Document:

EX-10.9

 Exhibit 10.9 

EXECUTION VERSION 
  

 

CUSTODIAL AGREEMENT 
  

 
 dated as of
May 21, 2021 
 by and between 

CRESCENT CAPITAL BDC, INC. 

(“Company”) 
 and

 U.S. BANK NATIONAL ASSOCIATION 

(“Custodian”) 
  

 
  

 THIS CUSTODIAL AGREEMENT (this
“Agreement”) is dated as of May 21, 2021 and is by and between CRESCENT CAPITAL BDC, INC., a corporation incorporated under the laws of the State of Maryland (together
with its successors and permitted assigns, the “Company”), U.S. BANK NATIONAL ASSOCIATION (in its capacity as custodian under this Agreement, or any successor or permitted
assign acting in such capacity, the “Custodian” and together with the Document Custodian, the “Custodians”) a national banking association and U.S. BANK NATIONAL
ASSOCIATION (in its capacity as document custodian under this Agreement, the “Document Custodian”). 

WHEREAS, the Company, from time to time, may purchase Loans (as defined herein) and desires to engage the Custodian to act as
custodian for the Company with respect to such Loans and the accounts established herein with respect thereto; 
 WHEREAS, the Company is
and from time to time may become the owner of certain leases and/or assets (the “Collateral”); and 
 WHEREAS, the Company
desires to have the Document Custodian take possession of certain documents relating to such Collateral as specified herein, as the custodian for the Company in accordance with the terms and conditions hereof; 

WHEREAS, the Company desires to engage the Custodian to act as custodian for the Company with respect to the Accounts (as
defined below), and in that regard the Company desires to engage the Custodian to provide the custodial services specifically set forth in this Agreement, upon and subject to the terms of this Agreement; and 

WHEREAS, the Custodian is willing to act in such capacity as custodian and the Document Custodian is willing to act in such
capacity as document custodian under and subject to the terms of this Agreement; 
 NOW THEREFORE, in
consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
  

	SECTION 1.	 DEFINITIONS. 

Section 1.1. The following words have these meanings as used in this Agreement: 

“Accounts” shall mean the Interest Cash Account, the Principal Cash Account and the Custodial Account as specified in each
currency as identified on Schedule I hereto, and any additional account established with the Custodian pursuant to or as permitted under this Agreement. 

“Agreement” means this Custodial Agreement. 

 “Asset List” means, in the case of each Collateral File held by the
Document Custodian for the benefit of the Company, a computer-readable transmission containing the following information (and such other data as may be mutually agreed upon in writing by the Company and the Document Custodian), which shall be
delivered by the Document Custodian to the Company pursuant to this Agreement. 
 “Authorized Person” shall have the
meaning assigned in Section 3.8(a). Any of the persons whose signatures and titles appear on Exhibit B (an “Authorized Person”) are authorized, acting singly, to act for, the Company or the Custodians, as the case may
be, under this Agreement. From time to time, the Custodians and the Company may, by delivering to the other a revised exhibit, change the information previously given, but each of the parties hereto shall be entitled to rely conclusively on the then
current exhibit until receipt of a superseding exhibit. 
 “Bond” means a debt security (other than a Loan) issued by a
corporation, limited liability company, partnership or trust. 
 “Business Day” means any day that is not a Saturday or
Sunday and is not a legal holiday or a day on which banking institutions generally are authorized or obligated by law or regulations to remain closed in New York, New York or other city in which the corporate trust office of the Custodian is
located. 
 “Cash Account” shall have the meaning set forth in Section 2.2(b). 

“Certificated Loan” shall have the meaning set forth in Section 3.1(b). 

“Collateral” has the meaning set forth in the preamble hereto. 

“Collateral Documents” means, with respect to any Collateral, the documents listed on the attached Schedule II, comprising
the Collateral File for such Collateral, received by the Document Custodian pursuant to this Agreement. 
 “Collateral
File” means a file delivered to the Document Custodian by the Company pursuant to Section 3.12, containing the Collateral Documents relating to the Collateral, as set forth on the Collateral Schedule delivered to the Document
Custodian. 
 “Collateral Schedule” means a listing of Collateral Files in computer readable standardized text formats,
identified by the number, delivered or caused to be delivered by the Company to the Document Custodian, incorporating the fields listed on Schedule III hereto and such other information and fields as may be mutually agreed upon by the Company and
the Document Custodian and in a form satisfactory to the Company and the Document Custodian. 
 “Company” shall have the
meaning set forth in the first paragraph of this Agreement. 
 “Confidential Information” means any databases, computer
programs, screen formats, screen designs, report formats, interactive design techniques and other similar or related information that may be furnished to the Company by the Custodians from time to time pursuant to this Agreement. 

  
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 “Custodial Account” shall have the meaning set forth in
Section 2.2(a). 
 “Custodial Assets” means, collectively, the (i) Bonds, Securities and Loans delivered to the
Custodian by the Company pursuant to the terms of this Agreement for credit to the Custodial Account, and (ii) all Proceeds thereof received by the Custodian and any Eligible Investments related thereto, including any dividends in kind
(e.g., non-cash dividends). 
 “Custodial Assets Database” shall have the
meaning set forth in Section 5. 
 “Custodian” shall have the meaning set forth in the first paragraph of this
Agreement. 
 “Custodian Certification” has the meaning set forth in Section 3.12(b) hereof. 

“Delivery Date” means such date or dates on which Custodial Assets may be delivered to the Document Custodian from time to
time pursuant to the terms of this Agreement (it being hereby expressly acknowledged that there may be more than one Delivery Date). 

“Delivery of Collateral Files” means actual receipt by the Document Custodian at its designated office of the
(i) Collateral Files and (ii) Collateral Schedule relating to such Collateral Files. 
 “Eligible Investments”
means any investment that at the time of its acquisition is one or more of the following: 
 (a) direct obligations of, or
obligations fully guaranteed by, the United States of America or certain agencies thereof in each case backed by the full faith and credit of the United States; 

(b) (i) demand and time deposits in, certificates of deposit of, bankers’ acceptances issued by, or federal funds
sold by, any depository institution or trust company incorporated under the laws of the United States of America or any state thereof and subject to supervision and examination by federal and/or state banking authorities (including the Custodian),
provided that the short-term deposit rating of such institution at the time of such acquisition or contractual commitment providing for such investment has a credit rating of “P-1” (or its
equivalent) or better by any nationally recognized statistical rating organization, and (ii) any other demand or time deposit or certificate of deposit that is fully insured by the Bank Insurance Fund or the Savings Association Insurance Fund
administered by the FDIC; 
 (c) commercial paper having at the time of such acquisition therein a credit rating of “P-1” (or its equivalent) or better by any nationally recognized statistical rating organization; 

(d) repurchase agreements with respect to the assets specified above, issued by any bank (which may include the Custodian) or
any corporation or broker-dealer the long-term debt obligations of which are rated “AA” (or its equivalent) or better by any nationally recognized statistical rating organization; and 

  
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 (e) any money market funds (whether U.S. or
non-U.S.) denominated in U.S. Dollars and rated at least “AAA” (or its equivalent) by any nationally recognized statistical rating organization. 

“Exception Report” has the meaning set forth in Section 3.12(b) hereof. 

“Federal Reserve Bank Book-Entry System” means a depository and securities transfer system operated by the Federal Reserve
Bank of the United States on which are eligible to be held all United States Government direct obligation bills, notes and bonds. 

“Financing Documents” shall have the meaning set forth in Section 3.1(b).  

“Foreign Intermediaries” shall have the meaning set forth in Section 3.5(a).  

“Foreign Securities Systems” shall have the meaning set forth in Section 3.5(a).  

“Foreign Subcustodians” shall have the meaning set forth in Section 3.5(a).  

“Instrument” shall have the meaning set forth in Section 3.1(b). 

“Interest Cash Account” shall have the meaning set forth in Section 2.2(b). 

“Investment Advisor” means Crescent Cap Advisors, LLC, as the investment advisor of the Company or any successor Investment
Advisor identified to the Custodian by the Company in writing. 
 “Loan” means any U.S. dollar denominated commercial loan,
or participation therein, made by a bank or other financial institution that by its terms provides for payments of principal and/or interest, including discount obligations and payment- in-kind obligations,
acquired by the Company from time to time. 
 “Loan Assignment Agreement” shall have the meaning set forth in
Section 3.1(b). 
 “Loan Checklist” means, for any Collateral Loan, an electronic or hard copy list delivered by the
Company to the Document Custodian that identifies: (a) the Collateral Loan, (b) the applicable obligor, (c) each underlying instrument (whether original or copy) to be delivered to the Document Custodian (if any), (d) the principal
amount and (e) interest rate of such Collateral Loan. 
 “Officer’s Certificate” means a certificate signed by an
officer (authorized to sign an Officer’s Certificate) of Company or other Person (on behalf of the Company) submitting a Collateral File to the Document Custodian or otherwise delivered an Officer’s Certificate to the Custodians pursuant
to this Agreement. 

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

“Principal Cash Account” shall have the meaning set forth in Section 2.2(b). 

“Proceeds” means, collectively, (i) all distributions, earnings, interest, dividends and other payments paid on the
Custodial Assets by or on behalf of the issuer or obligor thereof, or applicable paying agent or administrative agent, and received by the Custodian during the term hereof, and (ii) the net proceeds of the sale or other disposition of the
Custodial Assets pursuant to the terms of this Agreement and received by the Custodian during the term hereof (and any Reinvestment Earnings from investment of the foregoing, as defined in Section 3.4(b) hereof). 

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

(a) in writing signed by an Authorized Person (and delivered by hand, by mail, by overnight courier or by telecopier); or 

(b) an electronic mail (or other electronic communication) from an Authorized Person; or 

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

(d) in connection with any purchase, acquisition, sale, disposition or other transfer of a Custodial Asset, a trade ticket,
confirmation of trade, instruction to post or to commit to the trade or similar instrument or document or other written instruction provided by an Authorized Person, including by electronic mail or other electronic communication; or 

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

“Reinvestment Earnings” shall have the meaning set forth in Section 3.4(b). 

“Request for Release” means a request for release of any Collateral File, which request shall be either (i) delivered to
the Document Custodian substantially in the form of Exhibit C hereto or (ii) as otherwise agreed to between the Document Custodian and the Company. 

