Document:

Exhibit 10.2

 

ADMINISTRATION AGREEMENT

 

This ADMINISTRATION AGREEMENT (the “Agreement”)
made as of [●], 2021 by and between Lafayette Square Gulf Coast BDC, Inc., a Delaware corporation (the “Corporation”),
and LS Administration LLC, a Delaware limited liability company (the “Administrator”).

 

WITNESSETH:

 

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

 

WHEREAS, the Corporation desires to retain the
Administrator to provide administrative services to the Corporation in the manner and on the terms hereinafter set forth; and

 

WHEREAS, the Administrator is willing to provide
administrative services to the Corporation on the terms and conditions hereafter set forth.

 

NOW, THEREFORE, in consideration of the premises
and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged,
the Corporation and the Administrator hereby agree as follows:

 

1.                  
Duties of the Administrator

 

(a)           Appointment
of Administrator. The Corporation hereby appoints the Administrator to act as administrator of the Corporation, and to furnish,
or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the
overall control of the Board of Directors of the Corporation (the “Board”), for the period and on the terms and conditions
set forth in this Agreement. The Administrator hereby accepts such appointment and agrees during such period to render, or arrange for
the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided
for below. The Administrator and any such other persons providing services arranged for by the Administrator shall for all purposes herein
be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act
for or represent the Corporation in any way or otherwise be deemed agents of the Corporation.

 

(b)           Services.
The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation
of the Corporation. Without limiting the generality of the foregoing, the Administrator shall provide the Corporation with office facilities,
equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the Administrator, subject
to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement.
The Administrator shall also, on behalf of the Corporation, conduct relations with custodians, depositories, transfer agents, dividend
disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries,
insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Administrator shall make reports
to the Board of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of
the business and affairs of the Corporation as it shall determine to be desirable or as requested by the Board; provided that
nothing herein shall be construed to require the Administrator to, and the Administrator shall not provide any advice or recommendation
relating to the securities and other assets that the Corporation should purchase, retain or sell or any other investment advisory services
to the Corporation.

 

     

     

    

 

The Administrator shall be responsible for the financial and other
records that the Corporation is required to maintain and shall prepare reports to stockholders, and reports and other materials filed
with the Securities and Exchange Commission (the “SEC”) or any other regulatory authority, including, but not limited
to, current reports on Form 8-K, quarterly reports on Form 10-Q, annual reports on Form 10-K and proxy or information statements to stockholders.
If requested by the Corporation, the Administrator will provide on the Corporation’s behalf significant managerial assistance to
those portfolio companies to which the Corporation is required to provide such assistance, including to portfolio companies’ employees,
if requested. In addition, the Administrator will assist the Corporation in determining and publishing the Corporation’s net asset
value, overseeing the preparation and filing of the Corporation’s tax returns, and the printing and dissemination of reports to
stockholders of the Corporation, and generally overseeing the payment of the Corporation’s expenses and the performance of administrative
and professional services rendered to the Corporation by others.

 

2.                  
Records

 

The Administrator agrees to maintain and keep all
books, accounts and other records of the Corporation that relate to activities performed by the Administrator hereunder and, if required
by the Investment Company Act, will maintain and keep such books, accounts and records in accordance with that Act. In compliance with
the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that all records that it maintains for
the Corporation shall at all times remain the property of the Corporation, shall be readily accessible during normal business hours, and
shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator further agrees
that all records which it maintains for the Corporation pursuant to Rule 31a-1 under the Investment Company Act will be preserved
for the periods prescribed by Rule 31a-2 under the Investment Company Act unless any such records are earlier surrendered as provided
above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records
subject to observance of its confidentiality obligations under this Agreement.

 

3.                  
Confidentiality

 

The parties hereto agree that each shall treat
confidentially all information provided by each party to the other regarding its business and operations. All confidential information
provided by a party hereto, including nonpublic personal information of natural persons pursuant to Regulation S-P of the SEC, shall
be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required
in carrying out this Agreement, shall not be disclosed to any third party without the prior consent of such providing party. The foregoing
shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than
through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of
the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

 

4.                  
Compensation; Allocation of Costs and Expenses

 

(a)           In
full consideration of the provision of the services of the Administrator, the Corporation shall reimburse the Administrator for the costs
and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities hereunder, including
the costs and expenses charged by any sub-administrator that may be retained by the Administrator to provide services to the Corporation
or on the Administrator’s behalf.

 

    2

     

    

 

(b)           The
Corporation will bear all costs and expenses that are incurred in its operation, administration, and transactions and not
specifically assumed by the Corporation’s investment adviser (the “Adviser”), pursuant to that certain
Investment Advisory Agreement, dated as of [•], 2021, by and between the Corporation and the Adviser (the “Advisory
Agreement”). Costs and expenses to be borne by the Corporation include, but are not limited to, those relating to:
expenses deemed to be “organization and offering expenses” of the Corporation for purposes of Conduct Rule 2310(a)(12)
of the Financial Industry Regulatory Authority (for purposes of this Agreement, such expenses, exclusive of commissions, the dealer
manager fee and any discounts, are hereinafter referred to as “Organization and Offering Expenses”); expenses
incurred by the Adviser and payable to third parties, including agents, consultants and other advisors, in monitoring the financial
and legal affairs of the Corporation, and news and quotation subscriptions; the cost of calculating the Corporation’s net
asset value; the cost of effecting sales and repurchases of shares of the Corporation’s common stock and other securities;
management and incentive fees payable pursuant to the Advisory Agreement; fees payable to third parties, including agents,
consultants and other advisors, relating to, or associated with, making investments, and, if necessary, enforcing its rights, and
valuing investments (including third-party valuation firms); placement agent fees and expenses, rating agency expenses; fees to
arrange debt financings for the Corporation; distributions on the Corporation’s shares; administration fees payable under this
Agreement; the allocated costs incurred by the Administrator in providing managerial assistance to those portfolio companies that
request it; transfer agent and custodial fees; fees and expenses associated with marketing efforts (including attendance at
investment conferences and similar events); federal and state registration fees; any exchange listing fees; federal, state, local,
and other taxes; independent directors’ fees and expenses, including any legal counsel or other advisors retained by, or at
the discretion or for the benefit of, the independent directors; brokerage commissions; costs of proxy statements,
stockholders’ reports and notices; costs of preparing government filings, including periodic and current reports with the SEC;
the Corporation’s fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance
premiums; indemnification payments; expenses relating to the development and maintenance of the Corporation’s website; other
operations and technology costs; direct costs and expenses of administration, including printing, mailing, copying, telephone, fees
of independent accountants and outside legal costs; and all other expenses incurred by the Corporation or the Administrator in
connection with administering the Corporation’s business, including, but not limited to, payments under this Agreement based
upon the Corporation’s allocable portion of the Administrator’s overhead in performing its obligations under this
Agreement, including rent, travel and the allocable portion of the cost of the Corporation’s chief compliance officer and
chief financial officer and their respective staffs, including operations and tax professionals, and administrative staff providing
support services in respect of the Corporation.

 

5.                  
Limitation of Liability of the Administrator; Indemnification

 

The Administrator, its
affiliates and their respective directors, officers, managers, partners, agents, employees, controlling persons, members, and any
other person or entity affiliated with any of them including the Adviser, shall not be liable to the Corporation for any action
taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this
Agreement or otherwise as administrator for the Corporation, and the Corporation shall indemnify, defend and protect the
Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity
affiliated with the Administrator, including without limitation, the Adviser, each of whom shall be deemed a third party beneficiary
hereof) (collectively, the “Indemnified Parties”), and hold them harmless from and against all 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 Corporation or its security holders) arising out of or otherwise based upon
the performance of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator for the
Corporation. Notwithstanding the preceding sentence of this Section 5 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 Corporation or its security holders to which the Indemnified Parties would
otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Administrator’s
duties or by reason of the reckless disregard of the Administrator’s duties and obligations under this Agreement (to the
extent applicable, 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).

