-Exchange Listing Administration Fees, Organizational Expenses and other Fund Expenses), determined on the basis of all Capital Contributions made by such Unitholder and considering all distributions
(including the subject distribution) under this Section 7(b) made to such Unitholder (computed from the dates that such Capital Contributions were due (or, if actually made later, the date on which such Capital Contributions were actually made)
until the date that the Fund, in its sole discretion, designates Distributable Cash as available for distribution or, if no such designation is made, the occurrence of an Event of Dissolution (as defined in the LLC Agreement) (the “Preferred
Return”); 

  

	 	(C)	 Investment Manager Catch Up to 10%. Third, 100% of all remaining Disposition Proceeds to the Investment
Manager as a Pre-Exchange Listing 

  
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Incentive Fee until the Investment Manager has received payments of Investment Proceeds with respect to Unitholders pursuant to this clause (C) and Section 7(b)(ii)(B) equal to 10% of
the total amounts due to Unitholders and earned by the Investment Manager pursuant to clause (B) above and this clause (C) and pursuant to Section 7(b)(ii)(A) and Section 7(b)(ii)(B); and 

 

	 	(D)	 90%/10%. Thereafter, 90% of all remaining Disposition Proceeds to Unitholders and 10% of all remaining
Disposition Proceeds to the Investment Manager as a Pre-Exchange Listing Incentive Fee. 

In no event will the Investment Manager receive amounts of Pre-Exchange Listing
Incentive Fees under clause (i)(C) and (i)(D) above in excess of the percentage of the Disposition Proceeds actually distributed to Unitholders pursuant to clause (i)(B), (i)(C) and (i)(D) above. 

In no event will the Investment Manager receive amounts attributable to Disposition Proceeds that, as of any distribution or
payment date, exceeds 20% of cumulative realized capital gains net of all cumulative realized capital losses and unrealized capital depreciation. 

(ii)    Current Proceeds apportioned to Unitholders shall be divided between and distributed to
Unitholders, on the one hand, and paid to the Investment Manager as a Pre-Exchange Listing Incentive Fee, on the other hand, in the following amounts and order of priority: 

 

	 	(A)	 Unitholder Preferred Return. First, 100% of all Current Proceeds to Unitholders until Unitholders have
received cumulative distributions of Investment Proceeds, without duplication, pursuant to this clause (A) and clause (C) below and pursuant to Section 7(b)(i)(B) and Section 7(b)(i)(D) equal to the Preferred Return;

  

	 	(B)	 Investment Manager Catch Up to 10%. Second, 100% of all remaining Current Proceeds to the Investment
Manager as a Pre-Exchange Listing Incentive Fee until the Investment Manager has received payments of Investment Proceeds with respect to Unitholders pursuant to this clause (B) and
Section 7(b)(i)(C) equal to 10% of the total amounts due to Unitholders and earned by the Investment Manager pursuant to clause (A) above and this clause (B) and pursuant to Section 7(b)(i)(B) and Section 7(b)(i)(C); and

  

	 	(C)	 90%/10%. Thereafter, 90% of all remaining Current Proceeds to Unitholders and 10% of all remaining
Current Proceeds to the Investment Manager as a Pre-Exchange Listing Incentive Fee. 

In no event will the Investment Manager receive amounts of Pre-Exchange Listing Incentive Fees under
clause (ii)(B) and (ii)(C) above in excess of the percentage of the Current Proceeds actually distributed to Unitholders pursuant to clause (ii)(A), (ii)(B) and (ii)(C) above. 

(c)    Post-Exchange Listing Incentive Fee. Following an Exchange Listing, the Fund shall pay an incentive fee to
the Investment Manager consisting of two parts, as follows (the “Post-Exchange Listing Incentive Fee”): 

(i)    Pre-Incentive Fee Net Investment Income. One part
will be calculated and payable quarterly in arrears based on the net investment income for the immediately preceding calendar quarter. 

  
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 (A)    For this
purpose, Pre-Incentive Fee Net Investment Income means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as
commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued by the Fund during the calendar quarter, minus the Fund’s operating expenses for the quarter (including
the Post-Exchange Listing Management Fees, expenses payable under an administration agreement, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Post-Exchange Listing Incentive Fee). 

(B)    Pre-Incentive Fee Net Investment Income does not include any realized
capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Fund’s net
assets at the end of the immediately preceding calendar quarter, will be compared to a “hurdle rate” of 1.50% per quarter (6.00% annualized). The Fund’s net investment income used to calculate this part of the Post-Exchange Listing
Incentive Fee is also included in the amount of its gross assets used to calculate the 1.50% Post-Exchange Listing Management Fees. 

(C)    The Fund will pay the Investment Manager a Post-Exchange Listing Incentive Fee with respect to the Fund’s Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: 

(1)    No Post-Exchange Listing Incentive Fee in any calendar quarter in which the
Fund’s Pre-Incentive Fee Net Investment Income does not exceed the quarterly hurdle rate of 1.50%; 

(2)    100% of the Fund’s Pre-Incentive Fee Net Investment Income
with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 1.875% in any calendar quarter (7.5% annualized); this portion of the Pre-Incentive Fee Net Investment Income (which exceeds the hurdle but is less than 1.875%) is referred to herein as
the “catch-up.” The “catch-up” is meant to provide the Investment Manager with 20% of the
Fund’s Pre-Incentive Fee Net Investment Income as if a hurdle did not apply if this Pre-Incentive Fee Net Investment Income exceeds 1.875% in any
calendar quarter; and 
 (3)    20% of the amount of the
Fund’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 1.875% in any calendar quarter (7.5% annualized) payable to the Investment Manager (once the hurdle is reached and the catch-up is achieved, 20% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Investment Manager). 

These calculations will be appropriately pro-rated for any period of less
than three months. 

  
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 (ii)    Capital Gains Fee. The second part of the
Post-Exchange Listing Incentive Fee, the “Capital Gains Fee”, will be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), commencing as of the end of the
first fiscal year following an Exchange Listing, and will equal 20.0% of the Fund’s realized capital gains, if any, on a cumulative basis through the end of each calendar year, computed net of all realized capital losses and unrealized capital
depreciation as of each fiscal year end, less the amount of any previously paid capital gain Post-Exchange Listing Incentive Fees, with respect to the Fund; provided that the Post-Exchange Listing Incentive Fee determined as of the end of the fiscal
year in which an Exchange Listing is completed will be calculated for a period of shorter than twelve calendar months to take into account any realized capital gains computed net of all realized capital losses and unrealized capital depreciation. In
the event that this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee. 

The Investment Manager will be entitled to withhold from any distributions, in its discretion, any required tax withholdings. Amounts of taxes paid or
withheld from amounts otherwise distributable to a Unitholder will be deemed distributed for purposes of the calculations above. 

(d)    Pre-Exchange Listing Administration Fee. 

