Document:

EX-4.5

 Exhibit 4.5 
 ADS RIGHTS AGENCY AGREEMENT 
 ADS RIGHTS AGENCY AGREEMENT, dated as of
February 25, 2013, by and between ENERSIS S.A., a sociedad anónima abierta organized and existing under the laws of the Republic of Chile (the “Company”), and CITIBANK, N.A., a national banking association
organized under the laws of the United States of America acting solely in its capacity as ADS rights agent hereunder and having an office at 388 Greenwich Street, New York, New York 10013 (“Citibank”). 

WITNESSETH THAT: 
 WHEREAS, the Company is issuing transferable rights (the “Share Rights”) to holders (the “Shareholders”) of shares of its common stock (such shares of common
stock, the “Shares”, and such issuance, the “Issuance”), upon the terms and subject to the conditions to be described in a Prospectus Supplement (the “Prospectus Supplement”) to be dated on or about
February 25, 2013, supplementing the terms of that certain Prospectus, dated February 25, 2013 (the “Base Prospectus” and, together with the Prospectus Supplement, dated February 25, 2013, the
“Prospectus”). Each Share held as of record as of the Share Record Date (as defined below) shall receive a distribution of 0.504 transferable Share Rights, each Share Right entitling the holder thereof (the “Share Rights
Holder”) to purchase one (1) new Share (a “New Share”), as described in the Prospectus setting forth, inter alia, such offer to purchase New Shares (the “Share Rights Offer”); 

WHEREAS, the Issuance shall include the issuance of transferable rights (such rights, the “ADS Rights”) to
holders of Shares represented by American Depositary Shares (“ADSs” and such holders of ADSs, the “ADS Holders”) issued pursuant to the terms of the Second Amended and Restated Deposit Agreement, dated as of
September 30, 2010 (the “Deposit Agreement”), by and among the Company, Citibank, as Depositary (the “Depositary”), all Holders and Beneficial Owners (as defined in the Deposit Agreement) of ADSs issued
thereunder, each ADS representing fifty (50) Shares. Each ADS held as of record as of the Record Date (as defined below) shall receive a distribution of 0.504 transferable ADS Rights, each ADS Right entitling the holder thereof (the
“ADS Rights Holder”) to purchase one (1) new ADS (a “New ADS”) representing fifty (50) New Shares, as described in the Prospectus setting forth, inter alia, such offer to purchase New ADSs (the
“ADS Rights Offer” and, together with the Share Rights Offer, the “Rights Offer”); 

WHEREAS, the effectiveness of all subscriptions of Share Rights and ADSs Rights to purchase New Shares and New ADSs, respectively,
pursuant to the Rights Offer are conditioned on the subscription by Share Rights Holders and ADS Rights Holders (whether minority Shareholders or ADS Holders who receive the distribution of Share Rights or ADS Rights or a subsequent purchaser of
such Share Rights or ADS Rights) during the Rights Offer or during a subsequent offering to third party purchasers of at least 3,169,224,294 shares, which is the amount sufficient to permit Endesa S.A. to exercise its Share Rights to subscribe in
full and, after such exercise, not own more than 65% of the outstanding capital stock of the Company as provided under the Company’s Bylaws (the “Condition Precedent”). If the Condition Precedent is not satisfied, the
subscriptions of Share Rights and ADSs Rights to purchase New Shares and New ADSs, respectively, pursuant to the Rights Offer will be deemed not legally binding, and any subscription amounts tendered by any Share Rights Holder or any ADS Rights
Holder who exercised their Share Rights or ADS Rights, respectively, will be returned in full and the Capital Increase (as defined below) will be cancelled. 

 WHEREAS, upon satisfaction of the Condition Precedent and exercise of their
(i) Share Rights and payment of the Share Subscription Price (as defined below), Share Rights Holder will be issued New Shares in the amount subscribed for and (ii) ADS Rights and payment of the ADS Subscription Price (as defined below),
ADS Rights Holders will receive New ADSs in the amount subscribed for; and 
 WHEREAS, the Company has requested that
Citibank act as rights agent in connection with the ADS Rights Offer, and Citibank is willing to accept, and does accept, such appointment, solely upon the terms and subject to the conditions set forth, or expressly referred to, herein. 

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

  

	1.	Definitions. 

 As
used herein, the following terms have the meanings herein specified, and, if applicable with terms defined in the singular having a corresponding meaning in the plural and vice versa: 

ADSs has the meaning ascribed thereto in the second recital hereof. 

ADS Holders has the meaning ascribed thereto in the second recital hereof. 

ADS Rights Offer has the meaning ascribed thereto in the second recital hereof. 

ADS Rights has the meaning ascribed thereto in the second recital hereof. 

ADS Record Date Holder has the meaning ascribed thereto in Section 2 hereof. 

ADS Rights Holders has the meaning ascribed thereto in the second recital hereof. 

ADS Subscription Form has the meaning ascribed thereto in Section 6 hereof. 