 

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In addition, notwithstanding any of the foregoing
to the contrary, the provisions of this Section 5 shall not be construed so as to provide for the indemnification of any Indemnified Party
for any liability (including liability under federal securities laws which, under certain circumstances, impose liability even on persons
that act in good faith), to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but
shall be construed so as to effectuate the provisions of this Section 5 to the fullest extent permitted by law.

 

6.                  
Activities of the Administrator

 

The services of the Administrator to the Corporation
are not to be deemed to be exclusive, and the Administrator and each other person providing services as arranged by the Administrator
is free to render services to others. It is understood that directors, officers, employees and stockholders of the Corporation are or
may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners, stockholders
or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and stockholders of the Administrator
and its affiliates are or may become similarly interested in the Corporation as officers, directors, stockholders or otherwise.

 

7.                  
Duration and Termination of this Agreement

 

(a)           This
Agreement shall remain in force with respect to the Corporation for two years from the date of effectiveness and thereafter continue
from year to year, but only so long as such continuance is specifically approved at least annually by (i) the Board and (ii) a
majority of the members of the Board who are not parties to this Agreement or “interested persons” (as defined in Section
2(a)(19) of the Investment Company Act) of any such party.

 

(b)           This
Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board, or by the Administrator, upon 60 days’
written notice to the other party.

 

(c)           This
Agreement may not be assigned by a party without the consent of the other party.  The provisions of Section 3 and Section 5
of this Agreement shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding
any termination of this Agreement. 

 

8.                  
Amendments of this Agreement

 

This Agreement may be amended pursuant to a written
instrument by mutual consent of the parties.

 

9.                  
Severability

 

If any provision of this
Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be
severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability
shall not affect the remainder hereof.

 

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10.              
Governing Law

 

This Agreement shall be construed in accordance
with the laws of the State of New York and the applicable provisions of the Investment Company Act. To the extent that the applicable
laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act,
the latter shall control.

 

11.              
Entire Agreement

 

This Agreement contains the entire agreement of
the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

 

12.              
Notices

 

All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt)
by delivery in person, by overnight courier service (with signature required), by facsimile, or by registered or certified mail (postage
prepaid, return receipt requested) to the respective parties at their respective principal executive office addresses.

 

13.              
Miscellaneous

 

The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.
If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this
Agreement shall not be affected thereby. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto and
their respective successors.

 

14.              
Counterparts

 

This Agreement may be executed in counterparts
by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties hereto have executed
and delivered this Agreement as of the date first above written.

 

	 	LAFAYETTE SQUARE GULF COAST
    BDC, INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	LS
    Administration, LLC
	 	 
	 	By:	                               
	 	Name:
	 	Title:Exhibit 10.3

 

Execution Copy

 

 

 

CUSTODY AGREEMENT

 

 

 

dated as of [●], 2021

by and between

  

LAFAYETTE SQUARE GULF COAST BDC, INC.

 

(“Company”)

 

and

 

U.S. BANK NATIONAL ASSOCIATION

(“Custodian” and “Document Custodian”)

 

    

     

    

 

TABLE OF CONTENTS

 

	 	Page

 

	1.	DEFINITIONS	1
	 	 	 
	2.	APPOINTMENT OF CUSTODIAN	7
	 	 	 
	3.	DUTIES OF CUSTODIAN	8
	 	 	 
	4.	REPORTING	18
	 	 	 
	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS	18
	 	 	 
	6.	RESERVED	19
	 	 	 
	7.	CERTAIN GENERAL TERMS	19
	 	 	 
	8.	COMPENSATION OF CUSTODIAN	22
	 	 	 
	9.	RESPONSIBILITY OF CUSTODIAN	22
	 	 	 
	10.	SECURITY CODES	26
	 	 	 
	11.	TAX LAW	26
	 	 	 
	12.	EFFECTIVE PERIOD AND TERMINATION	26
	 	 	 
	13.	REPRESENTATIONS AND WARRANTIES	27
	 	 	 
	14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT	28
	 	 	 
	15.	NOTICES	28
	 	 	 
	16.	CHOICE OF LAW AND JURISDICTION	29
	 	 	 
	17.	ENTIRE AGREEMENT; COUNTERPARTS	29
	 	 	 
	18.	AMENDMENT; WAIVER	30
	 	 	 
	19.	SUCCESSOR AND ASSIGNS	30
	 	 	 
	20.	SEVERABILITY	31
	 	 	 
	21.	REQUEST FOR INSTRUCTIONS	31
	 	 	 
	22.	OTHER BUSINESS	31
	 	 	 
	23.	REPRODUCTION OF DOCUMENTS	31
	 	 	 
	24.	MISCELLANEOUS	32

 

SCHEDULES

 

	 	SCHEDULE A – Initial Authorized Persons

 

    i

     

    

 

THIS CUSTODY AGREEMENT (this “Agreement”)
is dated as of [●], 2021 and is by and between LAFAYETTE SQUARE GULF COAST BDC, LLC (and any successor or permitted assign, the
 “Company”), a corporation organized under the laws of the State of Delaware, and U.S. BANK NATIONAL ASSOCIATION (or
any successor or permitted assign acting as custodian hereunder, the “Custodian”), a national banking association.

 

RECITALS

 

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

 

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

 

WHEREAS, the Company desires that the Company’s
Securities (as defined below) and cash be held and administered by the Custodian pursuant to this Agreement; and

 

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

 

	1.	DEFINITIONS

 

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

 

“Account” or “Accounts”
means the Cash Account, the Securities Account, any Subsidiary Cash Account and any Subsidiary Securities Account, collectively.

 

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

 

“Authorized Person” has the meaning set
forth in Section 7.4(a).

 

“Business Day” means any day that is not
Saturday or Sunday and is not a legal holiday or a day in which banking institutions generally are authorized or obligated by law or regulation
to remain closed in New York, New York, or the city in which the Custodian or Document Custodian (pursuant to Section 15 hereunder) or
any Sub-Custodian is located.

 

“Cash Account” means any or all of the
accounts to be established at the Custodian to which the Custodian shall deposit or credit and hold any cash Proceeds received by it from
time to time from or with respect to the Securities or the sale of the Securities of the Company, as applicable, which accounts shall
be designated the “Lafayette Square Gulf Coast BDC Cash Interest Proceeds Account” and the “Lafayette Square Gulf Coast
BDC Cash Principal Proceeds Account.”

 

    

     

    

 

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

 

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

 

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

 

“Document Custodian” means the Custodian
when acting in the role of a document custodian hereunder.

 

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

 

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

 

(a)       United
States government and agency obligations;

 

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

 

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

 

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

 

“Eligible Securities Depository”
has the meaning set forth in Section (b)(1) of Rule 17f-7 under the 1940 Act.

 

“ERISA” has the
meaning set forth in Section 13.1(c).

 

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

 

    2

     

    

 

“Financing Documents” has the meaning
set forth in Section 3.3(b)(ii).

 

“Investment Manager” means LS BDC Adviser,
LLC or any investment manager identified to the Custodian or the Document Custodian by the Company in writing.

 

“Loan” means any U.S. dollar denominated
commercial loan, or participation therein, made by a bank or other financial institution that by its terms provides for payments of principal
and/or interest, including discount obligations and payment-in-kind obligations, acquired by any Company from time to time.

 

“Loan Assignment Agreement” has the meaning
set forth in Section 3.3(b)(ii).

 

“Loan Checklist” means a list delivered
by the Company (or the Investment Manager on its behalf) to the Document Custodian in connection with delivery of a Loan to the Document
Custodian that identifies the items contained in the related Loan File.

 

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

 

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

 

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

 

“Participation Agreement” has the meaning
set forth in Section 3.3(b)(ii).

 

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

 

“Plan-assets Vehicle” has the meaning
set forth in Section 13.1(c).

