Document:

Exhibit 10.5

 

CUSTODY AGREEMENT

 

THIS
CUSTODY AGREEMENT (this “Agreement”) is made and entered into as of the last date on the signature page, by and between Brightwood
Capital Corporation I, a Maryland corporation, (the “Fund”) and U.S. BANK NATIONAL ASSOCIATION, a national
banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis,
Minnesota (the “Custodian”).

 

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

 

WHEREAS, Brightwood Capital Advisors, LLC, a Delaware
limited liability company, serves as administrator and investment manager to the Fund (the “Fund Administrator” or the “Investment
Manager”);

 

WHEREAS, the Custodian is a bank having the qualifications
prescribed in Section 26(a)(1) of the 1940 Act;

 

WHEREAS,
the Board of Directors (as defined below) has delegated to the Custodian the responsibilities set forth in Rule 17f-5(c) under
the 1940 Act and the Custodian is willing to undertake the responsibilities and serve as the foreign custody manager for the Fund; and

 

WHEREAS, the Fund desires to retain the Custodian
to act as custodian of its cash and securities.

 

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

 

ARTICLE I

 

CERTAIN DEFINITIONS

 

Whenever used in this Agreement, the following words and phrases shall
have the meanings set forth below unless the context otherwise requires:

 

1.01            “Authorized
Person” means any Officer or person (including an authorized person of one of the Fund Administrator or the Investment Manager)
or other agent who has been designated by written notice as such from the Fund, the Fund Administrator or the Investment Manager, or other
agent and is named in Exhibit B attached hereto. Such officer or person shall continue to be an Authorized Person until such
time as the Custodian receives Written Instructions from the Fund or the Fund’s investment advisor or other agent that any such
person is no longer an Authorized Person.

 

1.02            “Board
of Directors” shall mean the directors from time to time serving under the Fund’s declaration of trust, as amended from
time to time.

 

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1.03            “Book-Entry
System” shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart
B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O.

 

1.04            “Business
Day” shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc., and any other day for which
the Fund computes the net asset value of Shares of the Fund.

 

1.05            “Eligible
Foreign Custodian” has the meaning set forth in Rule 17f-5(a)(1), including a majority-owned or indirect subsidiary of
a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set
forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of
the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible
Securities Depository.

 

1.06            “Eligible
Securities Depository” shall mean a system for the central handling of securities as that term is defined in Rule 17f-4
and 17f-7 under the 1940 Act.

 

1.07            “Foreign
Securities” means any of the Fund’s investments (including foreign currencies) for which the primary market is outside
the United States and such cash and cash equivalents as are reasonably necessary to effect the Fund’s transactions in such investments.

 

1.08            “Fund
Custody Account” shall mean any of the accounts in the name of the Fund, which is provided for in Section 3.02 below.

 

1.09            “IRS”
shall mean the Internal Revenue Service.

 

1.10            “FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.

 

1.11            “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
any Fund from time to time.

 

1.12            “Loan
Checklist” means a list delivered to the Custodian in connection with delivery of a Loan to the Custodian that identifies the
items contained in the related Loan File.

 

1.13            “Loan
Documents” means those documents related to Loans to the extent delivered to the Custodian.

 

1.14            “Loan
File” means, with respect to each Loan delivered to the Custodian, each of the Loan Documents identified on the related Loan
Checklist.

 

1.15            “Loan
Trade Confirmation” means a confirmation to the Custodian from the Fund of the Fund’s acquisition of a Loan, and setting
forth applicable information with respect to such Loan, which confirmation may be in the form of Schedule A attached hereto and made a
part hereof, subject to such changes or additions as may be agreed to by, or in such other form as may be agreed to by, the Custodian
and the Fund from time to time

 

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1.16            “Noteless
Loan” means a Loan with respect to which (i) the related loan agreement does not require the obligor to execute and deliver
an Underlying Note to evidence the indebtedness created under such Loan and (ii) no Underlying Notes are outstanding with respect
to the portion of the Loan transferred to a Fund.

 

1.17            “Officer”
shall mean the Chairman, President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer,
or any Assistant Treasurer of the Fund.

 

1.18            “Participation”
means an interest in a Loan that is acquired indirectly by way of a participation from a selling institution.

 

1.19            “Proper
Instructions” shall mean Written Instructions.

 

1.20            “SEC”
shall mean the U.S. Securities and Exchange Commission.

 

1.21            “Securities”
shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates
of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments
or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests
therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

 

1.22            “Securities
Depository” shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A
of the Securities Exchange Act of 1934, as amended (the “1934 Act”), which acts as a system for the central handling of Securities
where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred
or pledged by bookkeeping entry without physical delivery of the Securities.

 

1.23            “Shares”
shall mean, with respect to the Fund, the shares of common stock issued by the Fund on account of the Fund.

 

1.24            “Sub-Custodian”
shall mean and include (i) any branch of a “U.S. bank,” as that term is defined in Rule 17f-5 under the 1940 Act,
and (ii) any “Eligible Foreign Custodian”, as that term is defined in Rule 17f-5 under the 1940 Act, having a contract
with the Custodian which the Custodian has determined will provide reasonable care of assets of the Fund based on the standards specified
in Section 3.03 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification
or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss
of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security
interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or
administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency,
or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money
or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging
to the Fund or as being held by a third party for the benefit of the Fund; (v) that the Fund’s independent public accountants
will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic
reports with respect to the safekeeping of the Fund’s assets, including, but not limited to, notification of any transfer to or
from the Fund's account or a third party account containing assets held for the benefit of the Fund. Such contract may contain, in lieu
of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in
their entirety, the same or a greater level of care and protection for Fund assets as the specified provisions.

 

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1.25            “Underlying
Note” means the one or more promissory notes executed by an obligor evidencing a Loan.

 

1.26            “Written
Instructions” shall mean (i) written communications received by the Custodian and signed by an Authorized Person, (ii) communications
by facsimile or Internet electronic e-mail or any other such system from one or more persons reasonably believed by the Custodian to be
an Authorized Person, or (iii) communications between electronic devices.

 

ARTICLE II.

 

APPOINTMENT OF CUSTODIAN

 

2.01            Appointment.
The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at any time during
the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment
and agrees to perform the services and duties set forth in this Agreement. Fund hereby delegates to the Custodian, subject to Rule 17f-5(b),
the responsibilities with respect to the Fund’s Foreign Securities, and the Custodian hereby accepts such delegation as foreign
custody manager with respect to the Fund. The services and duties of the Custodian shall be confined to those matters expressly set forth
herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

 

2.02            Documents
to be Furnished. The following documents, including any amendments thereto, will be provided contemporaneously with the execution
of the Agreement to the Custodian by the Fund:

 

		(a)	A copy of the Fund’s articles of incorporation, certified by the Secretary;

 

		(b)	A copy of the Fund’s bylaws, certified by the Secretary;

 

		(c)	A copy of the resolution of the Board of Directors of the Fund appointing the Custodian, certified by the Secretary;

 

		(d)	A copy of the current private placement memorandum of the Fund (the “Prospectus”);

 

		(e)	A certification of the Chairman or the President and the Secretary of the Fund setting forth the names and signatures of the current
Officers of the Fund and other Authorized Persons; and

 

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		(f)	An executed authorization required by the Shareholder Communications Act of 1985, attached hereto as Exhibit C.

 

2.03            Notice
of Appointment of Transfer Agent. The Fund agrees to notify the Custodian in writing of the appointment, termination or change in
appointment of any transfer agent of the Fund, except if the Fund appoints an affiliate of the Custodian to serve as transfer agent of
the Fund, the Custodian hereby waives the Fund’s obligation to provide such written notice.

 

ARTICLE III.

 

CUSTODY OF CASH AND SECURITIES

 

3.01            Segregation.
All Securities and non-cash property held by the Custodian for the account of the Fund (other than Securities maintained in a Securities
Depository, Eligible Securities Depository or Book-Entry System) shall be physically segregated from other Securities and non-cash property
in the possession of the Custodian (including the Securities and non-cash property of the other series of the Fund, if applicable) and
shall be identified as subject to this Agreement.