ADS Subscription Period means February 26, 2013 through March 21, 2013, or such other period as may be determined by the
Company. 
 ADS Subscription Deposit Amount means US$19.19 per New ADS. 

ADS Subscription Price means the price per New ADS at which ADS Rights Holders may subscribe for New ADSs pursuant to the ADS
Rights Offer, calculated as the U.S. dollar equivalent of the Share Subscription Price, based on the Applicable Exchange Rate. 

Agent has the meaning ascribed thereto in Section 3 hereof. 

Agreement means this ADS Rights Agency Agreement, as the same may be amended, supplemented or otherwise modified from time to time
in accordance with the terms hereof. 
 Applicable Exchange Rate means the U.S. dollar to Chilean peso conversion exchange
rate reported by the Central Bank of Chile for February 22, 2013. 

  
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 Balance ADS Subscription Deposit Amount has the meaning ascribed thereto in
Section 10.2(a) hereof. 
 Balance Initial Conversion Exchange Rate has the meaning ascribed thereto in
Section 10.2(c) hereof. 
 Balance Share Subscription Price has the meaning ascribed thereto in Section 10.2(b)
hereof. 
 Base Prospectus has the meaning ascribed thereto in the first recital hereof. 

Broker Letter has the meaning ascribed thereto in Section 7(b)(ii) hereof. 

Business Day means a day on which commercial banks and foreign exchange markets settle payments and are open for general business
in New York. 
 Capital Increase means the increase in the authorized capital of the Company of 16,441,606,297 new shares
of common stock approved by the shareholders of the Company on December 20, 2012 at a price of Ch$173 per share. 

Chile means the Republic of Chile. 
 Chilean Business Day means a day on which commercial banks and foreign exchange markets settle payments and are open for general business in Chile. 

Chilean peso or Ch$ means the legal currency of Chile. 
 Citibank has the meaning ascribed thereto in the introductory statement hereof. 
 Client Letter has the meaning ascribed thereto in Section 7(b)(ii) hereof. 
 Commission means the United States Securities and Exchange Commission. 

Company has the meaning ascribed thereto in the introductory statement hereof. 

Condition Precedent has the meaning ascribed thereto in the third recital hereof. 

CP Exercise has the meaning ascribed thereto in Section 10.1(a) hereof. 

CP Exercise Instruction has the meaning ascribed thereto in Section 10.1(a) hereof. 

CP Interim Period has the meaning ascribed thereto in Section 10.1(a) hereof. 

CP Satisfaction Date has the meaning ascribed thereto in Section 10.1(a) hereof. 

Custodian means Banco Santander-Chile, the Custodian under the Deposit Agreement. 

  
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 Custodian Account means the following account, which is managed by the Custodian on
behalf of the Depositary: 
 Bank: WELLS FARGO BANK NATIONAL. NY 

Swift/BIC Code: PNBPUS3NNYC 
 ABA: 26005092 
 Account name: BANCO SANTANDER CHILE 

Account number: 2000192290409 
 Deposit Agreement has the meaning ascribed thereto in the second recital hereof. 
 Depositary has the meaning ascribed thereto in the second recital hereof. 

DTC means The Depository Trust Company. 
 Domestic Holder has the meaning ascribed thereto in Section 7 hereof. 

Effective Date has the meaning ascribed thereto in the definition of “Registration Statement.” 

Excess Amount has the meaning ascribed thereto in Section 11(a) hereof. 

Expiration Date means 2:15 p.m. (New York City time) on March 21, 2013, or such other time and date as may be agreed in
writing by the Company and the Agent. 
 Final Excess Amount has the meaning ascribed thereto in Section 11(b)
hereof. 
 Information Agent means Innisfree M&A Incorporated. 

Interim ADS Subscription Deposit Amount has the meaning ascribed thereto in Section 10.1(b) hereof. 

Interim Initial Conversion Exchange Rate has the meaning ascribed thereto in Section 10.1(d) hereof. 

Interim Share Subscription Period means February 26, 2013 through the third Chilean Business Day following the CP Satisfaction
Date. 
 Interim Share Subscription Price has the meaning ascribed thereto in Section 10.1(c) hereof. 

IRS has the meaning ascribed thereto in Section 14 hereof. 

Issuance has the meaning ascribed thereto in the first recital hereof. 

Instructions Booklet has the meaning ascribed thereto in Section 7(b)(i) hereof. 

New ADSs has the meaning ascribed thereto in the second recital hereof. 

New Shares has the meaning ascribed thereto in the first recital hereof. 

  
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 NY Account means the separate account established by Agent for purposes hereof and
registered as “Enersis Rights Offer - Banco Santander Escrow, u/a dated February 25, 2013”. 
 Non-U.S. Holders
has the meaning ascribed thereto in Section 14 hereof. 
 Overseas Holders has the meaning ascribed thereto in
Section 7 hereof. 
 Prospectus has the meaning ascribed thereto in the first recital hereof. 

Prospectus Supplement has the meaning ascribed thereto in the first recital hereof. 