 

“Proceeds” means, collectively, (i) the
net cash proceeds to the Company of any offering by the Company of any class of securities issued by the Company, (ii) all cash distributions,
earnings, dividends, fees and other cash payments paid on the Securities (or, as applicable, Subsidiary Securities) by or on behalf of
the issuer or obligor thereof, or applicable paying agent or administrative agent, (iii) the net cash proceeds of the sale or other
disposition of the Securities (or, as applicable, Subsidiary Securities) pursuant to the terms of this Agreement (and any Reinvestment
Earnings from investment of the foregoing) and (iv) the net cash proceeds to the Company of any borrowing or other financing by the
Company.

 

    3

     

    

 

“Proper Instructions” means
instructions (including Trade Confirmations) received by the Custodian in form acceptable to it, from the Company, the Investment
Manager or any Person duly authorized by the Company or the Investment Manager in any of the following forms acceptable to the
Custodian:

 

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

 

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

 

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

 

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

 

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

 

“Required Loan Documents”
means, for each Loan, the relevant Underlying Loan Documents that the Company delivers to the Custodian from time to time, which shall
include a Loan Checklist identifying for such Loan the Required Loan Documents to be delivered and which may include:

 

(a)              other than in the case of a Participation,
an executed copy of the Assignment for such Loan, as identified on the Loan Checklist;

 

(b)              with the exception of Noteless Loans
and Participations, the original executed Underlying Note endorsed by the issuer or the prior holder of record in blank or to the Company,
as identified on the Loan Checklist;

 

(c)              an executed copy of the Underlying
Loan Agreement (which may be included in the Underlying Note if so indicated in the Loan Checklist), together with a copy of all amendments
and modifications thereto, as identified on the Loan Checklist;

 

(d)              a copy of each related security agreement
(if any) signed by the applicable Obligor(s), as identified on the Loan Checklist;

 

(e)              a copy of the Loan Checklist; and

 

(f)              a copy of each related guarantee
(if any) then executed in connection with such Loan, as identified on the Loan Checklist.

 

“Reinvestment Earnings” has the meaning
set forth in Section 3.6(b).

 

    4

     

    

 

“Securities” means, collectively, (i)
the investments, including Loans, acquired by the Company and delivered to the Custodian by the Company from time to time during the term
of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments described
in clause (i). For avoidance of confusion, the term “securities” includes stocks, shares, bonds, debentures, notes, mortgages
or other obligations and any certificates, receipts, warrants or other instruments representing rights to receive, purchase, or subscribe
for the same, or evidencing or representing any other rights or interests therein, or in any property or assets.

 

“Securities Account” means the segregated
account to be established at the Custodian to which the Custodian shall deposit or credit and hold the Securities (other than Loans) received
by it pursuant to this Agreement, which account shall be designated the “Lafayette Square Gulf Coast BDC Securities Custody Account”.

 

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

 

“Securities System” means the Federal
Reserve Book-Entry System, a clearing agency which acts as a Securities Depository, or another book entry system for the central handling
of securities (including an Eligible Securities Depository).

 

“Street Delivery Custom” means a custom
of the United States securities market to deliver securities which are being sold to the buying broker for examination to determine that
the securities are in proper form.

 

“Street Name” means the form of registration
in which the securities are held by a broker who is delivering the securities to another broker for the purposes of sale, it being an
accepted custom in the United States securities industry that a security in Street Name is in proper form for delivery to a buyer and
that a security may be re-registered by a buyer in the ordinary course.

 

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

 

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

 

“Subsidiary Cash Account” shall have the
meaning set forth in Section 3.13(b).

 

“Subsidiary Securities” means, collectively,
(i) the investments, including Loans, acquired by a Subsidiary and delivered to the Custodian from time to time during the term of, and
pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments described in clause
(i).

 

“Subsidiary Securities Account” shall
have the meaning set forth in Section 3.13(a).

 

“Trade Confirmation” means a trade ticket
or confirmation to the Custodian from the Company of the Company’s acquisition of a Loan, and setting forth applicable information
with respect to such Loan, in such form as may be acceptable to the Custodian.

 

“Underlying Loan Agreement” means, with
respect to any Loan, the document or documents evidencing the commercial loan agreement or facility pursuant to which such Loan is made.

 

“Underlying Loan Documents” means, with
respect to any Loan, the related Underlying Loan Agreement together with any agreements and instruments (including any Underlying Note)
executed or delivered in connection therewith.

 

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

 

“UCC” means the Uniform Commercial Code
as in effect from time to time in the State of New York.

 

    6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	2.	APPOINTMENT OF CUSTODIAN

 

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

 

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(b)              The Company
hereby appoints the Document Custodian as custodian to hold the Loan Files and Required Loan Documents owned by the Company and the Subsidiaries
(as applicable) and delivered to the Document Custodian from time to time during the period of this Agreement on the terms and conditions
set forth in this Agreement (which shall include any addendum hereto which is hereby incorporated herein and made a part of this Agreement),
and the Document Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement with
respect to it and subject to and in accordance with the provisions hereof. Any Account may contain any number of sub-accounts for the
convenience of the Custodian or as required by the Company for convenience in administering such accounts.

 

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

 

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

 

	3.	DUTIES OF CUSTODIAN

 

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

 

3.2              Securities
Custody Account. The Custodian shall open and maintain in its trust department a segregated account in the name of the Company,
subject only to order of the Custodian, in which the Custodian shall enter and carry, subject to Section 3.3(b), all Securities
(other than Loans), cash and other assets of the Company which are delivered to it in accordance with this Agreement. For avoidance
of doubt, the Custodian shall not be required to credit or deposit Loans in the Securities Account but shall instead maintain a
register (in book-entry form or in such other form as it shall deem necessary or desirable) of such Loans, containing such
information as the Company and the Custodian may reasonably agree; provided that, with respect to such Loans, all Required Loan
Documents shall be held in safekeeping by the Document Custodian, individually segregated from the securities and investments of any
other person and marked so as to clearly identify them as the property of the Company and as set forth in this Agreement.

 

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The Custodian shall have no power or authority to assign,
hypothecate, pledge or otherwise dispose of any such Securities and investments except pursuant to the direction of the Company (or the
Investment Manager on its behalf) under the terms of this Agreement.

 

		3.3	Delivery of Securities to Custodian.

 

		(a)	The Company shall deliver, or cause to be delivered, to the Custodian all of such Company’s Securities, cash and other investment
assets, including (a) all payments of income, payments of principal and capital distributions received by the Company with respect to
such Securities, cash or other assets owned by the Company at any time during the period of this Agreement and (b) all cash received by
the Company for the issuance, at any time during such period, of Shares or other securities or in connection with a borrowing by the Company.
With respect to Loans, Required Loan Documents and other Underlying Loan Documents shall be delivered to the Document Custodian and at
the address identified in Section 15(c) hereof. With respect to assets other than Loans, such assets shall be delivered to the Custodian
in its role as, and (where relevant) at the address identified for, the Custodian.  Except to the extent otherwise expressly provided
herein, delivery of Securities to the Custodian shall be in Street Name or other good delivery form. The Custodian shall not be responsible
for such Securities, cash or other assets until actually delivered to, and received by it.

  

		(b)	(i)        In connection with its acquisition of a Loan or other delivery of a Security constituting a Loan, the Company shall deliver or cause to be delivered to the Custodian (in its roles as, and at the address identified for, the Custodian and Document Custodian) a properly completed Trade Confirmation containing such information in respect of such Loan as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require, and shall deliver to the Document Custodian (in its role as, and at the address identified for, the Document Custodian) the Required Loan Documents for all Loans, including the Loan Checklist.