 

3.02            Fund
Custody and Cash Accounts. The Custodian shall open and maintain in its fund custody department: (x) a custody account in the
name of the Fund coupled with the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter
and carry all Securities (other than Loans), cash and other assets of the Fund which are delivered to it and (y) cash accounts, including
any subaccounts, in the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry
all principal and interest received with respect to the Loans. The amounts held in the cash in the custody account but shall instead maintain
a register (in book-entry form or in such other form as it shall deem necessary or desirable) of such Loans, containing such information
as the Fund and the Custodian may reasonably agree. The Custodian shall be authorized to open such additional accounts as may be necessary
or convenient for administration of its duties hereunder.

 

3.03            Appointment
of Agents.

 

		(a)	In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible
Securities Depositories or (ii) Eligible Foreign Custodians that are members of the Sub-Custodian’s network to hold Securities
and cash of the Fund and to carry out such other provisions of this Agreement as it may determine; provided, however, that the appointment
of any such agents and maintenance of any Securities and cash of the Fund shall be at the Custodian's expense and shall not relieve the
Custodian of any of its obligations or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub-Custodians
(regardless of whether assets are maintained in the custody of a Sub-Custodian, a member of its network or an Eligible Securities Depository)
appointed by it as if such actions had been done by the Custodian.

 

		(b)	If, after the initial appointment of Sub-Custodians by the Board of Directors in connection with this Agreement, the Custodian wishes
to appoint other Sub-Custodians to hold property of the Fund, it will so notify the Fund and make the necessary determinations as to any
such new Sub-Custodian's eligibility under Rule 17f-5 under the 1940 Act.

 

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		(c)	In performing its delegated responsibilities as foreign custody manager to place or maintain the Fund’s assets with a Sub-Custodian,
the Custodian will determine that the Fund’s assets will be subject to reasonable care, based on the standards applicable to custodians
in the country in which the Fund’s assets will be held by that Sub-Custodian, after considering all factors relevant to safekeeping
of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1).

 

		(d)	The agreement between the Custodian and each Sub-Custodian acting hereunder shall contain the required provisions set forth in Rule 17f-5(c)(2) under
the 1940 Act.

 

		(e)	At the end of each calendar quarter after the date of this Agreement, the Custodian shall provide written reports notifying the Board
of Directors of the withdrawal or placement of the Securities and cash of the Fund with a Sub-Custodian and of any material changes in
the Fund’s arrangements. Such reports shall include an analysis of the custody risks associated with maintaining assets with any
Eligible Securities Depositories. The Custodian shall promptly take such steps as may be required to withdraw assets of the Fund from
any Sub-Custodian arrangement that has ceased to meet the requirements of Rule 17f-5 or Rule 17f-7 under the 1940 Act, as applicable.

 

		(f)	With respect to its responsibilities under this Section 3.03, the Custodian hereby warrants to the Fund that it agrees to exercise
reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of property of the Fund; provided,
however, with respect to custody of any Loans, the Custodian’s responsibility shall be limited to the exercise of reasonable care
by the Custodian in the physical custody of any such documents delivered to it, and any related instrument, security, credit agreement,
assignment agreement and/or other agreements or documents, if any, that may be delivered to it. The Custodian further warrants that the
Fund's assets will be subject to reasonable care if maintained with a Sub-Custodian, after considering all factors relevant to the safekeeping
of such assets, including, without limitation: (i) the Sub-Custodian's practices, procedures, and internal controls for certificated
securities (if applicable), its method of keeping custodial records, and its security and data protection practices; (ii)  whether
the Sub-Custodian has the requisite financial strength to provide reasonable care for Fund assets; (iii)  the Sub-Custodian's general
reputation and standing and, in the case of a Securities Depository, the Securities Depository's operating history and number of participants;
and (iv)  whether the Fund will have jurisdiction over and be able to enforce judgments against the Sub-Custodian, such as by virtue
of the existence of any offices of the Sub-Custodian in the United States or the Sub-Custodian's consent to service of process in the
United States.

 

		(g)	The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing basis
(i) the appropriateness of maintaining the Fund’s assets with a Sub-Custodian or Eligible Foreign Custodians who are members
of a Sub-Custodian’s network; (ii) the performance of the contract governing the Fund’s arrangements with such Sub-Custodian
or Eligible Foreign Custodian’s members of a Sub-Custodian’s network; and (iii) the custody risks of maintaining assets
with an Eligible Securities Depository. The Custodian must promptly notify the Fund or its investment adviser of any material change in
these risks.

 

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		(h)	The Custodian shall use commercially reasonable efforts to collect all income and other payments with respect to Foreign Securities
to which the Fund shall be entitled and shall credit such income, as collected, to the Fund. In the event that extraordinary measures
are required to collect such income, the Fund and Custodian shall consult as to the measurers and as to the compensation and expenses
of the Custodian relating to such measures.

 

3.04            Delivery
of Assets to Custodian. The Fund shall deliver, or cause to be delivered, to the Custodian all of the Fund's Securities, cash and
other investment assets, including (i) all payments of income, payments of principal and capital distributions received by the Fund
with respect to such Securities, cash or other assets owned by the Fund at any time during the period of this Agreement, and (ii) all
cash received by the Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets
until actually received by it.

 

3.05            Securities
Depositories and Book-Entry Systems. The Custodian may deposit and/or maintain Securities (excluding Loans) of the Fund in a Securities
Depository or in a Book-Entry System, subject to the following provisions:

 

		(a)	The Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry System all Securities eligible for deposit
therein and shall make use of such Securities Depository or Book-Entry System to the extent possible and practical in connection with
its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of
Securities, and deliveries and returns of collateral consisting of Securities.

 

		(b)	Securities (other than Loans) of the Fund kept in a Book-Entry System or Securities Depository shall be kept in an account (“Depository
Account”) of the Custodian in such Book-Entry System or Securities Depository which includes only assets held by the Custodian as
a fiduciary, custodian or otherwise for customers.

 

		(c)	The records of the Custodian with respect to Securities of the Fund maintained in a Book-Entry System or Securities Depository shall,
by book-entry, identify such Securities (other than Loans) as belonging to the Fund.

 

		(d)	If Securities purchased by the Fund are to be held in a Book-Entry System or Securities Depository, the Custodian shall pay for such
Securities upon: (i) receipt of advice from the Book-Entry System or Securities Depository that such Securities have been transferred
to the Depository Account; and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for
the account of the Fund. If Securities sold by the Fund are held in a Book-Entry System or Securities Depository, the Custodian shall
transfer such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that payment for such Securities
has been transferred to the Depository Account; and (ii) the making of an entry on the records of the Custodian to reflect such transfer
and payment for the account of the Fund.

 

		(e)	The Custodian shall provide the Fund with copies of any report (obtained by the Custodian from a Book-Entry System or Securities Depository
in which Securities of the Fund are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in
such Book-Entry System or Securities Depository.

 

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		(f)	Notwithstanding anything to the contrary in this Agreement, the Custodian shall be liable to the Fund for any loss or damage to the
Fund resulting from: (i) the use of a Book-Entry System or Securities Depository by reason of any negligence or willful misconduct
on the part of the Custodian or any Sub-Custodian; or (ii) failure of the Custodian or any Sub-Custodian to enforce effectively such
rights as it may have against a Book-Entry System or Securities Depository. At its election, the Fund shall be subrogated to the rights
of the Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other person from any loss or damage
to the Fund arising from the use of such Book-Entry System or Securities Depository, if and to the extent that the Fund has not been made
whole for any such loss or damage.

 

		(g)	With respect to its responsibilities under this Section 3.05 and pursuant to Rule 17f-4 under the 1940 Act, the Custodian
hereby warrants to the Fund that it agrees to (i) exercise due care in accordance with reasonable commercial standards in discharging
its duty as a securities intermediary to obtain and thereafter maintain such assets, (ii) provide, promptly upon request by the Fund,
such reports as are available concerning the Custodian’s internal accounting controls and financial strength, and (iii) require
any Sub-Custodian to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary
to obtain and thereafter maintain assets corresponding to the security entitlements of its entitlement holders.

