Document:

Exhibit 10.1

 

Execution
Version

 

INVESTMENT ADVISORY AND 

ADMINISTRATIVE SERVICES AGREEMENT 

BETWEEN 

MSC INCOME FUND, INC. 

AND 

MSC ADVISER I, LLC

 

This Investment Advisory
and Administrative Services Agreement (the “Agreement”) is made as of the 30th day of October 2020,
by and between MSC INCOME FUND, INC., a Maryland corporation (the “Company”), and MSC ADVISER I,
LLC, a Delaware limited liability company (the “Adviser”).

 

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

 

WHEREAS, the Adviser
is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”);
and

 

WHEREAS, the Company
desires to retain the Adviser to furnish investment advisory services to the Company and to provide for the administrative services
necessary for the operation of the Company on the terms and subject to the conditions hereinafter set forth, and the Adviser wishes
to be retained to provide such services.

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

 

1.            Duties
of the Adviser.

 

(a)            Retention
of the Adviser. The Company hereby employs the Adviser to act as the investment adviser to the Company and to manage the investment
and reinvestment of the assets of the Company, subject to the supervision of the board of directors of the Company (collectively,
the “Board”), for the period and upon the terms herein set forth:

 

(i)            in
accordance with the investment objectives, policies and restrictions that are set forth in the Company’s periodic reports
and/or registration statements, as amended from time to time, that the Company files with the Securities and Exchange Commission
(the “SEC”);

 

(ii)           in
accordance with the Investment Company Act and the rules and regulations thereunder, subject to the terms of any exemptive
order applicable to the Company; and

 

(iii)          in
accordance with all other applicable federal and state laws, rules and regulations, and the Company’s articles of incorporation
and bylaws, in each case as amended from time to time.

 

(b)            Responsibilities
of the Adviser. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions
of this Agreement, provide the following advisory services to the Company (the “Advisory Services”):

 

(i)            determine
the composition and allocation of the investment portfolio of the Company, the nature and timing of any changes therein and the
manner of implementing such changes;

 

(ii)           identify,
evaluate and negotiate the structure of the investments made by the Company;

 

(iii)          execute
and close the acquisition of, and monitor and service, the Company’s investments;

 

     

     

    

 

(iv)          determine
the securities and other assets that the Company shall purchase, retain, or sell;

 

(v)           perform
due diligence on prospective investments and portfolio companies;

 

(vi)          provide
the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably
request or require for the investment of its funds; and

 

(vii)         to
the extent required under the Investment Company Act, on the Company’s behalf provide significant managerial assistance to
those portfolio companies to which the Company is required as a BDC to provide such assistance under the Investment Company Act,
including, without limitation, utilizing appropriate personnel of the Adviser to, among other things, participate in board and
management meetings of the Company’s portfolio companies, consult with and advise officers of the Company’s portfolio
companies and provide other organizational and financial consultation to the Company’s portfolio companies.

 

(c)            Power
and Authority. To facilitate the Adviser’s performance of these undertakings, but subject to the restrictions contained
herein, the Company hereby delegates to the Adviser, and the Adviser hereby accepts, the power and authority on behalf of the Company
to provide the Advisory Services enumerated herein to the fullest extent, including, without limitation, the power and authority
to effectuate its investment decisions for the Company, including the execution and delivery of all documents relating to the Company’s
investments and the placing of orders for other purchase or sale transactions on behalf of the Company. In the event that the Company
determines to procure debt financing or otherwise utilize leverage, the Adviser shall use commercially reasonable efforts to arrange
for such financing on the Company’s behalf, subject to the oversight and approval of the Board. If it is necessary for the
Adviser to make investments on behalf of the Company through a special purpose vehicle or a tax blocker corporation, the Adviser
shall have authority to create, or arrange for the creation of, such special purpose vehicle or tax blocker corporation and to
make investments through such special purpose vehicle or tax blocker corporation in accordance with applicable law. The Company
also grants to the Adviser the power and authority to engage in all activities and transactions (and anything incidental thereto)
that the Adviser deems, in its sole discretion, appropriate, necessary or advisable to perform the Advisory Services enumerated
herein and to otherwise carry out its duties pursuant to this Agreement.

 

(d)            Administrative
Services. Subject to the supervision, direction and control of the Board, the provisions of the Company’s articles of
incorporation and bylaws, and applicable federal and state law, in addition to the Advisory Services, the Adviser shall perform,
or cause to be performed by other persons, all administrative services required to be performed in connection with the proper conduct
and operation of the business of the Company, including, but not limited to, legal, accounting, tax, insurance and investor relations
services and other services described in Section 2(b) below (“Administrative Services”).

 

(e)            Acceptance
of Employment. The Adviser hereby accepts employment as the investment adviser and administrator of the Company and agrees
during the term hereof to render the services described herein for the compensation provided herein, subject to the limitations
contained herein.

 

(f)             Sub-Advisers.
The Adviser is hereby authorized to enter into one or more sub-advisory agreements with other investment advisers (each, a “Sub-Adviser”)
pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities
hereunder. Specifically, but not by way of limitation, the Adviser may retain a Sub-Adviser to identify, evaluate, negotiate and
structure prospective investments, perform, or cause to be performed, due diligence procedures and provide due diligence information
to the Adviser, make investment and portfolio management recommendations for approval by the Adviser, monitor the Company’s
investment portfolio and provide certain ongoing administrative services.

 

(i)            The
Adviser and not the Company shall be responsible for any compensation for Advisory Services payable to any Sub-Adviser; provided,
however, that the Adviser shall have the right to direct the Company to pay directly any Sub-Adviser the amounts due and payable
to such Sub-Adviser from the fees and expenses payable to the Adviser under this Agreement.

 

    2

     

    

 

(ii)           Any
sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act and
the Advisers Act, including, without limitation, the requirements of the Investment Company Act relating to Board and Company stockholder
approval thereunder, and other applicable federal and state law.

 

(iii)          Any
Sub-Adviser shall be subject to the same fiduciary duties imposed on the Adviser pursuant to this Agreement, the Investment Company
Act and the Advisers Act, as well as other applicable federal and state law.

 

(g)            Independent
Contractor Status. The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, except
as expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise
be deemed an agent of the Company. Nothing contained herein shall be deemed to create a partnership, joint venture or employer-employee
relationship between the Company and the Adviser, the Company and any sub-adviser or the Adviser and any sub-adviser, and the Company
and the Adviser shall for tax purposes treat the relationship created hereby as a principal-independent contractor relationship.

 

(h)            Record
Retention. Subject to review by and the overall control of the Board, the Adviser, in its capacity as adviser and administrator
to the Company hereunder, shall keep and preserve for the period required by the Investment Company Act and the Advisers Act any
books and records relevant to the activities performed by the Adviser hereunder and shall specifically maintain all books and records
in accordance with Section 31(a) of the Investment Company Act and the rules thereunder, including with respect
to the Company’s portfolio transactions and activities performed by it as the Company’s administrator, and shall render
to the Board such periodic and special reports as the Board may reasonably request or as may be required under applicable federal
and state law, and shall make such records available for inspection by the Board and its authorized agents, at any time and from
time to time during normal business hours. The Adviser agrees that all records that it maintains for the Company are the property
of the Company and shall surrender promptly to the Company any such records upon the Company’s request and upon termination
of this Agreement pursuant to Section 9 herein. The Adviser shall have the right to retain copies, or originals where required
by Rule 204-2 promulgated under the Advisers Act, of such records to the extent required by applicable law, subject to observance
of its confidentiality obligations under this Agreement. The Adviser shall maintain records of the locations where books, accounts
and records are maintained among the persons and entities providing services directly or indirectly to the Adviser or the Company.

 

The following
provisions in this Section 1 shall apply for only so long as the shares of common stock of the Company (“Common Shares”)
are not listed on a national securities exchange.

 

(i)             State
Administrator. The Adviser shall, upon request by an official or agency administering the securities laws of a state, province,
or commonwealth (a “State Administrator”), submit to such State Administrator the reports and statements
required to be distributed to Company stockholders pursuant to this Agreement, any registration statement filed with the SEC, and
applicable federal and state law.

 

(j)             Fiduciary
Duty. It is acknowledged that the Adviser shall have a fiduciary responsibility for the safekeeping and use of all funds and
assets of the Company, whether or not in the Adviser’s immediate possession or control. The Adviser shall not employ, or
permit another to employ, such funds or assets in any manner except for the exclusive benefit of the Company. The Adviser shall
not, by entry into an agreement with any stockholder of the Company or otherwise, contract away the fiduciary obligation owed to
the Company and the Company’s stockholders under common law.

 

2.            Payment
or Reimbursement of Costs and Expenses.

 

(a)            Expenses
of Providing Advisory Services. Subject to the limitations on expense reimbursement of the Adviser as set forth in the last
sentence of this Section 2(a) and in Section 2(c), the Company, either directly or through reimbursement to the
Adviser, shall bear all costs and expenses of its investment operations and its investment transactions, including, without limitation
all third party fees and expenses incurred by the Adviser in connection with its provision of the Advisory Services to the Company
hereunder, including travel and related expenses incurred by the Adviser in connection with the purchase, consideration for purchase,
financing, refinancing, sale or other disposition of any investment or potential investment of the Company and the third party
fees and expenses in monitoring the Company’s investments and performing due diligence on the Company’s prospective
portfolio companies or otherwise related to, or associated with, evaluating and making investments, including expenses related
to unsuccessful portfolio acquisition efforts. Notwithstanding the foregoing, the costs of all personnel of the Adviser, when and
to the extent engaged in providing Advisory Services (but not Administrative Services) hereunder, and the compensation and routine
overhead expenses of such personnel allocable to such Advisory Services, shall be provided and paid by the Adviser and shall not
be paid separately or reimbursed by the Company.

 

    3

     

    

 

(b)            Administrative
Expenses. Subject to the limitations on reimbursement of the Adviser as set forth in Sections 2(a) and 2(d) hereof,
and in addition to the compensation paid to the Adviser pursuant to Section 3 in its role as adviser to the Company, the Company,
either directly or through reimbursement to the Adviser, shall bear all other costs and expenses of its organization, operations
and administration. Without limiting the generality of the foregoing, the Company shall pay or reimburse to the Adviser all fees,
expenses and costs incurred in connection with any registration, offer and sale of the Company’s common stock (the “Common
Shares”) to the public, including (without limitation) registration fees, fees and expenses of qualifying the Common
Shares for sale under applicable federal and state laws, attorney and accountant fees related to the registration and offering
of the Common Shares, printing costs, mailing costs, salaries of employees while engaged in sales activity, charges of transfer
agents and all other organization and offering expenses. In addition, the Company shall pay or reimburse to the Adviser all costs
and expenses related to the day-to-day administration and management of the Company not related to the Advisory Services (“Administrative
Expenses”), including, without limitation the actual cost of the persons performing the functions of chief financial
officer and chief compliance officer and other personnel engaged to provide such Administrative Services (including, without limitation,
direct compensation costs including the allocable portion of salaries, bonuses, benefits and other direct costs associated therewith)
and related overhead costs, including rent, allocated by the Adviser to the Company in a reasonable manner, without markup; amounts
paid to third parties for Administrative Services; the cost of determining the value of the Company’s investments and calculating
the Company’s net asset value, including the cost of any third-party valuation firms; the cost of effecting sales and repurchases
of Common Shares and other securities; any exchange listing fees; federal, state and local taxes; independent directors’
fees and expenses; all travel and related expenses of directors, officers and agents and employees of the Company and the Adviser,
incurred in connection with attending meetings of the Board or holders of securities of the Company or performing other business
activities that relate to the Company; costs of proxy statements; stockholders’ reports and notices; costs of preparing government
filings, including periodic and current reports with the SEC; fidelity bond, liability insurance and other insurance premiums;
and direct costs such as printing, mailing, long distance telephone and staff costs associated with the Company’s reporting
and compliance obligations under the Investment Company Act and applicable federal and state securities laws, including compliance
with the Sarbanes-Oxley Act of 2002; fees and expenses associated with accounting, independent audits and outside legal costs;
and all other expenses incurred in connection with Administrative Services for the Company. For the avoidance of doubt, Administrative
Expenses shall include the allocable portion of personnel and related employment direct costs and overhead costs, including rent,
incurred by the Adviser or its affiliates in providing professional services for the Company in-house, including legal services,
tax services, internal audit services, technology-related services and services in connection with compliance with the Sarbanes-Oxley
Act of 2002. In the event that any affiliate of the Adviser incurs such costs or expenses on behalf of the Company, the Company
shall pay such affiliate to the same extent it would be obligated to pay the Adviser directly had the Adviser incurred and paid
such cost or expense, and any such affiliate of the Adviser shall be an intended third party beneficiary of this Agreement for
purposes of establishing such party’s right to payment hereunder. Specifically, Main Street Capital Corporation and certain
subsidiaries or affiliates thereof may incur, advance and/or pay such costs and expenses.

 

(c)            Portfolio
Company Compensation. In certain circumstances, the Adviser, any Sub-Adviser, or any of their respective affiliates, may receive
compensation from a portfolio company in connection with the Company’s investment in such portfolio company. Any compensation
received by the Adviser, any Sub-Adviser, or any of their respective affiliates attributable to the Company’s investment
in any portfolio company in excess of any of the limitations in or exemptions granted from the Investment Company Act, any interpretation
thereof by the staff of the SEC, or the conditions set forth in any exemptive relief granted to the Adviser, any Sub-Adviser, or
the Company by the SEC shall be delivered promptly to the Company and the Company shall retain such excess compensation for the
benefit of its stockholders.

 

    4

     

    

 

The following
provisions in this Section 2 shall apply for only so long as the Common Shares of the Company are not listed on a national
securities exchange.

 

(d)            Limitations
on Reimbursement of Adviser Costs. The Adviser may be reimbursed for the cost of Administrative Services performed by it on
behalf of the Company; provided, however, the reimbursement shall be an amount equal to the lower of the Adviser’s actual
cost or the amount the Company would be required to pay third parties for the provision of comparable Administrative Services in
the same geographic location; and provided, further, that such costs are reasonably allocated to the Company on the basis of assets,
revenues, time records or other method conforming with generally accepted accounting principles. No reimbursement shall be permitted
for services for which the Adviser is entitled to compensation by way of a separate fee. The Company may also agree to reimburse
the Adviser under the Agreement whereby the Adviser, acting as the Company’s administrator, shall provide certain Administrative
Services for the Company, for the salaries, rent, fringe benefits, travel expenses and other administrative items incurred or allocated
to persons serving in the capacities of chief financial officer and chief compliance officer of the Company and other personnel
engaged to provide such Administrative Services.

 

(e)            Previous
Reimbursement Reports. The Adviser shall prepare or shall cause to be prepared a report, prepared in accordance with the American
Institute of Certified Public Accountants United States Auditing Standards relating to special reports, and distributed to stockholders
not less than annually, containing an itemized list of the costs reimbursed to the Adviser pursuant to Section 2(d) for
the previous fiscal year. The special report shall at a minimum provide:

 

(i)            A
review of the time records of individual employees, the costs of whose services were reimbursed; and

 

(ii)           A
review of the specific nature of the work performed by each such employee.

 

(f)             Proposed
Reimbursement Reports. The Adviser shall prepare or shall cause to be prepared a report containing an itemized estimate of
all proposed expenses for which it shall receive reimbursements pursuant to Section 2(d) of this Agreement for the next
fiscal year, together with a breakdown by year of such expenses reimbursed in each of the last five public programs formed by the
Adviser.