(i)    The Fund shall pay to the Administrative Coordinator a fee (the “Pre-Exchange Listing Administration Fee”, and together with the Post-Exchange Listing Administration Expenses, the “Administration Expenses”), calculated as of the close of business
in New York, New York on the last day of each calendar quarter (each such date, a “Pre-Exchange Listing Administration Fee Calculation Date”) in an amount equal to 0.08% per annum of
the average Cost Basis (as defined in the LLC Agreement), as measured on the last day of the preceding quarter and the last day of the current quarter for the period ended, and payable quarterly in arrears after such
Pre-Exchange Listing Administration Fee Calculation Date. The Pre-Exchange Listing Administration Fee will not offset any other fees paid to the Investment Manager
pursuant to this Agreement. 
 (ii)    Notwithstanding the foregoing, with regard to the first and last
quarterly period of the Fund, the Pre-Exchange Listing Administration Fee shall be pro-rated as to the percentage of such period that the Fund operates, determined on
the basis referred to in this Section 7(d)(ii). 
 (e)    Clawback
Pre-Exchange Listing. Prior to an Exchange Listing, in connection with, but in no event more than 30 days after, the liquidation of the Fund, the Investment Manager shall return to the Fund for
distribution to the Unitholders if and to the extent that the Investment Manager has received cumulative Pre-Exchange Listing Incentive Fees in excess of the
Pre-Exchange Listing Incentive Fees that would have been payable to the Investment Manager if the formulas set forth in Section 7(b)(i) were applied on an aggregate basis covering all transactions of the
Fund; provided, however, that in no event will the Investment Manager be required to contribute an aggregate amount in excess of 100% of the net amount distributed to the Investment Manager (net of taxes) on account of its Pre-Exchange Listing Incentive Fees. In addition, as soon as reasonably practicable following the end of each fiscal year of the Fund, the Investment Manager shall apply an interim
Pre-Exchange Listing Incentive Fee adjustment so that, in the event of any over-distribution of Pre-Exchange Listing Incentive Fees to the Investment Manager

  
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(measured with respect to each Unitholder using the fair value of the Company’s portfolio at the end of the applicable fiscal year as if the Fund were to liquidate on such date), future
distributions that would, absent such interim Pre-Exchange Listing Incentive Fee adjustment, otherwise be distributed to the Investment Manager as a Pre-Exchange Listing
Incentive Fee, shall be distributed to Unitholders until such over-distribution (net of taxes payable by the Investment Manager with respect to such Pre-Exchange Listing Incentive Fees) has been eliminated.

  

	8.	 Expenses 

(a)    The Investment Manager shall be responsible for the salaries and expenses of its Personnel responsible for
the day-to-day investment management of the Fund as well as office rent and routine overhead costs of the Investment Manager. 

(b)    The Investment Manager, Administrative Coordinator and/or any of their Affiliates may advance to the Fund any
amounts necessary to pay the Fund’s Organizational Expenses. The Fund shall reimburse the Investment Manager and/or Administrative Coordinator, as applicable, for the Organizational Expenses advanced by the Investment Manager, Administrative
Coordinator and/or any of their Affiliates in the manner specified in the Fund’s organizational documents and in accordance with the limitations on such reimbursement therein, including: all of its fees, costs, expenses and liabilities, all of
its investment-related fees, costs, expenses and liabilities (including with respect to amounts incurred prior to the Fund’s initial closing) and all of its other operating fees, costs, expenses and liabilities, including all fees, due
diligence costs and other fees, costs, expenses and liabilities related to the identification, sourcing, evaluation, pursuit, acquisition, holding, appraisals, asset management, restructuring and disposing of investments, including all reasonable
travel-related fees, costs, expenses and liabilities, including lodging and meals, all fees, costs, expenses and liabilities of legal counsel and financial and other advisers incurred in connection therewith, all fees, costs, expenses and
liabilities of information technology services relating to the ongoing management of investments, and all other investment-related fees, costs, expenses and liabilities (to the extent not reimbursed by the relevant portfolio company); all fees,
costs, expenses and liabilities related to any audits or agreed upon procedures, tax forms and return preparations and filings, custodian fees and expenses, fund accounting, administrator services, financial statement preparation and reporting, web
services for the benefit of Unitholders, delivery costs and expenses in connection with reporting obligations and communications and compliance services; all fees, costs, expenses and liabilities relating to insurance policies (including director
and officer liability insurance) maintained by or for the Fund, including in respect of Portfolio Investments and/or SCP Persons; other administrative fees, costs, and liabilities; all fees, costs, expenses and liabilities of brokers, transaction
finders and other intermediaries, including brokerage commissions and spreads, and all other transaction-related fees, costs, expenses and liabilities, including reverse break-up fees; all fees, costs,
expenses and liabilities relating to derivatives and hedging transactions; all principal amounts of, and interest expense on, borrowings and guarantees, and all other fees, costs, expenses and liabilities arising out of borrowings and guarantees,
including the arranging and maintenance thereof, whether incurred by the Fund or incurred or facilitated by a special purpose vehicle that makes Portfolio Investments; Management Fees; Administration Expenses; all fees, costs, expenses and
liabilities incurred through the use or engagement of Service Providers; all taxes, fees, penalties and other governmental charges levied against the Fund and all fees, costs, expenses penalties and liabilities related to tax compliance; all fees,
costs, expenses and liabilities of the Fund’s legal counsel related to extraordinary matters, including expenses for any dispute resolution (including litigation and regulatory-related legal expenses); all fees, costs, expenses and liabilities
relating to legal, governance and regulatory compliance and filings, including securities law filings relating to Portfolio Investments; all fees, costs, expenses and liabilities related to the Fund’s indemnification or contribution
obligations; all fees, costs, expenses and liabilities for subscription services (to the extent such subscription is required by a placement agent); any required regulatory filings and related legal fees; all fees, costs, expenses and liabilities of
liquidating the Fund; transfer agent services; any other fees, costs, 

  
 10 

 
expenses and liabilities not specifically assumed by the Investment Manager or the Administrative Coordinator; all fees, costs, expenses and liabilities of the Fund’s Directors who are not
parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) (the “Independent Directors”), including resources retained by the Independent Directors,
or on their behalf, while representing and/or acting on behalf of all Unitholders; and all fees, costs, expenses and liabilities related to an Exchange Listing (including any transactions effectuated in connection therewith) or other business
combination. 
 (c)    The Fund shall bear any other fee, cost, expense or liability related to the Fund (whether
related to its investments, operations or otherwise) and not specifically assumed by the Investment Manager or the Administrative Coordinator, including, without limitation, (i) the Management Fees described in Section 7(a) of this
Agreement, (ii) the Pre-Exchange Listing Administration Fee described in Section 7(d) of this Agreement and the Post-Exchange Listing Administration Expenses described in Section 2(c) of this
Agreement and (iii) those fees, costs, expenses and liabilities described in the Fund’s organizational documents. 
  

	9.	 Services to Other Companies or Accounts 

The investment advisory services of the Investment Manager to the Fund under this Agreement are not to be deemed exclusive, and the Investment
Manager, or any Affiliate thereof, shall be free to render similar services to other investment funds, accounts and clients (whether or not their investment objective and policies are similar to those of the Fund). 

 

	10.	 Aggregation of Orders 

Provided the investment objective of the Fund is adhered to, the Fund agrees that the Investment Manager is permitted to aggregate sales and
purchase orders of securities and other investments held in the Fund with similar orders being made simultaneously for other accounts managed by the Investment Manager or with accounts of the Affiliates of the Investment Manager, provided that any
such aggregation of orders permitted by the Investment Company Act and Applicable Law. 
  