 

3.06            Disbursement
of Moneys from Fund Custody Account. Upon receipt of Written Instructions, the Custodian shall disburse moneys from the Fund Custody
Account but only in the following cases:

 

		(a)	For the purchase of Securities for the Fund but only in accordance with Section 4.01 of this Agreement and only (i) in the
case of Securities (other than options on Securities, futures contracts and options on futures contracts), against the delivery to the
Custodian (or any Sub-Custodian) of such Securities registered as provided in Section 3.09 below or in proper form for transfer,
or if the purchase of such Securities is effected through a Book-Entry System or Securities Depository, in accordance with the conditions
set forth in Section 3.05 above; (ii) in the case of options on Securities, against delivery to the Custodian (or any Sub-Custodian)
of such receipts as are required by the customs prevailing among dealers in such options; (iii) in the case of futures contracts
and options on futures contracts, against delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of the
Fund or any nominee referred to in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered
into between the Fund and a bank that is a member of the Federal Reserve System or between the Fund and a primary dealer in U.S. Government
securities, against delivery of the purchased Securities either in certificate form or through an entry crediting the Custodian's account
at a Book-Entry System or Securities Depository with such Securities;

 

		(b)	In connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of Securities owned by
the Fund;

 

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		(c)	For the payment of any dividends or capital gain distributions declared by the Fund;

 

		(d)	In payment of the redemption price of Shares as provided in Section 5.01 below;

 

		(e)	For the payment of any expense or liability incurred by the Fund, including, but not limited to, the following payments for the account
of the Fund: interest; taxes; administration, investment advisory, accounting, auditing, transfer agent, custodian, trustee and legal
fees; and other operating expenses of the Fund; in all cases, whether or not such expenses are to be in whole or in part capitalized or
treated as deferred expenses;

 

		(f)	For transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under
the 1934 Act and a member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered national
securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions
by the Fund;

 

		(g)	For transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a futures commission merchant registered
under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract
market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund;

 

		(h)	For the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including the Custodian),
which deposit or account has a term of one year or less; and

 

		(i)	For any other purpose directed by the Company, but only 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.

 

3.07            Delivery
of Securities from Fund Custody Account. Upon receipt of Proper Instructions, the Custodian shall release and deliver, or cause the
Sub-Custodian to release and deliver, Securities from the Fund Custody Account or Loan Documents but only in the following cases:

 

		(a)	Upon the sale of Securities for the account of the Fund but only against receipt of payment therefor in cash, by certified or cashiers
check or bank credit;

 

		(b)	In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the provisions of Section 3.05
above;

 

		(c)	To an offeror’s depository agent in connection with tender or other similar offers for Securities of the Fund; provided that,
in any such case, the cash or other consideration is to be delivered to the Custodian;

 

		(d)	To the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian, or any nominee
or nominees of any of the foregoing, or (ii) for exchange for a different number of certificates or other evidence representing the
same aggregate face amount or number of units; provided that, in any such case, the new Securities are to be delivered to the Custodian;

 

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		(e)	To the broker selling the Securities, for examination in accordance with the “street delivery” custom;

 

		(f)	For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the
issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to any deposit agreement,
including surrender or receipt of underlying Securities in connection with the issuance or cancellation of depository receipts; provided
that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

 

		(g)	Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the Fund;

 

		(h)	In the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such case, the new Securities
and cash, if any, are to be delivered to the Custodian;

 

		(i)	For delivery in connection with any loans of Securities of the Fund, but only against receipt of such collateral as the Fund shall
have specified to the Custodian in Proper Instructions;

 

		(j)	For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against
receipt by the Custodian of the amounts borrowed;

 

		(k)	Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund;

 

		(l)	For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under
the 1934 Act and a member of FINRA, relating to compliance with the rules of the Options Clearing Corporation and of any registered
national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with
transactions by the Fund;

 

		(m)	For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a futures commission merchant registered
under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract
market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund;

 

		(n)	For any other proper corporate purpose, but only upon receipt, in addition to Proper Instructions, specifying the Securities to be
delivered, declaring such purpose to be a proper trust purpose, and naming the person or persons to whom delivery of such Securities shall
be made; or

 

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		(o)	To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided
that in any such case the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities
prior to receiving payment for such securities except as may arise from the Custodian’s own negligence or willful misconduct.

 

3.08            Actions
Not Requiring Proper Instructions. Unless otherwise instructed by the Fund, the Custodian shall with respect to all Securities held
for the Fund:

 

		(a)	Subject to Section 9.04 below, collect on a timely basis all income and other payments to which the Fund is entitled either by
law or pursuant to custom in the securities business;

 

		(b)	Present for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon all Securities that
may mature or be called, redeemed, or retired, or otherwise become payable;

 

		(c)	Endorse for collection, in the name of the Fund, checks, drafts and other negotiable instruments;

 

		(d)	Surrender interim receipts or Securities in temporary form for Securities in definitive form;

 

		(e)	Execute, as custodian, any necessary declarations or certificates of ownership under the federal income tax laws or the laws or regulations
of any other taxing authority now or hereafter in effect, and prepare and submit reports to the IRS and the Fund at such time, in such
manner and containing such information as is prescribed by the IRS;

 

		(f)	Hold for the Fund, either directly or, with respect to Securities held therein, through a Book-Entry System or Securities Depository,
all rights and similar Securities issued with respect to Securities of the Fund; and

 

		(g)	In general, and except as otherwise directed in Proper Instructions, attend to all non-discretionary details in connection with the
sale, exchange, substitution, purchase, transfer and other dealings with Securities and other assets of the Fund.

 

		(h)	Important information related to ADR’s and Preferential Tax Treatment: With respect to any ADR’s you may purchase
and own and which U.S. Bank (the “Bank”) custodies on your behalf, you understand that the holding of American Depository
Receipts (“ADRs”) may require the disclosure of your beneficial ownership information (Name, Address, TIN/SSN, Share
amount) by U.S. Bank to vendors, sub-custodians, or local tax authorities in foreign jurisdictions to avoid tax penalties and obtain for
you the most preferential tax treatment. You acknowledge and consent to any and all disclosures or releases of beneficial information,
described above, by U.S. Bank to any third parties relating to ADRs and release, hold harmless, and indemnify the Bank from any liability
for doing so.

 

    11

     

    

 

3.09            Registration
and Transfer of Securities. All Securities held for the Fund that are issued or issuable only in bearer form shall be held by the
Custodian in that form, provided that any such Securities (other than Loans) shall be held in a Book-Entry System if eligible therefor.
All other Securities held for the Fund may be registered in the name of the Fund, the Custodian, a Sub-Custodian or any nominee thereof,
or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect
to the Fund’s Foreign Securities that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian
for the benefit of its customers shall identify those securities as belonging to the Fund. The Fund shall furnish to the Custodian appropriate
instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees
referred to above or in the name of a Book-Entry System or Securities Depository, any Securities (other than Loans) registered in the
name of the Fund.

 

3.10            Records.

 

		(a)	The Custodian shall maintain complete and accurate records with respect to Securities, cash or other property held for the Fund, including
(i) journals or other records of original entry containing an itemized daily record in detail of all receipts and deliveries of Securities
and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting (A) Securities in transfer, (B) Securities
in physical possession, (C) monies and Securities borrowed and monies and Securities loaned (together with a record of the collateral
therefor and substitutions of such collateral), (D) dividends and interest received, and (E) dividends receivable and interest
receivable; (iii) canceled checks and bank records related thereto; and (iv) all records relating to its activities and obligations
under this Agreement. The Custodian shall keep such other books and records of the Fund as the Fund shall reasonably request, or as may
be required by the 1940 Act, including, but not limited to, Section 31 of the 1940 Act and Rule 31a-2 promulgated thereunder.

 

		(b)	All such books and records maintained by the Custodian shall (i) be maintained in a form acceptable to the Fund and in compliance
with the rules and regulations of the SEC, (ii) be the property of the Fund and at all times during the regular business hours
of the Custodian be made available upon request for inspection by duly authorized officers, employees or agents of the Fund and employees
or agents of the SEC, and (iii) if required to be maintained by Rule 31a-1 under the 1940 Act, be preserved for the periods
prescribed in Rules 31a-1 and 31a-2 under the 1940 Act.

 

3.11            Fund
Reports by Custodian. The Custodian shall furnish the Fund with a daily activity statement and a summary of all transfers to or from
each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Fund with a detailed
statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement.

 

3.12            Other
Reports by Custodian. As the Fund may reasonably request from time to time, the Custodian shall provide the Fund with reports on the
internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

 

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3.13            Proxies
and Other Materials. The Custodian shall cause all proxies relating to Securities that (excluding Loans) which are not registered
in the name of the Fund to be promptly executed by the registered holder of such Securities (excluding Loans), without indication of the
manner in which such proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials and
all notices relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts
to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may
exist in the country where such securities are issued. The Fund acknowledges that local conditions, including lack of regulation, onerous
procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Fund to exercise
shareholder rights.