                                                                   

 

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	 	 	(ii)       Notwithstanding any term hereof or elsewhere to the contrary, (a) it is hereby expressly acknowledged that (i) interests
                              in Loans may be acquired by the Company from time to time which are not evidenced by, or accompanied by delivery of, a Security or
                              an instrument, as that term is defined in Section 9-102(a)(4a) of the UCC, and may be evidenced solely by delivery to the Custodian of a facsimile or electronic copy of an assignment agreement
(“Loan Assignment Agreement”) in favor of the Company as assignee or, in respect of any Loan acquired by participation
interest, a participation agreement (a “Participation Agreement”) in favor of the Customer as participant, (ii) any
such Loan Assignment Agreement or Participation Agreement (and the registration of the related Loan on the books and records of the applicable
obligor or bank agent) shall be registered in the name of the Company (or its nominee), and (iii) any duty on the part of the Custodian
with respect to such Loan shall be limited to the exercise of reasonable care by the Custodian in the physical custody of any such Loan
Assignment Agreement, Participation Agreement, and any related instrument, security, credit agreement, assignment agreement and/or other
agreements or documents, if any (collectively, “Financing Documents”), that may be delivered to it, and (b) nothing
herein shall require the Custodian to credit to the Securities Account or to treat as a financial asset (within the meaning of Section
8-102(a)(9) of the UCC) any such Loan or other asset in the nature of a general intangible (as defined in Section 9-102(a)(42) of the
UCC) or to “maintain” a sufficient quantity thereof. The Custodian is not under a duty to examine any such Financing Documents,
or any underlying credit agreements or loan documents for such Loan to determine the validity, sufficiency, marketability or enforceability
of any Loan Assignment Agreement, Participation Agreement or other Financing Document (and shall have no responsibility for the genuineness
or completeness thereof), or for the Company’s title to any related Loan. The Custodian may assume the genuineness of each such
Financing Document it may receive and the genuineness and due authority of any signatures appearing thereon, and shall be entitled to
assume that each such Financing Document it may receive is what it purports to be. If an original Security or instrument is or shall be
or become available with respect to any such Loan, it shall be the sole responsibility of the Company to make or cause delivery thereof
to the Custodian, and the Custodian shall not be under any obligation at any time to determine whether any such original security or instrument
has been or is required to be issued or made available in respect of any Loan or to compel or cause delivery thereof to the Custodian.

  

			(iii)       The Custodian may assume the genuineness of any such Financing
Document it may receive and the genuineness and due authority of any signatures appearing thereon, and shall be entitled to assume that
each such Financing Document it may receive is what it purports to be. If an original “security” or “instrument”
as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, is or shall be or become available with respect to any
Loan to be held by the Custodian under this Agreement, it shall be the sole responsibility of the Company to make or cause delivery thereof
to the Custodian or the Document Custodian, and the Custodian shall not be under any obligation at any time to determine whether any
such original security or instrument has been or is required to be issued or made available in respect of any Loan or to compel or cause
delivery thereof to the Custodian or the Document Custodian.

 

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

 

		3.4	Release of Securities.

 

		(a)	The Custodian or Document Custodian shall release and if applicable, ship for delivery, or direct its agents or Sub-Custodian to release
and if applicable, ship for delivery, as the case may be, Securities or Required Loan Documents of the Company held by the Custodian,
its agents or its Sub-Custodian from time to time upon receipt of Proper Instructions (which shall, among other things, specify the Securities
or Required Loan Documents to be released, with such delivery and other information as may be necessary to enable the Custodian to perform),
which may be standing instructions (in form acceptable to the Custodian) in the following cases:

 

		(i)	upon sale of such Securities by or on behalf of the Company and, such sale may, unless and except to the extent otherwise directed
by Proper Instructions, be carried out by the Custodian:

 

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		(A)	in accordance with the customary or established practices and procedures in the jurisdiction or market where the transactions occur,
including delivery to the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer) against expectation of receiving
later payment; or

 

		(B)	in the case of a sale effected through a Securities System, in accordance with the rules governing the operations of the Securities
System;

 

		(ii)	upon the receipt of payment in connection with any repurchase agreement related to such Securities;

 

		(iii)	to a depositary agent in connection with tender or other similar offers for such Securities;

 

		(iv)	to the issuer thereof or its agent when such Securities are called, redeemed, retired or otherwise become payable (unless otherwise
directed by Proper Instructions, the cash or other consideration is to be delivered to the Custodian, its agents or its Sub-Custodian);

 

		(v)	to an issuer thereof, or its agent, for transfer into the name of the Custodian or of any nominee of the Custodian or into the name
of any of its agents or Sub-Custodian or their nominees or for exchange for a different number of bonds, certificates or other evidence
representing the same aggregate face amount or number of units;

 

		(vi)	to brokers clearing banks or other clearing agents for examination in accordance with the Street Delivery Custom;

 

		(vii)	for exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the
Securities of the issuer of such Securities, or pursuant to any deposit agreement (unless otherwise directed by Proper Instructions, the
new securities and cash, if any, are to be delivered to the Custodian, its agents or its Sub-Custodian);

 

		(viii)	in the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities
or the surrender of interim receipts or temporary securities for definitive securities (unless otherwise directed by Proper Instructions,
the new securities and cash, if any, are to be delivered to the Custodian, its agents or its Sub-Custodian); and/or

 

		(ix)	for any other purpose, but only upon receipt of Proper Instructions.

 

3.5          Registration
of Securities. Securities held by the Custodian, its agents or its Sub-Custodian (other than bearer securities, securities held
in a Securities System or Securities that are Noteless Loans or Participations) shall be registered in the name of the Company or
its nominee; or, at the option of the Custodian, in the name of the Custodian or in the name of any nominee of the Custodian, or in
the name of its agents or its Sub-Custodian or their nominees; or if directed by the Company by Proper Instruction, may be
maintained in Street Name. The Custodian, its agents and its Sub-Custodian shall not be obligated to accept Securities on behalf of
the Company under the terms of this Agreement unless such Securities (other than Loans) are in Street Name or other good deliverable
form.

 

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		3.6	Bank Accounts and Management of Cash.

 

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

 

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

 

		(c)	In the event that the Company shall at any time request a withdrawal of amounts from any of the Cash Accounts, the Custodian shall
be entitled to liquidate, and shall have no liability for any loss incurred as a result of the liquidation of, any investment of the funds
credited to such account as needed to provide necessary liquidity. Investment instructions may be in the form of standing instructions
(in the form of Proper Instructions acceptable to Custodian).

 

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

 

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

 

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		3.7	Foreign Exchange.

 

		(a)	Upon the receipt of Proper Instructions, the Custodian, its agents or its Sub-Custodian may (but shall not be obligated to) enter
into all types of contracts for foreign exchange on behalf of the Company, upon terms acceptable to the Custodian and the Company (in
each case at the relevant Company’s expense), including transactions entered into with the Custodian, its Sub-Custodian or any affiliates
of the Custodian or the Sub-Custodian. The Custodian shall have no liability for any losses incurred in or resulting from the rates obtained
in such foreign exchange transactions; and absent specific and acceptable Proper Instructions, the Custodian shall not be deemed to have
any duty to carry out any foreign exchange on behalf of the Company. The Custodian shall be entitled at all times to comply with any legal
or regulatory requirements applicable to currency or foreign exchange transactions.

 

		(b)	The Company acknowledges that the Custodian, any Sub-Custodian or any affiliates of the Custodian or any Sub-Custodian, involved in
any such foreign exchange transactions may make a margin or generate banking income from foreign exchange transactions entered into pursuant
to this section for which they shall not be required to account to the Company.

 

3.8          Collection of Income. Subject to Section 7.8 hereof, the Custodian, its agents or its Sub-Custodian shall use reasonable
efforts to collect on a timely basis all income and other payments with respect to the Securities held hereunder to which the Company
shall be entitled, to the extent consistent with usual custom in the securities custodian business in the United States. Such efforts
shall include collection of interest income, dividends and other payments with respect to registered domestic securities if on the record
date with respect to the date of payment by the issuer the Security is registered in the name of the Custodian or its nominee (or in the
name of its agent or Sub-Custodian, or their nominee); and interest income, dividends and other payments with respect to bearer domestic
securities if, on the date of payment by the issuer such securities are held by the Custodian or its Sub-Custodian or agent; provided,
however, that in the case of Securities held in Street Name, the Custodian shall use commercially reasonable efforts only to timely collect
income. In no event shall the Custodian’s agreement herein to collect income be construed to obligate the Custodian to commence,
undertake or prosecute any legal proceedings.