	11.	 Cross Trades 

The Investment Manager may enter into cross trades on behalf of the Fund with one or more other clients of the Investment Manager or its
Affiliates in accordance with its cross trade policy, provided that any such cross trade is consistent with the Investment Company Act and the Advisers Act. 
  

	12.	 Duration, Termination, Delegation and Assignment 

(a)    This Agreement shall become effective as of the date of this Agreement. This Agreement may be terminated at any
time, without the payment of any penalty, upon 60 days’ written notice, by the “vote of a majority of the outstanding voting securities” (as such term is defined in Section 2(a)(42) of the Investment Company Act) of the Fund or
by the vote of the Independent Directors of the Fund or by the Investment Manager. The provisions of Section 6 of this Agreement shall remain in full force and effect, shall apply to the Investment Manager and its representations as and
to the extent applicable, and the Investment Manager shall remain entitled to the benefits of Section 6, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid,
the Investment Manager shall be entitled to any amounts owed under Section 7 through the date of termination or expiration. 

  
 11 

 (b)    This Agreement shall continue in effect for two years from the
date hereof, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Board, or by the vote of a majority of the outstanding
voting securities of the Fund and (B) the vote of a majority of the Fund’s Independent Directors, in accordance with the requirements of the Investment Company Act. 

(c)    This Agreement will automatically terminate in the event of its “assignment” as such term is defined for
purposes of Section 15(a)(4) of the Investment Company Act. 
 (d)    Notwithstanding any provision of this
Agreement to the contrary, the Investment Manager may re-delegate all or part of the authority and responsibility delegated to it hereunder to an investment adviser under common control with the Investment
Manager, subject to Applicable Law. The Investment Manager may take any and all actions that are necessary or incidental to such delegation and/or assignment including, without limitation and subject to Applicable Law, (i) assigning this
Agreement to any such investment adviser, (ii) causing the Fund to enter into a new investment management agreement with any such investment adviser that is substantially similar to this Agreement in all material respects, and/or
(iii) delegating all or part of the Investment Manager’s duties under this Agreement to any such investment adviser. 
  

	13.	 Amendment 

No provision of this Agreement may be changed, waived or discharged or terminated orally, but only by an instrument in writing signed by the
party against which enforcement of the change, waiver, discharge or termination is sought. 
  

	14.	 Independent Contractor Status 

For all purposes of this Agreement, the Investment Manager shall be an independent contractor and not an employee, agent, dependent agent,
partner or joint venturer of the Fund; nor shall anything herein be construed as making the Fund a partner or co-venturer with the Investment Manager or any of its Affiliates. Except as may be expressly
authorized, the Investment Manager shall not have authority to bind, obligate or represent the Fund in any manner. 
  

	15.	 Representations and Agreements of the Fund 

The Fund represents to the Investment Manager and the Administrative Coordinator that it has all necessary power and authority to execute,
deliver and perform this Agreement and all transactions contemplated hereby, and such execution, delivery and performance will not violate any Applicable Law, rule, regulation, governing document, contract or other material agreement binding upon
it. 
  

	16.	 Miscellaneous 

(a)    Capitalized terms not otherwise defined herein will have the meanings specified in the LLC Agreement. 

(b)    This Agreement together with the LLC Agreement constitute the full and complete agreement of the parties hereto
with respect to the subject matter hereof. 
 (c)    Titles or captions of sections in this Agreement are inserted only
as a matter of convenience and for reference, and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provisions thereof. 

  
 12 

 (d)    The obligations of “SLR HC BDC LLC” entered into in the
name of or on behalf thereof by any of the officers, representatives or agents of the Fund are made not individually, but in such capacities, and are not binding upon any of the officers, representatives or agents of the Fund personally, but bind
only the assets of the Fund, and all persons dealing with the Fund must look solely to the Fund’s assets for the enforcement of any claims against the Fund in accordance with the terms of the Private Placement Memorandum, the Registration
Statement, the Fund’s organizational documents and Applicable Law. 
 (e)    This Agreement is intended solely for
the benefit of the parties hereto and, except as expressly provided to the contrary in this Agreement, is not intended to confer any benefits upon, or create any rights in favor of, any Person other than the parties hereto 

(f)    This Agreement may be executed in several counterparts, all of which together shall for all purposes constitute one
Agreement, binding on all the parties. The parties agree that the electronic or .pdf signature of a party shall be deemed an original for all purposes and binding on the party signing by electronic or .pdf signature. 

(g)    If any provisions of this Agreement or the application thereof to any party or circumstances shall be determined by
any court of competent jurisdiction to be invalid or unenforceable to any extent, the remainder of this Agreement or the application of such provision to such person or circumstance, other than those as to which it so determined to be invalid or
unenforceable, shall not be affected thereby, and each provision hereof shall be valid and shall be enforced to the fullest extent permitted by law to give effect to the intent of the parties hereunder. 

(h)    Any statement, request, notice, instruction or other instrument required to be given hereunder will be in writing,
and may be sent by hand delivery, facsimile transmission, electronic transmission, or overnight delivery by any recognized delivery service, to the parties at such address or to such individual as shall be specified by the Investment Manager or the
Fund, as applicable, from time to time. 
 (i)    This Agreement shall be binding on and shall inure to the benefit of
the Fund, the Investment Manager, the Administrative Coordinator and their respective successors and permitted assigns. 

(j)    This Agreement and the rights and obligations of the parties hereunder is governed by, and shall be interpreted,
construed and enforced in accordance with, the laws of the State of New York, without regard to the conflict of law principles thereof that would result in the application of the law of any other jurisdiction. 

(k)    With respect to any suit, action or proceedings relating to this Agreement (“Proceedings”), each
party hereto irrevocably: (i) submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan, New York County, and of the United States
District Court for the Southern District of New York, and any appellate court therefrom; and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such
Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement precludes any party hereto
from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings by any party hereto in any one or more jurisdictions preclude the bringing of Proceedings by such party in any other jurisdiction. Each party hereto hereby
agrees that a final judgment in any such Proceedings shall be conclusive and may be enforced in other jurisdictions otherwise having jurisdiction over such party by suit on such final judgment or in any other manner provided by law. Each party
hereto hereby agrees that service of process in any Proceeding may be effected by mailing a copy thereof by registered or certified mail or by overnight courier service, postage prepaid, to it at its address specified herein. Nothing in this
Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law. 

  
 13 

 (The remainder of this page is left intentionally blank. The signature page follows.)

  
 14 

 IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have caused this
instrument to be executed by their authorized persons designated below on the day and year first above written. 
  