“Responsible Officer” means, with respect to the Custodians, any officer, including any managing director, principal, vice
president, assistant vice president, assistant treasurer, assistant secretary, trust officer or any other officer of the Custodian or Document Custodian, as applicable, customarily performing functions similar to those performed by any of the above

  
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designated officers, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the
particular subject, in each case, having direct responsibility for the administration of this Agreement. 
 “Securities
System” means the Federal Reserve Bank Book Entry System, a clearing agency which acts as a securities depository, including The Depository Trust Company, or another book entry system for the central handling of securities. 

“Security” means any Bond, financial instrument, security, equity interest, subordinated note, subordinated fee note or other
similar asset including, without limitation, as “security” is defined in Article 8 of the UCC. 
 “Street Name”
means the form of registration in which the securities are held by a broker who is delivering the securities to another broker for the purposes of sale, it being an accepted custom in the United States securities industry that a security in Street
Name is in proper form for delivery to a buyer and that a security may be re-registered by a buyer in the ordinary course. 

“UCC” means the Uniform Commercial Code as in effect from time, in the State of New York or, if different, in the State of
the United States that governs the perfection of the relevant security interest. 
 “Uncertificated Loan” shall have the
meaning set forth in Section 3.1(b). 
 Section 1.2. In this Agreement unless the contrary intention appears:

 (a) a reference to this Agreement or another instrument refers to such agreement or instrument as the same may be amended,
modified or otherwise rewritten from time to time; 
 (b) a reference to a statute, ordinance, code or other law includes
regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of them; 

(c) the singular includes the plural and vice versa; 

(d) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular Section or other subdivision; and Section references refer to Sections of this Agreement; 

(e) the words “include”, “includes”, and “including” are not limiting; 

(f) a reference to a Person includes a reference to the Person’s executors, administrators, successors and permitted
assigns; 
 (g) an agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly
and severally; 

  
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 (h) an agreement, representation or warranty on the part of two or more
Persons binds them jointly and severally; and 
 (i) a reference to any accounting term is to be interpreted in accordance
with generally accepted principles and practices in the United States, consistently applied, unless otherwise instructed by the Company. 

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

 

	SECTION 2.	 APPOINTMENT OF CUSTODIAN AND
DESIGNATION OF ACCOUNTS. 

 Section 2.1. Appointment of
Custodian and Document Custodian. (a) The Company hereby appoints the Custodian as the custodian of the Custodial Assets and Proceeds pursuant to this Agreement, and in such capacity appoints the Custodian to act as custodial agent on
behalf of the Company with respect thereto. All Custodial Assets and Proceeds delivered to the Custodian shall be held and maintained in accordance with this Agreement. The Custodian shall not be responsible for any property held, owned or received
by the Company and not delivered to the Custodian pursuant to the terms of this Agreement. At the time of each delivery of Custodial Assets to the Custodian by or on behalf of the Company, the Company agrees that it shall expressly identify the same
to the Custodian as Custodial Assets, as the case may be, being delivered under this Agreement. 
 (b) The Custodian accepts its appointment
as custodian hereunder, and agrees to receive and hold, as custodian for the Company pursuant to the terms of this Agreement, the Custodial Assets delivered and identified to it by the Company on each Delivery Date, any Proceeds received from time
to time therefrom. The Company and the Custodian shall revise Schedule I from time to time and as agreed upon, without the need for any further amendment to this Agreement. 

(c) The Company hereby appoints the Document Custodian, and the Document Custodian hereby accepts its appointment, to act as the document
custodian for the Company, to provide the services set forth in this Agreement, upon the terms and conditions sets forth in this Agreement. The Document Custodian acknowledges and agrees that it will hold possession of all Collateral Files delivered
to it in accordance with this Agreement for the benefit of the Company. 
 Section 2.2. Establishment of Accounts.
(a) There shall be established at the Custodian a securities account to which the Custodian shall deposit and hold the Custodial Assets received by it (and any Proceeds received by it from time to time in the form of dividends in kind) as
directed by the Company in writing pursuant to this Agreement, which account shall be designated the “Custodial Account” (the “Custodial Account”). The Custodial Account for the Company may contain any such sub-accounts as the Custodian may determine are necessary for the administration of such account. 
 (b)
There shall be established at the Custodian securities accounts to which the Custodian shall deposit and hold any cash Proceeds received by it from time to time from or with respect to the Custodial Assets as directed by the Company in writing,
which accounts shall be designated the “Interest Cash Account” (the “Interest Cash Account”) and the “Principal Cash Account” (the “Principal Cash Account” and, together with the Interest Cash
Account, the “Cash Account”). 

  
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 (c) Subject to the terms of this Agreement, the Accounts shall be under the complete control
and dominion of the Company, and the Company shall be entitled to make deposits, withdrawals, transfers and payments to and from the Accounts from time to time as it may determine. Custodial Assets held in the Custodial Account may be withdrawn by
the Company from time to time pursuant to Section 3.2 below. Amounts held in the Cash Account from time to time may be withdrawn by the Company upon receipt of Proper Instructions therefor, and may be invested upon and pursuant to specific
direction of the Company in the form of Proper Instructions, pursuant to Section 3.4 below. Any Account may include for administrative or ministerial purposes subaccounts thereof. 

 

	SECTION 3.	 CUSTODIAL DUTIES. 

Section 3.1. Holding Custodial Assets. (a) The Custodian shall hold and segregate for the account of the
Company, all Custodial Assets received by it pursuant to this Agreement other than Custodial Assets which are held in a Securities System and shall properly account for all Custodial Assets held in a Securities System and identify the same on its
books and records as held for the account of the Company. 
 (b) It is hereby expressly acknowledged that (i) certain Loans may be
acquired by the Company from time to time which are evidenced by, or accompanied by delivery of, an instrument (an “Instrument”), as that term is defined in Section 9-102(a)(4a) of the
UCC (any such Loan, a “Certificated Loan”), (ii) certain Loans may be acquired by the Company from time to time which are not evidenced by, or accompanied by delivery of, an Instrument (any such Loan, an “Uncertificated
Loan”), and such Loans may instead be evidenced solely by delivery to the Custodian of a facsimile or electronic copy of an assignment agreement (“Loan Assignment Agreement”) in favor of the Company as assignee or, in
respect of any Loan acquired as a participation interest, a participation agreement (“Participation Agreement”) in favor of the Company as the participant, (iii) for Uncertificated Loans (A) any such Loan Assignment
Agreement (and the registration of the related Uncertificated Loans on the books and records of the applicable obligor or bank agent) shall be registered in the name of the Company (or its nominee) or (B) any such Participation Agreement (and
the registration of the related Uncertificated Loan on the books and records of the participating lender (or, if applicable, other party responsible for maintaining a participant register)) shall be registered in the name of the Company (or its
nominee), (iv) any duty on the part of the Custodian with respect to any Loan shall be limited to the exercise of commercially reasonable care by the Custodian in the physical custody of any such Instrument, in the case of a Certificated Loan, or
any such Loan Assignment Agreement or Participation Agreement, in the case of an Uncertificated Loan, which has been delivered to it in accordance with the terms herein and (v) nothing herein shall require the Custodian to treat as a financial
asset (within the meaning of Section 8-102(a)(9) of the UCC) any such Uncertificated Loan or other asset in the nature of a general intangible (as defined in
Section 9-102(a)(42) of the UCC) or to “maintain” a sufficient quantity thereof. Except as expressly provided above, the Custodian is not under any duty to hold custody of any related
instrument, security, credit agreement and/or other agreements or documents, if any (collectively, “Financing 

  
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Documents”) related to a Loan. The Custodian has no obligation to examine or determine the validity, sufficiency, marketability or enforceability of any Instrument, Loan Assignment
Agreement, Participation Agreement or other Financing Document (and shall have no responsibility for the genuineness or completeness thereof), or for the Company’s title to any related Loan. The Custodian may assume the genuineness of each such
Instrument, Loan Assignment Agreement or Participation Agreement it may receive and the genuineness and due authority of any signatures appearing thereon, and shall be entitled to assume that each such Instrument, Loan Assignment Agreement or
Participation Agreement, as the case may be, it may receive is what it purports to be. If an original Instrument is or shall be or becomes available with respect to any Uncertificated Loan, it shall be the sole responsibility of the Company to make
or cause delivery thereof to the Custodian, and the Custodian shall not be under any obligation at any time to determine whether any such original Instrument has been or is required to be issued or made available in respect of any Uncertificated
Loan or to compel or cause delivery thereof to the Custodian. 
 Section 3.2. Release of Custodial Assets. The
Custodian shall release and deliver Custodial Assets of the Company held by the Custodian from time to time only upon receipt of Proper Instructions (which shall, among other things specify the Custodial Assets to be released, with such delivery and
other information as may be necessary to enable the Custodian to perform); provided, that, except to the extent the Company provides instructions to the contrary, Proper Instructions authorizing the release and delivery of Custodial Assets (which
may, in the case of Custodial Assets which are Loans, consist of a trade ticket provided by an Authorized Person) shall be deemed to have been provided in the following cases: 

(i) upon a sale of such Custodial Assets by or on behalf of the Company as directed by Proper Instructions: 

(A) delivery in accordance with the customary or established practices and procedures in the jurisdiction or market where the
transactions occur, including, without limitation, delivery to the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer) against expectation of receiving same day payment; or 

(B) in the case of a sale effected through a Securities System, in accordance with the rules governing the operations of the
Securities System; 
 (ii) delivery of Custodial Assets that are the subject of a repurchase agreement upon the receipt of
payment under such repurchase agreement; 
 (iii) delivery of Custodial Assets to the depositary agent in connection with
tender or other similar offers for such Custodial Assets; 
 (iv) delivery of Custodial Assets to the issuer thereof or its
agent when such Custodial Assets are called, redeemed, retired or otherwise become payable and, unless otherwise directed by Proper Instructions, the cash or other consideration is to be delivered to the Custodian; 

  
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 (v) delivery of Custodial Assets to an issuer thereof, or its agent, for
transfer into the name of the Custodian or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; 

(vi) delivery of Custodial Assets to brokers, clearing banks or other clearing agents for examination in accordance with
“street delivery” custom; 
 (vii) delivery of Custodial Assets for exchange or conversion pursuant to any plan of
merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to any deposit agreement and, unless otherwise directed by Proper Instructions, the new securities and cash, if
any, are to be delivered to the Custodian; and 
 (viii) in the case of warrants, rights or similar securities, the surrender
thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities and, unless otherwise directed by Proper Instructions, the new securities and/or cash, if
any, are to be delivered to the Custodian. 
 Section 3.3. Registration of Custodial Assets. Custodial Assets held
by the Custodian (other than bearer securities or securities held in a Securities System) shall be registered in the name of the Company or its nominee. Securities held in a Securities System shall be maintained in Street Name or other good
deliverable form. The Company shall instruct each issuer or obligor (or related paying agent, administrative agent or other agent of such issuer or obligor) of a Custodial Asset to (i) except with respect to bearer securities or securities held
in a Securities System, register the Company on its books and records as the legal owner of such Custodial Asset, (ii) deliver any certificated security or instrument evidencing such Custodial Asset to the Custodian, appropriately completed and
reflecting such ownership, for safekeeping by the Custodian on behalf of the Company, (iii) make all payments in respect of such Custodial Asset to the Cash Account and (iv) deliver all notices and other communications in respect of such
Custodial Asset to the Company, (or, alternatively, to the Custodian at its address for notices pursuant to this Agreement for forwarding to the Company). 