 

		3.9	Payment of Moneys.

 

		(a)	Upon receipt of Proper Instructions, which may be standing instructions, the Custodian shall pay out from the respective Cash Account
designated by the Company (or remit to its agents or its Sub-Custodian, and direct them to pay out) moneys of the Company on deposit therein
in the following cases:

 

		(i)	upon the purchase of Securities for the Company pursuant to such Proper Instructions; and such purchase may, unless and except to
the extent otherwise directed by Proper Instructions, be carried out by the Custodian:

 

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		(A)	in accordance with the customary or established practices and procedures in the jurisdiction or market where the transactions occur,
including delivering money to the seller thereof or to a dealer therefor (or any agent for such seller or dealer) against expectation
of receiving later delivery of such securities; or

 

		(B)	in the case of a purchase effected through a Securities System, in accordance with the rules governing the operation of such
Securities System;

 

		(ii)	for the purchase or sale of foreign exchange or foreign exchange agreements for the account of the Company, including transactions
executed with or through the Custodian, its agents or its Sub-Custodian, as contemplated by Section 3.8 above; and

 

		(iii)	for any other purpose directed by the Company, but only upon receipt of Proper Instructions specifying the amount of such payment,
and naming the Person or Persons to whom such payment is to be made.

 

		(b)	At any time or times, the Custodian shall be entitled to pay (i) itself and the Document Custodian from any of the Cash Accounts,
whether or not in receipt of express direction or instruction from the Company, any amounts due and payable to it pursuant to Section 8
hereof, and (ii) as otherwise permitted by Section 7.5, Section 9.4 or Section 12.5 below, provided, however, that in each
case all such payments shall be accounted for to the Company.

 

3.10        Proxies. The Custodian will, with respect to the Securities held hereunder, use reasonable efforts to cause to be promptly
executed by the registered holder of such Securities proxies received by the Custodian from its agents or its Sub-Custodian or from issuers
of the Securities being held for the Company, without indication of the manner in which such proxies are to be voted, and upon receipt
of Proper Instructions shall promptly deliver to the applicable issuer such proxies, proxy soliciting materials and notices relating to
such Securities. In the absence of such Proper Instructions, or in the event that such Proper Instructions are not received in a timely
fashion, the Custodian shall be under no duty to act with regard to such proxies.

 

3.11        Communications Relating to Securities. The Custodian shall transmit promptly to the Company all written information (including
proxies, proxy soliciting materials, notices, pendency of calls and maturities of Securities and expirations of rights in connection therewith)
received by the Custodian, from its agents or its Sub-Custodian or from issuers of the Securities being held for the Company. The Custodian
shall have no obligation or duty to exercise any right or power, or otherwise to preserve rights, in or under any Securities unless and
except to the extent it has received timely Proper Instruction from the Company in accordance with the next sentence. The Custodian will
not be liable for any untimely exercise of any right or power in connection with Securities at any time held by the Custodian, its agents
or Sub-Custodian unless:

 

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		(i)	the Custodian has received Proper Instructions with regard to the exercise of any such right or power; and

 

		(ii)	the Custodian, or its agents or Sub-Custodian are in actual possession of such Securities,

 

in each case, at least three (3) Business Days prior
to the date on which such right or power is to be exercised. It will be the responsibility of the Company to notify the Custodian of the
Person to whom such communications must be forwarded under this Section.

 

3.12        Records.
The Custodian shall create and maintain complete records relating to its activities under this Agreement with respect to the
Securities, cash or other property held for the Company under this Agreement. All such records shall be the property the Company and
shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees
or agents of the Company, upon reasonable request and at least five Business Days’ prior written notice and at the
Company’s expense. The Custodian shall, at the Company’s request, supply the Company with a tabulation of securities
owned by the Company and held by the Custodian and shall, when requested to do so by the Company and for such compensation as shall
be agreed upon between the Company and the Custodian, include, to the extent applicable, the certificate numbers in such
tabulations, to the extent such information is available to the Custodian.

 

		3.13	Custody of Subsidiary Securities.

 

		(a)	At the request of the Company, with respect to each Subsidiary identified to the Custodian by the Company, there shall be established
at the Custodian a segregated account to which the Custodian shall deposit and hold any Subsidiary Securities (other than Loans) received
by it (and any Proceeds received by it in the form of dividends in kind) pursuant to this Agreement, which account shall be designated
the “[INSERT NAME OF SUBSIDIARY] Securities Account” (the “Subsidiary Securities Account”).

 

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

 

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

 

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3.14       Responsibility for Property Held
by Sub-Custodians. In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements
with (i) Eligible Securities Depositories or (ii) Eligible Foreign Custodians. The Custodian’s responsibility with respect to the
selection or appointment of a Sub-Custodian (other than an affiliate of the Custodian) shall be limited to a duty to exercise reasonable
care and good faith in the selection of such Sub-Custodian in light of prevailing settlement and securities handling practices, procedures
and controls in the relevant market. To the extent permitted by applicable law, the Custodian shall request each Sub-Custodian to identify
on its own books and records that any assets held at such Sub-Custodian by Custodian on behalf of its customers belong to customers of
the Custodian, such that it is readily apparent that such assets do not belong to the Custodian or such Sub-Custodian. With respect to
any costs, expenses, damages, liabilities, or claims (including attorneys’ and accountants’ fees) incurred as a result of
the acts or the failure to act by any Sub-Custodian (other than an affiliate of the Custodian), the Custodian shall take reasonable action
to recover such costs, expenses, damages, liabilities, or claims from such Sub-Custodian; provided that the Custodian’s sole liability
in that regard shall be limited to amounts actually received by it from such Sub-Custodian (exclusive of related costs and expenses incurred
by the Custodian).

 

	3A.	DUTIES
                                            OF DOCUMENT CUSTODIAN

 

		(a)	With respect to Loans, Required Loan Documents and other Underlying Loan Documents shall be delivered to the Custodian in its role
as, and at the address identified for, the Document Custodian. All Required Loan Documents shall be held in safekeeping by the Document
Custodian, individually segregated from the securities and investments of any other Person and marked so as to clearly identify them as
the property of the Company.

 

		(b)	In connection with its acquisition of a Loan or other delivery of a Security constituting a Loan, the Company shall deliver or cause
to be delivered to the Document Custodian the Required Loan Documents, including the Loan Checklist.

 

		(c)	The Document Custodian shall release and ship for delivery, or direct its agents or Sub-Custodian to release and ship for delivery,
as the case may be, Required Loan Documents (or other Underlying Loan Documents) of the Company held by the Document Custodian, its agents
or its Sub-Custodian from time to time upon receipt of a Request for Release (which shall, among other things, specify the Required Loan
Documents (or other Underlying Loan Documents) to be released, with such delivery and other information as may be necessary to enable
the Document Custodian to perform (including the delivery method). Any request for release by the Company shall be in the form of the
Request for Release. The Company is authorized to transmit and the Document Custodian is authorized to accept signed facsimile or email copies
of Requests for Release submitted in the form attached hereto ad Exhibit A (or as otherwise agreed between the Document Custodian
and the Company.

 

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		(d)	For the avoidance of doubt, the Document Custodian shall have no obligation to review or monitor any Required Loan Documents or other
Underlying Loan Documents but shall only be required to hold those Required Loan Documents or other Underlying Loan Documents received
by it in accordance with this Agreement. All rights, protections, indemnities, immunities and limitations of liabilities provided in this
Agreement in favor of the Custodian under this Agreement shall also apply to the Document Custodian.

 

	4.	REPORTING

 

4.1             
If requested by the Company, the Custodian shall render to the Company a monthly report of (i) all deposits to and withdrawals
from the Cash Account during the month, and the outstanding balance (as of the last day of the preceding monthly report and as of the
last day of the subject month) and (ii) an itemized statement of the Securities held pursuant to this Agreement as of the end of
each month, as well as a list of all Securities transactions that remain unsettled at that time, and (iii) such other matters as
the parties may agree from time to time.