					
	SLR HC BDC LLC
		
	By:	 	  

		 	Name:	 	Michael Gross
		 	Title:	 	Managing Member
		
	By:	 	  

		 	Name:	 	Bruce Spohler
		 	Title:	 	Managing Member
	
	 SOLAR CAPITAL PARTNERS, LLC, in its capacity as Investment Manager and Administrative Coordinator

BY: SC CAPITAL, LLC, its managing member

		
	By:	 	  

		 	Name:	 	Michael Gross
		 	Title:	 	Managing Member
		
	By:	 	
		 	Name:	 	Bruce Spohler
		 	Title:	 	Managing MemberEX-10.2

 Exhibit 10.2 

 
 

 
  

  
 GLOBAL

 CUSTODIAL SERVICES AGREEMENT 
 SOLAR CAPITAL LTD 
 SOLAR SENIOR CAPITAL LTD 

 
  
  

  

			
	GCSA 2011 NY - V.06.14.2011- (/Neg Solar Entities, March 2013)	  	 

 

 
  

 TABLE OF CONTENTS 

 

							
	1.	 	 DEFINITIONS AND INTERPRETATION
	  	 	1	 
	2.	 	 ESTABLISHMENT OF ACCOUNTS
	  	 	2	 
	3.	 	 SECURITIES ACCOUNT PROCEDURES
	  	 	3	 
	4.	 	 CASH ACCOUNT PROCEDURES
	  	 	4	 
	5.	 	 INSTRUCTIONS
	  	 	4	 
	6.	 	 PERFORMANCE BY THE CUSTODIAN
	  	 	5	 
	7.	 	 TAX STATUS/WITHHOLDING TAXES
	  	 	6	 
	8.	 	 USE OF THIRD PARTIES
	  	 	6	 
	9.	 	 REPRESENTATIONS
	  	 	7	 
	10.	 	 SCOPE OF RESPONSIBILITY
	  	 	8	 
	11	 	 SUBROGATION
	  	 	9	 
	12.	 	 INDEMNITY
	  	 	9	 
	13.	 	 LIEN AND SET OFF
	  	 	9	 
	14.	 	 FEES AND EXPENSES
	  	 	10	 
	15.	 	 CITIGROUP ORGANISATION INVOLVEMENT
	  	 	10	 
	16.	 	 RECORDS AND ACCESS
	  	 	10	 
	17.	 	 INFORMATION
	  	 	10	 
	18.	 	 ADVERTISING
	  	 	11	 
	19.	 	 TERMINATION.
	  	 	11	 
	20.	 	 GOVERNING LAW AND JURISDICTION
	  	 	11	 
	21.	 	 MISCELLANEOUS
	  	 	11	 
		 	 SIGNATURES
	  	 	13	 

 Schedules: 
  

	•	 	 Fee Schedule 

  

			
	GCSA 2011 NY - V.06.14.2011- (/Neg Solar Entities, March 2013)	  	 
		
		  	

 

 
  

 THIS GLOBAL CUSTODIAL SERVICES AGREEMENT is made on March     , 2013, by and
between, severally and not jointly, SOLAR CAPITAL LTD and SOLAR SENIOR CAPITAL LTD, (each the “Client “) and Citibank, N.A. acting through its offices located in New York (the “Custodian”). It is understood
and agreed that this document shall constitute a separate agreement between Custodian and each party listed above, as if each party listed had executed a separate document naming only itself as Client, and that no party listed above shall have any
liability under this document for the obligations of any other party so listed, and the term “this Agreement” shall be construed accordingly. For the avoidance of doubt, there shall be no cross-liability or cross-collateralization between
the Clients listed above. In the event the Global Custodial Services Agreement is terminated between any of the Clients listed above and the Custodian, the equivalent agreement between the Custodian and any remaining Client shall continue in full
force and effect unless and until either party hereto terminates such agreement in accordance with the terms therein. 
 WHEREAS, the Client is
a closed-end management investment company, which has elected to be treated as a business development company under the Investment Company Act of 1940, as amended (the “1940 Act”); 

WHEREAS, the Client desires to retain the Custodian to act as custodian for the Client and each Fund hereafter identified; 

WHEREAS, the Client desires that the Client’s Securities (as defined below) and 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 AND INTERPRETATION 

 

	(A)	 Definitions. 

 “Authorized Person” means the Client or any person (including any individual or entity) authorized by the Client to act on its behalf in the performance of any act,
discretion or duty under this Agreement (including, for the avoidance of doubt, any officer or employee of such person) in a notice reasonably acceptable to the Custodian. The initial Authorized Persons are set forth on Schedule B attached
hereto and made a part hereof (as such Schedule B may be modified from time to time by written notice from the Client to the Custodian); and the Client hereby represents and warrants that the true and accurate specimen signatures of such
initial Authorized Persons are set forth on Schedule B. 
 “Cash” means all cash or cash
equivalents in any currency received and held on the terms of this Agreement. 
 “Cash Account” means
the segregated account established at the Custodian to which the Custodian shall deposit and hold any cash received by it. 

“Citigroup Organisation” means Citigroup, Inc. and any company or other entity of which Citigroup, Inc. is
directly or indirectly a shareholder or owner. For purposes of this Agreement, each branch of Citibank, N.A. shall be a separate member of the Citigroup Organisation. 
 “Clearance System” means any clearing agency, settlement system or securities depository (including any entity that acts as a system for the central handling of Securities, such as
the Depository Trust Company and any other clearing agency registered with the Securities and Exchange Commission under Section 17A of 

  

			
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the Securities Exchange Act of 1934, as amended (the “1934 Act”), which acts as a system for the central handling of securities where all securities of any particular class or
series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the securities,in the country where it is incorporated or organised or that acts as a
transnational system for the central handling of Securities) used in connection with transactions relating to Securities and any nominee of the foregoing. 
 “Fee Schedule” means the schedule referred to in Section 14, as annexed hereto. 
 “Funds” means each fund listed in Appendixes for the Clients, annexed hereto as amended from time to time by mutual agreement of the parties. 

“Instructions” means instructions, including by facsimile (including trade confirmations) received by the Custodian in
form acceptable to it, from the Client, or any person duly authorized by the Client, by any of the following means: 
 (a) in writing signed by two (2) Authorized Persons (and delivered by hand, by mail, by overnight courier, by electronic mail or by telecopier); 

(b) in tested communication; 
 (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,. 
 “Securities” means any financial asset (other than Cash) from time to time held for the Client on the terms of this Agreement. 

“Taxes” means all taxes, levies, imposts, charges, assessments, deductions, withholdings and related liabilities,
including additions to tax, penalties and interest imposed on or in respect of (i) Securities or Cash, (ii) the transactions effected under this Agreement or (iii) the Client; provided that “Taxes” does not include income or
franchise taxes imposed on or measured by the net income of the Custodian or its agents. 
  

	(B)	 Interpretation. 

 References in this Agreement to schedules shall be deemed to be references to schedules, the terms of which shall be incorporated into and form part of this Agreement. 

 

	2.	 ESTABLISHMENT OF ACCOUNTS 

  

	(A)	 Accounts. The Client authorises the Custodian to establish on its books, pursuant to the terms of this
Agreement, (i) Securities account or accounts ( “Securities Account”) and (ii) a “Cash Account” or accounts. The Securities Account will be a Securities Account for the receipt, safekeeping and maintenance of
Securities, and the Cash Account will be a current account for Cash. 

  

	(B)	 Acceptance of Securities and Cash. The Custodian will determine in its reasonable discretion whether to accept (i) for
custody in the Securities Account, Securities of any kind and (ii) for deposit in the Cash Account, Cash in any currency. 