 

3.14            Information
on Corporate Actions. The Custodian shall promptly deliver to the Fund all information received by the Custodian and pertaining to
Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase or expiration of
rights. If the Fund desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Fund shall
notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Fund will provide
or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three
Business Days prior to the beginning date of the tender period. The Custodian shall have no duty or obligation hereunder to take any action
on behalf of the Fund, to communicate on behalf of the Fund, to collect amounts or proceeds in respect of, or otherwise to interact or
exercise rights or remedies on behalf of the Fund, with respect to any Loans. All such actions and communications are the responsibility
of the Fund.

 

ARTICLE IV.

 

PURCHASE AND SALE OF INVESTMENTS OF THE FUND

 

4.01            Purchase
of Securities. Promptly upon each purchase of Securities (other than Loans) for the Fund, Written Instructions shall be delivered
to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof,
(ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase
and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of
the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by the Fund pay out of the moneys
held for the account of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall
not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for the Fund, if in the Fund Custody Account
there is insufficient cash available to the Fund for which such purchase was made.

 

		(i)	In connection with its acquisition of a Loan or other delivery of a Security constituting a Loan, the Fund shall deliver or cause
to be delivered to the Custodian a properly completed Loan Trade Confirmation containing such information in respect of such Loan as the
Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the
Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require,
and may, but is not required, deliver to the Custodian the Loan Documents for all Loans, including the Loan Checklist.

 

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		(ii)	Notwithstanding anything herein to the contrary, delivery of Loans acquired by the Fund which constitute Noteless Loans or Participations
or which are otherwise not evidenced by a “security” or “instrument” as defined in Section 8-102 and Section 9-102(a)(47)
of the UCC, respectively, shall be made by delivery to the Custodian of (i) in the case of a Noteless Loan, a copy of the loan register
with respect to such Noteless Loan evidencing registration of such Loan on the books and records of the applicable obligor or bank agent
to the name of the Fund (or its nominee) or a copy (which may be a facsimile copy) of an assignment agreement in favor of the Fund as
assignee, and (ii) in the case of a Participation, a copy of the related participation agreement. Any duty on the part of the Custodian
with respect to the custody of such Loans shall be limited to the exercise of reasonable care by the Custodian in the physical custody
of any loan documents including any related instrument, security, credit agreement, assignment agreement and/or other agreements or documents,
if any (collectively, “Financing Documents”), that may be delivered to it. Nothing herein shall require the Custodian
to credit to the Securities Account or to treat as a financial asset (within the meaning of Section 8-102(a)(9) of the UCC)
any such 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.

 

		(iii)	The Custodian may assume the genuineness of any such Financing Document it may receive and the genuineness and due authority of any
signatures appearing thereon, and shall be entitled to assume that each such Financing Document it may receive is what it purports to
be. If an original “security” or “instrument” as defined in Section 8-102 and Section 9-102(a)(47) of
the UCC, respectively, is or shall be or become available with respect to any Loan to be held by the Custodian under this Agreement, it
shall be the sole responsibility of the Fund 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 security or instrument has been or is required to be issued or made
available in respect of any Loan or to compel or cause delivery thereof to the Custodian.

 

		(iv)	Contemporaneously with the acquisition of any Loan, the Fund may (i) cause the copies of the loan documents evidencing such Loan
to be delivered to the Custodian; (ii) if requested by the Custodian, provide to the Custodian an amortization schedule of principal
payments and a schedule of the interest payable date(s) identifying the amount and due dates of all scheduled principal and interest
payments for such Loan and (iii) a properly completed Loan Trade Confirmation containing such information in respect of such Loan
as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which
the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may
require; (iv) take all actions reasonably necessary for the Fund to acquire good title to such Loan; and (v) take all actions
as may be reasonably necessary (including appropriate payment notices and instructions to bank agents or other applicable paying agents)
to cause (A) all payments in respect of the Loan to be made to the Custodian and (B) all notices, solicitations and other communications
in respect of such Loan to be directed to the Fund. The Custodian shall have no liability for any delay or failure on the part of the
Fund to provide necessary information to the Custodian, or for any inaccuracy therein or incompleteness thereof, or for any delay or failure
on the part of the Fund to give such effective payment instruction to bank agents and other paying agents, in respect of the Loans. With
respect to each such Loan, the Custodian shall be entitled to rely on any information and notices it may receive from time to time from
the related bank agent, obligor or similar party with respect to the related Loan Asset, and shall be entitled to update its records (as
it may deem necessary or appropriate), or from the Fund, on the basis of such information or notices received, without any obligation
on its part independently to verify, investigate or recalculate such information.

 

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4.02            Liability
for Payment in Advance of Receipt of Securities Purchased. In any and every case where payment for the purchase of Securities for
the Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions
to so pay in advance, the Custodian shall be liable to the Fund for such payment.

 

4.03            Sale
of Securities. Promptly upon each sale of Securities by the Fund, Written Instructions shall be delivered to the Custodian, specifying:
(i) the name of the issuer or writer of such Securities, and the title or other description thereof; (ii) the number of shares,
principal amount (and accrued interest, if any), or other units sold; (iii) the date of sale and settlement, (iv) the sale price
per unit; (v) the total amount payable upon such sale; and (vi) the person to whom such Securities are to be delivered. Upon
receipt of the total amount payable to the Fund as specified in such Written Instructions, the Custodian shall deliver such Securities
to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall
be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

 

4.04            Delivery
of Securities Sold. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed
to deliver Securities (excluding Loans) against payment, shall be entitled, if in accordance with generally accepted market practice,
to deliver such Securities (excluding Loans) prior to actual receipt of final payment therefor. In any such case, the Fund shall bear
the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed
of by or through the person to whom they were delivered, and the Custodian shall have no liability for any for the foregoing.

 

4.05            Payment
for Securities Sold. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual
receipt of final payment thereof, with: (i) proceeds from the sale of Securities which it has been instructed to deliver against
payment; (ii) proceeds from the redemption of Securities or other assets of the Fund; and (iii) income from cash, Securities
or other assets of the Fund. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed
if final payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Fund to
use funds so credited to the Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable
immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds
were credited to the Fund Custody Account.

 

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4.06            Advances
by Custodian for Settlement. The Custodian may, in its sole discretion and from time to time, advance funds to the Fund to facilitate
the settlement of a Fund's transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand made
by Custodian.

 

ARTICLE V.

 

REDEMPTION OF FUND SHARES

 

5.01            Transfer
of Funds. From such funds as may be available for the purpose in the relevant Fund Custody Account, and upon receipt of Proper Instructions
specifying that the funds are required to redeem Shares of the Fund, the Custodian shall wire each amount specified in such Proper Instructions
to or through such bank or broker-dealer as the Fund may designate.

 

5.02            No
Duty Regarding Paying Banks. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above,
the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or broker-dealer.

 

ARTICLE VI.

 

SEGREGATED ACCOUNTS

 

Upon receipt of Proper Instructions, the Custodian shall establish
and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or
Securities, including Securities maintained in a Depository Account:

 

		(a)	in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under the 1934 Act
and a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the
rules of the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission
or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection
with transactions by the Fund;

 

		(b)	for purposes of segregating cash or Securities in connection with securities options purchased or written by the Fund or in connection
with financial futures contracts (or options thereon) purchased or sold by the Fund;

 

		(c)	which constitute collateral for loans of Securities made by the Fund;

 

		(d)	for purposes of compliance by the Fund with requirements under the 1940 Act for the maintenance of segregated accounts by registered
investment companies in connection with reverse repurchase agreements and when-issued, delayed delivery and firm commitment transactions;
and

 

		(e)	for other proper trust purposes, but only upon receipt of Proper Instructions, setting forth the purpose or purposes of such segregated
account and declaring such purposes to be proper trust purposes.

 

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Each segregated account established under this Article VI shall
be established and maintained for the Fund only. All Proper Instructions relating to a segregated account shall specify the Fund.

 

ARTICLE VII.

 

COMPENSATION OF CUSTODIAN

 

7.01            Compensation.
The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth
on Exhibit A hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous
expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian
in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following receipt
of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within
30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed
amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense
the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance change of 11⁄2 % per month after the
due date. Notwithstanding anything to the contrary, amounts owed by the Fund to the Custodian shall only be paid out of the assets and
property of the Fund.

 

7.02            Overdrafts.
The Fund is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Fund may
obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line
of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be
charged in accordance with the fee schedule set forth on Exhibit A hereto (as amended from time to time)

 

ARTICLE VIII.