Record Date means the date for determination of the ADSs Holders entitled to receive ADS Rights which is 5:00 p.m. (New York City
time) on February 25, 2013. 
 Registration Statement means the registration statement on Form F-3 of the Company
filed with the Commission on February 25, 2013 (Registration No. 333-186823), as amended at the time of such registration statement’s effectiveness for the purposes of Section 11 of the Securities Act (the “Effective
Date”), including (i) all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein and (ii) any information contained or incorporated by reference in a prospectus or a prospectus
supplement filed with the Commission pursuant to Rule 424(b) under the Securities Act, to the extent such information is deemed, pursuant to Rule 430B under the Securities Act, to be part of such registration statement at the Effective Date.

 Securities Act means the United States Securities Act of 1933, as amended. 

Shareholders has the meaning ascribed thereto in the first recital hereof. 

Shares has the meaning ascribed thereto in the first recital hereof. 

Share Record Date means the date for determination of the Shareholders entitled to receive Share Rights which was 11:59 p.m.
(Santiago, Chile time) on February 19, 2013. 
 Share Rights has the meaning ascribed thereto in the first recital
hereof. 
 Share Rights Holder has the meaning ascribed thereto in the first recital hereof. 

Share Rights Offer has the meaning ascribed thereto in the first recital hereof. 

Share Subscription Period means February 25, 2013 through March 26, 2013, or such other period as may be determined by
the Company. 
 Share Subscription Price means the price per New Share at which Share Rights Holders may subscribe for New
Shares pursuant to the Share Rights Offer, which shall be equal to Ch$173. 
 TIN has the meaning ascribed thereto in
Section 14 hereof. 

  
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 Total ADS Subscription Deposit Amount has the meaning ascribed thereto in
Section 10.2(a) hereof. 
 Total Share Subscription Price has the meaning ascribed thereto in Section 10.2(b)
hereof. 
 Undistributed ADS Rights means any ADS Rights that will not be distributed to ADS Record Date Holders under the
terms of this Agreement. 
 USD Deficiency Amount has the meaning ascribed thereto in Section 11(b) hereof.

  

	2.	ADS Rights Offer. 

 a. The Agent
will distribute on behalf of the Company to ADS Holders of record at the Record Date (an “ADS Record Date Holder”) 0.504 ADS Rights for every ADS held as of the Record Date. No fractional ADS Rights will be issued. Each one
(1) ADS Right will entitle the ADS Rights Holder to subscribe for one (1) New ADS at the ADS Subscription Price. ADS Rights will be evidenced by ADS Subscription Forms. The ADS Rights Offer will be made to eligible ADS Record Date Holders
by means of, inter alia, the Prospectus to be mailed or distributed to such ADS Rights Holder as described in Section 7 hereof. The ADS Subscription Period will expire on the Expiration Date. After the Expiration Date, the ADS Rights
(and the ADS Subscription Forms representing such ADS Rights) not previously exercised will have no rights and such ADS Rights will be void and will have no further value. 
 b. If the aggregate number of New Shares available for subscription pursuant to the ADS Rights and Share Rights equals or exceeds the aggregate number of New Shares subscribed for, the Company will
allocate to each ADS Rights Holder who has exercised his/her ADS Rights the number of New Shares in the form of New ADSs indicated in his/her ADS Subscription Form. ADS Rights Holders must deliver to the Agent the ADS Subscription Deposit Amount for
all New ADSs applied for pursuant to the exercise of the ADS Rights. 
 c. Fractional entitlements to ADS Rights and any Undistributed ADS
Rights shall be aggregated and sold by the Agent. The net proceeds from such sale after deducting applicable fees (US$0.10 per ADS Right sold (equivalent to US$0.05 per ADS held)), expenses, withholding taxes and sales commissions) shall be remitted
to ADS Rights Holders entitled thereto in proportion to such ADSs Rights Holders’ fractional entitlements or entitlements to Undistributed ADS Rights. 
 d. The Company hereby represents and warrants to the Agent that (i) the Registration Statement has been filed and has become effective and (ii) as of the Effective Date, the Registration
Statement did not, and, as of its date, the Prospectus will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary in order to make the statements therein, as to the
Prospectus in light of the circumstances under which such statements were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in
conformity with information furnished in writing to the Company or the Company’s representatives by Citibank, as Agent, for use in the Registration Statement or the Prospectus (as the case may be). 

  
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	3.	Appointment of the Agent. 

 The
Company hereby appoints Citibank as its agent hereunder (the “Agent”) in connection with the ADS Rights Offer, and Citibank hereby accepts such appointment, solely upon the terms and subject to the conditions contained, or expressly
referred to, herein, including, without limitation, the appointment fee contemplated on Exhibit B attached hereto. The Agent may perform its obligations hereunder through any agent appointed by it, provided that the Agent shall remain
primarily liable hereunder. 
  

	4.	[Reserved]. 

  

	5.	Allocation of ADS Rights. 

 On
February 26, 2013, the Agent will allocate to each registered ADS Record Date Holder 0.504 ADS Rights for every ADS owned as of the Record Date. One (1) ADS Right will entitle the ADS Rights Holder thereof to subscribe for one (1) New
ADS. 
  