 

3.            Compensation
of the Adviser. The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided
by the Adviser hereunder, a base management fee (“Base Management Fee”) and an incentive fee (“Incentive
Fee”) as hereinafter set forth. The Adviser may, in its sole discretion, agree to temporarily or permanently waive,
defer, or reduce, in whole or in part, the Base Management Fee and/or the Incentive Fee. See Appendix A for examples of how the
Incentive Fee is calculated.

 

(a)            Base
Management Fee. The Base Management Fee shall be calculated at an annual rate of 1.75% of the Company’s average gross
assets. The Base Management Fee shall be payable quarterly in arrears, and shall be calculated based on the average value of the
Company’s gross assets at the end of the two most recently completed calendar quarters. The determination of gross assets
will reflect changes in the fair market value of portfolio investments reflecting both realized and unrealized appreciation and
depreciation. All or any part of the Base Management Fee not taken as to any quarter shall be deferred without interest and may
be taken in such other quarter as the Adviser shall determine, unless the Adviser expressly and in writing delivered to the Company
permanently waives receipt of such Base Management Fee, in which event the Company shall forever be relieved of the obligation
to pay such Base Management Fee for such quarter. The Base Management Fee for any partial month or quarter shall be appropriately
pro rated.

 

(b)            Incentive
Fee. The Incentive Fee shall consist of two parts: (1) a subordinated incentive fee on income, and (2) an incentive
fee on capital gains. Each part of the incentive fee is outlined below.

 

(i)            The
first part of the Incentive Fee, referred to as the subordinated incentive fee on income, will be calculated and payable quarterly
in arrears based on the Company’s pre-incentive fee net investment income for the immediately preceding quarter. The payment
of the subordinated incentive fee on income will be subject to pre-incentive fee net investment income for the previous quarter,
expressed as a quarterly rate of return on adjusted capital at the beginning of the most recently completed calendar quarter, exceeding
1.875% (7.5% annualized), subject to a “catch up” feature (as described below).

 

    5

     

    

 

For this purpose, pre-incentive
fee net investment income means interest income, dividend income and any other income (including any other fees, such as commitment,
origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued
during the calendar quarter, minus the Company’s operating expenses for the quarter (including the Base Management Fee, Administrative
Services expenses and the expenses payable under any other administration or similar agreement and any interest expense and dividends
paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-incentive fee net investment income includes,
in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind
interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment
income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
For purposes of this calculation, adjusted capital means cumulative gross proceeds generated from sales of the Common Shares (including
proceeds from the Company’s distribution reinvestment plan) reduced for non-liquidating distributions, other than distributions
of profits, paid to the Company’s stockholders and amounts paid for share repurchases pursuant to the Company’s share
repurchase program.

 

The calculation of the
subordinated incentive fee on income for each quarter is as follows:

 

		·	No subordinated incentive fee on income shall be payable to the Adviser in any calendar quarter
in which the Company’s pre-incentive fee net investment income does not exceed the hurdle rate of 1.875% (or 7.5% annualized)
on adjusted capital;

 

		·	100% of the Company’s pre-incentive fee net investment income, if any, that exceeds the hurdle
rate but is less than or equal to 2.34375% in any calendar quarter (9.375% annualized) shall be payable to the Adviser. This portion
of the subordinated incentive fee on income is referred to as the “catch up” and is intended to provide the Adviser
with an incentive fee of 20.0% on all of the Company’s pre-incentive fee net investment income as if the hurdle rate did
not apply when the pre-incentive fee net investment income exceeds 2.34375% (9.375% annualized) in any calendar quarter; and

 

		·	For any quarter in which the Company’s pre-incentive fee net investment income exceeds 2.34375%
(9.375% annualized), the subordinated incentive fee on income shall equal 20.0% of the amount of the Company’s pre-incentive
fee net investment income, as the hurdle rate and catch-up will have been achieved.

 

(ii)            The
second part of the Incentive Fee, referred to as the incentive fee on capital gains, shall be an incentive fee on realized capital
gains earned on liquidated investments from the portfolio of the Company and shall be determined and payable in arrears as of the
end of each calendar year (or upon termination of the Agreement). This fee shall equal (a) 20.0% of the Company’s incentive
fee capital gains, which shall equal the Company’s realized capital gains on a cumulative basis from inception, calculated
as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative
basis, less (b) the aggregate amount of any previously paid capital gain incentive fees.

 

4.            Covenants
of the Adviser.

 

(a)            Adviser
Status. The Adviser represents that it is registered as an investment adviser under the Advisers Act and covenants that it
will maintain such registration until the expiration or earlier termination of this Agreement. The Adviser agrees that its activities
will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations
and investments. The Adviser agrees to observe and comply with applicable provisions of the code of ethics adopted by the Company
pursuant to Rule 17j-1 under the Investment Company Act, as such code of ethics may be amended from time to time.

 

    6

     

    

 

The following
provisions in this Section 4 shall apply for only so long as the Common Shares of the Company are not listed on a national
securities exchange.

 

(b)            Reports
to Stockholders. The Adviser shall prepare or shall cause to be prepared and distributed to stockholders during each year the
following reports of the Company (either included in a periodic report filed with the SEC or distributed in a separate report):

 

(i)            Quarterly
Reports. Within 60 days of the end of each quarter, a report containing the same financial information contained in the Company’s
Quarterly Report on Form 10-Q filed by the Company under the Securities Exchange Act of 1934, as amended.

 

(ii)           Annual
Report. Within 120 days after the end of the Company’s fiscal year, an Annual Report on Form 10-K containing:

 

(A)            A
balance sheet as of the end of each fiscal year and statements of income, equity, and cash flow, for the year then ended, all of
which shall be prepared in accordance with generally accepted accounting principles and accompanied by an auditor’s report
containing an opinion of an independent certified public accountant;

 

(B)            A
report of the activities of the Company during the period covered by the report;

 

(C)            Where
forecasts have been provided to the Company’s stockholders, a table comparing the forecasts previously provided with the
actual results during the period covered by the report; and

 

(D)            A
report setting forth distributions by the Company for the period covered thereby and separately identifying distributions from
(i) cash flow from operations during the period; (ii) cash flow from operations during a prior period which have been
held as reserves; and (iii) proceeds from disposition of Company assets.

 

(iii)          Federal
Income Tax Information. Within 75 days after the end of the Company’s fiscal year, all information necessary for stockholders
to prepare their federal income tax returns.

 

(c)            Reports
to State Administrators. The Adviser shall, upon written request of any State Administrator, submit any of the reports and
statements to be prepared and distributed by it pursuant to this Section 4 to such State Administrator.

 

(d)            Reserves.
In performing its duties hereunder, the Adviser shall cause the Company to provide for adequate reserves for normal replacements
and contingencies (but not for payment of fees payable to the Adviser hereunder) by causing the Company to retain a reasonable
percentage of proceeds from offerings and revenues.

 

(e)            Recommendations
Regarding Reviews. From time to time and not less than quarterly, the Adviser must review the Company’s accounts to determine
whether cash distributions are appropriate. The Company may, subject to authorization by the Board, distribute pro rata to the
stockholders funds received by the Company that the Adviser deems unnecessary to retain in the Company.

 

(f)             Temporary
Investments. The Adviser shall, in its sole discretion, temporarily place proceeds from offerings by the Company into short
term, highly liquid investments which, in its reasonable judgment, afford appropriate safety of principal during such time as it
is determining the composition and allocation of the portfolio of the Company and the nature, timing and implementation of any
changes thereto pursuant to Section 1(b); provided however, that the Adviser shall be under no fiduciary obligation to select
any such short-term, highly liquid investment based solely on any yield or return of such investment. The Adviser shall cause any
proceeds of the offering of Company securities not committed for investment within the later of two years from the date of effectiveness
of the Registration Statement or one year from termination of the offering, unless a longer period is permitted by the applicable
State Administrator, to be paid as a distribution to the stockholders of the Company as a return of capital without deduction of
Front End Fees (as defined below).

 

    7

     

    

 

5.            Brokerage
Commissions, Limitations on Front End Fees; Period of Offering; Assessments.

 

(a)            Brokerage
Commissions. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company
to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction
in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction,
if the Adviser determines in good faith, taking into account such factors, including, without limitation, as price (including the
applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm
and the firm’s risk and skill in positioning blocks of securities, that such amount of commission is reasonable in relation
to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that
particular transaction or its overall responsibilities with respect to the Company’s portfolio, and is consistent with the
Adviser’s duty to seek the best execution on behalf of the Company. Notwithstanding the foregoing, with regard to transactions
with or for the benefit of the Company, the Adviser may not pay any commission or receive any rebates or give-ups, nor participate
in any business arrangements which would circumvent this restriction.

 

The following
provisions in this Section 5 shall apply for only so long as the Common Shares of the Company are not listed on a national
securities exchange.

 

(b)            Limitations.
Notwithstanding anything herein to the contrary:

 

(i)            All
fees and expenses paid by any party for any services rendered to organize the Company and to acquire assets for the Company (“Front
End Fees”) shall be reasonable and shall not exceed 18% of the gross offering proceeds, regardless of the source
of payment. Any reimbursement to the Adviser or any other person for deferred Organizational and Offering Expenses (as defined
in the North American Securities Administrators Association Omnibus Guidelines), including any interest thereon, if any, will be
included within this 18% limitation.

 

(ii)           The
Adviser shall commit at least eighty-two percent (82%) of the gross offering proceeds towards the investment or reinvestment of
assets and reserves as set forth in Section 4(d) above on behalf of the Company. The remaining proceeds may be used to
pay Front End Fees.

 

6.            Other
Activities of the Adviser.

 

The services of the
Adviser to the Company are not exclusive, and the Adviser may engage in any other business or render similar or different services
to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or
commingled pools of capital, however structured, having investment objectives similar to those of the Company, so long as its services
to the Company hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager,
partner, member (including its members and the owners of its members), officer or employee of the Adviser to engage in any other
business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or
to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting
services to, one or more of the Company’s portfolio companies, subject to applicable law). The Adviser assumes no responsibility
under this Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees
and stockholders of the Company are or may become interested in the Adviser and its affiliates, as directors, officers, employees,
partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, stockholders,
members and managers of the Adviser and its affiliates are or may become similarly interested in the Company as stockholders or
otherwise.

 

    8

     

    

 

7.            Responsibility
of Dual Directors, Officers and/or Employees.

 

If any person who is
a manager, partner, member, officer or employee of the Adviser or its affiliates is or becomes a director, officer and/or employee
of the Company and acts as such in any business of the Company, then such manager, partner, member, officer and/or employee of
the Adviser or its affiliates shall be deemed to be acting in such capacity solely for the Company, and not as a manager, partner,
member, officer or employee of the Adviser or its affiliates or under the control or direction of the Adviser or its affiliates,
even if paid by the Adviser or its affiliates.

 

8.            Indemnification.

 

(a)            Indemnification.
Subject to Section 8(b) below, the Adviser and any Sub-Adviser (and their respective officers, directors, managers, partners,
shareholders, members (and their shareholders or members, including the owners of their shareholders or members), agents, employees,
controlling persons and any other person or entity affiliated with or acting on behalf of the Adviser or any Sub-Adviser, as applicable
(each an “Indemnified Party”) and, collectively, the “Indemnified Parties”)
shall not be liable to the Company for any action taken or omitted to be taken by the Adviser or any Sub-Adviser in connection
with the performance of any of their duties or obligations under this Agreement, any sub-advisory agreement or otherwise as an
investment adviser of the Company (except to the extent specified in Section 36(b) of the Investment Company Act concerning
loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the
receipt of compensation for services), and the Company shall indemnify, defend and protect Indemnified Parties (each of whom shall
be a third party beneficiary hereof) and hold them harmless from and against all losses, damages, liabilities, costs and expenses
(including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or
by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit
by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the
Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Company or any of the Sub-Adviser’s
duties or obligations under any sub-advisory agreement, to the extent such losses, damages, liabilities, costs and expenses are
not fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent with the laws of the State
of Maryland, the Investment Company Act, the articles of incorporation of the Company and other applicable law. Notwithstanding
the preceding sentence of this Section 8(a) to the contrary, nothing contained herein shall protect or be deemed to protect
the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any
liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of fraud,
willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless
disregard of the Adviser’s duties and obligations under this Agreement (as the same shall be determined in accordance with
the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder).

 

The following
provisions in this Section 8 shall apply for only so long as the Common Shares of the Company are not listed on a national
securities exchange.

 

(b)            Limitations
on Indemnification. Notwithstanding Section 8(a) to the contrary, the Company shall not provide for indemnification
of the Indemnified Parties for any liability or loss suffered by the Indemnified Parties, nor shall the Company provide that any
of the Indemnified Parties be held harmless for any loss or liability suffered by the Company, unless all of the following conditions
are met:

 

(i)            the
Indemnified Party has determined, in good faith, that the course of conduct which caused the loss or liability was in the best
interests of the Company;

 

(ii)           the
Indemnified Party was acting on behalf of or performing services for the Company;

 

(iii)          such
liability or loss was not the result of negligence, willful misfeasance, bad faith, or misconduct by the Indemnified Party; and

 

(iv)          such
indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from stockholders.

 

    9

     

    

 

Furthermore, the Indemnified
Party shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of federal or
state securities laws unless one or more of the following conditions are met:

 

(i)            there
has been a successful adjudication on the merits of each count involving alleged securities law violations as to the Indemnified
Party;

 

(ii)           such
claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnified Party; or

 

(iii)          a
court of competent jurisdiction approves a settlement of the claims against an Indemnified Party and finds that indemnification
of the settlement and related costs should be made, and the court of law considering the request for indemnification has been advised
of the position of the SEC and the published position of any state securities regulatory authority in which securities of the Company
were offered or sold as to indemnification for violations of securities laws.

 

(c)            Advancement
of Funds. The Company shall be permitted to advance funds to the Indemnified Party for legal expenses and other costs incurred
as a result of any legal action for which indemnification is being sought only if all of the following conditions are met:

 

(i)            The
legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company;

 

(ii)           The
Indemnified Party provides the Company with written affirmation of his or her good faith belief that the standard of conduct necessary
for indemnification by the Company has been met;

 

(iii)          The
legal action is initiated by a third party who is not a Company stockholder, or the legal action is initiated by a Company stockholder
and a court of competent jurisdiction specifically approves such advancement; and

 

(iv)          The
Indemnified Party undertakes, in a written agreement, to repay the advanced funds to the Company, together with the applicable
legal rate of interest thereon, in cases in which the Indemnified Party is not found to be entitled to indemnification.

 

9.            Effectiveness,
Duration and Termination of Agreement.

 

(a)            Term
and Effectiveness. This Agreement shall become effective as of the date hereof and shall remain in effect for two years, and
thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved
at least annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company
and (ii) the vote of a majority of the Company’s directors who are not parties to this Agreement or “interested
persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance
with the requirements of the Investment Company Act.

 

(b)            Termination.
This Agreement may be terminated at any time, without the payment of any penalty, (a) by the Company upon 60 days’ written
notice to the Adviser, (i) upon the vote of a majority of the outstanding voting securities of the Company, or (ii) by
the vote of the Company’s independent directors, or (b) by the Adviser upon 120 days’ written notice to the Company.
This Agreement shall automatically terminate in the event of its “assignment” (as such term is defined for purposes
of Section 15(a)(4) of the Investment Company Act). The provisions of Section 8 of this Agreement shall remain in
full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement.

 

(c)            Payments
to and Duties of Adviser Upon Termination.