 

REPRESENTATIONS AND WARRANTIES

 

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

 

		(a)	It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

 

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

 

    17

     

    

 

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

 

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

 

		(a)	It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

 

		(b)	It is a “U.S. Bank” as defined in section (a)(7) of Rule 17f-5.

 

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

 

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

 

ARTICLE IX.

 

CONCERNING THE CUSTODIAN

 

9.01            Standard
of Care. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not
be liable for any error of judgment, mistake of law, shareholder fraud, or for any loss suffered by the Fund in connection with its duties
under this Agreement, except a loss arising out of or relating to the Custodian’s (or a Sub-Custodian’s) refusal or failure
to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian’s) bad faith, negligence
or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall be entitled
to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted
pursuant to such advice. The Custodian shall promptly notify the Fund of any action taken or omitted by the Custodian pursuant to advice
of counsel.

 

9.02            Actual
Collection Required. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or
any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive
such cash or collect on such instrument.

 

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9.03            No
Responsibility for Title, etc. So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall
not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant
to this Agreement.

 

9.04            Limitation
on Duty to Collect. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due
and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or
presentation.

 

9.05            Reliance
Upon Documents and Instructions. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing
received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually
received by it pursuant to this Agreement.

 

9.06            Cooperation.
The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Fund to keep the books
of account of the Fund and/or compute the value of the assets of the Fund. The Custodian shall take all such reasonable actions as the
Fund may from time to time request to enable the Fund to obtain, from year to year, favorable opinions from the Fund's independent accountants
with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Fund's reports on Form N-SAR,
Form N-CSR and any other reports required by the SEC or any future registration statement on Form N-2, and (ii) the fulfillment
by the Fund of any other requirements of the SEC.

 

ARTICLE X.

 

INDEMNIFICATION

 

10.01            Indemnification
by Fund. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any nominee thereof (each, an “Indemnified
Party” and collectively, the “Indemnified Parties”) from and against any and all claims, demands, losses, reasonable
expenses and liabilities of any and every nature (including reasonable attorneys' fees) that an Indemnified Party may sustain or incur
or that may be asserted against an Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities
are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by the Custodian or such Sub-Custodian
(a) at the request or direction of or in reliance on the advice of the Fund, or (b) upon Proper Instructions, or (iii) from
the performance of its obligations under this Agreement or any sub-custody agreement, provided that neither the Custodian nor any such
Sub-Custodian shall be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of
or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith,
negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity
shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in
this paragraph, the terms “Custodian” and “Sub-Custodian” shall include their respective directors, officers and
employees.

 

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

 

10.03            Security.
If the Custodian advances cash or Securities to the Fund for any purpose, either at the Fund's request or as otherwise contemplated in
this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any
claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from its or its nominee's bad
faith, negligence or willful misconduct), then, in any such event, any property at any time held for the account of the Fund shall be
security therefor, and should the Fund fail to promptly repay or indemnify the Custodian, the Custodian shall be entitled to utilize available
cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.

 

10.04            Miscellaneous.

 

		(a)	Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision
of this Agreement.

 

		(b)	The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.

 

		(c)	In order that the indemnification provisions contained in this Article shall apply, it is understood that if in any case the
indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent
facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the
indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification.
The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification. In the
event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of
the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek indemnification
under this Article X. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor
will be asked to indemnify the indemnitee except with the indemnitor’s prior written consent.

 

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ARTICLE XI.

 

FORCE MAJEURE

 

Neither the Custodian nor the Fund shall be liable
for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances
beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances;
acts of terrorism; sabotage; strikes; epidemics; riots; power failures; and any such circumstances beyond its reasonable; accidents; labor
disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation;
provided, however, that in the event of a failure or delay, the Custodian: (i) shall not discriminate against the Fund in favor of
any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated
by this Agreement; and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

 

ARTICLE XII.

 

PROPRIETARY AND CONFIDENTIAL INFORMATION

 

12.01            The
Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information
of the Fund, all records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients
of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities
and duties hereunder, except: (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably
withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply; (ii) when
requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian,
although the Custodian will promptly report such disclosure to the Fund if disclosure is permitted by applicable law and regulation; or
(iii) when so requested by the Fund. Records and other information which have become known to the public through no wrongful act
of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian
prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph.

 

12.02            Further,
the Custodian will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified
from time to time. In this regard, the Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably
designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information
relating to the Fund and its shareholders. The Fund agrees on behalf of itself and its directors, officers, and employees to treat confidentially
and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation,
information regarding the Custodian’s pricing, products, services, customers, suppliers, financial statements, processes, know-how,
trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer
software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes
and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under
this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably
withheld and may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when
requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Custodian. Information which
has become known to the public through no wrongful act of the Fund or any of its employees, agents or representatives, and information
that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

 

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12.03            Notwithstanding
anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of the Custodian as a service provider,
redacted copies of this Agreement, and such other information as may be required in the Trust’s registration or offering documents,
or as may otherwise be required by applicable law, rule, or regulation, and (ii) the Custodian shall be permitted to include the
name of the Fund in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing
and promotional purposes.

 

ARTICLE XIII.

 

EFFECTIVE PERIOD; TERMINATION

 

13.01            Effective
Period. This Agreement shall become effective as of the date last written on the signature page and will continue in effect for
a period of three (3) years.

 

13.02            Termination.

 

		(a)	Following the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either party provides
written notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement.

 

		(b)	Subject to Section 13.03, this Agreement may be terminated by either party upon giving 90 days’ prior written notice to
the other party or such shorter notice period as is mutually agreed upon by the parties.

 

		(c)	The Custodian may terminate this Agreement in its discretion upon the sending
of at least five (5) days’ advance written notice to the Fund would cause the Custodian or any of its affiliates to
be in violation of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority of competent jurisdiction,;
provided, that the Custodian shall not be discharged from its duties or obligations hereunder until a new the successor custodian has
been appointed. If no successor custodian shall have been appointed, or if appointed, shall not have accepted its appointment, within
twenty (20) days after the resignation or removal of the Custodian, then the Fund shall appoint a successor custodian. Any termination
or any amendment or waiver of this Agreement shall be effected solely by an instrument in writing executed by all the parties hereto.

 

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		(d)	This Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach
is not cured within 15 days of notice of such breach to the breaching party.

 

		(e)	The Fund may, at any time, immediately terminate this Agreement in the event of the appointment of a conservator or receiver for the
Custodian by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court
of competent jurisdiction.

 

13.03            Appointment
of Successor Custodian. If a successor custodian shall have been appointed by the Board of Directors, the Custodian shall, upon receipt
of a notice of acceptance by the successor custodian, on such specified date of termination (i) deliver directly to the successor
custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Fund
and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to
an account of or for the benefit of the Fund at the successor custodian, provided that the Fund shall have paid to the Custodian all fees,
expenses and other amounts the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense
of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian
under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which the Custodian has maintained
the same, the Fund shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such
duties and responsibilities, including provision for assistance from the Custodian’s personnel in the establishment of books, records,
and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

 

13.04            Failure
to Appoint Successor Custodian. If a successor custodian is not designated by the Fund on or before the date of termination of this
Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection, which bank or trust company:
(i) is a “bank” as defined in the 1940 Act; and (ii) has aggregate capital, surplus and undivided profits as shown
on its most recent published report of not less than $25 million, all Securities, cash and other property held by the Custodian under
this Agreement and to transfer to an account of or for the Fund at such bank or trust company all Securities of the Fund held in a Book-Entry
System or Securities Depository. Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this
Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books,
records and other data of the Fund shall be returned to the Fund.

 

ARTICLE XIV.

 

CLASS ACTIONS

 

The Custodian shall use its best efforts to identify and file claims
for the Fund involving any class action litigation that impacts any security the Fund may have held during the class period. The Fund
agrees that the Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing certain rights to
make claims or otherwise pursue class action defendants who settle their claims. Further, the Fund acknowledges that there is no guarantee
these claims will result in any payment or partial payment of potential class action proceeds and that the timing of such payment, if
any, is uncertain.

 

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However, the Fund may instruct the Custodian to distribute class action
notices and other relevant documentation to the Fund or its designee and, if it so elects, will relieve the Custodian from any and all
liability and responsibility for filing class action claims on behalf of the Fund.

 

ARTICLE XV.