	6.	Preparation of ADS Subscription Forms. 

 a. The Agent will instruct the Information Agent to prepare, for issuance to registered ADS Record Date Holders, ADS Subscription Forms substantially in the form attached hereto as Exhibit A (the
“ADS Subscription Form”) evidencing, inter alia, the number of ADS Rights issued to such ADS Record Date Holder. The Company authorizes the Agent to instruct the Information Agent to prepare the requisite ADS Subscription
Forms as soon as practicable after the date hereof and to cause to be destroyed any such ADS Subscription Forms that are not issued as a result of the initial issuance of ADS Rights and any transfer or assignment of all or a portion of the ADS
Rights in respect of which any such ADS Subscription Forms were prepared. 
 b. The Agent will instruct the Information Agent to cause to appear
on each ADS Subscription Form, (i) the name of the ADS Rights Holder to whom the ADS Subscription Form is issued, (ii) the number of ADS Rights to which such ADS Rights Holder is entitled, and (iii) the certificate number of such ADS
Subscription Form. 
 c. The Company authorizes the Agent, in connection with the initial issuance of ADS Subscription Forms or the subsequent
issuance of any ADS Subscription Form, as a result of any transfer or assignment of all or a portion thereof, to sign ADS Subscription Form by either the manual or the facsimile signature of a duly authorized officer of the Agent. Until the Agent
has signed an ADS Subscription Form, such ADS Subscription Form will not be valid or obligatory for any purpose. 
  

	7.	Issuance, Transfer, Sale and Exercise of ADS Rights. 

 a. On February 25, 2013 (i) Chadbourne & Parke LLP, U.S. counsel for the Company, will deliver to the Agent two (2) original copies of its legal opinion addressed to the Agent
(substantially in form of Exhibit F attached hereto); and (ii) Carey y Cía. Ltda., Chilean counsel to the Company, will deliver to the Agent two (2) original copies of its legal opinion addressed to the Agent (substantially
in form of Exhibit G attached hereto). 
 b. (i) On February 25, 2013, the Agent will instruct the Information Agent to send:
(i) by first class mail, to each ADS Record Date Holder having an address of record within the United States (each a “Domestic Holder”) on the Record Date: (A) an ADS Subscription Form representing the ADS

  
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Rights to which such ADS Record Date Holder is entitled pursuant to the ADS Rights Offer, as well as an instructions booklet substantially in the form set forth in Exhibit E attached
hereto (the “Instructions Booklet”) relating to, inter alia, the exercise and transfer of the ADS Subscription Form; and (B) a copy of the Prospectus, and (ii) by air mail (without registration or insurance) to each
ADS Record Date Holder having addresses outside the United States, of record (each an “Overseas Holder”) on the Record Date, the documents described in clause (i) above, unless otherwise directed in writing to the Agent by the
Company. Notwithstanding anything contained herein to the contrary, the Company hereby instructs the Agent to omit, and to instruct the Information Agent to omit, any ADS Record Date Holder having an address or record in Canada from any distribution
of the ADS Subscription Form or the Instruction Booklet. 
 (ii) On February 26, 2013, the Company will instruct the
Information Agent to distribute to DTC participants who held ADSs as of the Record Date sufficient copies (in the amounts requested by such DTC participants) of the following: (A) the Prospectus; (B) such broker letter substantially in the
form set forth in Exhibit C attached hereto (the “Broker Letter”); and (C) such client letter substantially in the form set forth in Exhibit D attached hereto (the “Client Letter”). On
February 26, 2013, the Agent will distribute to DTC, for credit to DTC participants as of the Record Date, the requisite number of ADS Rights (0.504 ADS Rights for every ADS held as of the Record Date). 

c. In the event that any ADS Subscription Form is returned to the Agent for any reason and proper delivery thereof cannot be effected on or prior to the
Expiration Date, the ADS Rights represented by such ADS Subscription Form will be void and will have no further value. The Agent will furnish to the Company such information as the Company may request with respect to any ADS Subscription Form that
cannot be delivered. The Agent shall cause the ADS Rights represented by ADS Subscription Forms not mailed to registered ADS Record Date Holders in accordance with Section 7(b) hereof, to be sold and the aggregate net proceeds of the sale of
all such ADS Rights (after subtraction of applicable fees of US$0.10 per ADS Right sold (equivalent to US$0.05 per ADS held)), expenses and applicable taxes) to be distributed to such ineligible ADS Record Date Holders in amounts equal to their pro
rata share by means of a check mailed to the last known address of each such ADS Record Date Holder. 
 d. The Agent will effect transfers and
assignments of ADS Subscription Forms as directed by the ADS Rights Holders thereof, and will send to each transferee or assignee of ADS Subscription Forms (or portions thereof), by first class mail to a Domestic Holder, and by airmail to an
Overseas Holder (without registration or insurance), upon cancellation of such ADS Subscription Forms, a newly issued ADS Subscription Form together with the other documents described in clause (b)(i) above. 