 

(i)            After
the termination of this Agreement, the Adviser shall not be entitled to compensation for further services provided hereunder except
that it shall be entitled to receive from the Company within thirty (30) days after the effective date of such termination all
earned but unpaid reimbursements and all earned but unpaid fees payable to the Adviser prior to termination of this Agreement,
including any deferred fees. If the Company and the Adviser cannot agree on the amount of such reimbursements and fees, the parties
will submit to binding arbitration.

 

    10

     

    

 

(ii)           The
Adviser shall promptly upon termination:

 

(A)            Deliver
to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by
it, covering the period following the date of the last accounting furnished to the Board;

 

(B)             Deliver
to the Board all assets and documents of the Company then in custody of the Adviser; and

 

(C)             Cooperate
with the Company to provide an orderly transition of services.

 

The following
provisions in this Section 9 shall apply for only so long as the Common Shares of the Company are not listed on a national
securities exchange.

 

(d)            Other
Matters. Without the approval of holders of a majority of the Common Shares entitled to vote on the matter, the Adviser shall
not: (i) amend this Agreement except for amendments that do not adversely affect the interests of the stockholders; (ii) voluntarily
withdraw as the Adviser unless such withdrawal would not affect the tax status of the Company and would not materially adversely
affect the stockholders; (iii) appoint a new adviser; (iv) sell all or substantially all of the Company’s assets
other than in the ordinary course of the Company’s business; or (v) cause the merger or other reorganization of the
Company. In the event that the Adviser should withdraw pursuant to (ii) above, the withdrawing Adviser shall pay all expenses
incurred as a result of its withdrawal. To the extent not prohibited by the Investment Company Act, the Company may terminate the
Adviser’s interest in the Company’s revenues, expenses, income, losses, distributions and capital by payment of an
amount equal to the then present fair market value of the terminated Adviser’s interest, determined by agreement of the terminated
Adviser and the Company. If the Company and the Adviser cannot agree upon such amount, then such amount will be determined in accordance
with the then current rules of the American Arbitration Association. The expenses of such arbitration shall be borne equally
by the terminated Adviser and the Company. The method of payment to the terminated Adviser must be fair and must protect the solvency
and liquidity of the Company.

 

(e)            With
respect to any shares owned by the Adviser, the Adviser may not vote or consent on matters submitted to the stockholders regarding
the removal of the Adviser or regarding any transaction between the Company and the Adviser. In determining the existence of the
requisite percentage of shares necessary to approve a matter on which the Adviser may not vote or consent, any shares owned by
the Adviser shall not be included.

 

10.          Conflicts
of Interests and Prohibited Activities.

 

The following
provisions in this Section 10 shall apply for only so long as the Common Shares of the Company are not listed on a national
securities exchange.

 

(a)            No
Exclusive Agreement. The Adviser is not hereby granted or entitled to an exclusive right to sell or exclusive employment to
sell assets for the Company.

 

(b)            Rebates,
Kickbacks and Reciprocal Arrangements.

 

(i)            The
Adviser agrees that it shall not (A) receive or accept any rebate, give-up or similar arrangement that is prohibited under
applicable federal or state securities laws, (B) participate in any reciprocal business arrangement that would circumvent
provisions of applicable federal or state securities laws governing conflicts of interest or investment restrictions, or (C) enter
into any agreement, arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters
under applicable federal or state securities laws.

 

(ii)           The
Adviser agrees that it shall not directly or indirectly pay or award any fees or commissions or other compensation to any person
or entity engaged to sell the Company’s Common Shares or give investment advice to a potential stockholder; provided, however,
that this subsection shall not prohibit the payment of a registered broker-dealer or other properly licensed agent from sales commissions
for selling or distributing the Common Shares.

 

    11

     

    

 

(c)            Commingling.
The Adviser covenants that it shall not permit or cause to be permitted the Company’s funds from being commingled with the
funds of any other entity. Nothing in this subsection 10(c) shall prohibit the Adviser from establishing a master fiduciary
account pursuant to which separate sub-trust accounts are established for the benefit of affiliated programs, provided that the
Company’s funds are protected from the claims of other programs and creditors of such programs.

 

11.          Notices.

 

Any notice under this
Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

 

12.          Amendments.

 

This Agreement may
be amended in writing by mutual consent of the Company and the Adviser, subject to the provisions of the Investment Company Act.

 

13.          Counterparts.

 

This Agreement may
be executed in counterparts, each of which shall be deemed an original copy and all of which together shall constitute one and
the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.

 

14.          Third
Party Beneficiaries.

 

Except for any Sub-Adviser
and Indemnified Party with respect to Section 8 hereof, such Sub-Adviser and the Indemnified Parties each being an intended
beneficiary of this Agreement for purposes of Section 8 hereof, this Agreement is for the sole benefit of the parties hereto
and their permitted assigns and nothing herein, express or implied, shall give or be construed to give to any person, other than
the parties hereto and such assigns, any legal or equitable rights hereunder.

 

15.          Survival.

 

The provisions of Sections 8, 9, 16 and
this Section 15 shall survive the expiration or earlier termination of this Agreement.

 

16.          Entire
Agreement; Governing Law.

 

This Agreement contains
the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject
matter hereof. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall
be construed in accordance with the laws of the State of Texas. For so long as the Company is regulated as a BDC under the Investment
Company Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act.
In such case, to the extent the applicable laws of the State of Texas, or any of the provisions herein, conflict with the provisions
of the Investment Company Act, the latter shall control.

 

[Signature Page to Follow]

 

    12

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Investment Advisory and Administrative Services Agreement to be duly executed on the date above written.

 

	 	COMPANY:
	 
	 	 	MSC INCOME FUND, INC.
	 
	 	 	By:	/s/ Dwayne
    L. Hyzak 
	 	 	Name:	 Dwayne L. Hyzak 
	 	 	Title:	Chief Executive Officer
	 
	 	ADVISER:
	 
	 	 	MSC ADVISER I, LLC
	 
	 	 	By:	/s/ Dwayne
    L. Hyzak 
	 	 	Name:	 Dwayne L. Hyzak 
	 	 	Title:	Chief Executive Officer

 

     

     

    

 

Appendix A

 

Examples of Quarterly Incentive Fee Calculation

 

Example 1: Subordinated Incentive Fee on Income (*):

 

Alternative 1— Assumptions

 

		·	Investment income (including interest, dividends, fees, etc.) = 1.25%

 

		·	Hurdle rate (1) = 1.875%

 

		·	Base Management fee (2) = 0.4375%

 

		·	Other expenses (legal, accounting, custodian, transfer agent, etc.) (3) = 0.20%

 

		·	Pre-incentive fee net investment income (investment income – (base management fee + other expenses)) = 0.6125%

 

Pre-incentive fee net investment income does not exceed hurdle
rate, therefore there is no subordinated incentive fee on income.

 

Alternative 2 — Assumptions

 

		·	Investment income (including interest, dividends, fees, etc.) = 2.70%

 

		·	Hurdle rate (1) = 1.875%

 

		·	Base Management fee (2) = 0. 4375%

 

		·	Other expenses (legal, accounting, custodian, transfer agent, etc.) (3) = 0.20%

 

		·	Pre-incentive fee net investment income (investment income – (base management fee + other expenses)) = 2.0625%

 

Pre-incentive net investment income exceeds hurdle rate, therefore
there is a subordinated incentive fee on income payable by the Company to the Adviser.

 

Subordinated incentive fee on income = 100% x pre-incentive
fee net investment income in excess of the hurdle rate, based on the “catch-up” provision (4)

 

= 100% x (2.0625% – 1.875%)

 

= 0.1875%

 

Alternative 3 — Assumptions

 

		·	Investment income (including interest, dividends, fees, etc.) = 3.20%

 

		·	Hurdle rate (1) = 1.875%

 

		·	Base Management fee (2) = 0.4375%

 

		·	Other expenses (legal, accounting, custodian, transfer agent, etc.) (3) = 0.20%

 

     

     

    

 

		·	Pre-incentive fee net investment income (investment income – (base management fee + other expenses)) = 2.5625%

 

		·	Subordinated incentive fee on income “catch-up” (4) = 2.34375% (9.375% annual “catch-up” ÷
4 quarters)

 

Pre-incentive net investment income exceeds hurdle rate, therefore
there is a subordinated incentive fee on income payable by the Company to the Adviser.

 

		·	Subordinated incentive fee on income = 20% x pre-incentive fee net investment income, subject to “catch-up” (4)

 

		·	Subordinated incentive fee on income = 100% x “catch-up” + (20% x (pre-incentive fee net investment income –
2.34375%))

 

		·	Catch-up                = 2.34375% – 1.875%

 

= 0.46875%

 

		·	Subordinated incentive fee on income             = (100% x 0.46875%) + (20% x (2.5625% – 2.34375%))

 

= 0.46875% + (20% x 0.21875%)

 

= 0.46875% + 0.04375%

 

= 0.5125% (or 20% of 2.5625%)

 

 

		(1)	Represents 7.5% annualized hurdle rate.

 

		(2)	Represents 1.75% annualized base management fee.

 

		(3)	Excludes organizational and offering expenses.

 

		(4)	The “catch-up” provision is intended to provide the Adviser with a subordinated incentive fee on income of 20%
on all pre-incentive fee net investment income as if a hurdle rate did not apply when the pre-incentive net investment income exceeds
2.34375% in any calendar quarter.

 

		(*)	The hypothetical amount of pre-incentive fee net investment income shown is based on a percentage of total net assets.

 

Example 2: Incentive Fee on Capital Gains:

 

Alternative 1: Assumptions

 

Year 1: $20 million investment made in company A (“Investment
A”), and $30 million investment made in company B (“Investment B”)

 

Year 2: Investment A sold for $50 million and fair market value,
or FMV, of Investment B determined to be $32 million

 

Year 3: FMV of Investment B determined to be $25 million

 

Year 4: Investment B sold for $31 million

 

The incentive fee on capital gains would be:

 

Year 1: None

 

Year 2: Incentive fee on capital gains of $6 million ($30 million
realized capital gains on sale of Investment A multiplied by 20%; no unrealized capital depreciation)

 

Year 3: None

 

     

     

    

 

Year 4: Incentive fee on capital gains of $200,000 ($6.2 million
($31 million cumulative realized capital gains multiplied by 20%) less $6 million (incentive fee on capital gains fee paid in Year
2)

 

Alternative 2 — Assumptions

 

Year 1: $20 million investment made in company A (“Investment
A”), $30 million investment made in company B (“Investment B”) and $25 million investment made in company C (“Investment
C”)

 

Year 2: Investment A sold for $50 million, FMV of Investment
B determined to be $25 million and FMV of Investment C determined to be $25 million

 

Year 3: FMV of Investment B determined to be $27 million and
Investment C sold for $30 million

 

Year 4: FMV of Investment B determined to be $35 million

 

Year 5:     Investment B sold for
$20 million

 

The incentive fee on capital gains, if any, would be:

 

Year 1: None

 

Year 2: $5 million incentive fee on capital gains (20% multiplied
by $25 million ($30 million realized capital gains on Investment A less $5 million unrealized capital depreciation on Investment
B)

 

Year 3: $1.4 million incentive fee on capital gains $6.4 million
(20% multiplied by $32 million ($35 million cumulative realized capital gains on Investment A and Investment C less $3 million
unrealized capital depreciation on Investment B)) less $5 million incentive fee on capital gains paid in Year 2)

 

Year 4: Incentive fee on capital gains of $600,000 ($7 million
($35 million cumulative realized capital gains multiplied by 20%) less $6.4 million (cumulative incentive fees on capital gains
paid in Year 2 and Year 3))

 

Year 5: None. ($5 million (20% multiplied by $25 million (cumulative
realized capital gains of $35 million less realized capital losses of $10 million)) less $7.0 million cumulative incentive fees
on capital gains paid in Year 2, Year 3 and Year 4)

 

The returns shown are for illustrative purposes only and are
all based on quarterly calculations. There is no guarantee that positive returns will be realized and actual returns may vary from
those shown in the examples above.Exhibit 10.2

 

Execution
Copy

 

Custodian
Agreement

 

This Agreement is made
as of October 30, 2020 (this “Agreement”), by and between HMS Income Fund, Inc., a corporation
organized and existing under the laws of Maryland, together with any additional business development companies, subsidiaries or
other funds or investment vehicles added to this Agreement in accordance Section 20.13 hereof (each, a “Fund”),
and State Street Bank and Trust Company, a Massachusetts trust company (the “Custodian”).
Each Fund and the Custodian hereby acknowledge that they are utilizing this master agreement for administrative convenience and
further agree that all references to a “Fund” hereunder shall refer to each Fund in its individual capacity. For the
avoidance of doubt, the rights, duties and obligations of each Fund hereunder shall be several and not joint with respect to each
Fund and no Fund shall be liable for the obligations of any other Fund hereunder.

 

Witnesseth:

 

Whereas,
the Fund desires for the Custodian to provide certain custodial services relating to securities and other assets of the Fund; and

 

Whereas,
the Custodian is willing to provide the services upon the terms contained in this Agreement;

 

Section 1.     Definitions.
In addition to terms defined in Section 4.1 (Rule 17f-5 and Rule 17f-7 related definitions) or elsewhere in this
Agreement, (a) terms defined in the UCC have the same meanings herein as therein and (b) the following other terms have
the following meanings for purposes of this Agreement:

 

“1940 Act”
means the Investment Company Act of 1940, as amended from time to time.

 

“Board”
means, in relation to the Fund, the board of directors, trustees or other governing body of the Fund.

 

“Client Publications”
means the general client publications of State Street Bank and Trust Company available from time to time to clients and their investment
managers.

 

“Deposit
Account Agreement” means the Deposit Account Agreement and Disclosure, as may be amended from time to time, issued
by the Custodian and available on the Custodian’s internet customer portal, “my.statestreet.com”.

 

“Domestic
securities” means securities held within the United States.

 

“Foreign
securities” means securities held primarily outside of the United States.

 

“Fund Interests”
means beneficial interests in the Fund.

 

     

     

    

 

“Held outside
of the United States” means not held within the United States.

 

“Held within
the United States” means (a) in relation to a security or other financial asset, the security or other financial
asset (i) is a certificated security registered in the name of the Custodian or its sub-custodian, agent or nominee or is
endorsed to the Custodian or its sub-custodian, agent or nominee or in blank and the security certificate is located within the
United States, (ii) is an uncertificated security or other financial asset registered in the name of the Custodian or its
sub-custodian, agent or nominee at an office located in the United States, or (iii) has given rise to a security entitlement
of which the Custodian or its sub-custodian, agent or nominee is the entitlement holder against a U.S. Securities System or another
securities intermediary for which the securities intermediary’s jurisdiction is within the United States, and (b) in
relation to cash, the cash is maintained in a deposit account denominated in U.S. dollars with the banking department of the Custodian
or with another bank or trust company’s office located in the United States.

 

“Investment
Advisor” means the investment manager or investment advisor of the Fund.

 

“On book
currency” means (a) U.S. dollars or (b) a foreign currency that, when credited to a deposit account of
a customer maintained in the banking department of the Custodian or an Eligible Foreign Custodian, the Custodian maintains on its
books as an amount owing as a liability by the Custodian to the customer.

 

“Proper
Instructions” means instructions in accordance with Section 10 received by the Custodian from the Fund, the
Fund’s Investment Advisor, or an individual or organization duly authorized by the Fund or the Investment Advisor. The term
includes standing instructions.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“UCC” means the
Uniform Commercial Code of the Commonwealth of Massachusetts as in effect from time to time.

 

“Underlying Portfolios”
means a group of investment companies as defined in Section 12(d)(1)(G)(ii) of the 1940 Act.