 

4.2             
For each Business Day, the Custodian shall render to the Company a daily report of (i) all deposits to and withdrawals from
the Cash Account for such Business Day and the outstanding balance as of the end of such Business Day, and (ii) a report of settled
trades of Securities for such Business Day.

 

4.3             
The Custodian shall have no duty or obligation to undertake any market valuation of the Securities under any circumstance.

 

4.4             
The Custodian shall provide the Company with such reports as are reasonably available to it and as the Company may reasonably request
from time to time, on the internal accounting controls and procedures for safeguarding securities, which are employed by the Custodian.

 

	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS

 

The Custodian may deposit and/or maintain Securities in a Securities
System within the United States in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and
regulations, including Rule 17f-4 under the 1940 Act, and subject to the following provisions:

 

		(a)	The Custodian may keep domestic Securities in a U.S. Securities System provided that such Securities are represented in an account
of the Custodian in the U.S. Securities System which shall not include any assets of the Custodian other than assets held by it as a fiduciary,
custodian or otherwise for customers;

 

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		(b)	The records of the Custodian with respect to Securities which are maintained in a U.S. Securities System shall identify by book-entry
those Securities belonging to the Company;

 

		(c)	If requested by the Company, the Custodian shall provide to the Company copies of all notices received from the U.S. Securities System
of transfers of Securities for the account of the Company; and

 

		(d)	Anything to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Company for any direct loss,
damage, cost, expense, liability or claim to the Company resulting from use of any Securities System.

 

	6.	RESERVED

 

	7.	CERTAIN GENERAL TERMS

 

7.1           No Duty to Examine Financing Documents. Nothing herein shall obligate the Custodian to review or examine the terms of any
Financing Document, underlying instrument, certificate, credit agreement, indenture, loan agreement, promissory note, or other financing
document evidencing or governing any Security to determine the validity, sufficiency, marketability or enforceability of any Security
(and shall have no responsibility for the genuineness or completeness thereof), or otherwise.

 

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

 

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

 

7.4           Proper Instructions.

 

		(a)	The Company will give written notice to the Custodian, in form acceptable to the Custodian, specifying the names and specimen signatures
(whether manual, facsimile, pdf or other electronic signature) of persons authorized to give Proper Instructions (collectively, “Authorized
Persons” and each is an “Authorized Person”) which notice shall be signed (whether manual, facsimile, pdf
or other electronic signature) by an Authorized Person previously certified to the Custodian. The Custodian shall be entitled to rely
upon the identity and authority of such persons until it receives written notice from an Authorized Person of the Company to the contrary.
The initial Authorized Persons are set forth on Schedule A attached hereto and made a part hereof (as such Schedule A may
be modified from time to time by written notice from the Company to the Custodian). The Custodian shall be entitled to accept and act
upon Proper Instructions sent by unsecured email, facsimile transmission or other similar unsecured electronic methods. If such person
on behalf of the Company (or the Investment Manager on its behalf) elects to give the Custodian email or facsimile instructions (or instructions
by a similar electronic method) and the Custodian in its discretion elects to act upon such instructions, the Custodian’s reasonable
understanding of such instructions shall be deemed controlling. The Custodian shall not be liable for any losses, costs or expenses arising
directly or indirectly from the Custodian’s reliance upon and compliance with such instructions notwithstanding such instructions
conflicting with or being inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the
use of such electronic methods to submit instructions and directions to the Custodian, including without limitation the risk of the Custodian
acting on unauthorized instructions, and the risk of interception and misuse by third parties and acknowledges and agrees that there may
be more secure methods of transmitting such instructions than the method(s) selected by it and agrees that the security procedures (if
any) to be followed in connection with its transmission of such instructions provide to it a commercially reasonable degree of protection
in light of its particular needs and circumstances. The Company hereby authorizes and directs the Custodian to accept, rely and act upon
instruction from the Investment Manager, acting on behalf and in the name of the Company for all purposes hereunder, and the Custodian
is authorized to recognize and act upon the instruction of the Investment Manager, acting alone, on behalf and in the stead of the Company
for all purposes hereunder; provided that such authorization and direction may be revoked at any time by an Authorized Person who is an
officer of the Company.

 

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

 

		(c)	The Company hereby authorizes the Custodian to accept, rely and act upon Proper Instructions from the Investment Manager acting on
behalf and in the name of the Company for all purposes hereunder, and the Custodian is authorized to recognize and act upon the Proper
Instructions of the Investment Manager, acting alone, on behalf and in the stead of the Company for all purposes hereunder (and each reference
in this Agreement to the Company shall be deemed to include and to apply to the Investment Manager).

 

		(d)	The Company hereby directs the Custodian to accept instructions sent
                                            pursuant to secure financial messaging services provided by SWIFT (“SWIFT Transmissions”)
                                            as Proper Instructions for all purposes hereunder. The Company instructs the Custodian to
                                            accept and process SWIFT Transmissions initiated by the Company (or the Advisor on its behalf)
                                            to the same extent that written wire transfer instructions are accepted and processed by
                                            the Custodian. The Custodian may conclusively rely on SWIFT Transmissions to release payments
                                            as instructed, subject to any verification of information as requested by the Custodian,
                                            including the call back process to an individual designated by the Company as authorized
                                            to provide such verification. The Custodian may also request, and the Company will provide,
                                            an additional signed direction (whether by manual, facsimile, .pdf or other electronic signature)
                                            in order for the Custodian to make such payment in connection with any SWIFT Transmission.
                                            For purposes of compliance with any incumbency certificate of the Company, all instructions
                                            received by the Custodian through the methodology described herein shall be deemed in compliance
                                            with the procedures outlined therein (to the extent applicable).

 

    20

     

    

 

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

 

		(a)	make payments to itself as described in or pursuant to Section 3.9(b), or to make payments to itself or others for expenses of
handling securities or other similar items relating to its duties under this Agreement, provided that all such payments shall be accounted
for to the Company;

 

		(b)	surrender Securities in temporary form for Securities in definitive form;

 

		(c)	endorse for collection cheques, drafts and other negotiable instruments; and

 

		(d)	in general, attend to all nondiscretionary details in connection with the sale, exchange, substitution, purchase, transfer and other
dealings with the securities and property of the Company.

 

7.6          Evidence of Authority. The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate
instrument or paper reasonably believed by it to be genuine and to have been properly executed (whether manual, facsimile, pdf or other
electronic signature) or otherwise given by or on behalf of the Company by an Authorized Person. The Custodian may receive and accept
a certificate signed (whether manual, facsimile, pdf or other electronic signature) by any Authorized Person as conclusive evidence of:

 

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

 

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

 

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

 

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

 

7.8          Actions
on the Loans. The Custodian shall have no duty or obligation hereunder to take any action on behalf of the Company, to communicate
on behalf of the Company, to collect amounts or proceeds in respect of, or otherwise to interact or exercise rights or remedies on behalf
of the Company, with respect to any of the Loans. All such actions and communications are the responsibility of the Company.

 

	8.	COMPENSATION OF CUSTODIAN

 

8.1             
Fees. The Custodian shall be entitled to compensation for its services in accordance with the terms of that certain fee
letter dated as [●], 2021, between the Company and the Custodian (or the Investment Manager on its behalf).

 

8.2             
Expenses. The Company agrees to pay or reimburse to the Custodian upon its request from time to time all costs, disbursements,
advances, expenses and indemnification amounts (including reasonable and documented out-of-pocket fees and expenses of legal counsel)
incurred, and any disbursements and advances made (including any account overdraft resulting from any settlement or assumed settlement,
provisional credit, chargeback, returned deposit item, reclaimed payment or claw-back, or the like), in connection with the preparation,
execution or enforcement of this Agreement, or in connection with the transactions contemplated hereby or the administration of this Agreement
or performance by the Custodian of its duties and services under this Agreement, from time to time (including costs and expenses of any
action deemed necessary by the Custodian to collect any amounts owing to it under this Agreement).