e. The Company authorizes the Agent to waive proof of authority to sign (including the right to waive signatures of co-fiduciaries and proof of
appointment or authority of any fiduciary or other person acting in a representative capacity) in connection with the transfer or assignment of ADS Subscription Forms (or portions thereof) representing ADS Rights; provided, however,
that the signature to the relevant instrument of transfer or assignment is guaranteed by an eligible guarantor institution which is a member of a Medallion Signature Guarantee Program. 
 f. In the event that, prior to the Expiration Date, any person notifies the Agent that the ADS Subscription Form to which such person is entitled has not been delivered, or has been lost, stolen or
destroyed, the Agent will arrange for the issuance of a new ADS Subscription Form and the delivery of the other documents described in clause (b)(i) above to any person from whom it has received, prior to

  
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the Expiration Date, a duly executed letter or other communication satisfactory to the Agent indicating the name and address of the registered ADS Rights Holder of the lost ADS Subscription Form,
the certificate number of such ADS Subscription Form, and the number of ADS Rights represented thereby, or has otherwise satisfied the Agent as to such failure of delivery, or lost, stolen or destroyed ADS Subscription Form in accordance with
procedures which are standard to the industry; provided, however, that such issuance may be delayed by the Agent, in its discretion, pending receipt of an indemnity from such person satisfactory to the Company and the Agent and
confirmation that such lost, stolen or destroyed ADS Subscription Form has not been exercised or transferred. Upon issuance of such new ADS Subscription Form, the Agent shall cancel all such ADS Subscription Forms which are claimed not delivered or
were lost, stolen or destroyed and shall record such cancellation in the register of ADS Rights to be maintained by the Agent. 
 g. An ADS
Rights Holder may place an order with the Agent to sell all or a portion of such ADS Rights Holder’s ADS Rights and, in such event, shall deliver its ADS Subscription Form(s) to the Agent. The Agent must receive such ADS Rights Holder’s
ADS Subscription Form(s) prior to 5:00 p.m. (New York City time) on March 13, 2013. In connection with any sale of ADS Rights, the Agent may charge a fee of up to US$0.10 per New ADS issued (equivalent to US$0.05 per ADS held). At least once
weekly during the period when the ADS Rights are traded on The New York Stock Exchange, the Agent will aggregate the ADS Rights delivered to it with instructions to sell and will arrange for their sale on the New York Stock Exchange through a broker
appointed by the Agent for such purpose. The Agent will not be liable to any ADS Rights Holder for its failure to obtain the best market price for any ADS Rights it sells at the request of an ADS Rights Holder. Each seller of ADS Rights through the
Agent will receive the net sale price for the ADS Rights sold, calculated on the basis of the weighted average of all sales of ADS Rights by the Agent during the ADS Rights trading period net of expenses, commissions and fees incurred in connection
with such sales. 
 h. If the Agent does not receive instructions to exercise ADS Rights prior to 2:15 p.m. (New York City time) on the
Expiration Date, those ADS Rights will be void and will have no further value. 
 i. The Company and the Agent agree that the Depositary shall
be authorized to charge exercising ADS Rights Holders an ADS issuance fee of US$0.10 per New ADS issued (equivalent to US$0.05 per ADS held) in connection with the ADS Rights Offer in accordance with the Deposit Agreement. The Company and the Agent
agree that the Agent shall be authorized to charge ADS Rights Holders certain fees as set forth on Exhibit B attached hereto. 
  

	8.	Acceptance of Subscriptions. 

 a.
The Company hereby authorizes and directs the Agent to accept subscriptions for New ADSs on behalf of the Company upon the proper completion and execution of an ADS Subscription Form, surrender of the applicable ADS Subscription Form and delivery of
the ADS Subscription Deposit Amount for the New ADSs, in accordance with the terms thereof and hereof. The Company further authorizes the Agent to refuse to accept, in its reasonable discretion, any improperly completed or unexecuted ADS
Subscription Form. 
 b. The Company authorizes the Agent to waive proof of authority to sign (including the right to waive signatures of
co-fiduciaries and proof of appointment or authority of any fiduciary or other person acting in a representative capacity) in connection with any subscription with respect to which: 

 

	 	(i)	the surrendered ADS Subscription Form is registered in the name of one or more individuals or an executor, administrator, trustee, custodian for a minor or other
fiduciary and has been executed by such registered holder or holders, provided that the New ADSs subscribed for are to be issued in the name of such registered holder or holders; 

  
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	 	(ii)	the surrendered ADS Subscription Form is registered in the name of a corporation and has been executed by an officer of such corporation, provided that the New ADSs
subscribed for are to be issued in the name of such corporation; 

  

	 	(iii)	the surrendered ADS Subscription Form has been executed by a bank, trust company or broker as agent for the registered holder thereof, provided that the New ADSs
subscribed for are to be issued in the name of such registered holder; and 

  

	 	(iv)	the surrendered ADS Subscription Form is registered in the name of a decedent and has been executed by a person who purports to act as the executor or administrator of
such decedent’s estate, provided that (A) such subscription is for not more than 50 New ADSs, (B) the New ADSs are to be issued in the name of such person as executor or administrator of such decedent’s estate, (C) the check
tendered in payment of such subscription is drawn for the proper amount and to the order of the Agent, and is otherwise in order, and (D) there is no evidence indicating that such person is not the duly authorized representative which such
person purports to be. 