 

MISCELLANEOUS

 

15.01            Compliance
with Laws. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited
to compliance with the 1940 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001 and the
policies and limitations of the Fund relating to its portfolio investments as set forth in its Form 10. The Custodian’s services
hereunder shall not relieve the Fund of its responsibilities for assuring such compliance or the Board of Directors’ oversight responsibility
with respect thereto. The Fund shall immediately notify the Custodian if the investment strategy of the Fund materially changes or deviates
from the investment strategy that causes the Fund to file an amended prospectus with the SEC, or if it becomes subject to any new law,
rule, regulation, or order of a governmental or judicial authority of competent jurisdiction that materially impacts the operations of
the Fund or the services provided under this Agreement

 

15.02 Amendment. This Agreement may not be amended or modified
in any manner except by written agreement executed by the Custodian and the Fund, and authorized or approved by the Board of Directors.

 

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

 

15.04            Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the
applicable laws of the State of Minnesota, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the
latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the
SEC thereunder.

 

15.05            No Agency Relationship. Nothing herein contained shall
be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name,
or for the account, of the other party to this Agreement.

 

15.06 Services Not Exclusive. Nothing in this Agreement shall
limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services
provided hereunder.

 

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

 

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

 

Notice to the Custodian shall be sent
to:

U.S Bank, N.A.

1555 N. Rivercenter Dr., MK-WI-S302

Milwaukee, WI 53212

Attn: Tom Fuller

Phone: 414-905-6118

Fax: 866-350-5066

 

and notice to the Fund shall be sent to:

 

Brightwood Capital Corporation

c/o Brightwood Capital Advisors, LLC

810 Seventh Avenue

New York, New York 10019

Attention: Brightwood Infrastructure

Email:
Brightwood.Infrastructure@brightwoodlp.com

 

With a copy to:

 

Darilyn T. Olidge, Esq., General
Counsel and Chief Compliance Officer

Email:
olidge@brightwoodlp.com

 

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

 

15.10 No Waiver. No failure by either party hereto to exercise,
and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of
any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive
of any remedies provided at law or in equity.

 

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15.11 References to Custodian. The Fund shall not circulate
any written material that contains any reference to the Custodian without the prior written approval of the Custodian, excepting written
material contained in the Prospectus or statement of additional information for the Fund and such other written material as merely identifies
the Custodian as custodian for the Fund. The Fund shall submit written material requiring approval to the Custodian in draft form, allowing
sufficient time for review by the Custodian and its counsel prior to any deadline for publication.

 

(signatures on the following page)

 

    26

     

    

 

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

 

BRIGHTWOOD CAPITAL CORPORATION I

 

		By:	/s/ Sengal Selassie	 

 

Name: Sengal
Selassie

 

Title: Chief Executive Officer

 

		Date:	July 25, 2022	 

 

U.S. BANK NATIONAL ASSOCIATION

 

		By:	/s/ Greg Farley	 

 

		Name:	Greg Farley	 

 

		Title:	Sr. Vice President	 

 

		Date:	July 25, 2022	 

 

    27

     

    

 

List of Data Elements for Loan Trade Confirmation1

 

Trade Date

 

Issuer Description

 

Investment Description

 

CUSIP/Investment ID

 

Maturity Date

 

Coupon Rate

 

Currency

 

Quantity

 

Price

 

Trade Fees

 

Accrued Interest

 

Broker

 

Comments

 

    28

     

    

 

EXHIBIT A

 

Fee Schedule

 

Loan Custody Services Fee Schedule

 

		§	Alternative Investment Processing

 

		§	Trade Coordination

 

		§	Transaction Activity

 

		§	Corporate Actions

 

One time on-boarding fee: $3,000

 

Based upon an annual rate of average daily market value of all long
securities and cash held in the portfolio*

 

2.5 basis points

 

The fee is based on the quoted basis points time the par value of the
assets excluding cash as of the 35th day of the month of December, March, June, and September, for the previous 3 months.

 

All Fees will be billed and auto debited in January, April, July, and
October

 

Minimum quarterly fee per fund / series – $5,000*

 

Securities custody at a separate fee and service schedule.

 

Additional services not included above shall be mutually agreed upon
at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes
to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g. margin management
services, securities lending services, compliance with new SEC rules and reporting requirements).

 

*Subject
to annual CPI increase– All Urban Consumers – U.S. City Average” index, provided that the CPI adjustment will not decrease
the base fees (even if the cumulative CPI rate at any point in time is negative).

 

    29

     

    

 

EXHIBIT B

 

AUTHORIZED PERSONS

 

Set forth below are the names
and specimen signatures of the persons authorized by the Fund to administer the Fund Custody Accounts.

 

	Name	Telephone/Fax

 Number	 	Signature
	
     
	 	 	 
	
     
	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
     
	 	 	 
	
     
	 	 	 
	
     
	 	 	 
	 	 	 	 

 

    30

     

    

 

 

EXHIBIT C

 

SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION

 

BRIGHTWOOD CAPITAL CORPORATION

 

The Shareholder Communications Act of 1985 requires banks and trust
companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those
securities.

 

Unless you specifically require us to NOT release your name and address
to requesting companies, we are required by law to disclose your name and address.

 

Your “yes” or “no” to disclosure will apply
to all U.S. securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A “no”
election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository Receipts (ADRs) held
in your account.

 

	 ̈ YES	 	U.S. Bank is authorized to provide the Trust’s name, address and security position to requesting companies whose stock is owned by the Trust.  
	 	 	 
	 ̈ NO	 	U.S. Bank is NOT authorized to provide the Trust’s name, address and security position to requesting companies whose stock is owned by the Trust.  

 

BRIGHTWOOD CAPITAL CORPORATION I

 

		By:	 	 
	 	 	 	 
		Title:	 	 
	 	 	 	 
		Date:	 	 

 

    31Exhibit 10.6

 

TRANSFER AGENT SERVICING AGREEMENT

 

THIS TRANSFER AGENT
SERVICING AGREEMENT (this “Agreement”) is made and entered into as of this 25th day of July, 2022, by and among BRIGHTWOOD
CAPITAL CORPORATION I, a Maryland corporation (the “Fund ”), and U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. Bank
Global fund Services, a Wisconsin limited liability company (“USBFS”).

 

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

 

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

 

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

 

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

 

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

 

		1.	Appointment of USBFS as Transfer Agent

 

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

 

		2.	Services and Duties of USBFS

 

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

 

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

 

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

 

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

 

    1

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    2

     

    

 

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

 

		3.	Lost Shareholder Due Diligence Searches and Servicing

 

The Fund hereby acknowledges that USBFS has an arrangement
with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”). Costs associated with such searches will be passed through to the Fund as a miscellaneous expense
in accordance with the fee schedule set forth in Exhibit A hereto. If a shareholder remains lost and the shareholder’s
account unresolved after completion of the mandatory Rule 17Ad-17 search, the Fund hereby authorizes USBFS to conduct a more in-depth
search in order to locate the lost shareholder before the shareholder’s assets escheat to the applicable state, to enter into agreements
with vendors to conduct such additional searches, and to charge the costs of such additional searches to the account of the lost shareholder.

 

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

 

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

 

Based on this determination, the Fund hereby instructs and
directs USBFS to implement the Procedures, as applicable, on the Fund’s behalf, as such may be amended from time to time. It is
contemplated that these Procedures will be amended from time to time by USBFS and any such amended Procedures will be provided to the
Fund. Should the Fund desire that USBFS perform services not provided for in the Procedures, such additional services and the associated
cost must be specifically detailed in the attached fee schedule.

 

The Fund acknowledges and agrees that although it is directing
USBFS to implement the Procedures on its behalf, USBFS is implementing the Procedures as a service provider to the Fund and the Fund is
and remains ultimately responsible for complying with all applicable laws, rules, and regulations with respect to anti-money laundering,
customer identification, identity theft prevention, economic sanctions, and terrorist financing, whether under the AML Rules, or otherwise,
such as, the establishment and board adoption of its own formal anti-money laundering program and the designation of its own anti-money
laundering officer, as applicable.

 

    3

     

    

 

The Fund further acknowledges and agrees that certain portions
of the Procedures are applicable to certain products, entities, structures, or geographies and, accordingly, certain portions of the Procedures
may not be implemented with respect to the Fund. The Fund has had the opportunity to discuss the Procedures with USBFS, and the Fund understands
and agrees which portions of the Procedures may not be implemented on behalf of the Fund. Without limitation of the foregoing, USBFS shall
not be responsible for providing anti-money laundering or customer identification services with respect to certain intermediary or dealer-controlled
customer accounts (i.e., level 0 sub-accounts through the Fund/SERV system operated by the National Securities Clearing Corporation) and
other fund client relationships where there is a sub-transfer agency or similar arrangement between the Fund and the intermediary.