 

“Underlying Shares”
means shares or other securities, issued by a U.S. issuer, of Underlying Portfolios and other registered “investment companies”
(as defined in Section 3(a)(1) of the 1940 Act), whether or not in the same “group of investment companies”
(as defined in Section 12(d)(1)(G)(ii) of the 1940 Act).

 

“Underlying
Transfer Agent” means State Street Bank and Trust Company or such other organization which may from time to time
be appointed by the Fund to act as a transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided
with Proper Instructions.

 

“U.S. Securities System”
means a securities depository or book-entry system authorized by the U.S. Department of the Treasury or a “clearing corporation”
as defined in Section 8-102 of the UCC.

 

    -2-

     

    

 

Section 2.     Employment
of Custodian.

 

Section 2.1     General.
The Fund hereby employs the Custodian as a custodian of (a) securities and cash of each of the Fund and (b) other assets
of the Fund that the Custodian agrees to treat as financial assets. The Fund agrees to deliver to the Custodian (i) all securities
and cash of the Fund, (ii) all other assets of the Fund that it desires the Custodian, and the Custodian is willing, to treat
as a financial asset and (iii) all cash and other proceeds of the securities and financial assets held in custody under this
Agreement. The holding of confirmation statements that identify Underlying Shares as being recorded in the Custodian’s name
on behalf of the Fund will be custody for purposes of this Section 2.1. This Agreement does not require the Custodian to accept
an asset for custody hereunder or to treat any asset that is not a security as a financial asset.

 

Section 2.2     Sub-custodians.
Upon receipt of Proper Instructions, the Custodian shall on behalf of the Fund appoint one or more banks, trust companies or other
entities located in the United States and designated in the Proper Instructions to act as a sub-custodian for the purposes of effecting
such transactions as may be designated by the Fund in the Proper Instructions. The Custodian may place and maintain the Fund’s
foreign securities with foreign banking institution sub-custodians employed by the Custodian or foreign securities depositories,
all in accordance with the applicable provisions of Sections 4 and 5. An entity acting in the capacity of Underlying Transfer Agent
is not an agent or sub-custodian of the Custodian for purposes of this Agreement.

 

Section 2.3     Relationship.
With respect to securities and other financial assets, the Custodian is a securities intermediary and the Fund is the entitlement
holder. With respect to cash maintained in a deposit account and denominated in an “on book” currency, the Custodian
is a bank and the Fund is the bank’s customer. If cash is maintained in a deposit account with a bank other than the Custodian
and the cash is denominated in an “on book” currency, the Custodian is that bank’s customer. The Custodian agrees
to treat the claim to the cash as a financial asset for the benefit of the Fund.  The Custodian does not otherwise agree
to treat cash as financial asset. The duties of the Custodian as securities intermediary and bank set forth in the UCC are varied
by the terms of this Agreement to the extent that the duties may be varied by agreement under the UCC.

 

Section 3.Activities
of the Custodian with Respect to Property Held in the United States.

 

Section 3.1     Holding
Securities. The Custodian may deposit and maintain securities or other financial assets
of the Fund in a U.S. Securities System in compliance with the conditions of Rule 17f-4 under the 1940 Act. Upon receipt of
Proper Instructions on behalf of the Fund, the Custodian shall establish and maintain a segregated account or accounts for and
on behalf of the Fund and into which account or accounts may be transferred cash or securities and other financial assets, including
securities and financial assets maintained in a U.S. Securities System. The Custodian shall hold and physically segregate for the
account of the Fund all securities and other financial assets held by the Custodian in the United States, including all domestic
securities of the Fund, other than (a) securities or other financial assets maintained in a U.S. Securities System and (b) Underlying
Shares maintained pursuant to Section 3.6 in an account of an Underlying Transfer Agent. The Custodian may at any time or
times in its discretion appoint any other bank or trust company, qualified under the 1940 Act to act as a custodian, as the Custodian’s
agent to carry out such of the provisions of this Section as the Custodian may from time to time direct. The appointment of
any agent shall not relieve the Custodian of any of its duties hereunder and the Custodian shall be responsible for the acts and
omissions of its agents hereunder to the same extent it is for its own acts and omissions hereunder. The Custodian may at any time
or times in its discretion remove the bank or trust company as the Custodian’s agent.

 

    -3-

     

    

 

Section 3.2     Registration
of Securities. Domestic securities or other financial assets held by the Custodian and
that are not bearer securities shall be registered in the name of the Fund or in the name of any nominee of the Fund or of any
nominee of the Custodian, or in the name or nominee name of any agent or any sub-custodian permitted hereby. All securities accepted
by the Custodian on behalf of the Fund under the terms of this Agreement shall be in “street name” or other good delivery
form. However, if the Fund directs the Custodian to maintain securities or other financial assets in “street name,”
the Custodian shall utilize reasonable efforts only to timely collect income due the Fund on the securities and other financial
assets and to notify the Fund of relevant issuer actions including, without limitation, pendency of calls, maturities, tender or
exchange offers.

 

Section 3.3     Bank
Accounts. The Custodian shall open and maintain upon the terms of the Deposit Account
Agreement a separate deposit account or accounts in the United States in the name of the Fund, subject only to draft or order
by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall credit to the deposit account or accounts,
subject to the provisions hereof, all cash received by the Custodian from or for the account of the Fund, other than cash maintained
by the Fund in a deposit account established and used in accordance with Rule 17f-3 under the 1940 Act. Funds held by the
Custodian for the Fund may be deposited by the Custodian to its credit as Custodian in the banking department of the Custodian
or in such other banks or trust companies as it may in its discretion deem necessary or desirable; provided, however, that (a) every
such bank or trust company shall be qualified to act as a custodian under the 1940 Act and (b) each such bank or trust company
and the funds to be deposited with each such bank or trust company shall on behalf of the Fund be approved by vote of a majority
of the Fund’s Board. The funds shall be deposited by the Custodian in its capacity as Custodian and shall be withdrawable
by the Custodian only in that capacity.

 

Section 3.4     Collection
of Income. Subject to the domestic securities or other financial assets held in the United
States being registered as provided in Section 3.2, the Custodian shall collect on a timely basis all income and other payments
with respect to the securities and other financial assets and to which the Fund shall be entitled either by law or pursuant to
custom in the securities business. The Custodian shall collect on a timely basis all income and other payments with respect to
bearer domestic securities if, on the date of payment by the issuer, the securities are held by the Custodian or its agent. The
Custodian shall present for payment all income items requiring presentation as and when they become due and shall collect interest
when due on securities and other financial assets held hereunder. The Custodian shall credit income to the Fund as such income
is received or in accordance with the Custodian’s then current payable date income schedule. Any credit to the Fund in advance
of receipt may be reversed when the Custodian determines that payment will not occur in due course, and the Fund may be charged
at the Custodian’s applicable rate for time credited.

 

Section 3.5     Delivery
Out. The Custodian shall release and deliver out domestic securities and other financial
assets of the Fund held in a U.S. Securities System, or in an account at the Underlying Transfer Agent, only upon receipt of,
and in accordance with, Proper Instructions on behalf of the Fund, specifying the domestic securities or financial assets held
in the United States to be delivered out and the person or persons to whom delivery is to be made. The Custodian shall pay out
cash of the Fund upon receipt of, and in accordance with, Proper Instructions on behalf of the Fund, specifying the amount of
the payment and the person or persons to whom the payment is to be made.

 

    -4-

     

    

 

Section 3.6     Deposit
of Fund Assets with the Underlying Transfer Agent. Underlying Shares of the Fund shall
be deposited and held in an account or accounts maintained with an Underlying Transfer Agent. The Custodian’s only responsibilities
with respect to the Underlying Shares shall be limited to the following:

 

		1)	Upon receipt of a confirmation or
                                         statement from an Underlying Transfer Agent that the Underlying Transfer Agent is holding
                                         or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian)
                                         for the benefit of the Fund, the Custodian shall identify by book-entry that the Underlying
                                         Shares are being held by it as custodian for the benefit of the Fund.

 

		2)	Upon receipt of Proper Instructions to purchase Underlying Shares for the account of the Fund,
the Custodian shall pay out cash of the Fund as so directed to purchase the Underlying Shares and record the payment from the account
of the Fund on the Custodian’s books and records.

 

		3)	Upon receipt of Proper Instructions for the sale or redemption of Underlying Shares for the account
of the Fund, the Custodian shall transfer the Underlying Shares as so directed to sell or redeem the Underlying Shares, record
the transfer from the account of the Fund on the Custodian’s books and records and, upon the Custodian’s receipt of
the proceeds of the sale or redemption, record the receipt of the proceeds for the account of the Fund on the Custodian’s
books and records.

 

Section 3.7     Proxies.
The Custodian shall cause to be promptly executed by the registered holder of domestic securities
or other financial assets held in the United States of the Fund, if the securities or other financial assets are registered otherwise
than in the name of the Fund or a nominee of the Fund, all proxies, without indication of the manner in which the proxies are to
be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials and all notices relating to the securities
or other financial assets.

 

Section 3.8     Communications.
Subject to the domestic securities or other financial assets held in the United States being registered as provided in Section 3.2,
the Custodian shall transmit promptly to the Fund all written information received by the Custodian from issuers of the securities
and other financial assets being held for the Fund. The Custodian shall transmit promptly to the Fund all written information received
by the Custodian from issuers of the securities and other financial assets whose tender or exchange is sought and from the party
or its agent making the tender or exchange offer. The Custodian shall also transmit promptly to the Fund all written information
received by the Custodian regarding any class action or other collective litigation relating to Fund securities or other financial
assets issued in the United States and then held, or previously held, during the relevant class-action period during the term of
this Agreement by the Custodian for the account of the Fund, including, but not limited to, opt-out notices and proof-of-claim
forms. The Custodian does not support class-action participation by the Fund beyond such forwarding of written information received
by the Custodian.

 

    -5-

     

    

 

Section 4.     Provisions
Relating to Rules 17f-5 and 17f-7.

 

Section 4.1.    Definitions.
As used in this Agreement, the following terms have the following meanings:

 

“Country Risk”
means all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country. The factors include
but are not limited to risks arising from the country’s political environment, economic and financial infrastructure (including
any Eligible Securities Depository operating in the country); prevailing or developing custody, tax and settlement practices; nationalization,
expropriation or other government actions; currency restrictions, devaluations or fluctuations; market conditions affecting the
orderly execution of securities transactions or the value of assets; the regulation of the banking and securities industries, including
changes in market rules; and laws and regulations applicable to the safekeeping and recovery of Foreign Assets held in custody
in that country.

 

“Covered Foreign Country”
means a country listed on Schedule A, which list of countries may be amended from time to time at the request of the Fund and with
the agreement of the Foreign Custody Manager.

 

“Eligible Foreign Custodian”
has the meaning set forth in Section (a)(1) of Rule 17f-5.

 

“Eligible Securities Depository”
has the meaning set forth in section (b)(1) of Rule 17f-7.

 

“Foreign Assets”
means any of the Fund’s securities or other investments (including foreign currencies) for which the primary market is outside
the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions of the Fund in those
investments.

 

“Foreign Custody Manager”
has the meaning set forth in section (a)(3) of Rule 17f-5.

 

“Foreign Securities System”
means an Eligible Securities Depository listed on Schedule B.

 

“Rule 17f-5”
means Rule 17f-5 promulgated under the 1940 Act.

 

“Rule 17f-7”
means Rule 17f-7 promulgated under the 1940 Act.

 

Section 4.2.    The
Custodian as Foreign Custody Manager.

 

4.2.1        Delegation.
The Fund, by resolution adopted by its Board, hereby delegates to the Custodian, subject
to Section (b) of Rule 17f-5, the responsibilities set forth in this Section 4.2 with respect to Foreign Assets
of the Fund held outside the United States. The Custodian hereby accepts such delegation (the Custodian in such delegated capacity
is referred to herein as the Foreign Custody Manager). By giving at least 30 days’ prior written notice to the Fund, the
Foreign Custody Manager may withdraw its acceptance of the delegated responsibilities generally or with respect to a Covered Foreign
Country designated in the notice. Following the withdrawal, the Custodian shall have no further responsibility in its capacity
as Foreign Custody Manager to the Fund generally or, as the case may be, with respect to the Covered Foreign Country so designated.

 

    -6-

     

    

 

4.2.2        Exercise
of Care as Foreign Custody Manager. The Foreign Custody Manager shall exercise reasonable
care, prudence and diligence such as a person having responsibility for the safekeeping of the Foreign Assets would exercise in
performing the delegated responsibilities.

 

4.2.3        Foreign
Custody Arrangements. The Foreign Custody Manager shall be responsible for performing
the delegated responsibilities only with respect to Covered Foreign Countries. The Foreign Custody Manager shall list on Schedule
A for a Covered Foreign Country each Eligible Foreign Custodian selected by the Foreign Custody Manager to maintain the Foreign
Assets of the Fund with respect to the Covered Foreign Country. The list of Eligible Foreign Custodians may be amended from time
to time upon notice in the sole discretion of the Foreign Custody Manager. This Agreement constitutes a Proper Instruction by the
Fund to open an account, and to place and maintain Foreign Assets, for the Fund in each applicable Covered Foreign Country. The
Fund shall satisfy the account opening requirements for the Covered Foreign Country, and the delegation for the Covered Foreign
Country will not be considered to have been accepted by the Custodian until that satisfaction. If the Foreign Custody Manager receives
from the Fund Proper Instructions directing the Foreign Custody Manager to close the account, the delegation shall be considered
withdrawn, and the Custodian shall immediately cease to be the Foreign Custody Manager with respect to the Fund for the Covered
Foreign Country.

 

4.2.4        Scope
of Delegated Responsibilities: Subject to the provisions of this Section 4.2,
the Foreign Custody Manager may place and maintain Foreign Assets in the care of an Eligible Foreign Custodian selected by the
Foreign Custody Manager in each applicable Covered Foreign Country. The Foreign Custody Manager shall determine that (a) the
Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the
Foreign Assets will be held by the Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such
assets, including, without limitation the factors specified in Rule 17f-5(c)(1) and (b) the contract between the
Foreign Custody Manager and the Eligible Foreign Custodian governing the foreign custody arrangements will satisfy the requirements
of Rule 17f-5(c)(2). The Foreign Custody Manager shall establish a system to monitor (i) the appropriateness of maintaining
the Foreign Assets with the Eligible Foreign Custodian and (ii) the performance of the contract governing the custody arrangements.
If the Foreign Custody Manager determines that the custody arrangements with an Eligible Foreign Custodian no longer meet the requirements
of Rule 17f-5(c), the Foreign Custody Manager shall so promptly notify the Fund.

 

4.2.5        Reporting
Requirements. The Foreign Custody Manager shall (a) report the withdrawal
of Foreign Assets from an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian
by providing to the Fund’s Board an amended Schedule A at the end of the calendar quarter in which the action has occurred,
and (b) after the occurrence of any other material change in the foreign custody arrangements of the Fund described in this
Section 4.2, make a written report to the Board containing a notification of the change.

 

    -7-

     

    

 

4.2.6        Representations.
The Foreign Custody Manager represents to the Fund that it is a U.S. Bank as defined in Section (a)(7) of
Rule 17f-5. The Fund represents to the Custodian that its Board has (a) determined that it is reasonable for the Board
to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody
Manager of the Fund, and (b) considered and determined to accept such Country Risk as is incurred by placing and maintaining
the Foreign Assets of the Fund in each Covered Foreign Country.