  

	9.	RESPONSIBILITY OF CUSTODIAN

 

9.1             
General Duties. The Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect
to the Securities or Proceeds except for such duties as are expressly and specifically set forth in this Agreement, and the duties and
obligations of the Custodian shall be determined solely by the express provisions of this Agreement. No implied duties, obligations or
responsibilities shall be read into this Agreement against, or on the part of, the Custodian.

 

9.2             
Instructions.

 

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

 

    22

     

    

  

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

 

9.3             
General Standards of Care. Notwithstanding any terms herein contained to the contrary, the acceptance by the Document Custodian
and the Custodian of each of their appointments hereunder is expressly subject to the following terms, which shall govern and apply to
each of the terms and provisions of this Agreement (whether or not so stated therein):

 

		(a)	Each of the Custodian and the Document Custodian may rely on and shall be protected in acting or refraining from acting upon any written
notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper, electronic communication
or document furnished to it (including any of the foregoing provided to it by facsimile or electronic means), not only as to its due execution
and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine
and signed (whether manual, facsimile, pdf or other electronic signature), sent or presented by the proper person (which in the case of
any instruction from or on behalf of the Company shall be an Authorized Person); and the Custodian and the Document Custodian shall be
entitled to presume the genuineness and due authority of any signature (whether manual, facsimile, pdf or other electronic signature)
appearing thereon. Neither the Custodian nor the Document Custodian shall be bound to make any independent investigation into the facts
or matters stated in any such notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt, electronic
communication or other paper or document.

 

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

 

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

 

		(d)	The Custodian and the Document Custodian may consult with, and obtain advice from, legal counsel selected in good faith with respect
to any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or
advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by
the Custodian and/or the Document Custodian in good faith in accordance with the opinion and directions of such counsel; the reasonable
cost of such services shall be reimbursed pursuant to Section 8.2 above.

 

		(e)	Neither the Custodian nor the Document Custodian shall be deemed to have notice of any fact, claim or demand with respect hereto unless
actually known by an officer working in its Global Corporate Trust group and charged with responsibility for administering this Agreement
or unless (and then only to the extent received) in writing by the Custodian or the Document Custodian at the applicable address(es) as
set forth in Section 15 hereof and specifically referencing this Agreement.

 

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

 

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

 

		(h)	The Custodian and the Document Custodian may act or exercise its duties or powers hereunder through agents, Sub-Custodians or attorneys,
and the Custodian and the Document Custodian shall not be liable or responsible for the actions or omissions of any such agent, Sub-Custodian
or attorney appointed with due care.

 

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

 

9.4             
Indemnification; Custodian’s Lien.

 

		(a)	The Company shall and does hereby indemnify and hold harmless each of the Custodian, the Document Custodian and each of its officers,
directors, employees, attorneys, agents, advisors, successors and assigns (collectively, the “Indemnified Persons”
and each an “Indemnified Person”) for and from any and all costs and expenses (including reasonable and documented
out-of-pocket attorney’s fees and expenses), and any and all losses, damages, claims (whether brought by or involving the Company
or any third party) and liabilities, that may arise, be brought against or incurred by an Indemnified Person whether brought by or involving
any third party or the Company and whether direct, indirect or consequential, as a result of or arising from or in any way relating to
any claim, demand, suit, action or proceeding (including any inquiry or investigation) by any person, including without limitation the
Company or any Subsidiary, and any advances or disbursements made by the Custodian or the Document Custodian (including in respect of
any Account overdraft, returned deposit item, chargeback, provisional credit, settlement or assumed settlement, reclaimed payment, claw-back
or the like), as a result of, relating to, or arising out of this Agreement, or the administration or performance of the Custodian’s
and the Document Custodian’s duties hereunder, the enforcement of any provision of this Agreement or the relationship between the
Company (including, for the avoidance of doubt, any Subsidiary) and the Custodian and the Document Custodian created hereby, other than
such liabilities, losses, damages, claims, costs and expenses as are directly caused by the Custodian’s or the Document Custodian’s
own action or inaction constituting gross negligence, bad faith, fraud or willful misconduct.

 

		(b)	The Custodian shall have and is hereby granted a continuing lien upon and security interest in, and right of set-off against, the
Account, and any funds (and investments in which such funds may be invested) held therein or credited thereto from time to time, whether
now held or hereafter required, and all proceeds thereof, to secure the payment of any amounts that may be owing to the Custodian under
or pursuant to the terms of this Agreement, whether now existing or hereafter arising.

 

9.5             
Force Majeure. Without prejudice to the generality of the foregoing, the Custodian and the Document Custodian shall be
without liability to the Company for any damage or loss resulting from or caused by events or circumstances beyond the Custodian’s
and the Document Custodian’s reasonable control including nationalization, expropriation, currency restrictions, the interruption,
disruption or suspension of the normal procedures and practices of any securities market, power, mechanical, communications or other
technological failures or interruptions, computer viruses or the like, fires, floods, earthquakes or other natural disasters, civil and
military disturbance, acts of war or terrorism, riots, revolution, acts of God, work stoppages, strikes, national disasters of any kind,
or other similar events or acts; errors by the Company (including any Authorized Person) in its instructions to the Custodian or the
Document Custodian; or changes in applicable law, regulation or orders.

 

    25

     

    

 

	10.	SECURITY CODES

 

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

 

	11.	TAX LAW

 

11.1         
Domestic Tax Law. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on
the Company or the Custodian as custodian of the Securities or the Proceeds, by the tax law of the United States or any state or political
subdivision thereof. The Custodian shall be kept indemnified by and be without liability to the Company for such obligations including
taxes, (but excluding any income taxes assessable in respect of compensation paid to the Custodian pursuant to this Agreement) withholding,
certification and reporting requirements, claims for exemption or refund, additions for late payment interest, penalties and other expenses
(including legal expenses) that may be assessed against the Company, or the Custodian as custodian of the Securities or Proceeds.

 

11.2         
Foreign Tax Law. It shall be the responsibility of the Company to notify the Custodian of the obligations imposed on the
Company, or the Custodian as custodian of any foreign securities or related Proceeds, by the tax law of foreign (e.g., non-U.S.) jurisdictions,
including responsibility for withholding and other taxes, assessments or other government charges, certifications and government reporting.
The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to cooperate with the Company
with respect to any claims for exemption or refund under the tax law of the jurisdictions for which the Company has provided such information.

 

	12.	EFFECTIVE PERIOD AND TERMINATION

 

12.1         
Effective Date. This Agreement shall become effective as of its due execution (whether manual, facsimile, pdf or other electronic
signature) and delivery by each of the parties. This Agreement shall continue in full force and effect until terminated as hereinafter
provided. This Agreement may only be amended by mutual written agreement of the parties hereto. This Agreement may be terminated by the
Custodian or the Company pursuant to Section 12.2.

 

12.2          Termination.
This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified in any written
notice of termination given by either party to the other not later than ninety (90) days prior to the effective date of termination
specified therein, and (b) such other date of termination as may be mutually agreed upon by the parties in writing.

 

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12.3         
Resignation. The Custodian may at any time resign under this Agreement by giving not less than ninety (90) days advance
written notice thereof to the Company.

 

12.4         
Successor. Prior to the effective date of termination of this Agreement, or the effective date of the resignation or removal
of the Custodian, as the case may be, the Company shall give Proper Instruction to the Custodian designating a successor Custodian, if
applicable.

 

12.5         
Payment of Fees, etc. Upon termination of this Agreement or resignation of the Custodian, the Company shall pay to the Custodian
such compensation, and shall likewise reimburse the Custodian for its costs, expenses and disbursements, as may be due as of the date
of such termination or resignation (or removal, as the case may be). All indemnifications in favor of the Custodian under this Agreement
shall survive the termination of this Agreement, or any resignation or removal of the Custodian.

 

12.6         
Final Report. In the event of any resignation or removal of the Custodian, the Custodian shall provide to the Company a complete
final report or data file transfer of any Confidential Information as of the date of such resignation or removal.