Section 3.4. Bank Accounts, and Management of Cash. (a) Cash Proceeds from the Custodial Assets received by the
Custodian from time to time in respect of amounts which constitute interest payments or other payments in respect of income on the Custodial Assets shall be credited to the Interest Cash Account. Cash Proceeds from the Custodial Assets received by
the Custodian from time to time in respect of amounts which constitute principal payments on the Custodial Assets shall be credited to the Principal Cash Account. The Custodian shall be entitled to request and receive Proper Instructions in respect
of any determination regarding whether any Proceeds received by the Custodian should be deposited into the Interest Cash Account or Principal Cash Account. 

(b) Amounts held in the Cash Accounts shall remain uninvested, except to the extent that the Company provides a Proper Instruction to invest
the amounts in the Cash Account for the Company in Eligible Investments pursuant to specific Proper Instructions received by the Custodian from the Company (which may be standing Proper Instructions). Any such investments

  
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shall be subject to availability and the Custodian’s then applicable transaction charges (which shall be at the Company’s expense). Funds may be commingled for purpose of investment,
provided however that the Custodian shall properly account for the allocation of such investments to the Related Account. The Custodian shall have no liability for any loss incurred on any such investment. In no instance will the Custodian have any
obligation to provide investment advice to the Company. Any earnings from such investment of amounts held in the Cash Account (“Reinvestment Earnings”) from time to time shall be redeposited in the Interest Cash Account (and may be
reinvested at the written direction of an Authorized Person on behalf of the Company). Eligible Investments may include, without limitation, those investments satisfying the definition of Eligible Investments which are issued by or made with the
Custodian or for which the Custodian or affiliate of the Custodian provides services and receives compensation. The Custodian shall have no liability for any losses on any Eligible Investments made as described herein. Without limiting the
foregoing, in no event shall the Custodian be liable for any negative interest accrued or applied in respect of any funds received by it or maintained in an Account hereunder. The Company shall be responsible for the payment of any such negative
interest and the Custodian shall be entitled to deduct from amounts on deposit in the applicable Account an amount necessary to pay such negative interest. For the avoidance of doubt, the reimbursement and indemnification protections afforded to the
Custodian hereunder shall apply in respect of any interest-related expenses incurred by the Custodian in the performance of its duties hereunder. 

(c) In the event that the Company shall at any time request a withdrawal of amounts from the Cash Account which are invested in Eligible
Investments as described herein, the Custodian shall be entitled to liquidate or otherwise redeem, and shall have no liability for any loss incurred as a result of the liquidation of, any investment of the funds or redemption of any such Eligible
Investments credited to such account as needed to provide necessary liquidity as set forth in Proper Instructions received by the Custodian from the Company (which may be standing Proper Instructions). 

(d) The Company is solely responsible for directing the Custodian with respect to deposits to, withdrawals from and transfers to or from the
Accounts. Without limiting the generality of the foregoing, the Custodian has no responsibility for compliance with any restrictions, covenants, limitations or obligations to which the Company may be subject or for which it may have obligations to
third-parties in respect of the Accounts, and the Custodian shall have no liability for the acts or omissions of any other Person (including, without limitation, the Company), or for the application or misapplication of any funds by another Person
or by the Custodian at the direction of the Company. The Company shall be solely responsible for properly instructing all applicable payors to make all appropriate payments to the Custodian for deposit to the Accounts, and for properly instructing
the Custodian with respect to the allocation or application of all such deposits. 
 (e) Subject to the terms of this Agreement, each
Account shall otherwise be subject to the Custodian’s standard terms and conditions applicable to such Account, as amended from time to time, and the Custodian is authorized to follow its usual operating procedures in connection with such
Account; and the terms of this Agreement and operation of the Account shall be subject to the requirements and provisions of applicable law and regulation governing such Account, including without limitation with respect to any account adjustments,
returned deposit items, 

  
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chargebacks and overdrafts associated with the Account. Without limiting the generality of the foregoing, and notwithstanding any term of this Agreement to the contrary, the Custodian shall be
responsible only for funds actually received, and it shall not be obligated to credit or remit payment on any payment item received for deposit to the Account (and any credit given in such respect shall be deemed to be provisional), unless and until
settlement of the item is or becomes final. 
 Section 3.5. Custodial Assets Held Outside of the United States; Foreign
Exchange. (a) The Custodian may employ, as subcustodians for the Custodial Assets maintained outside the United States, foreign banking institutions and foreign securities depositories (collectively, “Foreign Subcustodians”),
and foreign clearing agencies and clearing systems (collectively, “Foreign Securities Systems”), in each case that would constitute a “Qualified Custodian” as defined in Rule
206(4)-2 of the Advisers Act. The Custodian shall identify on its books as belonging to the Company, the foreign Custodial Assets held by each Foreign Subcustodian and/or Foreign Securities Systems
(collectively, “Foreign Intermediaries”). The Custodian may hold foreign Custodial Assets and related Proceeds with one or more Foreign Intermediaries in each case in a single account with such Foreign Intermediary that is
identified as belonging to the Custodian for the benefit of its customers, provided however, that the records of the Custodian with respect to Custodial Assets and related Proceeds which are property of the Company maintained in such account
shall identify by book-entry those Custodial Assets and other property as belonging solely to the Company. 
 (b) Notwithstanding any
provision of this Agreement to the contrary, settlement and payment for Custodial Assets received by a Foreign Intermediary for the account may be effected in accordance with the customary established securities trading or securities processing
practices and procedures in the jurisdiction or market in which the transaction occurs, including, without limitation, delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a
receipt with the expectation of receiving later payment for such securities from such purchaser or dealer. The Custodian shall not be responsible for any tax withholdings or calculations in respect of Proceeds received on Custodial Assets. 

(c) The Company may issue standing Proper Instructions with respect to foreign exchange transactions, in each case to the extent such transaction is of the
type which the Custodian regularly facilitates or has otherwise agreed to facilitate for purposes of this Agreement. Absent the receipt of such Proper Instructions, the Custodian shall have no obligation to effect or carry out any foreign currency
exchange on behalf of the Company. The Company shall bear all risks of investing in Custodial Assets denominated in a foreign currency. It is understood and agreed that any foreign exchange transaction effected by the Custodian in connection with
this Agreement may be entered with the Custodian acting as principal or otherwise through customary banking channels. The Custodian shall have no liability for any investment losses incurred in or resulting from the rates obtained in such foreign
exchange transactions; and absent specific and acceptable Proper Instructions, the Custodian shall not be deemed to have any duty to carry out any foreign exchange on behalf of the Company. The Custodian shall be entitled at all times to comply with
any legal or regulatory requirements applicable to currency or foreign exchange transactions. The Company acknowledges that the Custodian, any subcustodian or any affiliates of the Custodian or any subcustodian, involved in any such foreign exchange
transactions may make a margin or banking income from foreign exchange transactions entered into pursuant to this section for which they shall not be required to account to the Company. 

  
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 Section 3.6. Payment of Moneys. Upon receipt of Proper
Instructions, which may be standing instructions, the Custodian shall pay out from the Cash Account moneys of the Company on deposit therein in the following cases: 

(i) upon the purchase of Custodial Assets for the Company pursuant to such Proper Instruction; and such purchase may, unless
and except to the extent otherwise directed by Proper Instructions, be carried out by the Custodian; 
 (A) in accordance
with the customary or established practices and procedures in the jurisdiction or market where the transactions occur, including, without limitation, delivering money to the seller thereof or to a dealer therefor (or any agent for such seller or
dealer) against expectation of same day delivery of such securities; or 
 (B) in the case of a purchase effected through a
Securities System, in accordance with the rules governing the operation of such Securities System; 
 (ii) for any other
purpose directed by the Company upon receipt of Proper Instructions specifying the amount of such payment, and naming the Person or Persons to whom such payment is to be made. 

Section 3.7. Proxies. The Custodian will, with respect to Custodial Assets held through a Securities System or
otherwise held in “street name”, cause to be made available to the Company proxies received by the Custodian in respect of such Custodial Assets. The Company may respond to such proxies, or may provide Proper Instructions to the Custodian
to respond to such Proxies on its behalf. In order for the Custodian to act, it must receive Proper Instructions no later than the deadline applicable to responses for corporate actions for the bank serving as Custodian. In the absence of such
Proper Instructions, or in the event that such Proper Instructions are not received in a timely fashion, the Custodian shall be under no duty to act with regard to such proxies. 

Section 3.8. Proper Instructions. (a) The Company shall provide, and shall cause the Investment Advisor to
provide, an incumbency certificate to the Custodian and/or Document Custodian, as applicable, in the form acceptable to it, specifying the names, titles, contact information (including email addresses) and specimen signatures of persons authorized
to give Proper Instructions (collectively, “Authorized Persons”, and each is an “Authorized Person”) which certificate shall be signed by an officer of the Company or an officer of the Investment Advisor, as
applicable, or by another Authorized Person previously certified to the Custodian and/or Document Custodian, as applicable. Each Proper Instruction given by an Authorized Person of the Company shall be deemed for all purposes to have been given by
and on behalf of the Company. The Custodian and/or Document Custodian, as applicable, shall be entitled to conclusively rely upon the identity and authority of such persons and contact information thereof until it receives written notice from the
Company to the contrary. Notwithstanding the foregoing, any Authorized Person whose incumbency as such has been certified by an officer of the Company 

  
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and who is also an officer of the Company may at any time revoke the authority to give Proper Instructions of any Authorized Person who is not an officer of the Company, and any such person whose
authority is so revoked may not thereafter be or become an Authorized Person. 
 (b) Neither the Custodian nor the Document Custodian, as
applicable, shall have no obligation to act in accordance with Proper Instructions to the extent that they conflict with applicable law or regulations. Neither the Custodian nor the Document Custodian shall not be liable for any loss resulting from
a reasonable delay while it obtains clarification of any Proper Instructions. 
 Section 3.9. Actions Permitted
Without Proper Instructions. The Company shall have thirty (30) days to remit payment to the Custodian and Document Custodian once notified of any amounts due and payable; provided that after such period, the Custodian and/or
Document Custodian, as appliable, shall be entitled, without express Proper Instructions from the Company, to: 
 (a) pay
itself from the Cash Account whether or not in receipt of express direction or Proper Instruction from the Company, any amounts due and payable to it pursuant to Sections 6, 8.4 or 8.7 hereunder; 

(b) surrender Custodial Assets in temporary form for Custodial Assets in definitive form; and 

(c) in general attend to all nondiscretionary details in connection with the sale, exchange, substitution, purchase, transfer
and other dealings with the securities and property held or to be held in the Accounts; and 
 (d)The Document Custodian may
resign effective immediately, and shall ship all Collateral Files (in accordance with Section 3.12(h) then held by the Document Custodian on behalf of the Company to the Company at its address as provided in Section 14. 