 

4.2.7        Termination
By the Fund of the Custodian as Foreign Custody Manager. By giving at least 30
days’ prior written notice to the Custodian, the Fund may terminate the delegation to the Custodian as the Foreign Custody
Manager for the Fund. Following the termination, the Custodian shall have no further responsibility in its capacity as Foreign
Custody Manager to the Fund.

 

Section 4.3     Monitoring
of Eligible Securities Depositories. The Custodian shall (a) provide the Fund or
its Investment Advisor with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories
set forth on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7 and (b) monitor such risks on
a continuing basis and promptly notify the Fund or its Investment Advisor of any material change in such risks, in accordance with
Section (a)(1)(i)(B) of Rule 17f-7. The Custodian agrees to exercise reasonable care, prudence and diligence in
performing the duties set forth in this Section 4.3.

 

Section 5.Activities
of the Custodian with Respect to Property Held Outside the United States.

 

Section 5.1.    Holding
Securities. Foreign securities and other financial assets held outside of the United States
shall be maintained in a Foreign Securities System in a Covered Foreign Country through arrangements implemented by the Custodian
or an Eligible Foreign Custodian, as applicable, in the Covered Foreign Country. The Custodian shall identify on its books as belonging
to the Fund the foreign securities and other financial assets held by each Eligible Foreign Custodian or Foreign Securities System.
The Custodian may hold foreign securities and other financial assets for all of its customers, including the Fund, with any Eligible
Foreign Custodian in an account that is identified as the Custodian’s account for the benefit of its customers; provided
however, that (a) the records of the Custodian with respect to foreign securities or other financial assets of the Fund maintained
in the account shall identify those securities and other financial assets as belonging to the Fund and (b) to the extent permitted
and customary in the market in which the account is maintained, the Custodian shall require that securities and other financial
assets so held by the Eligible Foreign Custodian be held separately from any assets of the Eligible Foreign Custodian or of other
customers of the Eligible Foreign Custodian.

 

Section 5.2.    Registration
of Foreign Securities. Foreign securities and other financial assets held outside
of the United States maintained in the custody of an Eligible Foreign Custodian and that are not bearer securities shall be registered
in the name of the Fund or in the name of the Custodian or in the name of any Eligible Foreign Custodian or in the name of any
nominee of any of the foregoing. The Fund agrees to hold any such nominee harmless from any liability as a holder of record of
the foreign securities or other financial assets. The Custodian or an Eligible Foreign Custodian reserves the right not to accept
securities or other financial assets on behalf of the Fund under the terms of this Agreement unless the form of the securities
or other financial assets and the manner in which they are delivered are in accordance with local market practice.

 

    -8-

     

    

 

Section 5.3.    Indemnification
by Eligible Foreign Custodians. Each contract pursuant to which the Custodian employs
an Eligible Foreign Custodian shall, to the extent possible, require the Eligible Foreign Custodian to indemnify and hold harmless
the Custodian from and against any loss, cost or expense arising out of or in connection with the Eligible Foreign Custodian’s
performance of its obligations. At the Fund’s election, the Fund shall be entitled to be subrogated to the rights of the
Custodian with respect to any claims against an Eligible Foreign Custodian as a consequence of any such loss, cost or expense if
and to the extent that the Fund has not been made whole for the loss, cost or expense. In no event shall the Custodian be obligated
to bring suit in its own name or to allow suit to be brought in its name.

 

Section 5.4     Bank
Accounts.

 

5.4.1     General.
The Custodian shall identify on its books as for the account of the Fund the amount of cash (including cash denominated in foreign
currencies) deposited with the Custodian. The Custodian shall maintain cash deposits in on book currencies on its balance sheet.
The Custodian shall be liable for such balances. If the Custodian is unable to maintain, or market practice does not facilitate
the maintenance for the Fund of a cash balance in a currency as an on book currency, a deposit account shall be opened and maintained
by the Custodian outside the United States on behalf of the Fund with an Eligible Foreign Custodian. The Custodian shall not maintain
the cash deposit on its balance sheet. The Eligible Foreign Custodian will be liable for such balance directly to the Fund. All
deposit accounts referred to in this Section shall be subject only to draft or order by the Custodian or, if applicable, the
Eligible Foreign Custodian acting pursuant to the terms of this Agreement. Cash maintained in a deposit account and denominated
in an “on book” currency will be maintained under and subject to the laws of the Commonwealth of Massachusetts. The
Custodian will not have any deposit liability for deposits in any currency that is not an “on book” currency.

 

5.4.2     Non-U.S.
Branch and Non-U.S. Dollar Deposits. In accordance with the laws of the Commonwealth of
Massachusetts, the Custodian shall not be required to repay any deposit made at a non-U.S. branch of the Custodian or any deposit
made with the Custodian and denominated in a non-U.S. dollar currency, if repayment of the deposit or the use of assets denominated
in the non-U.S. dollar currency is prevented, prohibited or otherwise blocked due to (a) an act of war, insurrection or civil
strife; (b) any action by a non-U.S. government or instrumentality or authority asserting governmental, military or police
power of any kind, whether such authority be recognized as a de facto or a de jure government, or by any entity, political or revolutionary
movement or otherwise that usurps, supervenes or otherwise materially impairs the normal operation of civil authority; or (c) the
closure of a non-U.S. branch in order to prevent, in the reasonable judgment of the Custodian, harm to the employees or property
of the Custodian.

 

    -9-

     

    

 

Section 5.5.     Collection
of Income. The Custodian shall use reasonable commercial efforts to collect all
income and other payments with respect to the Foreign Assets held hereunder to which the Fund shall be entitled. If extraordinary
measures are required to collect the income or payment, the Fund and the Custodian shall consult as to such measures and as to
the compensation and expenses of the Custodian relating to such measures. The Custodian shall credit income to the Fund as such
income is received or in accordance with the Custodian’s then current payable date income schedule. Any credit to the Fund
in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course, and the Fund may
be charged at the Custodian’s applicable rate for time credited. Income on securities or other financial assets loaned other
than from the Custodian’s securities lending program shall be credited as received.

 

Section 5.6.    Transactions
in Foreign Custody Account.

 

5.6.1        Delivery
Out. The Custodian or an Eligible Foreign Custodian shall release and deliver
foreign securities or other financial assets held outside of the United States owned by the Fund and held by the Custodian or
such Eligible Foreign Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions, specifying
the foreign securities to be delivered and the person or persons to whom delivery is to be made. The Custodian shall pay out,
or direct the respective Eligible Foreign Custodian or the respective Foreign Securities System to pay out, cash of the Fund only
upon receipt of Proper Instructions specifying the amount of the payment and the person or persons to payment is to be made.

 

5.6.2        Market
Conditions. Notwithstanding any provision of this Agreement to the contrary, settlement
and payment for Foreign Assets received for the account of the Fund and delivery of Foreign Assets maintained for the account
of the Fund may be effected in accordance with the customary established securities trading or processing practices and procedures
in the country or market in which the transaction occurs, including, without limitation, delivering Foreign Assets to the purchaser
thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for
the Foreign Assets from such purchaser or dealer.

 

5.6.3        Settlement
Practices. The Custodian shall provide to the Board the information with respect to custody
and settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on Schedule C at
the time or times set forth on the Schedule. The Custodian may revise Schedule C from time to time, but no revision shall result
in the Board being provided with substantively less information than had been previously provided on Schedule C.

 

Section 5.7     Shareholder
or Bondholder Rights. The Custodian shall use reasonable commercial efforts to
facilitate the exercise of voting and other shareholder and bondholder rights, including delivery to the Fund of any proxies, proxy
soliciting materials and all applicable notices received by the Custodian (or copies or summaries thereof), with respect to foreign
securities and other financial assets held outside the United States, subject always to the laws, regulations and practical constraints
that may exist in the country where the securities or other financial assets are issued. The Custodian may utilize Broadridge Financial
Solutions, Inc. or another proxy service firm of recognized standing as its delegate to provide proxy services for the exercise
of shareholder and bondholder rights. 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 and bondholder rights.

 

    -10-

     

    

 

Section 5.8.     Communications.
The Custodian shall transmit promptly to the Fund written information with respect
to materials received by the Custodian through Eligible Foreign Custodians from issuers of the foreign securities and other financial
asset assets being held outside the United States for the account of the Fund. The Custodian shall transmit promptly to the Fund
written information with respect to materials so received by the Custodian from issuers of foreign securities whose tender or
exchange is sought or from the party or its agent making the tender or exchange offer. The Custodian shall also transmit promptly
to the Fund all written information received by the Custodian through Eligible Foreign Custodians from issuers of the foreign
securities or other financial assets issued outside of the United States and being held for the account of the Fund regarding
any class action or other collective litigation relating to the Fund’s foreign securities or other financial assets issued
outside the United States and then held, or previously held, during the relevant class-action period during the term of this Agreement
by the Custodian via an Eligible Foreign Custodian for the account of the Fund, including, but not limited to, opt-out notices
and proof-of-claim forms. The Custodian does not support class-action participation by the Fund beyond such forwarding of written
information received by the Custodian.

 

Section 6.     Foreign
Exchange.

 

Section 6.1.     Generally.
Upon receipt of Proper Instructions, which for purposes of this section may also include
security trade advices, the Custodian shall facilitate the processing and settlement of foreign exchange transactions. Such foreign
exchange transactions do not constitute part of the services provided by the Custodian under this Agreement.

 

Section 6.2.     Fund
Elections. The Fund (or its Investment Advisor acting on its behalf) may elect to enter
into and execute foreign exchange transactions with third parties that are not affiliated with the Custodian, with State Street
Global Markets, which is the foreign exchange division of State Street Bank and Trust Company and its affiliated companies (“SSGM”),
or with a sub-custodian. Where the Fund or its Investment Advisor gives Proper Instructions for the execution of a foreign exchange
transaction using an indirect foreign exchange service described in the Client Publications, the Fund (or its Investment Advisor)
instructs the Custodian, on behalf of the Fund, to direct the execution of such foreign exchange transaction to SSGM or, when
the relevant currency is not traded by SSGM, to the applicable sub-custodian. The Custodian shall not have any agency (except
as contemplated in preceding sentence), trust or fiduciary obligation to the Fund, its Investment Advisor or any other person
in connection with the execution of any foreign exchange transaction. The Custodian shall have no responsibility under this Agreement
for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction entered into by the
Fund (or its Investment Advisor acting on its behalf) or the reasonableness of the execution rate on any such transaction.

 

    -11-

     

    

 

Section 6.3.     Fund
Acknowledgement. The Fund acknowledges that in connection with all foreign exchange transactions
entered into by the Fund (or its Investment Advisor acting on its behalf) with SSGM or any sub-custodian, SSGM and each such sub-custodian:

 

		(i)	shall be acting in a principal capacity
                                         and not as broker, agent or fiduciary to the Fund or its Investment Advisor;

 

		(ii)	shall seek to profit from such foreign
                                         exchange transactions, and are entitled to retain and not disclose any such profit to
                                         the Fund or its Investment Advisor; and

 

		(iii)	shall enter into such foreign exchange
                                         transactions pursuant to the terms and conditions, including pricing or pricing methodology,
                                         (a) agreed with the Fund or its Investment Advisor from time to time or (b) in
                                         the case of an indirect foreign exchange service, (i) as established by SSGM and
                                         set forth in the Client Publications with respect to the particular foreign exchange
                                         execution services selected by the Fund or the Investment Advisor or (ii) as established
                                         by the sub-custodian from time to time.

 

Section 6.4.     Transactions
by State Street. The Custodian or its affiliates, including SSGM, may trade based upon
information that is not available to the Fund (or its Investment Advisor acting on its behalf), and may enter into transactions
for its own account or the account of clients in the same or opposite direction to the transactions entered into with the Fund
(or its Investment Manager), and shall have no obligation, under this Agreement, to share such information with or consider the
interests of their respective counterparties, including, where applicable, the Fund or the Investment Advisor.

 

Section 7.     Contractual
Settlement Services (Purchase/Sales).

 

Section 7.1     General.
The Custodian shall, in accordance with the terms set out in this Section 7, debit or credit the appropriate deposit account
of the Fund on a contractual settlement basis in connection with the purchase of securities or other financial assets for the
Fund or the receipt of the proceeds of the sale or redemption of securities or other financial assets.

 

Section 7.2     Provision
of Services. The services described in Section 7.1 (the “Contractual
Settlement Services”) shall be provided for the securities and other financial assets and in such markets as the
Custodian may advise from time to time. The Custodian may terminate or suspend any part of the provision of the Contractual Settlement
Services at its sole discretion immediately upon notice to the Fund, including, without limitation, in the event of force majeure
events affecting settlement, any disorder in markets, or other changed external business circumstances affecting the markets or
the Fund.

 

Section 7.3     Purchase
Consideration. The consideration payable in connection with a purchase transaction shall
be debited from the appropriate deposit account of the Fund as of the time and date that funds would ordinarily be required to
settle the transaction in the applicable market in accordance with prevailing standards for transactions by institutions. The
Custodian shall promptly recredit the amount at the time that the Fund notifies the Custodian by Proper Instruction that the transaction
has been canceled.

 

Section 7.4     Sales
and Redemptions. A provisional credit of an amount equal to the net sale price for a
sale or redemption of securities or other financial assets shall be made to the account of the Fund as if the amount had been
received as of the close of business on the date on which good funds would ordinarily be immediately available in the applicable
market in accordance with prevailing standards for transactions by institutions. The provisional credit will be made conditional
upon the Custodian having received Proper Instructions with respect to, or reasonable notice of, the transaction, as applicable;
and the Custodian or its agent having possession of the securities of other financial assets (excluding financial assets subject
to any third party lending arrangement entered into by the Fund) associated with the transaction in good deliverable form and
not being aware of any facts which would lead the Custodian or its agent to believe that the transaction will not settle in the
time period ordinarily applicable to such transactions in the applicable market.

 

    -12-

     

    

 

Section 7.5.     Reversals
of Provisional Credits or Debits. The Custodian shall have the right to reverse
any provisional credit or debit given in connection with the Contractual Settlement Services at any time when the Custodian believes,
in its reasonable judgment, that such transaction will not settle in accordance with its terms or amounts due pursuant thereto,
will not be collectable or where the Custodian has not been provided Proper Instructions with respect thereto, as applicable.
The Fund shall be responsible for any costs or liabilities resulting from such reversal. Upon such reversal, a sum equal to the
credited or debited amount shall become immediately payable by the Fund to the Custodian and may be debited from any deposit or
other account held for benefit of the Fund.

 

Section 8.     Tax
Services.

 

Section 8.1     Fund
Information. The Fund will provide documentary evidence of its tax domicile, organizational
specifics and other documentation and information as may be required by the Custodian from time to time for tax purposes, including,
without limitation, information relating to any special ruling or treatment to which the Fund may be entitled that is not applicable
to the general nationality and category of person to which the Fund belongs under general laws and treaty obligations and documentation
and information required in relation to countries where the Fund engages or proposes to engage in investment activity or where
Fund assets are or will be held. The provision of such documentation and information shall be deemed to be a Proper Instruction,
upon which the Custodian shall be entitled to rely and act. In giving such documentation and information, the Fund represents
and warrants that it is true and correct in all material respects and that it will promptly provide the Custodian with all necessary
corrections or updates upon becoming aware of any changes or inaccuracies in the documentation or information supplied.