  

			
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	(C)	 Designation of Accounts. 

 

	(i)	 The Securities Account will be in the name of the Client or such other name as the Client may reasonably designate and will indicate that
Securities do not belong to the Custodian and are segregated from the Custodian’s assets. 

  

	(ii)	 The Cash Account will be in the name of the Client or such other name as the Client may reasonably designate and will be held by the Custodian
as banker. The Cash Account will be held by the Custodian and subject to the due care of a professional custodian for hire. 

  

	(D)	 Segregation. 

  

	(i)	 The Custodian will hold Securities with a subcustodian only in an account which holds exclusively assets held by the Custodian for its
customers. The Custodian will direct each subcustodian to identify on its books that Securities are held for the account of the Custodian as custodian for its customers. The Custodian will direct each subcustodian, to hold Securities in a Clearance
System only in an account of the subcustodian which holds exclusively assets held by the subcustodian for its customers. 

  

	(ii)	 Any Securities deposited by the Custodian with a subcustodian will be subject only to the instructions of the Custodian, and any Securities
held in a Clearance System for the account of a subcustodian will be subject only to the instructions of the subcustodian. 

  

	(iii)	 The Custodian shall require the subcustodian to agree that Securities will not be subject to any right, charge, security interest, lien or
claim of any kind in favour of the subcustodian. 

  

	3.	 SECURITIES ACCOUNT PROCEDURES 

  

	(A)	 Credits to the Securities Account. The Custodian is not obligated to credit Securities to the Securities Account before
receipt of such Securities by final settlement. 

  

	(B)	 Debits to the Securities Account. If the Custodian has received Instructions that would result in the delivery of Securities
exceeding credits to the Securities Account for that Security, the Custodian may reject the Instructions or may decide which deliveries it will make (in whole or in part and in the order it selects). 

 

	(C)	 Denomination of Securities. The Client shall bear the risk and expense associated with investing in Securities
denominated in any currency. 

  

	(D)	 Receipt of Securities. The Custodian shall hold in a separate account, and physically segregated at all times from those of any
other persons, firms or corporations, pursuant to the provisions hereof, all securities received by it for or for the account of the Client. All such securities are to be held or disposed of by Custodian for, and subject at all times to the
instructions of, the Client pursuant to the terms of this Agreement. The Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such securities and investments, except pursuant to the directive of the
Client and only for the account of the Client. 

  

	(E)	 Registration of Securities. Certificated securities held by the Custodian, its agents or its sub-custodian (other than bearer
securities, securities held in a Clearance System or Securities that are participations) shall be registered in the name of the Client or its nominee; or, at the option of the Custodian (if the Custodian determines it cannot hold such security in
the name of the Client), in the name of the Custodian or in the name of any nominee of the Custodian, or in the name of its agents or its sub-custodian or their nominees; or, if directed by the Client by Proper Instruction, may be maintained in
street name. The Custodian, its agents and its sub-custodian shall not be obligated to accept Securities on behalf of the Client under the terms of this Agreement unless such Securities are in street name or other good deliverable form.

  

			
	GCSA 2011 NY - V.06.14.2011- (Std/Neg Solar, May 2013)	  	Page 3
		
		  	

 

 
  

	4.	 CASH ACCOUNT PROCEDURES 

  

	(A)	 Credits and Debits to the Cash Account. The Custodian is not obliged to make a credit or debit to the Cash Account before
receipt by the Custodian of a corresponding and final payment in cleared funds. If the Custodian makes a credit or debit before such receipt, the Custodian may at any time reverse all or part of the credit or debit (including any interest thereon),
make an appropriate entry to the Cash Account, and if it reasonably so decides, require repayment of any amount corresponding to any debit. 

  

	(B)	 Debit Balances in the Cash Account. The Custodian is not obliged to make any debit to the Cash Account which might result in or
increase a debit balance. The Custodian may make any debit to the Cash Account even if this results in (or increases) a debit balance. If the total amount of debits to the Cash Account at any time would otherwise result in a debit balance or exceed
the immediately available funds credited to the Cash Account, the Custodian may decide which debits it will make (in whole or in part and in the order it selects). 

 

	(C)	 Payments. The Custodian may at any time cancel any extension of credit. The Client will transfer to the Custodian on closure of
the Cash Account and otherwise on demand from the Custodian sufficient immediately available funds to cover any debit balance on the Cash Account or any other extension of credit and any interest, fees and other amounts owed.

  

	(D)	 Foreign Currency Risks. The Client shall bear the risk and expense associated with Cash denominated in any currency.

  

	(E)	 Cash Held as Banker. Cash credited to the Cash Account is held in a demand deposit account or equivalent under applicable
law. In holding cash the Custodian is not acting as trustee or holding cash in trust or in connection with any cash transfer or transaction, including foreign exchange effected pursuant to this Agreement. 

 

	5.	 INSTRUCTIONS 

 The Custodian is entitled to rely and act upon Instructions of any Authorized Person until the Custodian has received notice of any change from the Client and has had a reasonable time to note and
implement such change. The Custodian is authorized to rely upon any Instructions received by any means, provided that the Custodian and the Client have agreed upon the means of transmission and the method of identification for the Instructions. In
particular: 
  

	(i)	 The Client and the Custodian will comply with security procedures designed to verify the origination of Instructions.

  

	(ii)	 The Custodian is not responsible for errors or omissions made by the Client or resulting from fraud or the duplication of any Instruction by
the Client, and the Custodian may act on any Instruction by reference to an account number only, even if any account name is provided. 

  

	(iii)	 The Custodian may act on an Instruction if it reasonably believes it contains sufficient information. 

 

	(iv)	 The Custodian may decide not to act on an Instruction where it reasonably doubts its contents, authorisation, origination or compliance with
any security procedures and will promptly notify the Client of its decision. 

  

	(v)	 If the Custodian acts on any Instruction sent manually (including facsimile or telephone), then, if the Custodian complies with the security
procedures, the Client will be responsible for any loss the Custodian may incur in connection with that Instruction. The Client expressly acknowledges that the Client is aware that the use of manual forms of communication to convey Instructions
increases the risk of error, security and privacy issues and fraudulent activities. 

  

			
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	(vi)	 Instructions are to be given in the English language. 

 

	(vii)	 The Custodian is obligated to act on Instructions only within applicable cut-off times on banking days when the Custodian and the applicable
financial markets are open for business. 

  

	(viii)	 In some securities markets, securities deliveries and payments therefore may not be or are not customarily made simultaneously. Accordingly,
notwithstanding the Client’s Instruction to deliver Securities against payment or to pay for Securities against delivery, the Custodian may make or accept payment for or delivery of Securities at such time and in such form and manner as is in
accordance with relevant local law and practice or with the customs prevailing in the relevant market. 

  

	6.	 PERFORMANCE BY THE CUSTODIAN 

  

	(A)	 Custodial Duties Requiring Instructions. The Custodian shall carry out the following actions only upon receipt of and in
accordance with specific Instructions: 

  

	(i)	 make payment for and/or receive any Securities or deliver or dispose of any Securities except as otherwise specifically provided for in this
Agreement; 

  

	(ii)	 deal with rights, conversions, options, warrants and other similar interests or any other discretionary right in connection with Securities;
and 

  

	(iii)	 carry out any action affecting Securities or the Securities Account or Cash or the Cash Account other than those specified in
Section 6(B) below, but in each instance subject to the agreement of the Custodian. 