Section 3.10. Evidence of Authority. The Custodian shall be protected in acting upon any Proper Instructions,
certificate, instrument or paper believed by it to be genuine and to have been properly executed or otherwise given by or on behalf of the Company by an Authorized Person. The Custodian may receive and accept a certificate signed by any Authorized
Person as conclusive evidence of: 
 (a) the authority of any person to act in accordance with such certificate; or 

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

and such certificate may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary from an Authorized Person
of the Company. The Company hereby authorizes and directs the Custodian to accept, rely and act upon instruction from the Investment Advisor, acting on behalf and in the name of the Company for all purposes hereunder, and the

  
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Custodian is authorized to recognize and act upon the instruction of the Investment Advisor, acting alone, on behalf and in the stead of the Company for all purposes hereunder; provided that such
authorization and direction may be revoked at any time by an Authorized Person who is an officer of the Company. 

Section 3.11. Receipt of Communications. Any communication received by the Custodians on a day which is not a
Business Day or after 2:00 p.m. (Eastern Time) (or such other time as is agreed by the Company and the Custodian from time to time) on a Business Day will be deemed to have been received on the next Business Day (but in the case of communications so
received after 2:00 p.m. (Eastern Time) on a Business Day the Custodian will use reasonable efforts to process such communications as soon as possible after receipt. For the avoidance of doubt, in no instance shall the Custodian be obligated to
provide services on any day that is not a Business Day. 
 Section 3.12. Document Custodian 

(a) The Company shall from time to time deliver or cause to be delivered Collateral Files, including each of the related Collateral Documents,
as set forth on Schedule II hereto, to the Document Custodian to be held hereunder. With respect to each delivery of Collateral Files, the Company shall provide or cause to be provided a related Collateral Schedule (in a form acceptable to the
Company and the Document Custodian) to the Document Custodian with respect to such Collateral Files that are being delivered. 
 (b) In
receiving any Collateral Files hereunder, and in maintaining any listing or providing any report or communication with respect to the Collateral Files or Collateral Documents held hereunder, the Document Custodian shall be required only to review
the face of each document received to determine whether it appears regular on its face and appears to relate to the related Collateral. Upon Delivery of Collateral Files in accordance with the preceding sentence, within ten Business Days (provided
however that if more than 50 Collateral Files are delivered at one time to the Custodian, additional time as agreed to among the parties in writing, may be taken by the Custodian) the Custodian shall execute and deliver to the Company a
certification more fully described in Section 3.12(e) (a “Custodian Certification”) substantially in the form attached hereto as Exhibit A, including an attached exception report (an “Exception Report”), listing any
Collateral Document not included in the related Collateral File after review against the Collateral Schedule (which Exception Report shall include any document that does not, on its face, appear regular and/or related to such Collateral). For the
avoidance of doubt, such review will not commence in accordance with this Section 3.12(b) until both the Collateral Files and the Collateral Schedule have been delivered to the Document Custodian. 

(c) The Document Custodian shall not otherwise be under any duty to review, inspect, examine or certify the Collateral Files or related
Collateral Documents; and without limiting the foregoing, the Document Custodian shall be entitled to assume the genuineness of each such document and the genuineness and due authority of any signatures appearing thereon, shall be entitled to assume
that each such document is what it purports to be. The Document Custodian shall have no liability for or obligation with respect to, and shall not be construed or obliged to make any representation or warranty as to: (i) the validity,
sufficiency, marketability, genuineness, value, contents or enforceability of any Collateral Document; (ii) the validity, adequacy or perfection of any lien upon or security interest purported to be evidenced or created thereby; or
(iii) to determine that the contents of any Collateral Document are appropriate for the represented purpose or that any Collateral Document has actually been recorded or filed, as maybe applicable, or that any Collateral Document is other than
what it purports on its face to be. 

  
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 (d) The Document Custodian shall accept the documents received by the Document Custodian
pursuant to Section 3.12 hereunder. With respect to each Collateral File listed on a given Collateral Schedule, the Document Custodian shall issue an Asset List (in addition to the Document Custodian Certification) upon review of the Collateral
Files. If upon delivery of such Collateral Files, any Collateral File listed on the Collateral Schedule has not been received by the Document Custodian, the Document Custodian shall identify such Collateral File as pending on the related Asset List.
Any Asset List or Custodian Certification delivered to the Company by the Document Custodian shall supersede, cancel and replace the previously delivered Asset List or Custodian Certification, as applicable, and shall, in each case, control and be
binding on the parties hereto. 
 (e) The Document Custodian shall, in each Custodian Certification, certify and confirm as to each
Collateral File listed on the Collateral Schedule that, except as noted on the Exception Report attached to such Custodian Certification: 

all documents required to be delivered to it pursuant to Section 3.12 and hereof are in the Document Custodian’s
possession; and 
 all documents contained in the Collateral File as described on the attached Schedule II have been
reviewed by the Document Custodian and appear regular on their face and relate to such applicable Collateral File. 
 (f) In the event that
any Collateral File is needed by the Company for the purpose of correction of errors therein or for one of the other purposes set forth in a Request for Release, the Company shall send to the Document Custodian a Request for Release. The Document
Custodian shall release such Collateral Files within three (3) Business Days of its receipt of such completed Request for Release. Any request for release by the Company shall be in the form of the Request for Release. The Company is authorized
to transmit and the Document Custodian is authorized to accept signed facsimile, electronic or email copies of Requests for Release submitted in the form attached hereto as Exhibit C (or as otherwise agreed between the Document Custodian and the
Company). 
 (g) The Document Custodian shall segregate and identify the Collateral Files on its automated data system and maintain custody
of all Collateral Files received by it in secure and fire resistant facilities, all in accordance with customary standards for such custody. The Document Custodian shall, at its own expense, maintain at all times during the existence of this
Agreement and keep in full force and effect insurance in amounts, with standard coverage and subject to deductibles, all as customary for insurance typically maintained by banks that act as custodian. Upon written request from the Company, the
Document Custodian shall provide evidence (which evidence may be in the form of a certificate of the respective insurer) that such insurance is in full force and effect. The Document Custodian shall upon not less than three (3) Business Days
prior written notice permit (a) inspection during regular business hours of the Document Custodian (and subject to its usual charges for such access) by the Company (or by its auditors or agents when requested by the Company) of the Collateral
Files, at such place or places where the related 

  
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Collateral Files are deposited, and (b) the Company (or its auditors or agents when requested by the Company) to make copies of the Collateral Files. The Company shall be responsible for any
expenses in connection with such inspection and copying. Any such inspection and copying shall be subject to the procedures of the Document Custodian. In addition, and not in limitation of the foregoing, the Company shall indemnify and hold the
Document Custodian harmless from all claims, costs, expenses, losses and damages incurred by the Document Custodian as a result of the damage, loss or misplacement of any Collateral Files or Collateral Documents or other papers contained in the
Collateral Files while in the possession of the Company (or its auditors or agents). 
 (h) Prior to any shipment of any Collateral Files or Collateral
Documents hereunder pursuant to the request of the Company, the Company shall deliver to the Document Custodian written instructions as to the method of shipment and shipper(s) the Document Custodian is to utilize in connection with the transmission
of Collateral Files or Collateral Documents in the performance of the Document Custodian’s duties hereunder (which instruction shall include, if requested by the Document Custodian, billing account numbers maintained by the Customer with such
shipper(s) to allow for direct billing of the related charges to the Company). The Company shall arrange for the provision of such services at its sole cost and expense (or, at the Document Custodian’s option, reimburse the Document Custodian
for all costs and expenses incurred by the Document Custodian consistent with such instructions) and will maintain such insurance against loss or damage to Collateral Files or other loan documents as the Company deems appropriate. Notwithstanding
the foregoing, it is hereby expressly agreed that in the absence of express written instruction from the Company pursuant to the preceding terms, shipment may be made by the Document Custodian in any instance by means of any recognized overnight
delivery or shipping service (it being hereby expressly acknowledged that United Parcel Service is one such recognized service, without implied limitation). All costs and risks of shipment shall be borne by the Company, and it is hereby expressly
agreed that in no event shall the Document Custodian have any liability for any losses or damages to any Person, arising out of actions of the Document Custodian consistent with the instructions of the Company. Any costs of shipment that may be
incurred or paid by the Document Custodian from time to time may be billed by the Document Custodian to the Company on a monthly basis and shall be due and payable when billed. 

 

	SECTION 4.	 REPORTING. 

Section 4.1. Reporting. (a) For each Business Day, the Custodian shall make available to the Company and the
Investment Advisor on a daily basis a report of (i) all deposits to and withdrawals from each of the Cash Account for the prior Business Day, and the outstanding balance as of the end of such prior Business Day, and (ii) a report of
settled trades of Custodial Assets for such prior Business Day. The Company shall in a timely manner provide, or shall cause the Investment Advisor to provide, to the Custodian such information, documents and other items with respect to the
Custodial Assets as necessary and/or appropriate or as requested by the Custodian in order to enable the Custodian to perform its duties hereunder. 

(b) The Custodian shall have no duty or obligation to undertake any market valuation of the Custodial Assets under any circumstance. 

  
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 (c) In the event of any discrepancy between any report provided by the Custodian to the
Company and any information contained in the books or records of the Company, the Company (or the Investment Advisor on its behalf) shall promptly notify the Custodian thereof and the parties shall cooperate to diligently resolve the discrepancy.

  

	SECTION 5.	 CUSTODIAL ASSETS DATABASE. 