 

Section 8.2     Tax
Responsibility. The Fund shall be liable for all taxes (including Taxes, as defined
below) relating to its investment activity, including with respect to any cash or securities held by the Custodian on behalf of
the Fund or any transactions related thereto. Subject to compliance by the Fund with its obligations under Section 8.1, the
Custodian shall withhold (or cause to be withheld) the amount of any Tax which is required to be withheld under applicable law
in connection with the collection on behalf of the Fund pursuant to this Agreement of any dividend, interest income or other distribution
with respect to any security and the proceeds or income from the sale or other transfer of any security held by the Custodian.
If any Taxes become payable with respect to any prior payment made to the Fund by the Custodian or otherwise, the Custodian may
apply any credit balance in the Fund’s deposit account to the extent necessary to satisfy such Tax obligation. The Fund
shall remain liable for any tax deficiency. The Custodian is not liable for any tax obligations relating to the Fund, other than
those Tax services as set out specifically in this Section 8. The Fund agrees that the Custodian is not, and shall not be
deemed to be, providing tax advice or tax counsel. The capitalized terms “Tax” or “Taxes” means any withholding
or capital gains tax, stamp duty, levy, impost, charge, assessment, deduction or related liability, including any addition to
tax, penalty or interest imposed on or in respect of (i) cash or securities, (ii) the transactions effected under this
Agreement, or (iii) the Fund.

 

    -13-

     

    

 

Section 8.3     Tax
Relief. The Custodian will provide tax relief services in relation to designated
markets as may be specified from time to time in the Client Publications. Subject to the preceding sentence and compliance by the
Fund with its obligations under Section 8.1, the Custodian will apply for a reduction of withholding tax and refund of any
tax paid or tax credits which apply in each applicable market in respect of income payments on securities for the benefit of the
Fund. Unless otherwise informed by the Fund, the Custodian shall be entitled to apply categorical treatment of the Fund according
to its nationality, particulars of its organization and other relevant details supplied by the Fund.

 

Section 9.     Payments
for Sales or Redemptions of Fund Interests.

 

Section 9.1     Payment
for Fund Interests Issued. The Custodian shall receive from the distributor of
Fund Interests of the Fund or from the Fund’s transfer agent (the “Transfer Agent”) and deposit
into the account of the Fund such payments as are received for Fund Interests issued or sold from time to time by the Fund. The
Custodian will provide timely notification to the Fund and the Transfer Agent of any receipt of the payments by the Custodian.

 

Section 9.2     Payment
for Fund Interests Redeemed or Repurchased. Upon receipt of instructions from the
Transfer Agent, the Custodian shall set aside funds of the Fund to the extent available for payment to holders of Fund Interests
who have delivered to the Transfer Agent a request for redemption or repurchase of their Fund Interests. The Custodian is authorized
upon receipt of instructions from the Transfer Agent to wire funds to or through a commercial bank designated by the applicable
interest holders. If the Custodian furnishes a check to a holder in payment for the redemption or repurchase of the holder’s
Fund Interests and the check is drawn on the Custodian, the Custodian shall honor the check so long as the check is presented to
the Custodian in accordance with the Deposit Account Agreement and such procedures and controls as are mutually agreed upon from
time to time between the Fund and the Custodian.

 

Section 10.       Proper
Instructions.

 

Section 10.
1      Form and
Security Procedures. Proper Instructions may be in writing signed by the authorized
individual or individuals or may be in a tested communication or in a communication utilizing access codes effected between electro-mechanical
or electronic devices or may be by such other means and utilizing such intermediary systems and utilities as may be agreed to from
time to time by the Custodian and the individual or organization giving the instruction, provided that the Fund has followed any
security procedures agreed to from time to time by the Fund and the Custodian. The Custodian may agree to accept oral instructions,
and in such case oral instructions will be considered Proper Instructions. The Fund shall cause all oral instructions to be confirmed
in writing, but the Fund’s failure to do so shall not affect the Custodian’s authority to rely on the oral instructions.

 

    -14-

     

    

 

 

Section 10.2     Reliance
on Officer’s Certificate. Concurrently with the execution of this Agreement, and
from time to time thereafter, as appropriate, the Fund shall deliver to the Custodian an officer’s certificate setting forth
the names, titles, signatures and scope of authority of all individuals authorized to give Proper Instructions or any other notice,
request, direction, instruction, certificate or instrument on behalf of the Fund. The certificate may be accepted and conclusively
relied upon by the Custodian and shall be considered to be in full force and effect until receipt by the Custodian of a similar
certificate to the contrary and the Custodian has had a reasonable time to act thereon.

 

Section 10.3     Untimely
Proper Instructions. If the Custodian is not provided with reasonable time to execute
a Proper Instruction (including any Proper Instruction not to execute, or any other modification to, a prior Proper Instruction),
the Custodian will use good faith efforts to execute the Proper Instruction but will not be responsible or liable if the Custodian’s
efforts are not successful (including any inability to change any actions that the Custodian had taken pursuant to the prior Proper
Instruction). The inclusion of a statement of purpose or intent (or any similar notation) in a Proper Instruction shall not impose
any additional obligations on the Custodian or condition or qualify its authority to effect the Proper Instruction. The Custodian
will not assume a duty to ensure that the stated purpose or intent is fulfilled and will have no responsibility or liability when
it follows the Proper Instruction without regard to such purpose or intent.

 

Section 11.     Actions
Permitted without Express Authority.

 

The Custodian may in its discretion, without
express authority from the Fund on behalf of the Fund:

 

		1)	Make payments to itself or others for minor and routine expenses of handling securities or other
financial assets relating to its duties under this Agreement; provided that all such payments shall be accounted for to the Fund;

 

		2)	Surrender securities or other financial assets in temporary form for securities or other financial
assets in definitive form;

 

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

 

		4)	In general, attend to all non-discretionary details in connection with the sale, exchange, substitution,
purchase, transfer and other dealings with the securities and other financial assets of the Fund except as otherwise directed by
the applicable Board.

 

Section 12.     Records.

 

The Custodian shall with respect to the
Fund create and maintain all records relating to its activities and obligations under this Agreement in such manner as will meet
the obligations of the Fund under the 1940 Act, with particular attention to Section 31 thereof and Rules 31a-1 and 31a-2
thereunder. All such records shall be the property of the Fund and shall at all times during the regular business hours of the
Custodian be open for inspection by duly authorized officers, employees or agents of the Fund and employees and agents of the SEC.
The Custodian shall, at the Fund’s request, supply the Fund with a tabulation of securities owned by the Fund and held by
the Custodian and shall, when requested to do so by the Fund and for such compensation as shall be agreed upon between the Fund
and the Custodian, include certificate numbers in such tabulations. In the event that the Custodian is requested or authorized
by the Fund, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or
required in connection with any investigation, examination or inspection of the Fund by state or federal regulatory agencies, to
produce the records of the Fund or the Custodian’s personnel as witnesses, the Fund agrees to pay the Custodian for the Custodian’s
time and expenses, as well as the fees and expenses of the Custodian’s counsel, incurred in responding to such request, order
or requirement.

 

    -15-

     

    

 

Section 13.     Fund’s
Independent Accountants.

 

Section 13.1      Opinions.
The Custodian shall take all reasonable action, as the Fund may from time to time request, to obtain from year to year favorable
opinions from the Fund’s independent accountants with respect to its activities hereunder in connection with the preparation
of the Fund’s Form N-2 and Form 10-K or other annual reports to the SEC and with respect to any other requirements
thereof.

 

Section 13.2      Reports.
Upon reasonable request of a Fund, the Custodian shall provide the Fund with a copy of the Custodian’s Service Organizational
Control (SOC) 1 reports prepared in accordance with the requirements of AT section 801, Reporting on Controls at a Service Organization
(formerly Statement on Standards for Attestation Engagements (SSAE) No. 16). The Custodian shall use commercially reasonable
efforts to provide the Fund with such reports as the Fund may reasonably request or otherwise reasonably require to fulfill its
duties under Rule 38a-1 of the 1940 Act or similar legal and regulatory requirements.

 

Section 14.     Custodian’s
Standard of Care; Exculpation.

 

14.1        Standard
of Care. In carrying out the provisions of this Agreement, the Custodian shall act (i) with
reasonable care and in good faith, (ii) without negligence, fraud, willful misconduct, willful omission or bad faith, and
(iii) with the level of skill and care which would be expected from a reasonably skilled and experienced professional provider
of services similar to the services provided under this Agreement (the “Standard of Care”). Subject to the terms of
the Agreement, including any exculpatory language, the Custodian shall have no liability for any error of judgment or mistake of
law or for any loss or damage resulting from the performance or nonperformance of its duties hereunder unless and to the extent
the Custodian fails to exercise such Standard of Care.

 

14.2        Reliance
on Proper Instructions. The Custodian shall be entitled conclusively to rely and
act upon Proper Instructions until the Custodian has received notice of any change from the Fund and has had a reasonable time
to act thereon. The Custodian may act on a Proper Instruction if it reasonably believes that it contains sufficient information
and may refrain from acting on any Proper Instructions until such time that it has determined, in its sole discretion, that is
has received any required clarification or authentication of Proper Instructions. The Custodian may rely upon and shall be protected
in acting upon any Proper Instruction or any other instruction, notice, request, consent, certificate or other instrument or paper
reasonably believed by it in good faith to be genuine and to have been properly executed by or on behalf of the Fund.

 

    -16-

     

    

 

14.3        Other
Reliance. The Custodian is authorized and instructed to rely upon the information
that the Custodian receives from the Fund or any third party on behalf of the Fund. The Custodian shall have no responsibility
to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any information supplied to it
by or on behalf of the Fund. The Custodian shall have no liability in respect of any loss, cost or expense incurred or sustained
by the Fund arising from the performance of the Custodian’s duties hereunder in reliance upon records that were maintained
for the Fund by any individual or organization, other than the Custodian, prior to the Custodian’s appointment as custodian
hereunder. The Custodian shall be entitled to rely on and may act upon advice of reputable external counsel (who may be counsel
for the Fund) on all matters and shall be without liability for any action reasonably taken or omitted in good faith in accordance
with such advice.

 

14.4        Liability
for Foreign Custodians. The Custodian shall be liable for the acts or omissions of an
Eligible Foreign Custodian to the same extent as if the action or omission were performed by the Custodian itself, taking into
account the facts and circumstances and the established local market practices and laws prevailing in the particular jurisdiction
in which the Fund elects to invest.

 

14.5        Insolvency
and Country Risk. The Custodian shall in no event be liable for (a) the insolvency
of any Eligible Foreign Custodian, (b) the insolvency of any depositary bank maintaining in a deposit account cash denominated
in any currency other than an “on book” currency, or (c) any loss, cost or expense incurred or sustained by the
Fund resulting from or caused by Country Risk.

 

14.6        Force
Majeure and Third Party Actions. The Custodian shall be without responsibility or liability
to the Fund for: (a) events or circumstances beyond the reasonable control of the Custodian, including, without limitation,
the interruption, suspension or restriction of trading on or the closure of any currency or securities market or system, power
or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages,
natural disasters, acts of war, revolution, riots or terrorism or other similar force majeure events or acts; (b) errors by
the Fund, its Investment Advisor or any other duly authorized person in their instructions to the Custodian; (c) the insolvency
of or acts or omissions by a U.S. Securities System, Foreign Securities System, Underlying Transfer Agent or domestic sub-custodian
designated pursuant to Section 2.2; (d) the failure of the Fund, its Investment Advisor, or any duly authorized individual
or organization to adhere to the Custodian’s operational policies and procedures; (e) any delay or failure of any broker,
agent, securities intermediary or other intermediary, central bank or other commercially prevalent payment or clearing system to
deliver to the Custodian’s sub-custodian or agent securities or other financial assets purchased or in the remittance or
payment made in connection with securities or other financial assets sold; (f) any delay or failure of any organization in
charge of registering or transferring securities or other financial assets in the name of the Custodian, the Fund, the Custodian’s
sub-custodians, nominees or agents including non-receipt of bonus, dividends and rights and other accretions or benefits; (g) delays
or inability to perform its duties due to any disorder in market infrastructure with respect to any particular security, other
financial asset, U.S. Securities System or Foreign Securities System; and (h) the effect of any provision of any law or regulation
or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or of any
court of competent jurisdiction.

 

    -17-

     

    

 

14.7        Indirect/Special/Consequential
Damages. Notwithstanding any other provision set forth herein, in no event shall the Custodian
be liable for any special, indirect, incidental, punitive or consequential damages of any kind whatsoever (including, without limitation,
lost profits) with respect to the services provided pursuant to this Agreement, regardless of whether either party has been advised
of the possibility of such damages.

 

14.8        Delivery
of Property. The Custodian shall not be responsible for any securities or other
assets of the Fund which are not received by the Custodian or which are delivered out in accordance with Proper Instructions. The
Custodian shall not be responsible for the title, validity or genuineness of any securities or other assets or evidence of title
thereto received by it or delivered by it pursuant to this Agreement.

 

14.9        No
Investment Advice. The Custodian has no responsibility to monitor or oversee the
investment activity undertaken by the Fund or its Investment Advisor. The Custodian has no duty to ensure or to inquire whether
an Investment Advisor complies with any investment objectives or restrictions agreed upon between the Fund and the Investment Advisor
or whether the Investment Advisor complies with its legal obligations under applicable securities laws or other laws, including
laws intended to protect the interests of investors. The Custodian shall neither assess nor take any responsibility or liability
for the suitability or appropriateness of the investments made by the Fund.

 

14.10      Communications.
The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with
securities or other financial assets of the Fund at any time held by the Custodian unless (a) the Custodian or the Eligible
Foreign Custodian is in actual possession of such securities or other financial assets, (b) the Custodian receives Proper
Instructions with regard to the exercise of the right or power, and (c) both of the conditions referred to in the foregoing
clauses (a) and (b) have been satisfied at least three business days prior to the date on which the Custodian is to take
action to exercise the right or power.

 

14.11      Loaned
Securities. Income due to the Fund on securities or other financial assets loaned shall
be the responsibility of the Fund. The Custodian will have no duty or responsibility in connection with loaned securities or other
financial assets, other than to provide the Fund with such information or data as may be necessary to assist the Fund in arranging
for the timely delivery to the Custodian of the income to which the Fund is entitled.

 

14.12      Trade
Counterparties. The Fund’s receipt of securities or other financial assets from
a counterparty in connection with any of its purchase transactions and its receipt of cash from a counterparty in connection with
any sale, repurchase or redemption of securities or other financial assets will be at the Fund’s sole risk, and the Custodian
shall not be obligated to make demands on the Fund’s behalf if the Fund’s counterparty defaults. If the Fund’s
counterparty fails to deliver securities, other financial assets or cash, the Custodian will, as its sole responsibility, notify
the Fund’s Investment Advisor of the failure within a reasonable time after the Custodian became aware of the failure.

 

    -18-

     

    

 

Section 15.     Compensation
and Indemnification of Custodian; Security Interest.

 

Section.
15.1     Compensation.
The Custodian shall be entitled to reasonable compensation for its services and expenses as agreed upon from time to time between
the Fund and the Custodian.

 

Section 15.2      Indemnification.
The Fund agrees to indemnify the Custodian and to hold the Custodian harmless from and against any loss, cost or expense sustained
or incurred by the Custodian in acting or omitting to act under or in respect of this Agreement in accordance with the Standard
of Care set forth in Section 14.1, including, without limitation, (a) the Custodian’s compliance with Proper Instructions
and (b) in connection with the provision of services to the Fund pursuant to Section 8, any obligations, including taxes,
withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties and other
expenses, that may be assessed against the Fund or the Custodian as custodian of the assets of the Fund. If the Fund instructs
the Custodian to take any action with respect to securities or other financial assets, and the action involves the payment of money
or may, in the opinion of the Custodian, result in the Custodian or its nominee assigned to the Fund being liable therefor, the
Fund, as a prerequisite to the Custodian taking the action, shall provide to the Custodian at the Custodian’s request such
further indemnification in an amount and form satisfactory to the Custodian.