 In all cases other than those described in clauses (i) through (iv) above, the Agent will
obtain all necessary proof of authority to sign in connection with the subscriptions for New ADSs, provided, however, that in the event that such proof of authority has not been received on or prior to the Expiration Date, the Agent
shall obtain advice from the Company as to whether any such subscriptions may be accepted. 
 c. The Company authorizes the Agent to accept
customary letters of indemnification from commercial banks, trust companies or eligible guarantor institutions that are members of a Medallion Signature Guarantee Program with respect to nonconforming aspects of documents delivered in connection
with the exercise of ADS Rights for New ADSs. 
 d. On each Business Day during the ADS Subscription Period, the Agent shall deposit in the NY
Account the aggregate amount of the ADS Subscription Deposit Amount received by the Agent on such day in respect of payments made upon the exercise of ADS Rights for New ADSs. 
 e. The Agent shall keep the NY Account separate from any other accounts held by the Agent. The Agent agrees not to commingle any of the ADS Subscription Deposit Amount received by the Agent with any other
accounts held by the Agent. The Agent does not have any interest in the NY Account or any ADS Subscription Deposit Amount received pursuant to this Agreement, except for any fees the Agent may deduct from the ADS Subscription Deposit Amount as
provided for in this Agreement. 
  

	9.	Reports by the Agent. 

 a. During
the ADS Subscription Period, the Agent will advise the Company and the other persons set forth on Exhibit H attached hereto daily by telephone or e-mail to certain e-mail accounts notified 

  
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in writing to the Agent as to: (i) the total number of New ADSs subscribed for pursuant to the exercise of ADS Rights, and (ii) the aggregate amount of the ADS Subscription Deposit
Amount received by the Agent in respect of such subscriptions in U.S. dollars. 
 b. Not later than 5:00 p.m. (New York City time) on the
Business Day following the Expiration Date, the Agent will advise the Company, in accordance with written instructions to be sent by the Company and received by the Agent, as to: (i) the total number of New ADSs subscribed for pursuant to the
exercise of ADS Rights; and (ii) the aggregate amount of the ADS Subscription Deposit Amount received by the Agent in respect of such subscriptions in U.S. dollars. The figure so reported will be final and the Agent will not be authorized to
accept subscriptions for any additional New ADSs. In accordance with Section 20 hereof, the Agent will submit to the Custodian under the Deposit Agreement on behalf of the Depositary and for transmission to the Company a facsimile transmission
containing the information specified above. 
  

	10.1	Payment of the ADS Subscription Deposit Amount Upon CP Exercise. 

 a. Not later than 9:00 a.m. (New York City time) on the Business Day immediately following the Chilean Business Day on which the Company, in its sole discretion, determines that the Condition Precedent
will be satisfied (after taking into account the exercised ADS Rights received by the Agent and reported to the Company prior to such date) (the “CP Satisfaction Date” and the period from the first Business Day of the ADS
Subscription Period until the CP Satisfaction Date, “CP Interim Period”), the Company will instruct the Agent (the “CP Exercise Instruction”) in writing, in accordance with the notice provisions set forth in
Section 20 hereof, to exercise the Share Rights represented by the ADS Rights exercised in connection with the subscription of New ADSs by ADS Rights Holders, as previously reported to the Company pursuant to Section 9(a) hereof (the
“CP Exercise”). Notwithstanding the Agent’s receipt of a CP Exercise Instruction, the Agent will remain authorized to accept additional exercises of ADS Rights for subscriptions of New ADSs until the Expiration Date.

 b. The Agent shall, at or prior to 5:00 p.m. (New York City time) on the Business Day immediately following the date on which the Agent
receives the CP Exercise Instruction, submit to the Custodian all documentation received and necessary to effect the CP Exercise, and transfer, by electronic transfer of funds to the Custodian Account, an amount in U.S. dollars equal to the
aggregate ADS Subscription Deposit Amount received from exercising ADS Rights Holders in respect of all ADSs Rights validly exercised during the CP Interim Period (the “Interim ADS Subscription Deposit Amount”). 

c. The Agent shall instruct the Custodian to convert or deem to have converted, as instructed by the Company, the applicable portion of the Interim ADS
Subscription Deposit Amount into the aggregate Interim Share Subscription Amount in Chilean pesos for the total number of New Shares corresponding to the total number of New ADSs subscribed by exercising ADS Rights Holders during the CP Interim
Period (the “Interim Share Subscription Price”) on or prior to the expiration of the Interim Share Subscription Period. 
 d.
The Agent shall instruct the Custodian to notify the Company and the Agent of the U.S. dollar to Chilean peso exchange rate (including currency conversion expenses) at which the Custodian has converted or deemed converted the applicable portion of
the Interim ADS Subscription Deposit Amount into the Interim Share Subscription Price as provided in clause (c) above (the “Interim Initial Conversion Exchange Rate”). 
 e. The Agent shall instruct the Custodian to pay the U.S. dollar amount equal to the Interim Share Subscription Amount applying the Interim Initial Conversion Exchange Rate in accordance with the
subscription procedures of the Share Rights Offer. 