  

	(B)	 Non-Discretionary Custodial Duties. Absent a contrary Instruction, the Custodian shall carry out the following without further
Instructions: 

  

	(i)	 in the Client’s name or on its behalf, sign any affidavits, certificates of ownership and other certificates and documents relating to
Securities which may be required (i) to obtain any Securities or Cash or (ii) by any tax or regulatory authority; 

  

	(ii)	 collect, receive, and/or credit the Securities Account or Cash Account, as appropriate, with all income, payments and distributions in respect
of Securities and any capital arising out of or in connection with Securities (including all Securities received by the Custodian as a result of a stock dividend, bonus issue, share sub-division or reorganisation, capitalisation of reserves or
otherwise) and take any action necessary and proper in connection therewith; 

  

	(iii)	 exchange interim or temporary receipts for definitive certificates, and old or overstamped certificates for new certificates;

  

	(iv)	 notify the Client of notices, circulars, reports and announcements which the Custodian has received, in the course of acting in the capacity
of custodian, concerning Securities held on the Client’s behalf that require discretionary action. Neither the Custodian nor any nominee of the Custodian shall vote any of the securities held hereunder. Any shareholder voting services are
separate and not part of this agreement. 

  

	(v)	 make any payment by debiting the Cash Account or any other designated account of the Client with the Custodian as required to effect any
Instruction; and 

  

	(vi)	 attend to all non-discretionary matters in connection with anything provided in this Section 6(B) or any Instruction

  

	(C)	 Reporting. 

  

	(i)	 The Custodian shall render to the Client a monthly report of (i) all deposits to and withdrawals from the Cash Account during the
month, and the outstanding balance (as of the last day of the preceding monthly 

  

			
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report and as of the last day of the subject month) and (ii) an itemized statement of the Securities held pursuant to this Agreement as of the end of each month, all transactions in the
Securities during the month, as well as a list of all Securities transactions that remain unsettled at that time, and (iii) such other matters as the parties may agree from time to time. 

 

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

 

	(iii)	 The Custodian shall provide the Client, promptly upon request, with such reports as are reasonably available to it and as the Client may
reasonably request from time to time, concerning (i) the internal accounting controls, including procedures for safeguarding securities, which are employed by the Custodian or any sub-custodian appointed. 

 

	7.	 TAX STATUS/WITHHOLDING TAXES 

  

	(A)	 Information. The Client will provide the Custodian, from time to time and in a timely manner, with information and proof (copies
or originals) as the Custodian reasonably requests, as to the Client’s and/or the underlying beneficial owner’s tax status or residence. Information and proof may include, as appropriate, executing certificates, making representations and
warranties, or providing other information or documents in respect of Securities, as the Custodian deems necessary or proper to fulfill obligations under applicable law. 

 

	(B)	 Payment. If any Taxes become payable with respect to any payment to be made to the Client, such Taxes will be payable by the
Client and the Custodian may withhold the Taxes from such payment. The Custodian may withhold any Cash held or received with respect to the Cash Account and apply such Cash in satisfaction of such Taxes. If any Taxes become payable with respect to
any prior payment made to the Client by the Custodian, the Custodian may withhold any Cash in satisfaction of such prior Taxes. The Client shall remain liable for any deficiency. 

 

	(C)	 Tax Relief. In the event the Client requests that the Custodian provide tax relief services and the Custodian agrees to provide
such services, the Custodian shall apply for appropriate tax relief (either by way of reduced tax rates at the time of an income payment or retrospective tax reclaims in certain markets as agreed from time to time); provided the Client provides to
the Custodian such documentation and information as to it or its underlying beneficial owner clients as is necessary to secure such tax relief. However, in no event shall the Custodian be responsible, or liable, for any Taxes resulting from the
inability to secure tax relief, or for the failure of any Client or beneficial owner to obtain the benefit of credits, on the basis of foreign taxes withheld, against any income tax liability. 

 

	8.	 USE OF THIRD PARTIES 

  

	(A)	 General Authority. 

  

	(i)	 The Custodian is hereby authorized to appoint subcustodians and administrative support providers as its delegates and to use or participate in
market infrastructures and Clearance Systems to perform any of the duties of the Custodian under this Agreement. 

  

	(ii)	 Subcustodians are those persons utilised by the Custodian for the safe-keeping, clearance and settlement of Securities.

  

	(iii)	 Administrative support providers are those persons utilised by the Custodian to perform ancillary services of a purely administrative nature
such as couriers, messengers or other commercial transport systems. 

  

			
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	(iv)	 Market infrastructures are public utilities, external telecommunications facilities and other common carriers of electronic and other
messages, and external postal services. Market infrastructures are not delegates of the Custodian. 

  

	(v)	 Securities deposited with Clearance Systems hereunder will be subject to the laws, rules, statements of principle and practices of such
Clearance Systems Clearance Systems are not delegates of the Custodian. 

  

	(B)	 Responsibility. 

  

	(i)	 The Custodian shall act in good faith and use reasonable care in the selection and continued appointment of subcustodians and administrative
support providers, but shall otherwise have no responsibility for performance by such persons of any of the duties delegated to them under this Agreement. 

 

	(ii)	 The Custodian may deposit or procure the deposit of Securities with any Clearance System as required by law, regulation or best market
practice. The Custodian has no responsibility for selection or appointment of, or for performance by, any Clearance System or market infrastructure. 

  

	(iii)	 Notwithstanding the foregoing and pursuant to Section 10, the Custodian shall be responsible for the negligence, wilful misconduct or
fraud of any subcustodian or administrative support provider. 

  

	(C)	 Shareholders Voting. The Custodian’s only obligation in regard to any matter where the Client may exercise
shareholder voting rights will be to provide shareholder voting services as specified in a separate proxy services letter between the Custodian and the Client. For the avoidance of doubt, neither the Custodian nor any nominee of the Custodian shall
vote any of the securities held hereunder and any shareholder voting services are separate and not part of this agreement. 

  

	9.	 REPRESENTATIONS 

  

	(A)	 General. The Client and the Custodian each represents at the date this Agreement is entered into and any custodial service is
used or provided that: 

  

	(i)	 It is duly organised and in good standing in every jurisdiction where it is required so to be; 

 

	(ii)	 It has the power and authority to sign and to perform its obligations under this Agreement; 

 

	(iii)	 This Agreement is duly authorized and signed and is its legal, valid and binding obligation; 

 

	(iv)	 Any consent, authorisation or instruction required in connection with its execution and performance of this Agreement has been provided by any
relevant third party; 

  

	(v)	 Any act required by any relevant governmental or other authority to be done in connection with its execution and performance of this Agreement
has been or will be done (and will be renewed if necessary); and 

	(vi)	 Its performance of this Agreement will not violate or breach any applicable law, regulation, contract or other requirement.