 

Section 15.3      Security
Interest. The Fund hereby grants to the Custodian, to secure the payment and performance
of the Fund’s obligations under this Agreement, whether contingent or otherwise, a security interest in and right of recoupment
and setoff against all cash and all securities and other financial assets at any time held for the account of the Fund by or through
the Custodian. The obligations include, without limitation, the Fund’s obligations to reimburse the Custodian if the Custodian
or any of its affiliates, subsidiaries or agents advances cash or securities or other financial assets to the Fund for any purpose
(including but not limited to settlements of securities or other financial assets, foreign exchange contracts and assumed settlement),
or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims
or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee’s
own negligence, as well as the Fund’s obligation to compensate the Custodian pursuant to Section 15.1 or indemnify
the Custodian pursuant to Section 15.2. Should the Fund fail to reimburse or otherwise pay the Custodian any obligation under
this Agreement promptly, the Custodian shall have the rights and remedies of a secured party under this Agreement, the UCC and
other applicable law, including the right to utilize available cash and to sell or otherwise dispose of the Fund’s assets
to the extent necessary to obtain payment or reimbursement.  The Custodian may at any time decline to follow Proper Instructions
to deliver out cash, securities or other financial assets if the Custodian determines in its reasonable discretion that, after
giving effect to the Proper Instructions, the cash, securities or other financial assets remaining will not have sufficient value
fully to secure the Fund's payment or reimbursement obligations, whether contingent or otherwise.

 

    -19-

     

    

 

Section 16.     Effective
Period and Termination.

 

Section 16.1      Term.
This Agreement shall remain in full force and effect for an initial term ending one (1) year from the effective date (the
 “Initial Term”). After the expiration of the Initial Term, this Agreement shall automatically renew for successive
one-year terms unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior
to the expiration of the Initial Term or any renewal term, as the case may be. A written notice of non-renewal may be given as
to the Fund. The termination of this Agreement by some but not all of the Funds shall not affect the validity of this Agreement
with regard to the remaining Funds.

 

Section 16.2      Termination.
Either party may terminate this Agreement as to the Fund: (a) in the event of the other party’s material breach of a
material provision of this Agreement that the other party has either failed to cure, or failed to establish a remedial plan to
cure that is reasonably acceptable to the non-breaching party, within 60 days’ written notice being given by the non-breaching
party of the breach, or (b) in the event of the appointment of a conservator or receiver for the other party, the commencement
by or against the other party of a bankruptcy or insolvency case or proceeding, or upon the happening of a like event to the other
party at the direction of an appropriate agency or court of competent jurisdiction.

 

Section 16.3      Payments
Owing to the Custodian. Upon termination of this Agreement pursuant to Section 16.1
or 16.2 the Fund shall pay to the Custodian any compensation then due and shall reimburse the Custodian for its other fees, expenses
and charges. In the event of: (a) the Fund's termination of this Agreement during the Initial Term for any reason other than
as set forth in Section 16.1 or 16.2 (or, in the case of an additional Fund added to this Agreement pursuant to Section 20.13
hereof, a termination occurring within one year of the date such Fund is added to the Agreement), or (b) a transaction not
in the ordinary course of business pursuant to which the Custodian is not retained to continue providing services hereunder to
the Fund (or its respective successor), the Fund shall pay to the Custodian any compensation due through the end of the Initial
Term (based upon the average monthly compensation previously earned by the Custodian with respect to the Fund) and shall reimburse
the Custodian for its other fees, expenses and charges. Upon receipt of such payment and reimbursement, the Custodian will deliver
the Fund’s cash and its securities and other financial assets as set forth in Section 17.

 

Section 16.4      Exclusions.
No payment will be required pursuant to clause (b) of Section 16.3 in the event of any transaction consisting of (a) the
liquidation or dissolution of the Fund and distribution of the Fund’s assets as a result of the Board’s determination
in its reasonable business judgment that the Fund is no longer viable, (b) a merger of the Fund into, or the consolidation
of the Fund with, another organization or series, or (c) the sale by the Fund of all or substantially all of its assets to
another organization or series and, in the case of a transaction referred to in the foregoing clause (b) or (c)  the
Custodian is retained to continue providing services to the Fund (or its respective successor) on substantially the same terms
as this Agreement.

 

Section 16.5      Effect
of Termination. Following termination, the Custodian shall have no further responsibility
to forward information under Section 3.8 or 5.8. The provisions of Sections 8, 14, 15 and 17 of this Agreement shall survive
termination of this Agreement.

 

    -20-

     

    

 

Section 17.     Successor
Custodian.

 

Section 17.1      Successor
Appointed. If a successor custodian shall be appointed for the Fund by its Board,
the Custodian shall, upon termination of this Agreement and receipt of Proper Instructions, deliver to the successor custodian
at the office of the Custodian, duly endorsed and in the form for transfer, all cash and all securities and other financial assets
of the Fund then held by the Custodian hereunder and shall transfer to an account of the successor custodian all of the securities
and other financial assets of the Fund held in a U.S. Securities System or Foreign Securities System or at the Underlying Transfer
Agent.

 

Section 17.2      No
Successor Appointed. If no such successor custodian shall be appointed, the Custodian
shall, in like manner, upon receipt of Proper Instructions, deliver at the office of the Custodian and transfer the cash and the
securities and other financial assets of the Fund in accordance with the Proper Instructions.

 

Section 17.3      No
Successor Appointed and No Proper Instructions. If no successor custodian has been
appointed and no Proper Instructions have been delivered to the Custodian on or before the termination of this Agreement, then
the Custodian shall have the right to deliver to a bank or trust company, which is a “bank” as defined in the 1940
Act, doing business in Boston, Massachusetts, or New York, New York, of its own selection, all cash and all securities and other
financial assets of the Fund then held by the Custodian hereunder, and to transfer to an account of the bank or trust company all
of the securities and other financial assets of the Fund held in any U.S. Securities System or Foreign Securities System or at
the Underlying Transfer Agent. The transfer will be on such terms as are contained in this Agreement or as the Custodian may otherwise
reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company, and any cost or expense
incurred by the Custodian, in connection with the transfer shall be for the account of the Fund.

 

Section 17.4      Remaining
Property. If any cash or any securities or other financial assets of the Fund held
by the Custodian hereunder remain held by the Custodian after the termination of this Agreement owing to the failure of the Fund
to provide Proper Instructions, the Custodian shall be entitled to fair compensation for its services during such period as the
Custodian holds the cash or the securities or other financial assets (the existing agreed-to compensation at the time of termination
shall be one indicator of what is considered fair compensation). The provisions of this Agreement relating to the duties, exculpation
and indemnification of the Custodian shall apply in favor of the Custodian during such period.

 

Section 17.5      Reserves.
Notwithstanding the foregoing provisions of this Section 17, the Custodian may retain cash or securities or other financial
assets of the Fund as a reserve reasonably established by the Custodian to secure the payment or performance of any obligations
of the Fund secured by a security interest or right of recoupment or setoff in favor of the Custodian.

 

Section 18.
Remote Access Services Addendum. The Custodian and the Fund agree to be bound by the terms of the Remote Access Services
Addendum attached hereto as Exhibit A. The Fund acknowledges that the data and information it will be accessing from the Custodian
is unaudited and may not be accurate due to inaccurate pricing of securities, delays of a day or more in updating the relevant
account and other causes for which the Custodian will not be liable to the Fund.

 

    -21-

     

    

 

Section 19.
Loan Services Addendum.     If
the Fund directs the Custodian in writing to perform loan services, the Custodian and the Fund will be bound by the terms of the
Loan Services Addendum attached hereto as Exhibit B. The Fund shall reimburse Custodian for its fees and expenses related
thereto as agreed upon from time to time in writing by the Fund and the Custodian.

 

Section 20.
General.

 

Section 20.1
Governing Law. Any and all matters in dispute between the parties hereto, whether arising from or relating to this
Agreement, shall be governed by and construed in accordance with laws of the Commonwealth of Massachusetts, without giving effect
to any conflict of laws rules. Likewise, the law applicable to all issues in Article 2(1) of the Hague Convention on
the Law Applicable to Certain Rights in respect of Securities Held with an Intermediary is the law in force in the Commonwealth
of Massachusetts.

 

Section 20.2
Prior Agreements; Amendments. This Agreement supersedes all prior agreements between the Fund and the Custodian relating
to the custody of the Fund’s assets. This Agreement may be amended at any time in writing by mutual agreement of the parties
hereto.

 

Section 20.3
Assignment; Delegation. This Agreement may not be assigned by (a) any Fund without the written consent of the
Custodian or (b) the Custodian without the written consent of each applicable Fund, except that the Custodian may assign this
Agreement to a successor of all or a substantial portion of its business, or to an affiliate of the Custodian. The Custodian shall
retain the right to employ agents, subcontractors, consultants or other third parties, including, without limitation, affiliates
(each, a “Delegate” and collectively, the “Delegates”) to provide or assist
it in the provision of any part of the non-custodial services described herein or the discharge of any other non-custodial obligations
or duties under this Agreement without the consent or approval of any Fund. Except as otherwise provided below, the Custodian shall
be responsible for the acts and omissions of any such Delegate so employed as if the Custodian had committed such acts and omissions
itself. The Custodian shall be responsible for the compensation of its Delegates. Notwithstanding the foregoing, in no event shall
the term Delegate include sub-custodians, Eligible Foreign Custodians, U.S. Securities Systems and Foreign Securities Systems,
and the Custodian shall have no liability for their acts or omissions except as otherwise expressly provided elsewhere in this
Agreement. The liability of the Custodian for the acts and omissions of sub-custodians, Eligible Foreign Custodians, U.S. Securities
Systems and Foreign Securities Systems shall be as set forth in Section 14 above.

 

Section 20.4
Interpretive and Additional Provisions. In connection with the operation of
this Agreement, the Custodian and the Fund may from time to time agree on such provisions interpretive of or in addition to the
provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive
or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions
shall contravene any applicable laws or regulations or any provision of the Fund’s organic record and Prospectus. No interpretive
or additional provisions made as provided in the preceding sentence shall be an amendment of this Agreement.

 

    -22-

     

    

 

Section 20.5
The Parties; Representations and Warranties.

 

20.5.1     Fund
Representations and Warranties. The Fund hereby represents and warrants that (a) it
is duly organized and validly existing in good standing in its jurisdiction of organization; (b) it has the requisite power
and authority under applicable law and its organic record to enter into and perform this Agreement; (c) all requisite proceedings
have been taken to authorize it to enter into and perform this Agreement; (d) no legal or administrative proceedings have
been instituted or threatened which would materially impair the Fund’s ability to perform its duties and obligations under
this Agreement; and (e) its entering into this Agreement shall not cause a material breach or be in material conflict with
any other agreement or obligation of the Fund or any law or regulation applicable to it.

 

20.5.2     Custodian
Representations and Warranties.  The Custodian hereby represents and warrants that (a) it
is a trust company, duly organized and validly existing under the laws of the Commonwealth of Massachusetts; (b) it has the
requisite power and authority to carry on its business in the Commonwealth of Massachusetts; (c) all requisite proceedings
have been taken to authorize it to enter into and perform this Agreement; (d) no legal or administrative proceedings have
been instituted or threatened which would materially impair the Custodian’s ability to perform its duties and obligations
under this Agreement; (e) its entering into this Agreement shall not cause a material breach or be in material conflict with
any other agreement or obligation of the Custodian or any law or regulation applicable to it; and (f) it is a Massachusetts
chartered trust company and a member of the Federal Reserve System.

 

Section 20.6
Notices. Any notice, instruction or other communication required to be given hereunder will, unless otherwise provided
in this Agreement, be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized
delivery service, to the parties at the following addresses or such other addresses as may be notified by any party from time to
time.

 

To the Fund:                                      MSC
Income Fund, Inc.

c/o Main
Street Capital Corporation

1300 Post
Oak Blvd, 8th Floor

Houston,
TX 77056

Attn: Jason
B. Beauvais

Telephone:
713-350-6043

Email: jbeauvais@mainstcapital.com

Attn: Cory
E. Gilbert

Telephone:
972-740-4119

Email: cgilbert@mainstcapital.com

 

To the Custodian:                             State
Street Bank and Trust Company

100 Summer Street, Floor 5

Boston, MA 02110

Attention: Fred Willshire

State Street Alternative Investment
Solutions

Facsimile No.: 212-651-2393

Telephone No.: 617-662-7245

 

    -23-

     

    

 

with
a copy to:                   State
Street Bank and Trust Company

Legal Division
 – Global Services Americas

One Lincoln
Street

Boston,
MA 02111

Attention:
Senior Vice President and Senior Managing Counsel

 

Section 20.7
Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original,
and all such counterparts taken together shall constitute one and the same Agreement. Counterparts may be executed in either
original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby
adopt as original any signatures received in electronically transmitted form.

 

Section 20.8
Severability; No Waiver. If any provision of this Agreement shall be held to be invalid, unlawful or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. The failure
of a party hereto to insist upon strict adherence to any term of this Agreement on any occasion or the failure of a party hereto
to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any the term,
right or remedy or a waiver of any other rights or remedies, and no single or partial exercise of any right or remedy under this
Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy.

 

Section 20.9      Confidentiality.
All information provided under this Agreement by a party (the “Disclosing Party”) to the other party (the “Receiving
Party”) regarding the Disclosing Party’s business and operations shall be treated as confidential. Subject to Section 20.10
below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third
parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services
and discharging the Receiving Party’s other obligations under the Agreement or managing the business of the Receiving Party
and its affiliates, including financial and operational management and reporting, risk management, legal and regulatory compliance
and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when
provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently
derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement,
(c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil
investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required
to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Custodian or its
affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject
to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing
the information, which consent shall not be unreasonably withheld.

 

    -24-

     

    

 

Section 20.10
Use of Data.

 

(a)          In
connection with the provision of the services and the discharge of its other obligations under this Agreement, the Custodian (which
term for purposes of this Section 20.10 includes each of its parent company, branches and affiliates (“Affiliates”))
may collect and store information regarding the Fund and share such information with its Affiliates, agents and service providers
in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement
and other agreements between the Fund and the Custodian or any of its Affiliates and (ii) to carry out management of its businesses,
including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance
and client service management.

 

(b)          Subject
to paragraph (c) below, the Custodian and/or its Affiliates (except those Affiliates or business divisions principally engaged
in the business of asset management) may use any data or other information (“Data”) obtained by such
entities in the performance of their services under this Agreement or any other agreement between the Fund and the Custodian or
one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Fund, and publish, sell, distribute
or otherwise commercialize the Data; provided that, unless the Fund otherwise consents, Data is combined or aggregated with information
relating to (i) other customers of the Custodian and/or its Affiliates or (ii) information derived from other sources,
in each case such that any published information will be displayed in a manner designed to prevent attribution to or identification
of such Data with the Fund. The Fund agrees that Custodian and/or its Affiliates may seek to profit and realize economic benefit
from the commercialization and use of the Data, that such benefit will constitute part of the Custodian’s compensation for
services under this Agreement or such other agreement, and the Custodian and/or its Affiliates shall be entitled to retain and
not be required to disclose the amount of such economic benefit and profit to the Fund.

 

(c)          Except
as expressly contemplated by this Agreement, nothing in this Section 20.10 shall limit the confidentiality and data-protection
obligations of the Custodian and its Affiliates under this Agreement and applicable law. The Custodian shall cause any Affiliate,
agent or service provider to which it has disclosed Data pursuant to this Section 20.10 to comply at all times with confidentiality
and data-protection obligations as if it were a party to this Agreement.