The Company acknowledges that any data and information held by the Custodian from time to time concerning the Custodial Assets and to which the
Company may be given access (without herein implying any obligation or agreement by the Custodian to maintain or provide access to any particular information or database) from time to time at the election of the Custodian (the “Custodial
Assets Database”) is unaudited and the Custodian does not independently verify the accuracy of information it receives from third parties concerning the Custodial Assets (whether from the Company, from others at the Company’s behest or
on its behalf, or from issuers or obligors of the Custodial Assets or their agents) prior to its inclusion in the Custodial Assets Database. The Custodian will not be liable to the Company or any other Person for any loss or damage arising out of or
in connection with the relationship established by this Agreement as a result of inaccuracies in any such third-party provided information contained in the Custodial Assets Database. 

 

	SECTION 6.	 COMPENSATION OF CUSTODIANS . 

(a) The Custodians shall be entitled to compensation from the Company for its services as set forth in a separate fee letter agreement between
the Custodians and the Company (or the Investment Advisor on its behalf). 
 (b) The Company agrees to pay or reimburse to the Custodians
upon its request from time to time all reasonable costs, disbursements, advances and expenses (including without limitation reasonable fees and expenses of legal counsel) incurred, and any disbursements and advances made (including without
limitation any account overdraft resulting from any settlement or assumed settlement, provisional credit, reclaimed payment or claw-back, or the like), in connection with the preparation or execution of this Agreement, or in connection with the
transactions contemplated hereby or the administration of this Agreement or performance by the Custodians of its duties and services under this Agreement, from time to time (including without limitation costs and expenses of any action by the
Custodians to collect any amounts owing to it under this Agreement (including indemnities), so long as the Custodian or Document Custodian, as applicable, is awarded all or a part of such costs or expenses); provided that such expenses (including
reasonable and documented fees and expenses of the Custodian) shall not exceed $20,000 without the prior consent of the Company (except that this proviso shall not affect any amounts due pursuant to Section 8.4 or any expenses to collect any
amounts owing to it under this Agreement). 

  
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	SECTION 7.	 DEPOSIT IN SECURITIES SYSTEMS.

 The Custodian may deposit and/or maintain Custodial Assets in a Securities System in accordance with applicable Federal
Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions: 

Section 7.1. The Custodian may keep domestic Custodial Assets in a Securities System; provided that such
Custodial Assets are represented by a corresponding position in a financial asset maintained in a participant account of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held by it as a
fiduciary, custodian or otherwise for customers. 
 Section 7.2. The records of the Custodian with respect to
Custodial Assets which are maintained in a Securities System shall identify by book-entry those securities belonging to the Company. 

Section 7.3. Anything to the contrary in this Agreement notwithstanding, the Custodian shall have no liability under
or pursuant to this Agreement or the custodial arrangement established hereby for any direct loss, damage, cost, expense, liability or claim to the Company resulting from use of the Securities System. 

 

	SECTION 8.	 RESPONSIBILITY OF CUSTODIAN. 

Section 8.1. General Duties. The Custodians shall have no duties, obligations or responsibilities under this
Agreement or with respect to the Custodial Assets, the Accounts or the Proceeds or the Collateral except for such duties as are expressly and specifically set forth in this Agreement as duties on its part to be performed or observed, and the duties
and obligations of the Custodian and Document Custodian shall be determined solely by the express provisions of this Agreement. No implied covenants, duties, obligations or responsibilities shall be read into this Agreement against, or on the part
of, the Custodians. 
 Section 8.2. Instructions. (a) The Custodians shall be entitled to refrain from taking
any action unless it has such instruction (in the form of Proper Instructions) from the Company as the Custodians reasonably deems necessary, and shall be entitled to require, upon written notice to the Company, that Proper Instructions to it be in
writing. The Custodians shall have no liability for any action (or forbearance from action) taken in good faith in accordance with a Proper Instruction of the Company. For the avoidance of doubt, a trade ticket provided to the Custodian by an
Authorized Person in respect of an acquisition or disposition of a Loan shall constitute a Proper Instruction to effect such acquisition or disposition. 

(b) Whenever the Custodians are entitled or required to receive or obtain any report, opinion, notice of other information pursuant to or as
contemplated by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable to it; and whenever any report or other information is required to be produced or distributed by the Custodian or
Document Custodian, it shall be in form, content and medium reasonably acceptable to it. 

  
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 (c) The Company agrees that it shall respond promptly to all inquiries and requests of the
Custodians as may be reasonably necessary to enable the Custodians to perform its duties hereunder. 
 Section 8.3.
General Standards of Care. Notwithstanding any terms herein contained to the contrary, the acceptance by the Custodians of their appointment hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms
and provisions of this Agreement (whether or not so stated therein): 
 (a) The Custodians shall not be responsible for the
title, validity or genuineness, including good deliverable form of any property or evidence of title thereto received by it or delivered by it pursuant to this Agreement. 

(b) The Custodians may rely on and shall be protected in acting or refraining from acting upon any written notice Proper
Instruction, statement, certificate, request, waiver, consent, opinion, report, receipt, electronic communication, or other paper or document furnished to it (including without limitation any of the foregoing provided to it by telecopier or
electronic means), not only as to its due execution and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine and signed, sent or presented by the proper person (which in
the case of any instruction from or on behalf of the Company shall be an Authorized Person); and the Custodians shall be entitled to presume the genuineness and due authority of any signature appearing thereon. The Custodians shall not be bound to
make any independent investigation into the facts or matters stated in any such notice, instruction, electronic communication, certificate, statement, request, waiver, consent, opinion, report, receipt or other paper or document. 

(c) The Custodians shall not be liable to anyone for any error of judgment, or for any act done or step taken or omitted to be
taken by it (or any of its directors, officers of employees), or for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith, unless such action constitutes gross negligence or willful misconduct on
its part. Except as provided in the immediately preceding sentence, the Custodians shall not be liable for any action taken by it in good faith and believed by it to be within powers conferred upon it, or taken by it pursuant to any direction or
instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action. 

(d) In no event shall the Custodians be liable for any punitive, indirect, special or consequential damages (including, without
limitation, lost profits) whether or not it has been advised of the likelihood of such damages and regardless of the form of action. 

(e) The Custodians may consult with, and obtain advice from, nationally recognized legal counsel selected in good faith with
respect to any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by the Custodians in good faith in reliance upon the opinion or advice of such counsel, and the reasonable cost of such services shall be reimbursed pursuant to Section 6(b) above. 

  
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 (f) The Custodians shall not be deemed to have notice of any fact, claim or
demand with respect hereto unless actually known by an officer working in its corporate trust office and charged with responsibility for administering this Agreement or unless (and then only to the extent) received in writing by the Custodians at
its corporate trust office indicated in Section 14 and specifically referencing this Agreement. 
 (g) No provision of
this Agreement shall require the Custodians to expend or risk its own funds, or to take any action (or forbearance from action) hereunder which might in its judgment involve any expense or any financial or other liability unless it shall be
furnished with acceptable indemnification. Nothing herein shall be construed to obligate the Custodians to (i) undertake any collection actions on behalf of the Company against any issuer or obligor (or agents thereof) of a Custodial Asset or
(ii) commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Company on its own behalf or otherwise, with respect to any matter arising hereunder or relating to this Agreement or the services contemplated
hereby. 
 (h) The permissive right of the Custodians to take any action hereunder shall not be construed as duty. 

(i) The Custodians may act or exercise its duties or powers hereunder through agents, subcustodians or attorneys, and the
Custodians shall not be liable or responsible for the actions or omissions of any such party appointed with reasonable due care. 

(j) All reasonable costs and risks of shipment shall be borne exclusively by the Company. 

(k) The Custodians have no responsibility to verify or determine whether any purchase or sale of a Custodial Asset satisfies
any transfer restrictions applicable to it, including any transfer restriction imposed by applicable law. 
 (l) The
Custodians shall have no responsibility for performing or monitoring the performance of any anti-money laundering procedures undertaken by the Company and shall have no liability to the Company for any violation of any anti-money laundering rules or
regulations by the Company. 
 (m) Nothing herein shall obligate the Custodians to review or examine the terms of any
underlying instrument, certificate, credit agreement, indenture, loan agreement, promissory note, or other Financing Document evidencing or governing any Custodial Asset, whether for purposes of performing any of its duties hereunder or otherwise.

 (n) Except as otherwise agreed in writing, the Custodians shall have no obligation to take any action to preserve,
protect, enforce or exercise any rights in the Custodial Assets or Collateral, or under or in respect of the related underlying documents, or to perform any obligations of the Company thereunder. 

  
 - 21 - 

 (o) Notwithstanding any other provision of this Agreement, the Custodians
shall have no duty or obligation under this Agreement to monitor, verify or inquire into, and shall not be liable for, (i) the legality of the Custodial Assets, (ii) the purchase, transfer or sale of any Custodial Assets, the sufficiency
of the amount to be received or the authority of the Company to effect any such purchase, transfer or sale. 
 (p) The
Document Custodian shall have no responsibilities or duties with respect to any Collateral File while such Collateral File is not in its possession. 

Section 8.4. Indemnity. The Company agrees to indemnify, defend and hold harmless the Custodians and its officers,
directors, affiliates and agents against any and all claims, losses, liabilities, damages or expenses (including, but not limited to, reasonable attorneys’ fees, court costs, costs of investigation and costs of enforcement of this indemnity) of
any kind or nature whatsoever arising out of its provision of custody services under this Agreement that may be imposed upon, incurred by or asserted against the Custodians (and including claims involving the Company or any third party);
provided, however, that the foregoing indemnity shall not apply to any such claims, losses, liabilities, damages or expenses caused by the gross negligence or willful misconduct on the part of the Custodians. The Custodians shall have and is
hereby granted a continuing lien upon and security interest in, and right of set-off against, the Accounts, and any funds (and investments in which such funds may be invested) held therein or credit thereto
from time to time, whether now held or hereafter required, and all proceeds thereof, to secure the payment of any amounts that may be owing to the Custodians under or pursuant to the terms of this Agreement, whether now existing or hereafter
arising. The provisions of this Section 8.4 shall survive the resignation or removal of the Custodians and the termination of this Agreement. Notwithstanding anything herein to the contrary, the Document Custodian shall be entitled to all the
same rights, privileges, protections, immunities and indemnities in this Agreement as are afforded to the Custodian. 