  

	(B)	 Client. The Client also represents at the date this Agreement is entered into and any custodial service is used or
provided that: 

  

	(i)	 It has authority to deposit the Securities received in the Securities Account and the Cash in the Cash Account and there is no claim or
encumbrance that adversely affects any delivery of Securities or payment of Cash made in accordance with this Agreement; 

  

	(ii)	 Where it acts as an agent on behalf of any of its own customers, whether or not expressly identified to the Custodian from time to time, any
such customers shall not be customers or indirect customers of the Custodian; and 

  

			
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	(iii)	 It has not relied on any oral or written representation made by the Custodian or any person on its behalf. 

 

	10.	 SCOPE OF RESPONSIBILITY 

  

	(A)	 Standard of Care. The Custodian shall exercise the due care of a professional custodian for hire. 

 

	(B)	 Limitations on Losses. The Custodian will not be responsible for any loss or damage suffered by the Client unless the loss or
damage results from the Custodian’s negligence, wilful misconduct or fraud or the negligence, wilful misconduct or fraud of its nominees or any branch or subsidiary or subcustodian or administrative support provider; in the event of such
negligence or wilful misconduct the liability of the Custodian in connection with the loss or damage will not exceed (i) the lesser of replacement of any Securities or the market value of the Securities to which such loss or damage relates at
the time the Client reasonably should have been aware of such negligence or wilful misconduct and (ii) replacement of Cash, plus (iii) compensatory interest up to that time at the rate applicable to the base currency of the Cash Account.
Under no circumstances will the Custodian be liable to the Client for consequential loss or damage, even if advised of the possibility of such loss or damage. 

 

	(C)	 Limitations on the Custodian’s Responsibility. 

 

	(i)	 General. The Custodian is responsible for the performance of only those duties as are expressly set forth herein, including the
performance of any Instruction given in accordance with this Agreement. The Custodian shall have no implied duties or obligations. 

  

	(ii)	 Sole Obligations of the Custodian. The Client understands and agrees that (i) the obligations and duties of the Custodian
will be performed only by the Custodian and are not obligations or duties of any other member of the Citigroup Organisation (including any branch or office of the Custodian) and (ii) the rights of the Client with respect to the Custodian extend
only to such Custodian and, except as provided by law, do not extend to any other member of the Citigroup Organisation. 

  

	(iii)	 No Liability for Third Parties. Except as provided in Section 8 hereof, the Custodian is not responsible for the acts,
omissions, defaults or insolvency of any third party including, but not limited to, any broker, counterparty or issuer of Securities. 

  

	(iv)	 Performance Subject to Laws. The Client understands and agrees that the Custodian’s performance of this Agreement is
subject to the relevant local laws, regulations, decrees, orders and government acts, and the rules, operating procedures and practices of any relevant stock exchange, Clearance System or market where or through which Instructions are to be carried
out and to which the Custodian is subject and as exist in the country in which any Securities or Cash are held. 

  

	(v)	 Prevention of Performance. The Custodian will not be responsible for any failure to perform any of its obligations (nor will it
be responsible for any unavailability of funds credited to the Cash Account) if such performance is prevented, hindered or delayed by a Force Majeure Event, in such case its obligations will be suspended for so long as the Force Majeure Event
continues. “Force Majeure Event” means any event due to any cause beyond the reasonable control of the Custodian, such as restrictions on convertibility or transferability, requisitions, involuntary transfers, unavailability of
communications system, sabotage, fire, flood, explosion, acts of God, civil commotion, strikes or industrial action of any kind, riots, insurrection, war or acts of government. 

 

	(vi)	 Client’s Reporting Obligations. The Client shall be solely responsible for all filings, tax returns and reports on any
transactions in respect of Securities or Cash or relating to Securities or Cash as may be required by any relevant authority, whether governmental or otherwise. 

  

			
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	(vii)	 Validity of Securities. The Custodian shall exercise reasonable care in receiving Securities but does not warrant or guarantee
the form, authenticity, value or validity of any Security received by the Custodian. If the Custodian becomes aware of any defect in title or forgery of any Security, the Custodian shall promptly notify the Client. 

 

	(viii)	 Capacity of Custodian. The Custodian is not acting under this Agreement as an investment manager, nor as an investment, legal or
tax adviser to the Client, and the Custodian’s duty is solely to act as a Custodian in accordance with the terms of this Agreement. 

  

	(ix)	 Forwarded Information. The Custodian is not responsible for the form, accuracy or content of any notice, circular, report,
announcement or other material provided under Section 6(B)(iv) of this Agreement not prepared by the Custodian including the accuracy or completeness of any translation provided by the Custodian in regard to such forwarded communication.

  

	11.	 SUBROGATION 

 To the extent permissible by law or regulation and upon the Client’s request, the Client shall be subrogated to the rights of the Custodian with respect to any claim for any loss, damage or claim
suffered by the Client, in each case to the extent that the Custodian fails to pursue any such claim or the Client is not made whole in respect of such loss, damage or claim. Notwithstanding any other provision hereof, in no event is the Custodian
obliged to bring suit in its own name or to allow suit to be brought in its name. 
  

	12.	 INDEMNITY 

  

	(A)	 Indemnity to the Custodian. The Client agrees to indemnify the Custodian and hold the Custodian harmless from all losses, costs,
damages and expenses (including reasonable legal fees) and liabilities for any claims, demands or actions (each referred to as a “Loss”), incurred by the Custodian in connection with this Agreement, except any Loss resulting from the
Custodian’s negligence, wilful misconduct or fraud. Under no circumstances will the Client be liable to the Custodian for consequential loss or damage, even if advised of the possibility of such loss or damage. 

 

	(B)	 Client’s Direct Liability. The disclosure by the Client to the Custodian that the Client has entered into this Agreement as
the agent or representative of another person shall not relieve the Client of any of its obligations under this Agreement. 

  

	13.	 LIEN AND SET OFF 

  

	(A)	 Lien. In addition to any other remedies available to the Custodian under applicable law, the Custodian shall have, and the
Client hereby grants, a continuing general lien in favor of the Custodian on all Securities held by the Custodian or its agents on behalf of the Custodian to secure the payment of fees and expenses, overdraft charges, indemnities and other similar
obligations of the Client arising under this Agreement in the ordinary course of business until the satisfaction of such liabilities and obligations of the Client arising under this Agreement. The Custodian hereby waives any security interest,
lien or right to make deductions of setoff under this agreement to the extent expressly waived pursuant to any account control agreement or other agreement in effect between the Custodian, the Client and any other party thereto.

  

	(B)	 Set Off. To the extent permitted by applicable law and in addition to any other remedies available to the Custodian under
applicable law, the Custodian may, with prior notice to the Client, set off any payment obligation owed to it by the Client in connection with all liabilities arising under this Agreement against any payment obligation owed by it to the Client under
this Agreement that has not been promptly paid upon 

  

			
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request by the Custodian regardless of the place of payment or currency of either obligation (and for such purpose may make any currency conversion necessary). 

 

	14.	 FEES AND EXPENSES 

 The Client agrees to pay all fees, charges and obligations incurred from time to time for any services pursuant to this Agreement as determined in accordance with the terms of the Fee Schedule, which may
be changed from time to time upon written agreement by the Custodian and the Client together with any other amounts payable to the Custodian under this Agreement. The Custodian may debit the Cash Account to pay overdraft charges or interest on such
with prior written notice to the Client. 
  