 

Section 20.11
Reproduction of Documents. This Agreement and all schedules, addenda, exhibits, appendices, attachments and amendments
hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process.
Any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether
or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business,
and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

 

Section 20.12
Regulation GG. The Fund represents and warrants that it does not engage in an “Internet gambling business,”
as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) and covenants that it shall
not engage in an Internet gambling business. In accordance with Regulation GG, the Fund is hereby notified that “restricted
transactions,” as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with
the Custodian pursuant to this Agreement or otherwise between or among any party hereto.

 

    -25-

     

    

 

Section 20.13
Additional Funds. In the event that any funds and other investment vehicles in addition to HMS Income Fund, Inc.
desire to have the Custodian render services as custodian under the terms hereof, it shall so notify the Custodian in writing,
and if the Custodian agrees in writing to provide such services, such funds and other investment vehicles shall become a Fund hereunder
and be bound by the applicable terms and conditions and provisions hereof including, without limitation, the representations and
warranties set forth in Section 20.5.1 above.

 

Section 20.14
Disaster Recovery and Business Continuity. The Custodian shall implement and maintain disaster recovery and business
continuity procedures that are reasonably designed to recover data processing systems, data communications facilities, information,
data and other business related functions of the Custodian in a manner and time frame consistent with legal, regulatory and business
requirements applicable to the Custodian in its provision of services hereunder. In the event of any disaster which causes a business
interruption, the Custodian shall act in good faith and take reasonable steps to minimize service interruptions.

 

Section 20.15
Shareholder Communications Election. SEC Rule 14b-2 requires banks that hold securities, as that term is used
in federal securities laws, for the account of customers to respond to requests by issuers of securities for the names, addresses
and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected
to disclosure of this information. In order to comply with the rule, as may be applicable, the Custodian needs the Fund to indicate
whether it authorizes the Custodian to provide the Fund’s name, address, and share position to requesting companies whose
securities the Fund owns. If the Fund tells the Custodian “no,” the Custodian will not provide this information to
requesting companies. If the Fund tells the Custodian “yes” or does not check either “yes” or “no”
below, the Custodian is required by the rule, as applicable, to treat the Fund as consenting to disclosure of this information
for all securities owned by the Fund or any funds or accounts established by the Fund. For the Fund’s protection, the Rule,
as applicable, prohibits the requesting company from using the Fund’s name and address for any purpose other than corporate
communications. Please indicate below whether the Fund consents or objects by checking one of the alternatives below.

 

		YES [ ]	The Custodian is authorized to release the Fund’s name, address, and share positions.

 

		NO [X]	The Custodian is not authorized to release the
Fund’s name, address, and share positions.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    -26-

     

    

 

Signature
Page

 

In
Witness Whereof, each of the parties has caused this Agreement to be executed in its name and behalf by its duly authorized
representative under seal as of the date first above-written.

 

	HMS Income
    Fund, Inc.	 
	 	 
	 	 
	By:	/s/
    Dwayne L. Hyzak	 
	Name: Dwayne L. Hyzak	 
	Title: Chief Executive Officer	 
	 	 
	 	 
	State Street
    Bank and Trust Company	 
	 	 
	 	 
	By:	/s/ Fred
Willshire	 
	Name: Fred Willshire	 
	Title: Senior Managing Director	 

 

    -27-

     

    

 

EXHIBIT A

 

Remote
Access Services Addendum to Custody Services Agreement

 

ADDENDUM to that certain
Custody Services Agreement, between HMS Income Fund, Inc. together with any additional business
development companies, subsidiaries or other funds or investment vehicles added to this Agreement (“you” or
the “Customer”) and State Street Bank and Trust Company, including its
subsidiaries and affiliates (“State Street”).

 

State Street has developed
and/or utilizes proprietary or third party accounting and other systems in conjunction with the services that State Street provides
to you. In this regard, State Street maintains certain information in databases under State Street ownership and/or control that
State Street makes available to customers (the “Remote Access Services”).

 

The
Services

 

State Street agrees
to provide you, the Customer, and your designated employees, investment advisors, consultants or other third parties who agree
to abide by the terms of this Addendum (“Authorized Designees”) with access to State Street proprietary and third party
systems as may be offered by State Street from time to time (each, a “System”) on a remote basis.

 

Security
Procedures

 

You agree to comply,
and to cause your Authorized Designees to comply, with remote access operating standards and procedures and with user identification
or other password control requirements and other security devices and procedures as may be issued or required from time to time
by State Street or its third party vendors for use of the System and access to the Remote Access Services. You are responsible
for any use and/or misuse of the System and Remote Access Services by your Authorized Designees. You agree to advise State Street
immediately in the event that you learn or have reason to believe that any person to whom you have given access to the System or
the Remote Access Services has violated or intends to violate the terms of this Addendum and you will cooperate with State Street
in seeking injunctive or other equitable relief. You agree to discontinue use of the System and Remote Access Services, if requested,
for any security reasons cited by State Street and State Street may restrict access of the System and Remote Access Services by
you or any Authorized Designee for security reasons or noncompliance with the terms of this Addendum at any time.

 

		Fees	

 

Fees and charges for
the use of the System and the Remote Access Services and related payment terms shall be as set forth in the RAA Fee Schedule in
effect from time to time between the parties (the “RAA Fee Schedule”). You shall be responsible for any tariffs, duties
or taxes imposed or levied by any government or governmental agency by reason of the transactions contemplated by this Addendum,
including, without limitation, federal, state and local taxes, use, value added and personal property taxes (other than income,
franchise or similar taxes which may be imposed or assessed against State Street). Any claimed exemption from such tariffs, duties
or taxes shall be supported by proper documentary evidence delivered to State Street.

 

    -28-

     

    

 

Proprietary Information/Injunctive
Relief

 

The System and Remote
Access Services described herein and the databases, computer programs, screen formats, report formats, interactive design techniques,
formulae, processes, systems, software, knowhow, algorithms, programs, training aids, printed materials, methods, books, records,
files, documentation and other information made available to you by State Street as part of the Remote Access Services and through
the use of the System and all copyrights, patents, trade secrets and other proprietary and intellectual property rights of State
Street and third party vendors related thereto are the exclusive, valuable and confidential proprietary property of State Street
and its relevant licensors and third party vendors (the “Proprietary Information”). You agree on behalf of yourself
and your Authorized Designees to keep the Proprietary Information confidential and to limit access to your employees and Authorized
Designees (under a similar duty of confidentiality) who require access to the System for the purposes intended. The foregoing shall
not apply to Proprietary Information in the public domain or required by law to be made public.

 

You agree to use the
Remote Access Services only in connection with the proper purposes of this Addendum. You will not, and will cause your employees
and Authorized Designees not to, (i) permit any third party to use the System or the Remote Access Services, (ii) sell,
rent, license or otherwise use the System or the Remote Access Services in the operation of a service bureau or for any purpose
other than as expressly authorized under this Addendum, (iii) use the System or the Remote Access Services for any fund, trust
or other investment vehicle without the prior written consent of State Street, or (iv) allow or cause any information transmitted
from State Street's databases, including data from third party sources, available through use of the System or the Remote Access
Services, to be published, redistributed or retransmitted for other than use for or on behalf of yourself, as our Customer.

 

You agree that neither you nor your Authorized
Designees will modify the System in any way, enhance, copy or otherwise create derivative works based upon the System, nor will
you or your Authorized Designees reverse engineer, decompile or otherwise attempt to secure the source code for all or any part
of the System.

 

You acknowledge that
the disclosure of any Proprietary Information, or of any information which at law or equity ought to remain confidential, will
immediately give rise to continuing irreparable injury to State Street or its third party licensors and vendors inadequately compensable
in damages at law and that State Street shall be entitled to obtain immediate injunctive relief against the breach or threatened
breach of any of the foregoing undertakings, in addition to any other legal remedies which may be available.

 

Limited
Warranties

 

State Street represents
and warrants that it is the owner of and/or has the right to grant access to the System and to provide the Remote Access Services
contemplated herein. Because of the nature of computer information technology, including but not limited to the use of the Internet,
and the necessity of relying upon third party sources and data and pricing information obtained from third parties, the System
and Remote Access Services are provided “AS IS” without warranty express or implied including as to availability of
the System, and you and your Authorized Designees shall be solely responsible for the use of the System and Remote Access Services
and investment decisions, results obtained, regulatory reports and statements produced using the Remote Access Services. State
Street and its relevant licensors and third party vendors will not be liable to you or your Authorized Designees for any direct
or indirect, special, incidental, punitive or consequential damages arising out of or in any way connected with the System or the
Remote Access Services, nor shall any party be responsible for delays or nonperformance under this Addendum arising out of any
cause or event beyond such party’s control.

 

    -29-

     

    

 

EXCEPT AS EXPRESSLY SET FORTH
IN THIS ADDENDUM, STATE STREET FOR ITSELF AND ITS RELEVANT LICENSORS AND THIRD PARTY VENDORS EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES
CONCERNING THE SYSTEM AND THE SERVICES TO BE RENDERED HEREUNDER, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION
ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

Infringement

 

State Street will defend
or, at our option, settle any claim or action brought against you to the extent that it is based upon an assertion that access
to or use of State Street proprietary systems by you under this Addendum constitutes direct infringement of any United States patent
or copyright or misappropriation of a trade secret, provided that you notify State Street promptly in writing of any such claim
or proceeding and cooperate with State Street in the defense of such claim or proceeding and allow State Street sole control over
such claim or proceeding. Should the State Street proprietary system or any part thereof become, or in State Street’s opinion
be likely to become, the subject of a claim of infringement or the like under any applicable patent, copyright or trade secret
laws, State Street shall have the right, at State Street's sole option, to (i) procure for you the right to continue using
the State Street proprietary system, (ii) replace or modify the State Street proprietary system so that the State Street proprietary
system becomes noninfringing, or (iii) terminate this Addendum without further obligation. This section constitutes the sole
remedy available to you for the matters described in this section.

 

Termination

 

Either party may terminate
this Addendum (i) for any reason by giving the other party at least one-hundred and eighty (180) days' prior written notice
in the case of notice of termination by State Street to you or thirty (30) days' notice in the case of notice from you to State
Street of termination, or (ii) immediately for failure of the other party to comply with any material term and condition of
the Addendum by giving the other party written notice of termination. This Addendum shall in any event terminate within ninety
(90) days after the termination of any service agreement applicable to you. Your use of any third party System is contingent upon
your compliance with any terms and conditions of use of such System imposed by such third party and State Street's continued access
to, and use of, such third party System. In the event of termination, you will return to State Street all copies of documentation
and other confidential information in your possession or in the possession of your Authorized Designees and immediately cease access
to the System and Remote Access Services. The foregoing provisions with respect to confidentiality and infringement will survive
termination for a period of three (3) years.

 

Miscellaneous

 

This Addendum constitutes
our entire understanding with respect to access to the System and the Remote Access Services. This Addendum cannot be modified
or altered except in a writing duly executed by both of us and shall be governed by and construed in accordance with the laws of
the Commonwealth of Massachusetts.

 

    -30-

     

    

 

LOAN SERVICES ADDENDUM

TO CUSTODIAN AGREEMENT

 

ADDENDUM
to that certain Custodian Agreement (the “Custodian Agreement”) dated as of ______________, 2020, by
and between HMS Income Fund, Inc. together with any additional business development companies,
subsidiaries or other funds or investment vehicles added to this Agreement (the “Company”) and State
Street Bank and Trust Company, a Massachusetts trust company (the “Custodian”).

 

The following provisions
will apply with respect to interests in commercial loans, including loan participations, whether the loans are bilateral or syndicated
and whether any obligor is located in or outside of the United States (collectively, “Loans”), made or
acquired by the Company.

 

Section 1.
Payment Custody. If the Company wishes the Custodian to receive payments directly with respect to a Loan for credit
to the bank account maintained by the Custodian for the Company under the Custodian Agreement,

 

(a)          the
Company will cause the Custodian to be named as the Company’s nominee for payment purposes under the relevant financing documents,
e.g., in the case of a syndicated loan, the administrative contact for the agent bank, and otherwise provide for the payment to
the Custodian of the payments with respect to the Loan; and

 

(b)          the
Custodian will credit to the bank account maintained by the Custodian for the Company under the Custodian Agreement any payment
on or in respect of the Loan actually received by the Custodian and identified as relating to the Loan, but with any amount credited
being conditional upon clearance and actual receipt by the Custodian of final payment.

 

Section 2.
Monitoring. If a Company wishes the Custodian to monitor payments on and forward notices relating to a Loan,

 

(a)          the
Company will deliver, or cause to be delivered, to the Custodian a schedule identifying the amount and due dates of the scheduled
principal payments, the scheduled interest payment dates and related payment amount information, and such other information with
respect to the Loan as the Custodian may reasonably require in order to perform its services hereunder (collectively, “Loan
Information”) and in such form and format as the Custodian may reasonably request; and

 

(b)          the
Custodian will (i) if the amount of a principal, interest, fee or other payment with respect to the Loan is not received by
the Custodian on the date on which the amount is scheduled to be paid as reflected in the Loan Information, provide a report to
the Company that the payment has not been received and (ii) if the Custodian receives any consent solicitation, notice of
default or similar notice from any syndication agent, lead or obligor on the Loan, undertake reasonable efforts to forward the
notice to the Company.

 

Section 3.
Exculpation of the Custodian.

 

(a)          Payment
Custody and Monitoring. The Custodian will have no liability for any delay or failure by the Company or any third party in
providing Loan Information to the Custodian or for any inaccuracy or incompleteness of any Loan Information. The Custodian will
have no obligation to verify, investigate, recalculate, update or otherwise confirm the accuracy or completeness of any Loan Information
or other information or notices received by the Custodian in respect of the Loan. The Custodian will be entitled to (i) rely
upon the Loan Information provided to it by or on behalf of the Company or any other information or notices that the Custodian
may receive from time to time from any syndication agent, lead or obligor or any similar party with respect to the Loan and (ii) update
its records on the basis of such information or notices as may from time to time be received by the Custodian.

 

    -31-

     

    

 

(b)          Any
Service. The Custodian will have no obligation to (i)     determine
whether any necessary steps have been taken or requirements have been met for the Company to have acquired good or record title
to a Loan, (ii) ensure that the Company’s acquisition of the Loan has been authorized by the Company, (iii) collect
past due payments on the Loan, preserve any rights against prior parties, exercise any right or perform any obligation in connection
with the Loan (including taking any action in connection with any consent solicitation, notice of default or similar notice received
from any syndication agent, lead or obligor on the Loan) or otherwise take any other action to enforce the payment obligations
of any obligor on the Loan, (iv) become itself the record title holder of the Loan or (v) make any advance of its own
funds with respect to the Loan.

 

(c)           Miscellaneous.
The Custodian will not be considered to have been or be charged with knowledge of the sale of a Loan by the Company, unless
and except to the extent that the Custodian shall have received written notice of the sale from the Company and the proceeds of
the sale have been received by the Custodian for credit to the bank account maintained by the Custodian for the Company under the
Custodian Agreement. If any question arises as to the Custodian’s duties under this Addendum, the Custodian may request instructions
from the Company and will be entitled at all times to refrain from taking any action unless it has received Proper Instructions
from the Company. The Custodian will in all events have no liability, risk or cost for any action taken or omitted with respect
to the Loan pursuant to Proper Instructions. The Custodian will have no responsibilities or duties whatsoever with respect to the
Loan except as are expressly set forth in this Addendum.

 

    -32-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]