Section 8.5. Force Majeure. Without prejudice to the generality of the foregoing, the Custodians shall not be liable
for any damage or loss resulting from or caused by events or circumstances beyond its reasonable control including nationalization, expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and
practices of any securities market, power, mechanical, communications or other technological failures or interruptions, fires, floods, earthquakes or other natural disasters, civil or military disturbances, acts of war or terrorism, riots,
revolution, acts of God, epidemics, work stoppages, strikes or national disasters of any kind. 
 Section 8.6.
Disputes. If any dispute or conflicting claim is made by any person with respect to securities or other property held for the Company, the Custodians shall be entitled to refuse to act until either (a) such dispute or conflicting claim has
been finally determined by a court of competent jurisdiction or settled by agreement between conflicting parties, and the Custodian has received written evidence satisfactory to it of such determination or agreement; or (b) the Custodians have
received an indemnity, security or both satisfactory to it and sufficient to hold it 

  
 - 22 - 

 
harmless from and against any and all loss, liability and expense which the Custodians may incur as a result of its actions. The Custodians shall notify the Company if any such dispute or
conflicting claim is made by any person other than the Company. 
 Section 8.7. Advances. Under no circumstances
shall the Custodians have any responsibility, duty or obligation to advance its own funds to or for the benefit of the Company. Notwithstanding the foregoing, if the Custodians at any time or times in connection with this Agreement or the
administration of the Accounts, advances funds in connection with the settlement of any payment item, returned deposit item or investment, provisional credit or overdraft, then any funds (or investments thereof) at any time held in or credited to
any Account hereunder shall be security therefore and shall be subject to a lien and right of setoff thereon in favor of the Custodians (in addition to any rights or charge of, set off or similar rights it may have under applicable law), and the
Custodians shall be entitled to utilize available cash (and dispose of investments in which such cash may be invested pursuant to the terms hereof) immediately to make itself whole in respect thereof. 

Section 8.8. Patriot Act. To help fight the funding of terrorism and money laundering activities, the Custodians
shall be entitled to obtain, verify, and record information that identifies individuals or entities that establish a relationship or open an account with the Custodians. The Custodians shall be entitled to ask for the name, address, tax
identification number and other information that will allow the Custodian to identify the individual or entity who is establishing the relationship or opening the account. The Custodians may also ask for formation documents such as articles of
incorporation, an offering memorandum, or other identifying documents to be provided. 
  

	SECTION 9.	 SECURITY CODES. 

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

 

	SECTION 10.	 TAXES. 

For tax reporting purposes, any investment interest or income received by the Custodian from investment (or reinvestment) of funds on deposit
in the Cash Account shall be reported as allocable to the Company, to the extent reporting is required. The Company shall provide the Custodian with a properly completed and signed Internal Revenue Service Form
W-9 or W-8BEN, as applicable (or applicable successor form). The Company agrees (i) that the Custodian shall be entitled to withhold or deduct from any payments
required to be made pursuant to this Agreement the amount of any taxes, charges or other withholding required to be so withheld or deducted under applicable law, and (ii) promptly to provide the Custodian, upon request, with any and all such
information as may from time to time be required by the Custodian to comply with all applicable laws, including information required by the Custodian to determine the amount of any applicable withholding or other tax. In the event the Custodian
withholds any amounts inadequately because of information incorrectly supplied to the Custodian by the Company, the Company hereby agrees 

  
 - 23 - 

 
to indemnify and reimburse the Custodian for any such amount owing. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the Company (or the
Custodian as custodian of the Company), by the tax law of the United States (or any other applicable jurisdiction) or any state or political subdivision thereof. The Custodian shall be kept indemnified by and be without liability to the Company for
such obligations including taxes, withholding, certification and reporting requirements, claims for exemption or refund, additions for late payment interest, penalties and other expenses (including legal expenses) that may be assessed against the
Company (or the Custodian as custodian of the Company). 
  

	SECTION 11.	 EFFECTIVE PERIOD, TERMINATION AND
ADDITIONAL PARTIES. 

 Section 11.1. This Agreement shall become
effective as of its due execution and delivery by each of the parties. This Agreement shall continue in full force and effect until terminated as hereinafter provided. This Agreement may be terminated by the Custodian, Document Custodian or the
Company pursuant to Section 11.2. 
 Section 11.2. This Agreement shall terminate upon the effective date of
termination specified in any written notice of termination (including any registration by or removal of the custodian or document custodian) given by either party to the other not later than forty five (45) days prior to the effective date of
such termination specified therein unless a different period is agreed to in writing by the parties; provided that all (i) Custodial Assets and Proceeds shall have been delivered to the Company or as it otherwise instructs (subject to
Section 11.3 below) and (ii) all Collateral Files have been shipped back to the Company at its address as provided in Section 14. The Custodians may resign at any time under this Agreement by providing at least forty-five (45) days
advance written notice to the Company unless a different period is agreed to in writing by the parties. In the event of such termination, (i) the Company shall appoint, by written instrument, a successor document custodian and (ii) the
Document Custodian, promptly upon payment of any unpaid fees, expenses and indemnification amounts due to the Document Custodian, shall transfer to the successor document custodian, as directed, all Collateral Files being held by the Document
Custodian under this Agreement. The Document Custodian’s sole responsibility after the termination of its obligations as aforesaid shall be to safely maintain all of the Collateral Files and to deliver the same to a successor custodian;
provided, that if a successor Document Custodian has not accepted custodial responsibilities within the period set forth in the first sentence of this Section 11(a), the Custodian may, at the expense of the Company, either (i) deliver all
Collateral Files to the Company, or (ii) petition any court of competent jurisdiction to name a successor custodian. The Document Custodian shall not be responsible for the fees and expenses of any successor document custodian. Upon delivery of
the Collateral Files to any successor document custodian or to the Company as provided in this paragraph, all duties and obligations of the Document Custodian shall cease and terminate. The payment of all costs and expenses relating to the transfer
of the Collateral Files (including any shipping costs) upon termination shall be the sole responsibility of the Company. 

Section 11.3. Prior to the effective date of termination of this Agreement, or the effective date of the resignation
(or removal) of the Custodian, as the case may be, the Company shall give Proper Instruction to the Custodian to cause the Custodial Assets and Proceeds then held by the Custodian hereunder to be delivered to the Company, or its designee, or a
successor custodian 

  
 - 24 - 

 
hereunder; and if the Company shall fail or be unable to do so on a timely basis, the Custodian shall be entitled (but not obligated) to petition a court of competent jurisdiction (at the
Company’s expense) for such instruction. 
 Section 11.4. (a) Upon termination of this Agreement or
resignation (or removal) of the Custodian, the Company shall pay to the Custodian, such compensation as may be due as of the date of such termination or resignation (or removal) and shall likewise reimburse the Custodian for its reasonable costs,
expenses and disbursements. All indemnifications under this Agreement shall survive the termination of this Agreement, and any resignation or removal of the Custodian. 

(b) If Custodial Assets, Proceeds or any other property remain in the possession of the Custodian after the date of termination hereof or the
date of resignation (or removal) of the Custodian, as the case may be, owing to failure of the Company to give Proper Instructions to the Custodian for delivery thereof, as referred to in Section 11.3, the Custodian shall be entitled to fair
compensation for its services during such period as the Custodian retains possession of such Custodial Assets, funds and other property and the sole responsibility of the Custodian thereafter shall be for the safekeeping of such Custodial Assets
until receipt of such Proper Instructions. 
  

	SECTION 12.	 REPRESENTATIONS AND WARRANTIES. 

(a) The Company represents and warrants to the Custodians that: 

(i) it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly authorized
and executed this Agreement so as to constitute its valid and binding obligation; 
 (ii) in giving any instructions which
purport to be “Proper Instructions” under this Agreement, the Company will act in accordance with the provisions of its applicable organizational documents and any applicable laws and regulations; and 

(iii) the execution and delivery by the Company of this Agreement and the performance by the Company of the related obligations
hereunder (including, without limitation, the indemnity provided to the Custodian hereunder) (i) do not and will not (x) contravene any of the terms of the Company’s articles of formation, bylaws or other agreements or documents of
formation that govern the affairs and the conduct of the Company’s business, or (y) conflict with or result in any breach or contravention of, or the creation of any lien or other subordination under, or require any payment to be made
under (A) any contractual obligation to which the Company is a party or affecting the Company or the properties or assets of the Company or (B) any order, injunction, writ or decree of any governmental authority or any arbitral award to
which the Company or its property is subject, or (z) violate any law. 
 (b) The Custodians hereby represents and warrants to the
Company that it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly authorized and executed this Agreement so as to constitute its valid and binding obligations. 

  
 - 25 - 

 (c) The Company hereby represents, warrants and covenants to the Custodians that
(i) all interests in the Company are “publicly-offered securities” as defined in Department of Labor Regulations Section 2510.3-101 (Definition of ‘plan assets’) and (ii) the
Company is not subject to The Employment Retirement Income Security Act of 1974, as amended (“ERISA”). 
 The Company agrees that
the Custodians will in no event be a “fiduciary” with respect to the Accounts and assets held therein under this Agreement or any transaction contemplated hereunder or thereunder within the meaning of Section 3(21) of ERISA,
Section 3(38) of ERISA, or Section 4975(e) of the Code (including, without limitation, by virtue of the Custodian’s reservation or exercise of any rights it may have). The Company acknowledges and agrees that the Custodians shall not
be required to serve as Custodians for the Company (or consent to continue to serve as Custodians for the Company) under ERISA. If for any reason the Company breaches or otherwise fails to comply with the provisions of this Section, this Agreement
and the custodial arrangement provided for thereunder and hereunder may be terminated immediately with respect to the Company by the Custodians. 
  

	SECTION 13.	 PARTIES IN INTEREST; NO THIRD
PARTY BENEFIT. 

 This Agreement shall be binding upon and inure to the benefit of the
respective successors and assigns of the parties hereto. This Agreement is not intended for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties. 

 

	SECTION 14.	 NOTICES. 

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

	 	(a)	 if to the Company, to 

Crescent Capital BDC, Inc. 

11100 Santa Monica Blvd., Suite 2000 

Los Angeles, CA 90025 

Attention: Kirill Bouek 
 Email:
kirill.bouek@crescentcap.com 
 With a copy to: 

George Hawley 
 General Counsel
Secretary 
 11100 Santa Monica Blvd., Suite 2000 

Los Angeles, CA 90025 
 Email:
George.hawley@crescentcap.com 

  
 - 26 - 

	 	(b)	 if to the Custodian, to 

U.S. Bank National Association 

190 South LaSalle St, 8th Floor 

Chicago, IL 60603 
 Attn: Global
Corporate Trust –Crescent Capital 
 BDC, Inc. 