	15.	 CITIGROUP ORGANISATION INVOLVEMENT 

 The Client agrees and understands that any member of the Citigroup Organisation can engage as principal or otherwise in any transaction effected by the Client or by any person for its account and benefit,
or by or on behalf of any counterparty or issuer. When instructed to effect any transactions (particularly foreign exchange transactions), the Custodian is entitled to effect any transaction by or with itself or any member of the Citigroup
Organisation and to pay or keep any fee, commissions or compensation as specified in the Client’s Instruction or, if no specification is provided, any charges, fees, commissions or similar payments generally in effect from time to time with
regard to such or similar transactions. 
  

	16.	 RECORDS AND ACCESS 

  

	(A)	 Examination of Statements. The Client shall examine each statement sent by the Custodian and notify the Custodian in writing
within ninety (90) days of the date of such statement of any discrepancy between Instructions given by the Client and the position shown on the statement and of any other errors known to the Client. Absent such notification, the
Custodian’s liability for any loss or damage in regard to such discrepancy or errors shall not accrue beyond such ninety (90) days. 

  

	(B)	 Access to Records. The Custodian shall allow the Client and its independent public accountants, agents or regulators reasonable
access to the records of the Custodian relating to Securities or Cash as is required by the Client in connection with an examination of the books and records pertaining to the affairs of the Client and will seek to obtain such access from each
subcustodian and Clearance System. 

  

	17.	 INFORMATION 

 The Custodian will treat information related to the Client as confidential but, unless prohibited by law, the Client authorises the transfer or disclosure of any information relating to the Client to and
between the branches, subsidiaries, representative offices, affiliates and agents of the Custodian and third parties selected by any of them, wherever situated, for confidential use in connection with the provision of services to the Client
(including for data processing, statistical and risk analysis purposes), and further acknowledges that any such branch, subsidiary, representative office, affiliate, agent or third party may transfer or disclose any such information as required by
any law, court, regulator or legal process. 
 The Client will treat the terms of this Agreement, including any Fee Schedule, as
confidential, however, the Client may transfer or disclose any such information as required by any law, court, regulator or legal process. 

  

			
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	18.	 ADVERTISING 

 Neither the Client nor the Custodian shall display the name, trade mark or service mark of the other without the prior written approval of the other, nor will the Client display that of Citigroup, Inc. or
any subsidiary of Citigroup, Inc. without prior written approval from Citigroup, Inc. or the subsidiary concerned. The Client shall not advertise or promote any service provided by the Custodian without the Custodian’s prior written consent.

  

	19.	 TERMINATION 

  

	(A)	 Date of Termination. Any party may terminate this Agreement in whole or as between itself and the other parties hereto by giving
not less than sixty (60) days’ prior written notice to such other parties. 

  

	(B)	 Effect on Property. The Custodian shall deliver the Securities and Cash as instructed by the Client. If by the termination date
the Client has not given instructions to deliver any Securities or Cash, the Custodian will continue to safekeep such Securities and/or Cash until the Client provides instructions to effect a free delivery of such. However, the Custodian will
provide no other services as regard to any such Securities except to collect and hold any cash distributions. Notwithstanding termination of this Agreement or any Instruction, the Custodian may retain sufficient Securities or Cash to close out or
complete any transaction that the Custodian will be required to settle on the Client’s behalf. 

  

	(C)	 Surviving Terms. The rights and obligations contained in Sections 7, 10, 12, 13, 17, 18 and 20 of this Agreement shall survive
the termination of this Agreement. 

  

	20.	 GOVERNING LAW AND JURISDICTION 

 

	(A)	 Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws (and not the laws of
conflicts) of the country which the Custodian is located and performs its obligations hereunder 

  

	(B)	 Jurisdiction. The courts located in the county of New York, the State of New York shall have non-exclusive jurisdiction to hear
any disputes arising out of or in connection with this Agreement, and the parties irrevocably submit to the jurisdiction of such courts. 

  

	(C)	 Venue. Each party hereto waives any objection it may have at any time, to the laying of venue of any actions or proceedings
brought in any court specified in Section 20(B) hereof, waives any claim that such actions or proceedings have been brought in an inconvenient forum and further waives the right to object that such court does not have jurisdiction over such
party. 

  

	(D)	 Sovereign Immunity. The Client and the Custodian each irrevocably waives, with respect to itself and its revenues and assets,
all immunity on the grounds of sovereignty or similar grounds in respect of its obligations under this Agreement. 

  

	21.	 MISCELLANEOUS 

  

	(A)	 Entire Agreement; Amendments. This Agreement consists exclusively of this document together with the schedules. The Custodian
may notify the Client of terms which are applicable to the provision of services in the location of a particular office and such terms shall be contained in a schedule and shall supplement this Agreement in relation to that office. In case of
inconsistency with the rest of this Agreement, such terms shall prevail in relation to that office. 

  

			
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 Except as specified in this Agreement, this Agreement may only be modified by written
agreement of the Client and the Custodian. 
  

	(B)	 Severability. If any provision of this Agreement is or becomes illegal, invalid or unenforceable under any applicable law, the
remaining provisions shall remain in full force and effect (as shall that provision under any other law). 

  

	(C)	 Waiver of Rights. No failure or delay of the Client or the Custodian in exercising any right or remedy under this Agreement
shall constitute a waiver of that right. Any waiver of any right will be limited to the specific instance. The exclusion or omission of any provision or term from this Agreement shall not be deemed to be a waiver of any right or remedy the Client or
the Custodian may have under applicable law. 

  

	(D)	 Recordings. The Client and the Custodian consent to telephonic or electronic recordings for security and quality of service
purposes and agree that either may produce telephonic or electronic recordings or computer records as evidence in any proceedings brought in connection with this Agreement. 

 

	(E)	 Further Information. The Client agrees to execute further documents and provide materials and information as may be reasonably
requested by the Custodian to enable it to perform its duties and obligations under this Agreement. 

  

	(F)	 Assignment. No party may assign or transfer any of its rights or obligations under this Agreement without the other’s prior
written consent, which consent will not be unreasonably withheld or delayed; provided that the Custodian may make such assignment or transfer to a branch, subsidiary or affiliate if it does not materially affect the provision of services to the
Client. 

  

	(G)	 Headings. Titles to Sections of this Agreement are included for convenience of reference only and shall be disregarded in
construing the language contained in this Agreement. 

  

	(H)	 Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original, but all of which
together shall constitute one and the same agreement. 

 {Signatures to follow} 

  

			
	GCSA 2011 NY - V.06.14.2011- (Std/Neg Solar, May 2013) 	  	Page 12
		
		  	

 

 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized. 
  

									
	CITIBANK, N.A.	 		 	 SOLAR CAPITAL LTD and SOLAR
 SENIOR CAPITAL LTD,

					
	 By:
	 	 	 		 	By:	 	 
					
	 Name:
	 	 	 		 	Name:	 	 
					
	 Title:
	 	 	 		 	Title:	 	 

  

			
	GCSA 2011 NY - V.06.14.2011- (Std/Neg Solar, May 2013)	  	Page 13

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