 

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

 

		5.	Compensation

 

USBFS shall be compensated for providing the services set
forth in this Agreement in accordance with the fee schedule set forth on Exhibit A hereto (as amended from time to time. USBFS
shall also be reimbursed for such miscellaneous expenses as set forth on Exhibit A hereto as are reasonably incurred by USBFS
in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within thirty (30) calendar days following
receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Administrator and/or the Fund shall
notify USBFS in writing within thirty (30) calendar days following receipt of each invoice if the Administrator and/or the Fund is disputing
any amounts in good faith. The Fund shall pay such disputed amounts within ten (10) calendar days of the day on which the parties
agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid
invoices shall accrue a finance charge of 11⁄2% per month after the due date.

 

		6.	Representations and Warranties

 

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

 

		(1)	The Fund is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

 

    4

     

    

 

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

 

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

 

		(4)	All records of the Fund (including, without limitation, all shareholder and account records) provided to USBFS by the Fund or by a
prior transfer agent of the Fund are accurate and complete and USBFS is entitled to rely on all such records in the form provided; and

 

		(5)	The Fund has a reasonable belief that it knows the true identity of all shareholders of the Fund as of the date of this Agreement
including, to the extent applicable, the beneficial owners of such shareholders, and USBFS is entitled to rely on such identification
by the Fund.

 

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

 

		(1)	It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

 

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

 

    5

     

    

 

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

 

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

 

		7.	Standard of Care; Indemnification; Limitation of Liability

 

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

 

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

 

In no case shall either party be liable to the other for (i) any
special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such) under this Agreement;
or (ii) any delay by reason of circumstances not reasonably foreseeable and beyond its reasonable control, including acts of civil
or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection,
war, riots, or failure beyond its control of transportation or power supply.

 

    6

     

    

 

In the event of a mechanical breakdown or failure of communication
or power supplies beyond its control, USBFS shall take all reasonable steps to minimize service interruptions for any period that such
interruption continues. USBFS shall as promptly as possible under the circumstances notify the Fund in the event of any service interruption
that materially impacts USBFS’ services under this Agreement. USBFS will make every reasonable effort to restore any lost or damaged
data and correct any errors resulting from such a breakdown at the expense of USBFS as soon as practicable. USBFS agrees that it shall,
at all times, have reasonable business continuity and disaster recovery contingency plans with appropriate parties, making reasonable
provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives
of the Fund shall be entitled to inspect USBFS’ premises and operating capabilities, books and records maintained on behalf of the
Fund at any time during regular business hours of USBFS, upon reasonable notice to USBFS. USBFS shall promptly notify the Fund upon discovery
of any material administrative error, and shall consult with the Fund about the actions it intends to take to correct the error prior
to taking such actions. A “material administrative error” means any error which the Fund’s management, including its
Chief Compliance Officer, would reasonably need to know to oversee Fund compliance. Moreover, USBFS shall obtain and provide the Fund,
at such times as the Fund may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures
of USBFS relating to the services provided by USBFS under this Agreement.

 

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

 

		B.	In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor
may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning
the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly
concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall
have the option to defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the indemnitor
so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee
shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee
shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee
except with the indemnitor’s prior written consent.

 

    7

     

    

 

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

 

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

 

		8.	Data Necessary to Perform Services

 

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

 

		9.	Proprietary and Confidential Information

 

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

 

    8

     

    

 

Further, USBFS will adhere to the privacy policies adopted
by the Fund pursuant to Title V of the Gramm Leach Bliley Act, as may be modified from time to time. In this regard, USBFS shall have
in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and
integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders. In addition,
USBFS has implemented and will maintain an effective information security program reasonably designed to protect information relating
to Shareholders (such information, “Personal Information”), which program includes sufficient administrative, technical and
physical safeguards and written policies and procedures reasonably designed to (a) insure the security and confidentiality of such
Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal Information,
including identity theft; and (c) protect against unauthorized access to or use of such Personal Information that could result in
substantial harm or inconvenience to the Fund or any Shareholder (the “Information Security Program”). The Information Security
Program complies and shall comply with reasonable information security practices within the industry. Upon written request from the Fund,
USBFS shall provide a written description of its Information Security Program. USBFS shall promptly notify the Fund in writing of any
breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any Personal Information
(any or all of the foregoing referred to individually and collectively for purposes of this provision as a “Security Breach”).
USBFS shall promptly investigate and remedy, and bear the cost of the measures (including notification to any affected parties), if any,
to address any Security Breach. USBFS shall bear the cost of the Security Breach only if USBFS is determined to be responsible for such
Security Breach.

 

In addition to, and without limiting the foregoing, USBFS
will promptly cooperate with the Fund or any of their affiliates’ regulators at USBFS’s expense (only if USBFS is determined
to be responsible for such Security Breach) to prevent, investigate, cease or mitigate any Security Breach, including but not limited
to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision in this Agreement,
the obligations set forth in this paragraph shall survive termination of this Agreement.

 

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

 

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

 

    9

     

    

 

		10.	Records

 

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

 

		11.	Compliance with Laws

 

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

 

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

 

		C.	If, and to the extent that, the General Data Protection Regulation (EU) 2016/679, as amended (“GDPR”) or the Cayman Islands
Data Protection Law, 2017, as amended (“DPL”), are applicable to USBFS and the Fund the following provisions shall apply:

 

		(1)	The parties agree USBFS is a “Data Processor” under GDPR and DPL, as applicable, in the performance of its services under
this the Agreement. Notwithstanding the foregoing, the parties agree USBFS is a “Data Controller” under GDPR and DPL, as applicable,
solely for the purpose of fulfilling its own pre-contractual AML/KYC new fund client onboarding obligations. In either case, the Fund
shall ensure that all necessary and appropriate consents, disclosures and notices, including data subject consents, are in place to enable
the processing of “Personal Data” (as defined by GDPR and DPL) by USBFS, the transfer of Personal Data to USBFS, and the transfer
of Personal Data by USBFS to third countries or regulatory organizations.

 

    10

     

    

 

		(2)	The parties further agree the Fund is a “Data Controller” under GDPR and DPL, as applicable. The Fund, either alone or
jointly with others, determines or controls the content, use, purpose and means of processing the Personal Data.

 

		(3)	USBFS shall process the Personal Data: (i) in accordance with instructions of the Fund pursuant to this Agreement and any authorized
persons list executed pursuant thereto, for the purpose of discharging USBFS’ obligations under the Agreement; and (ii) when
required by law or regulation, or required or requested by any court or regulator (each a “Processing Order”) to which USBFS
is subject. In the event USBFS receives a request to process Personal Data pursuant to any Processing Order, it shall, to the extent legally
permissible and reasonably practicable under the circumstances, notify the Fund prior to processing.

 

		(4)	The Fund is solely responsible for developing and implementing its internal policies and procedures with respect to GDPR and DPL.

 

		(5)	USBFS shall:

 

		i.	ensure that persons handling Personal Data on its behalf are subject to confidentiality obligations similar to those contained in
this Agreement;

 

		ii.	implement appropriate technical and organizational measures to protect Personal Data including against unauthorized or unlawful processing
and against accidental loss, damage or destruction;

 

		iii.	only appoint sub-processors with the prior written consent of the Fund (standing instructions or general written authorization are
sufficient), and only if the sub-processors provide sufficient guarantees in writing to USBFS that they have implemented appropriate technical
and organizational measures in such a manner that processing will comply with GDPR and DPL, as applicable1;

 

		iv.	beyond the initial appointment, inform the Fund of any intended material changes concerning the addition or replacement of sub-processors,
thereby giving the Fund the opportunity to object;

 

		v.	taking into account the nature of the processing, reasonably assist the Fund by appropriate technical and organizational measures,
insofar as possible, to enable the Fund to comply with its obligation to respond to requests for exercising a data subject’s rights
under GDPR or DPL;

 

 

 

1 For the avoidance of doubt, USBFS’ affiliates and
third party software providers will be used as sub-processors under this Agreement, and the Fund hereby authorizes such use.