Email:CrescentCapital@usbank.com 
  

	 	(c)	 if to the Document Custodian, to 

U.S. Bank National Association 

1719 Otis Way 
 Florence, SC
29501 
 Attn: Florence Private Certifications – Crescent 

Capital BDC, Inc. 
 Email:
steven.garrett@usbank.com 
 The Custodians shall be entitled to accept and act upon Proper Instructions sent by unsecured email, facsimile
transmission or other similar unsecured electronic methods; provided however, that the Custodians has been provided with an incumbency certificate in accordance with Section 3.10. If the Company elects to give the Custodians email
or facsimile instructions (or instructions by a similar electronic method) and the Custodians in its discretion elects to act upon such instructions, the Custodian’s reasonable understanding of such instructions shall be deemed controlling. The
Custodians shall not be liable for any losses, costs or expenses arising directly or indirectly from the Custodians’ reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent
with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Custodians, including without limitation the risk of the Custodians acting
on unauthorized instructions and the risk of interception and misuse by third parties, and acknowledges and agrees that there may be more secure methods of transmitting such instructions than the method(s) selected by it and agrees that the security
procedures (if any) to be followed in connection with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 

 

	SECTION 15.	 CHOICE OF LAW AND JURISDICTION.

 THIS AGREEMENT SHALL BE CONSTRUED, AND THE PROVISIONS THEREOF INTERPRETED UNDER AND IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK FOR ALL PURPOSES (WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS). ALL ACTIONS AND PROCEEDINGS RELATING TO OR ARISING FROM, DIRECTLY OR INDIRECTLY, THIS AGREEMENT MAY BE BROUGHT

  
 - 27 - 

 
IN NEW YORK STATE OR U.S. FEDERAL COURTS LOCATED WITHIN THE CITY OF NEW YORK, STATE OF NEW YORK AND THE COMPANY AND THE CUSTODIANS HEREBY SUBMIT TO PERSONAL JURISDICTION OF SUCH COURTS FOR SUCH
ACTIONS OR PROCEEDINGS. THE COMPANY AND THE CUSTODIAN EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY AND ANY OBJECTION TO LAYING OF VENUE IN SUCH COURTS ON GROUNDS OF FORUM
NONCONVENIENS IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT. NO ACTIONS OR PROCEEDINGS RELATING TO OR ARISING FROM, DIRECTLY OR INDIRECTLY, THIS AGREEMENT SHALL BE BROUGHT IN A FORUM OUTSIDE OF THE UNITED
STATES OF AMERICA. 
  

	SECTION 16.	 ENTIRE AGREEMENT AND COUNTERPARTS.

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

(b) This Agreement may be executed in any number of counterparts (including by facsimile or electronic transmission (including .pdf file,
..jpeg file or any electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the
Custodians) and all counterparts taken together shall constitute one instrument. Delivery of an executed counterpart signature page of this Agreement by facsimile or any such electronic transmission shall be effective as delivery of a manually
executed counterpart of this Agreement. The Custodians shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature
without any liability with respect thereto. 
  

	SECTION 17.	 AMENDMENT; WAIVER. 

(a) This Agreement may not be amended except by an express written instrument duly executed by each of the Company and the Custodians. 

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

	SECTION 18.	 SUCCESSOR AND ASSIGNS. 

(a) The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties and their respective
successors and permitted assigns. The Company shall not be permitted to assign its rights under this Agreement without the written consent of the Custodians. 

  
 - 28 - 

 (b) Notwithstanding the foregoing any corporation or association into which either party may
be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Custodian or the Company, as applicable, shall be a party, or in the case of the
Custodians any corporation or association to which the Custodians transfers all or substantially all of its corporate trust business, shall be the successor of the Custodians or the Company, as applicable, hereunder, and shall succeed to all of the
rights, powers and duties of the Custodians or the Company, as applicable, hereunder, without the execution or filing of any paper or any further act on the part of either of the parties hereto. 

 

	SECTION 19.	 SEVERABILITY. 

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

	SECTION 20.	 REQUEST FOR INSTRUCTIONS. 

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

	SECTION 21.	 OTHER BUSINESS. 

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

  
 - 29 - 

	SECTION 22.	 REPRODUCTION OF DOCUMENTS. 

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

 

	SECTION 23.	 CONFIDENTIALITY. 

The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each
party to the other party regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except for
the purposes set forth in or contemplated by this Agreement, shall not be disclosed to any third party without the prior written consent of the party (which may include Proper Instructions) providing the information. The foregoing shall not be
applicable to any information that is (i) publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (ii) independently derived by any party hereto without the use of any
information provided by the other party hereto in connection with this Agreement, or (iii) required in any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, or
required by operation of law or regulation or as required by regulators or government authorities; provided that the Custodians may disclose on a confidential basis any such information to its agents, attorneys and auditors in connection with its
serving as Custodian and/or Document Custodian, as applicable hereunder and the Company may disclose on a confidential basis any such information, to its affiliates, directors, officers, members, employers, auditors, advisors and agents on a need to
know basis, including the existence of, and the relevant terms contained in this Agreement which it may also disclose in its prospectus. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 30 - 

 IN WITNESS WHEREOF, both parties have caused
this Agreement to be executed and delivered by a duly authorized officer, intending the same to take effect as of the date first above written. 
  

			
	CRESCENT CAPITAL BDC, INC., as Company
		
	By:	 	 /s/ Gerhard Lombard

	Name:	 	Gerhard Lombard
	Title:	 	CFO

  

			
	U.S. BANK NATIONAL ASSOCIATION, as
Custodian

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	U.S. BANK NATIONAL ASSOCIATION, as
Document Custodian

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 IN WITNESS WHEREOF, both parties have caused
this Agreement to be executed and delivered by a duly authorized officer, intending the same to take effect as of the date first above written. 
  

			
	CRESCENT CAPITAL BDC, INC., as Company
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  

			
	U.S. BANK NATIONAL ASSOCIATION, as
Custodian
		
	By:	 	 /s/ Jon C. Warn

	Name:	 	 Jon C. Warn

	Title:	 	 Vice President

  

			
	U.S. BANK NATIONAL ASSOCIATION,
as Document Custodian

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 IN WITNESS WHEREOF, both parties have caused
this Agreement to be executed and delivered by a duly authorized officer, intending the same to take effect as of the date first above written. 
  

			
	CRESCENT CAPITAL BDC, INC., as Company

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	U.S. BANK NATIONAL ASSOCIATION, as
Custodian

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	U.S. BANK NATIONAL ASSOCIATION, as
Document Custodian
		
	By:	 	 /s/ Kenneth Brandt

	Name:	 	Kenneth Brandt
	Title:	 	 Vice President

 SCHEDULE I 

[Accounts] 
  

			
	CCAP BDC Operating Interest	  	198249-201
	CCAP BDC Operating Principal	  	198249-202
	CCAP BDC Mezzanine Principal	  	198249-204
	CCAP BDC Mezzanine Interest	  	198249-205
	CCAP BDC Mezzanine Principal EURO	  	198249-206
	CCAP BDC Mezzanine Interest EURO	  	198249-207
	CCAP BDC Mezzanine Principal CAD	  	198249-208
	CCAP BDC Mezzanine Interest CAD	  	198249-209
	CCAP BDC Direct Lending Principal	  	198249-700
	CCAP BDC Direct Lending Interest	  	198249-701
	CCAP BDC Private High Yield Principal	  	198249-702
	CCAP BDC Private High Yield Interest	  	198249-703
	CCAP BDC Euro Lending Principal USD	  	198249-704
	CCAP BDC Euro Lending Interest USD	  	198249-705
	CCAP BDC Euro Lending Principal GBP	  	198249-706
	CCAP BDC Euro Lending Interest GBP	  	198249-707
	CCAP BDC Euro Lending Principal EURO	  	198249-708
	CCAP BDC Euro Lending Interest EURO	  	198249-709
	CCAP BDC Opportunistic Principal	  	198249-300
	CCAP BDC Opportunistic Interest	  	198249-301
	CCAP BDC Marketable Debt Principal	  	198249-302
	CCAP BDC Marketable Debt Interest	  	198249-303
	CCAP BDC Original Debt Principal	  	198249-304
	CCAP BDC Original Debt Interest	  	198249-305
	CCAP BDC Alcentra Principal	  	198249-306
	CCAP BDC Alcentra Interest	  	198249-307

 SCHEDULE II 

COLLATERAL DOCUMENTS 
 The Document
Custodian shall receive for each Loan, originals or where indicated, copies (including electronic copies) of the following documents or instruments, all as specified on the related Collateral Schedule and Loan Checklist:(a) (i) other than in
the case of a noteless Loan, (x) the original or, if accompanied by an original “lost note” affidavit and indemnity, a copy of, the underlying promissory note, endorsed by the Company (that may be in the form of an allonge or note
power attached thereto) as required under the related underlying instruments (and evidencing an unbroken chain of endorsements from each prior holder thereof evidenced in the chain of endorsements and (y) a copy of each transfer document or
instrument relating to such Loan (including, until the settlement date specified therein, a commercially standard loan trade ticket that obligates the Company to settle the purchase of such Loan on a specific date) evidencing the assignment of such
Loan to the Company, or (ii) in the case of a noteless Loan a copy of each transfer document or instrument relating to such noteless Loan evidencing the assignment of such noteless Loan to the Company; and (b) originals or copies
(including electronic copies) of each of the following (i) to the extent applicable to the related Loan; any related loan agreement, credit agreement, security agreement, subordination agreement and intercreditor agreement or similar
instruments, and (ii) to the extent applicable to the related Loan and only to the extent such document is in the possession of the Company, any note purchase agreement, sale and servicing or collateral management agreement, acquisition
agreement, guarantee, Insurance Policy, assumption or substitution agreement or similar material operative document, in each case together with any amendment or modification thereto, as set forth on the Collateral Schedule and Loan Checklist. 

Any statement clarified by “if any” or “if applicable” shall only refer to whether or not such item is present in the
Collateral File when delivered to the Document Custodian. The Document Custodian shall have no duty or obligation to determine if such item should have been included. 

In the event that any item is to be identified to the Document Custodian on the Collateral Schedule, if the Collateral Schedule does not list
such item, the Document Custodian may conclusively assume that no such document is applicable. 

 SCHEDULE III 

Recommended Data File Criteria 
 Each of
the items listed below must be in its own cell within either a CSV or Excel spreadsheet. Data files should be sent electronically via email to your collateral review specialist at U.S. Bank. 