  
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	10.2	Payment of the ADS Subscription Deposit Amount Upon Expiration Date. 

 a. The Agent shall, at or prior to 5:00 p.m. (New York City time) on the second Business Day immediately following the Expiration Date, transfer, by electronic transfer of funds to the Custodian Account,
an amount in U.S. dollars equal to the aggregate ADS Subscription Deposit Amount received from exercising ADS Rights Holders in respect of all ADS Rights validly exercised for New ADSs during the ADS Subscription Period, except any ADS Rights
otherwise exercised pursuant to the CP Exercise (if applicable) (the “Balance ADS Subscription Deposit Amount” and together with the Interim ADS Subscription Deposit Amount, the “Total ADS Subscription Deposit
Amount”). 
 b. The Agent shall instruct the Custodian to convert or deemed to have converted, as instructed by the Company, the
applicable portion of the Balance ADS Subscription Deposit Amount into the aggregate Balance Share Subscription Price in Chilean pesos for the total number of New Shares corresponding to the total number of New ADSs subscribed by exercising ADS
Rights Holders, except any New ADSs otherwise subscribed pursuant to the CP Exercise (if applicable) (the “Balance Share Subscription Price” and together with the Interim Share Subscription Price, the “Total Share
Subscription Price”) on or prior to the Chilean Business Day designated by the Company for such subscription in connection with the Share Rights Offer. 
 c. The Agent shall instruct the Custodian to notify the Company and the Agent of the U.S. dollar to Chilean peso exchange rate (including currency conversion expenses) at which the Custodian has converted
or deemed converted the applicable portion of the Balance ADS Subscription Deposit Amount as provided in clause (b) above (the “Balance Initial Conversion Exchange Rate”). 

d. The Agent shall instruct the Custodian to pay the U.S. dollar amount equal to the Balance Share Subscription Price in accordance with the subscription
procedures of the Share Rights Offer. 
  

	11.	Distribution of Excess Amount and Payment of USD Deficiency Amount. 

 a. If either (i) the Interim ADS Subscription Deposit Amount exceeds the U.S. dollar equivalent of the Interim Share Subscription Price based on the Interim Initial Conversion Exchange Rate, or
(ii) the Balance ADS Subscription Deposit Amount exceeds the U.S. dollar equivalent of the Balance Share Subscription Price based on the Balance Initial Conversion Exchange Rate, the Agent shall instruct the Custodian to transfer, promptly
following the expiration of the Interim Share Subscription Period, in the case of (i) above, or the Share Subscription Period, in the case of (ii) above, by electronic transfer of funds to an account designated by the Agent, the amount by
which the Interim ADS Subscription Deposit Amount or the Balance ADS Subscription Deposit Amount, as applicable, so exceeds the U.S. dollar equivalent of the Interim Share Subscription Amount or the Balance Share Subscription Amount, respectively
(the “Excess Amount”), in U.S. dollars. 
 b. If either (i) the Interim ADS Subscription Deposit Amount is less than the
U.S. dollar equivalent of the Interim Share Subscription Price based on the Interim Initial Conversion Exchange 