 

    11

     

    

 

		vi.	provide reasonable assistance to the Fund in ensuring their compliance with obligations regarding Personal Data breaches, data protection
impact assessments and prior consultation subject to the nature of the processing and the information reasonably available to USBFS, and
inform the Fund of Personal Data breaches without undue delay;

 

		vii.	at the written direction of the Fund, delete or return all Personal Data to the Fund after the end of the provision of services under
the Agreement relating to processing, and delete existing copies of Personal Data unless applicable law or internal data retention or
backup procedures require the storage of such Personal Data; and

 

		viii.	make available to the Fund all information reasonably necessary to demonstrate compliance with GDPR or DPL, as applicable, and allow
for and reasonably cooperate with audits, including inspections, conducted by the Fund or its auditor; and immediately inform the Fund
if, in its opinion, the Fund’s instructions regarding this subsection infringes on GDPR or DPL.

 

		(6)	Each party shall comply with any other applicable law or regulation which implements GDPR and DPL in relation to the Personal Data.
Nothing in the Agreement shall be construed as preventing either party from taking such other steps as are necessary to comply with GDPR,
DPL or any other applicable data protection laws.

 

		12.	Term of Agreement; Amendment

 

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

 

		13.	Duties in the Event of Termination

 

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

 

    12

     

    

 

		14.	Assignment

 

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

 

		15.	Governing Law

 

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

 

		16.	Services not Exclusive

 

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

 

		17.	No Agency Relationship

 

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

 

		18.	Invalidity

 

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

 

    13

     

    

 

		19.	Notices

 

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

 

Notice to USBFS shall be sent to:

 

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

 

and notice to the Fund shall be sent to:

 

Brightwood Capital Corporation

c/o Brightwood Capital Advisors, LLC

810 Seventh Avenue

New York, New York 10019

Attention: Darilyn T. Olidge, Esq., General Counsel and
Chief Compliance Officer

Email: olidge@brightwoodlp.com

 

		20.	Multiple Originals

 

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

 

		21.	Entire Agreement

 

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

 

[Signature Page Follows]

 

    14

     

    

 

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

 

 

U.S. BANCORP FUND SERVICES, LLC

 

	By:	/s/ Gregory Farley	 

 

	Name:	Gregory Farley	 

 

	Title:	Senior Vice President	 

 

 

BRIGHTWOOD CAPITAL CORPORATION I

 

	By:	/s/ Sengal Selassie	 

 

	Name:	Sengal Selassie	 

 

	Title:	Chief Executive Officer	 

 

    15

     

    

 

Exhibit A to the Transfer Agent Servicing
Agreement – Fee Schedule

 

Transfer Agency/Investor Services Fee Schedule*

 

		■	$ 20,000 - per year, Base Fee Per CUSIP

 

		■	$ 13.00 - per open account for Open Accounts

 

		■	$ 3.00 - per closed account for Closed Accounts

 

CUSIP Setup

 

		■	$ 5,000 - per CUSIP, CUSIP Fee

 

PA Port

 

		■	$ 10,000 - Annual fee

 

		■	$ 15,000 - One-time standard set up charge

 

		●	Customization charged at vendor's current hourly rate

 

Data Output

 

		■	$ 1,875 - One-time standard set up for periodic statements and confirms

 

		●	Customization charged at vendor's current hourly rate

 

Chief Compliance Officer Support Fee

 

		■	$ 3,000 per year

 

Miscellaneous Expenses

 

All other miscellaneous fees and expenses, including but not limited
to the following, will be separately billed as incurred:

 

brokerage fees, telephone toll-free lines, inbound calls, mailing,
sorting and postage, stationery, envelopes, service/data conversion, AML verification services, special reports, record retention, lost
shareholder search, disaster recovery charges, Fed wire charges, shareholder/dealer print out (daily confirms, investor statements, tax,
checks, and commissions), voice response (VRU) maintenance and development, data communication and implementation charges, return mail
processing, travel, FATCA and other compliance mailings.

 

Additional Services

 

Additional services not included above shall be mutually agreed upon
at the time of the service being added. Available but not included above are the following services- client dedicated line data access,
programming charges, physical certificate processing, CUSIP setup and additional services mutually agreed upon.

 

In addition to the fees described above, additional fees may be charged
to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided
(e.g., compliance with new liquidity risk management and reporting requirements).

 

*Subject to annual CPI increase-All Urban Consumers - U.S. City Average"
index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

 

Fees are calculated pro rata and billed monthly

 

The monthly fee for an open account shall be charged in the month
during which an account is opened through the month in which such account is closed. The monthly fee for a closed account shall be charged
in the month following the month during which such account is closed.

 

    16

     

    

 

Fees for Special Situation:

 

		■	Fee will be accessed.

 

Rule 2a-5 Reporting (valuation reporting and support):

 

		■	$ 2,000 per fund

 

Customized delivery of data:

 

		■	TBD

 

RIC Core Tax Services

 

M-1 book-to-tax adjustments at fiscal and excise year-end, prepare
tax footnotes in conjunction with fiscal year-end audit, Prepare Form 1120-RIC federal income tax return and relevant schedules,
Prepare Form 8613 and relevant schedules, Prepare Form 1099-MISC Forms, Prepare Annual TDF FBAR (Foreign Bank Account Reporting)
filing, Prepare state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

 

Optional Tax Services RIC

 

		■	$ 5,000 per year - Prepare book-to-tax adjustments & Form 5471 for Controlled Foreign Corporations (CFCs)

 

		■	$ 1,000 per additional estimate - Additional Capital Gain Dividend Estimates - (First two included in core services)

 

		■	$ 1,500 per additional return - State tax returns - (First two included in core services)

 

Partnership Core Tax Services

 

		■	Fund book to tax analysis (Excluding specific MLP Investment Structures)

 

		■	LP and GP tax allocation calculations as a component of Schedule K-1 disclosures

 

		■	Fund Treasury filings including FINCEN Form 114 (F/K/A TDF 90-22.1 Foreign Account Returns) upon request

 

		■	File Form 1099 Miscellaneous upon request

 

		■	Semi Annual and Annual Provision if applicable

 

		■	Form 8937 if applicable

 

Partnership Optional Tax Services - (in addition to
Standard Services)

 

Federal Tax Returns

 

		■	Prepare partnership federal income tax returns for master or standalone investment fund (up to 100 investors):

 

		■	$ 2,000 - $ 5,000 Prepare partnership federal income tax returns for feeder entity (up to 100 K-1s)

 

		■	Prepare Federal and State extensions (If Applicable); Included in the return fees

 

		■	$ 2,500 per blocker - Prepare corporate federal tax returns and analysis for US blocker entities

 

		■	$ 2,000 per blocker - Prepare corporate federal tax returns and analysis for foreign blocker entities

 

		■	$ 2,000 per SPV - Prepare tax analysis for Special Purpose Vehicles (SPV's)

 

		■	$ 5,000 Additional Per PFIC request - PFIC Statements

 

		■	Coordinate filings and help facilitate payments to federal and local governments (If Applicable); Included in the return fees

 

		■	$ 3,000 Per Estimate request - Prepare K-1 estimates

 

State Tax Returns

 

		■	$ 1,000 per fund - State tax notice consultative support and resolution

 

		■	$ 250 - Prepare New York Form IT- 204-LL

 

    17

     

    

 

		■	$ 1,500 per state return - Prepare state income tax returns for funds and blocker entities

 

		●	$ 2,000 per state return - Sign state income tax returns

 

		●	Included with preparation of returns - Assist in filing state income tax returns

 

Additional fee for Returns with over 100 investors to be added based
on complexity.

 

Note Increase analysis due to side pocket allocation analysis may
result in additional fees.

 

Note US Corporation preparation fees do not include 1099-DIV reporting

 

Tax Reporting - C-Corporations

 

Federal Tax Returns

 

		■	$ 25,000 - Prepare corporate Book to tax calculation, average cost analysis and cost basis role forwards, and federal income tax returns
for investment fund (Federal returns & 1099 Breakout Analysis)

 

		■	Included in the return fees - Prepare Federal and State extensions (If Applicable)

 

		■	$ 2,000 Per estimate - Prepare provision estimates

 

State Tax Returns

 

		■	$ 1,500 per state return - Prepare state income tax returns for funds and blocker entities

 

		●	$ 2,000 per state return - Sign state income tax returns

 

		●	Included with preparation of returns - Assist in filing state income tax returns

 

		●	$ 1,000 per fund - State tax notice consultative support and resolution

 

    18

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