 

	13.	REPRESENTATIONS AND WARRANTIES

 

13.1         
Representations of the Company. The Company represents and warrants to the Custodian that:

 

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

 

		(b)	in giving any instructions which purport to be “Proper Instructions” under this Agreement, the Company will act in accordance
with the provisions of its memorandum and articles of association, applicable operational documents and any applicable laws and regulations.

 

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

 

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13.2         
Representations of the Custodian. The Custodian hereby represents and warrants to the Company that:

 

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

 

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

 

		(c)	it is qualified to act as a custodian pursuant to Section 26(a)(1) of the 1940 Act; and

 

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

 

	14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT

 

This Agreement is not intended for, and shall not be construed to be
intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties (other than successors and
permitted assigns pursuant to Section 19).

 

	15.	NOTICES

 

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

 

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

 

Lafayette Square Gulf Coast BDC, Inc.

PO Box 25250, PMB 13941

Miami, Florida

Attention: General Counsel, BDCs

Email: legal@lafayettesquare.com

Telephone: 786 598 2089

 

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		(b)	if to the Custodian, to

 

U.S. Bank National Association

Global Corporate Trust

8 Greenway Plz Ste 1100

Houston, TX 77046-0892

Attention: Dolan Kwan

Reference: Lafayette Square Gulf Coast BDC, Inc.

Email: Dolan.kwan@usbank.com

Telephone: 713 212 3736

 

		(c)	if to the Document Custodian, to:

 

U.S. Bank National Association

1719 Otis Way

Florence, SC 29501

Mail Code: EX-SC-FLOR

Ref: Lafayette Square Gulf Coast BDC,
Inc.

Email: steven.garrett@usbank.com

 

		16.	CHOICE OF LAW AND JURISDICTION

 

This Agreement shall be construed, and the provisions thereof interpreted
under and in accordance with and governed by the laws of the State of New York for all purposes (without regard to its choice of law provisions);
except to the extent such laws are inconsistent with federal securities laws, including the 1940 Act, in which case such federal securities
laws shall govern. All actions and proceedings relating to or arising from, directly or indirectly, this Agreement may be brought in New
York State or U.S. federal courts located within the City of New York, State of New York and the Company and the Custodian hereby submit
to personal jurisdiction of such courts for such actions or proceedings. The Company and the Custodian each hereby waives, to the fullest
extent permitted by applicable law, any right it may have to a trial by jury and any objection to laying of venue in such courts on grounds
of forum nonconveniens in respect of any claim based upon, arising out of or in connection with this Agreement. No actions or proceedings
relating to or arising from, directly or indirectly, this Agreement shall be brought in a forum outside of the United States of America.

 

		17.	ENTIRE AGREEMENT; COUNTERPARTS

 

17.1         
Complete Agreement. This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters
addressed herein and supersedes and terminates as of the date hereof, all prior agreements, acknowledgements or understandings, oral or
written between the parties to this Agreement relating to such matters.

 

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

 

17.3         
Facsimile and Electronic Signatures. The exchange of copies of this Agreement and of signature pages by facsimile, pdf or
other electronic transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in
lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or pdf shall be deemed to be their
original signatures for all purposes. By executing this Agreement, the Company hereby acknowledges and agrees, and directs the Custodian
to acknowledge and agree and the Custodian does hereby acknowledge and agree, that execution of this Agreement, any Proper Instructions
and any other notice, form or other document executed by the Company or the Custodian in connection with this Agreement, by electronic
signature (including, without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any other “electronic
signature” as defined under E-SIGN or ESRA, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the
Company and reasonably available at no undue burden or expense to the Custodian) shall be permitted hereunder notwithstanding anything
to the contrary herein and such electronic signatures shall be legally binding as if such electronic signatures were handwritten signatures.
Any electronically signed document delivered via email from a person purporting to be an Authorized Person shall be considered signed
or executed by such Authorized Person on behalf of the Company. The Company also hereby acknowledges that the Custodian shall have no
duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively
rely on any such electronic signature without any liability with respect thereto.

 

		18.	AMENDMENT; WAIVER

 

18.1         
Amendment. This Agreement may not be amended except by an express written instrument duly executed by each of the Company
and the Custodian.

 

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

 

		19.	SUCCESSOR AND ASSIGNS

 

19.1         
Successors Bound. The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of
the parties and their respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this
Agreement without the written consent of the other party; provided, however, that the foregoing shall not limit the ability of the Custodian
to delegate certain duties or services to or perform them through agents or attorneys appointed with due care as expressly provided in
this Agreement.

 

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19.2         
 Merger and Consolidation. Any corporation or association into which the Custodian may be merged or converted or with which
it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Custodian
shall be a party, or any corporation or association to which the Custodian transfers all or substantially all of its corporate trust business,
shall be the successor of the Custodian hereunder, and shall succeed to all of the rights, powers and duties of the Custodian hereunder,
without the execution or filing of any paper or any further act on the part of any of the parties hereto.

 

		20.	SEVERABILITY

 

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

 

		21.	REQUEST FOR INSTRUCTIONS

 

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

 

		22.	OTHER BUSINESS

 

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

 

		23.	REPRODUCTION OF DOCUMENTS

 

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

 

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		24.	MISCELLANEOUS

 

The Company acknowledges receipt of the following notice:

 

“ IMPORTANT INFORMATION
ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.

 

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

 

[PAGE INTENTIONALLY ENDS HERE. SIGNATURES APPEAR
ON NEXT PAGE.]

 

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

 

	 	LAFAYETTE SQUARE GULF COAST BDC, INC.
	 	 	 
	 	By:	 
	 	Name:	                  
	 	Title:	 

 

		U.S. BANK NATIONAL ASSOCIATION, as Custodian
	 	 	 
	 	By:	 
	 	Name:	                  
	 	Title:	 

 

		U.S. BANK NATIONAL ASSOCIATION, as Document Custodian
	 	 	 
	 	By:	
	 	Name:	                  
	 	Title:	 

 

Signature Page to Custody Agreement

 

    

    

    

 

SCHEDULE A

 

Any of the following persons (each acting singly)
shall be an Authorized Person (as this list may subsequently be modified by the Company from time to time by written notice to the Custodian):

 

	NAME	TITLE	SPECIMEN SIGNATURE	EMAIL	TELEPHONE
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    

    

    

 

EXHIBIT A

 

REQUEST FOR RELEASE

 

    

    

    

 

 

 

Request for Release of Documents

 

	
    U.S. Bank Global Corporate Trust Services

    1719 Otis Way

    Florence, South Carolina 29501

    Ref: _____________
	
    Attention: Document Custody Services 

    Receiving Unit

    Email: dcs@usbank.com

    Fax: (651) 695-6100 or (651) 695-6101

 

RE: Custody Agreement, dated as of _______________ __, 2019 (the
 “Custody Agreement”) between ____________, (the “Company”) and U.S. Bank National Association, as custodian
and document custodian (the “Document Custodian”)

 

Pursuant to Section 6 of the Custody Agreement, we request the release
of the Collateral Files relating to the Collateral listed on the attached Excel spreadsheet for the reason indicated below:
  

Reason
for Requesting Documents (Check One):

 

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

     

     

 

	Company:	 
	Authorized Representative:	 
	Name (Printed):	 
	Title (Printed):	 
	Date:	 
	Phone:	 

 

	File Delivery Instructions – Address Needed
	
     

     

     

     

     

     

     

 

Upon Completion of Request, for Release, please scan and email the
request to the appropriate DCS Vault Location.

 

If applicable, please indicate if the request is a “Rush” in the subject line. Please fax the form if you do not have access
to email.

 

	Florence:	dcsflorencescreleases@usbank.com
	Frederick:	electronic.release.requests@usbank.com
	Jacksonville:	dcsctsjacksonville.requests@usbank.com
	Saint Paul:	dcs@usbank.com
	St. Petersburg:	documentcustody.stpete@usbank.com
	Rocklin:	dcs-rocklin@usbank.com
	Tempe:	tempe.dcs.request@usbank.com

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