 EXHIBIT A 

FORM OF DOCUMENT CUSTODIAN CERTIFICATION 

[Date] 
 [COMPANY] 

[Address] 
 Attention: [    ] 

Re: Custody Agreement, dated as of May 21, 2021 (the “Agreement”), between Crescent Capital BDC, Inc., (the
“Company”), U.S. Bank National Association, as custodian (the “Custodian”) and U.S. Bank National Association, as document custodian (the “Document Custodian”) 

Ladies and Gentlemen: 
 In accordance with the
provisions of Section 3.12(b) of the above-referenced Agreement, the undersigned, as Document Custodian, hereby certifies and confirms that with respect to each of the Collateral listed on the Collateral Schedule annexed hereto as Schedule I,
except as noted on the Exception Report attached hereto as Exhibit I; 
 all documents required to be delivered to the Document Custodian
pursuant to this Agreement are in the Document Custodian’s possession; and 
 all Collateral Documents contained in the
Collateral File related to each such Collateral have been reviewed by the Document Custodian and appear regular on their face and relate to such applicable Collateral File. 

The Document Custodian shall have no liability for or obligation with respect to, and shall not be construed or obliged to make any
representation or warranty as to: (i) the validity, sufficiency, marketability, genuineness, value, contents or enforceability of any Collateral Document; (ii) the validity, adequacy or perfection of any lien upon or security interest
purported to be evidenced or created thereby; or (iii) to determine that the contents of any Collateral Document are appropriate for the represented purpose or that any Collateral Document has actually been recorded or filed, as maybe
applicable, or that any Collateral Document is other than what it purports on its face to be. 
  

			
	U.S. BANK NATIONAL ASSOCIATION,
as Document Custodian

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 SCHEDULE I 

to Custodian Certification 

COLLATERAL SCHEDULE 

 EXHIBIT I 

to Custodian Certification 

EXCEPTION REPORT 

 EXHIBIT B 

AUTHORIZED REPRESENTATIVES 
 Any of the
following persons shall be an Authorized Representative (as this list may be subsequently modified by the Company from time to time by delivery of a replacement list to the Custodians): 

Authorized Representatives of the Company 

[Attached below] 

 WRITTEN CONSENT OF THE MANAGING MEMBER 

OF CRESCENT CAP ADVISORS, LLC 

May 20, 2021 
 The
undersigned being the managing member (the “Managing Member”) of Crescent Cap Advisors, LLC, a Delaware limited liability company (the “Company”), acting pursuant to the authority vested in the Managing Member pursuant to that
certain Second Amended and Restated Limited Liability Agreement of the Company, dated as of October 24, 2016, and any amendments thereto (the “LLC Agreement”), does hereby consent to the adoption of, and hereby does adopt, the
following resolutions: 
 WHEREAS, pursuant to the LLC Agreement, the Managing Member has the authority to manage the business,
property and affairs of the Company; and 
 WHEREAS, the Managing Member desires to, and does hereby, delegate certain of its powers
and authorize certain persons to conduct business on behalf of the Company. 
 NOW, THEREFORE BE IT RESOLVED, that
“Authorized Person” means each of the individuals identified herein in such capacity and future duly appointed persons with authority to act with respect to matters applicable to the Company for so long as they each shall remain
employed by the Managing Member, or until such time as the Managing Member may determine to revoke the authorization granted to each such individual herein. 

RESOLVED FURTHER, that each Authorized Person shall have the authority to take actions on behalf of the Company, and to bind the
Company and/or any other entity on whose behalf the Company is entitled to act. 
 RESOLVED, FURTHER, that the Authorized Persons and
their respective signatures are as follows: 
  

			
	 Name
	  	 Specimen Signature

		
	Jason Breaux	  	 /s/ Jason Breaux

		
	Gerhard Lombard	  	 /s/ Gerhard Lombard

		
	Raymond Barrios	  	 /s/ Raymond Barrios

		
	Kirill Bouek	  	 /s/ Kirill Bouek

 IN WITNESS WHEREOF, the undersigned hereby certifies this Written Consent, as of the date
first written above. 
  

			
	CRESCENT CAP ADVISORS LLC
		
	By:	 	Crescent Capital Group LP
	Its:	 	Managing Member
		
	By:	 	 /s/ George P. Hawley

	Name:	 	George P. Hawley
	Its:	 	General Counsel

 

 
 EXHIBIT C 

FORM OF REQUEST FOR RELEASE 
  

			
	U.S. Bank Global Corporate Trust	  	Attention: Document Custody Services
	[Address]	  	Receiving Unit
		  	Email: steven.garrett@usbank.com
		  	Fax: (651) 695-6100 or (651) 695-6101

  

	 	RE:	 Custody Agreement, dated as of May 21, 2021 (the “Custody Agreement”) between Crescent Capital
BDC, Inc. (the “Company”), U.S. Bank National Association, as custodian (the “Custodian”) and U.S. Bank National Association, as document custodian (the “Document Custodian”) 

Pursuant to Section 3.12(f) of the Custody Agreement, we request the release of the Collateral Files relating to the Collateral listed on
the attached Excel spreadsheet for the reason indicated below: 
 Reason for Requesting Documents (Check One): 

 

			
	        	  	1) Collateral Paid in Full
	 	  	2) Collateral being Substituted
	 	  	3) Collateral being Liquidated by Company
	 	  	 4) Other-
Description Needed Below

  

			
	Company:	 	
	Authorized Representative:	 	  

	Name (Printed):	 	
	Title (Printed):	 	
	Date:	 	
	Phone:	 	

  

					
		 	File Delivery Instructions –Address Needed	 	
		 	     

    
     

    
     

    
	 	

 Upon Completion of Request, for Release, please scan and email the request to steven.garrett@usbank.comDocument

Exhibit 10.7

			
	MARKETWISE, INC.
2021 INCENTIVE AWARD PLAN

RESTRICTED STOCK UNIT GRANT NOTICE
Capitalized terms not specifically defined in this Restricted Stock Unit Grant Notice (the “Grant Notice”) have the meanings given to them in the 2021 Incentive Award Plan (as amended from time to time, the “Plan”) of MarketWise, Inc. (the “Company”).
The Company has granted to the participant listed below (“Participant”) the Restricted Stock Units described in this Grant Notice (the “RSUs”), subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement attached as Exhibit A (the “Agreement”), both of which are incorporated into this Grant Notice by reference.  
						
	Participant:	
		
	Grant Date:	
		
	Number of RSUs:	
		
	Vesting Commencement Date:	
		
	Vesting Schedule:	The RSUs shall vest with in four equal installments on each of the first, second, third and fourth anniversaries of the Vesting Commencement Date, subject to the Participant’s employment with or engagement to provide services to the Company and its Affiliates through each vesting date.

By Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement.  Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement.  Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement.
															
	MARKETWISE, INC.		PARTICIPANT
					
	By:			
	Name:			[Participant Name]
	Title:				

RESTRICTED STOCK UNIT AGREEMENT
Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.
ARTICLE I
GENERAL
1.1Award of RSUs .
(a)The Company has granted the RSUs to Participant effective as of the grant date set forth in the Grant Notice (the “Grant Date”).  Each RSU represents the right to receive one Share as set forth in this Agreement.  Participant will have no right to the distribution of any Shares until the time (if ever) the RSUs have vested.
1.2Incorporation of Terms of Plan.  The RSUs are subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference.  In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.
1.3Unsecured Promise.  The RSUs will at all times prior to settlement represent an unsecured Company obligation payable only from the Company’s general assets.
ARTICLE II
VESTING; FORFEITURE AND SETTLEMENT
2.1Vesting; Forfeiture.  The RSUs will vest according to the vesting schedule in the Grant Notice except that any fraction of an RSU that would otherwise be vested will be accumulated and will vest only when a whole RSU has accumulated.  In the event of Participant’s Termination of Service for any reason, all unvested RSUs will immediately and automatically be cancelled and forfeited, except as otherwise determined by the Administrator or provided in a binding written agreement between Participant and the Company.  Dividend Equivalents (including any Dividend Equivalent Account balance) will vest or be forfeited, as applicable, upon the vesting or forfeiture of the RSU with respect to which the Dividend Equivalent (including the Dividend Equivalent Account) relates.
2.2Settlement.  RSUs will be paid in Shares as soon as administratively practicable after the vesting of the applicable RSU, but in no event more than sixty (60) days after the RSU’s vesting date.  Notwithstanding the foregoing, the Company may delay any payment under this Agreement that the Company reasonably determines would violate Applicable Law until the earliest date the Company reasonably determines the making of the payment will not cause such a violation (in accordance with Treasury Regulation Section 1.409A-2(b)(7)(ii)), provided the Company reasonably believes the delay will not result in the imposition of excise taxes under Section 409A.
ARTICLE III
TAXATION AND TAX WITHHOLDING
3.1Representation.  Participant represents to the Company that Participant has reviewed with Participant’s own tax advisors the tax consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement.  Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.

3.2Tax Withholding.
(a)The Participant shall satisfy all applicable federal, state and local taxes required by law to be withheld with respect to any taxable event arising in connection with the RSUs through the surrender of Shares, as set forth in Sections 9.5 of the Plan.  The number of Shares that may be so withheld or surrendered shall be limited to the number of Shares that have a fair market value on the date of withholding or repurchase no greater than the aggregate amount of such liabilities based on the maximum statutory withholding rates in such Participant’s applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income.
(b)Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the RSUs.  Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the RSUs or the subsequent sale of Shares.  The Company and the Subsidiaries do not commit and are under no obligation to structure the RSUs to reduce or eliminate Participant’s tax liability.
ARTICLE IV
OTHER PROVISIONS
4.1Adjustments.  Participant acknowledges that the RSUs, the Shares subject to the RSUs are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan.
4.2Notices.  Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address or facsimile number.  Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant at Participant’s last known mailing address, email address or facsimile number in the Company’s personnel files.  By a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party.  Any notice will be deemed duly given when actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of a facsimile transmission confirmation.
4.3Titles.  Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
4.4Conformity to Securities Laws.  Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws.
4.5Successors and Assigns.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer set forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.
4.6Limitations Applicable to Section 16 Persons.  Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement, the RSUs will be subject to any additional limitations set forth in any applicable 
A-2

exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule.  To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.
4.7Entire Agreement.  The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.
4.8Agreement Severable.  In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.
4.9Limitation on Participant’s Rights.  Participation in the Plan confers no rights or interests other than as herein provided.  This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust.  Neither the Plan nor any underlying program, in and of itself, has any assets.  Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to the RSUs, as and when settled pursuant to the terms of this Agreement.
4.10Not a Contract of Employment.  Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant.
4.11Counterparts.  The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument.
* * * * *
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