  
 12 

 
Rate, or (ii) the Balance ADS Subscription Deposit Amount is less than the U.S. dollar equivalent of the Balance Share Subscription Price based on the Balance Initial Conversion Exchange
Rate, the Company shall notify the Agent, through the Custodian, at or prior to 9:00 a.m. (New York City time) on the Business Day immediately preceding the expiration of the Interim Share Subscription Period, in the case of (i) above, or
promptly following the Share Subscription Period, in the case of (ii) above, of the additional U.S. dollar amount necessary to pay the Interim Share Subscription Price or the Balance Share Subscription Price in full, as applicable (the
“USD Deficiency Amount” and, to the extent any Excess Amount remains following the subtraction of the USD Deficiency Amount calculated after the Expiration Date, the “Final Excess Amount”). The Agent shall prior to
the delivery of the Share Rights in connection with the CP Exercise, in the case of (i) above, or promptly following the expiration of the Share Subscription Period, in the case of (ii) above, transfer, by electronic transfer of funds to
the Custodian Account, as applicable, an amount in U.S. dollars sufficient to cover the USD Deficiency Amount. 
 c. As
soon as practicable after the determination of the USD Deficiency Amount following the Expiration Date, the Agent shall notify each ADS Rights Holder exercising ADS Rights of its pro rata share of the USD Deficiency Amount. Each ADS Rights Holder
exercising ADS Rights shall promptly pay its pro rata share of the USD Deficiency Amount to the Agent. The Agent will not deliver New ADSs subscribed for by such ADS Rights Holder prior to the receipt by the Agent of such payment. If payment of the
applicable USD Deficiency Amount is not received from the ADS Rights Holder exercising ADS Rights by the Agent by the close of business on the tenth (10th) Business Day following the date of notice of such USD Deficiency Amount, the Agent shall sell all or a portion
of such New ADSs subscribed for by such ADS Rights Holder in a commercially reasonable manner, and in an amount sufficient to cover such USD Deficiency Amount and to cover any costs incurred in selling such New ADSs. In such event, the Agent will
then deliver the remaining New ADSs (if any) to such exercising ADS Rights Holder together with a check in the amount of the excess proceeds, if any, from such sale (after deduction of applicable Depositary fees of US$0.10 per New ADS sold
(equivalent to US$0.05 per ADS held), expenses and taxes). If, however, the amount of excess proceeds from such sale of New ADSs is less than US$5.00, the Agent will (after deductions of applicable Depositary fees of US$0.10 per New ADS sold
(equivalent to US$0.05 per ADS held), expenses, taxes and sales commissions) distribute such proceeds to the Company. The Agent will thereupon have the right to reimbursement by the Company with respect to any USD Deficiency Amount not collected as
provided above from any such exercising ADS Rights Holder after such sale of New ADSs and application of the proceeds thereof (less such costs) to any such USD Deficiency Amount owed by such exercising ADS Rights Holder to the Agent. 

d. The Agent shall only remit to each exercising ADS Rights Holder its pro rata share of the Final Excess Amount (after deduction of applicable expenses)
to the extent any such Final Excess Amount remains after the Expiration Date. 
  

	12.	Deposit of New Shares and Issuance of New ADSs. 

 a. The Company shall, as soon as practicable after the issuance of the New Shares represented by the New ADSs subscribed for pursuant to the ADS Rights Offer, cause to be deposited such New Shares in an
account maintained by the Custodian in the name of the Depositary or its designated nominee. 

  
 13 

 b. The Depositary shall as soon as practicable after the Company shall cause New Shares to be so deposited
pursuant to paragraph (a) of this Section 12, issue, in accordance with the terms of the Deposit Agreement, New ADSs subscribed for pursuant to the ADS Rights Offer and, subject to Section 11(c) hereof: (i) in the case of ADS
Rights exercised through DTC, make delivery thereof to the applicable DTC participants, and (ii) in the case of ADS Rights exercised by registered ADS Rights Holders, mail to each subscribing ADS Rights Holder, in the manner specified by such
subscribing ADS Rights Holder, an ADR representing the number of New ADSs for which such subscribing ADS Rights Holder has subscribed. Each ADR will be registered in the name specified by the subscribing ADS Rights Holder on its ADS Subscription
Form. 
 c. Any ADR requested to be mailed by the subscribing ADS Rights Holder therefor will be mailed by the Agent by first class mail, in
each case under its blanket surety bond and within the limits thereof, protecting the Agent and the Company from any loss or liability arising out of nonreceipt or nondelivery of any such ADR or the replacement thereof. 

 

	13.	Destruction of ADS Subscription Forms. 

 Promptly after the Expiration Date, the Agent shall cause any unused ADS Subscription Forms in its possession to be destroyed and all ADS Subscription Forms that were registered or assigned and all ADS
Subscription Forms that were exercised will be cancelled and destroyed. The Agent will provide to the Company a record of such ADS Subscription Forms that have been cancelled and destroyed upon the Company’s request. 

 

	14.	Taxes. 

 a. The Agent shall not be
required to mail to the recipients of ADS Rights any tax reports or to file any reports with the U.S. Internal Revenue Service (“IRS”) in respect of the ADS Rights distributed or exercised or the New ADSs delivered upon subscription
therefor under the ADS Rights Offer. 
 b. The Company will be fully responsible for preparing and timely filing all U.S. returns and
information statements, relating to the ADS Rights Offer, required to be filed pursuant to U.S. Treasury regulations promulgated under Internal Revenue Code section 6045B. 
 c. On or before January 31st of the year following the year of the sale of any ADS Rights (or fractional entitlements to ADS Rights) by the Agent, the Agent shall prepare and mail to each ADS Rights
Holder who has received from the Agent cash proceeds in accordance with the terms hereof, other than ADS Rights Holders who demonstrate their status as nonresident aliens (“Non-U.S. Holders”) or other exempt recipients, in
accordance with U.S. Treasury regulations, a Form 1099-B reporting the amount of cash proceeds. The Agent shall also prepare and timely file copies of such Forms 1099-B, electronically with the IRS, make all filings with the IRS, provide to
surrendering holders all necessary reports, and take any further actions to the extent related to the ADS Rights Offer and required by U.S. Treasury regulations promulgated under Internal Revenue Code sections 6042, 6043 and/or 6045 to be taken by
the Company or the Agent. The Agent shall not be required to mail to the recipients of New ADSs any tax reports or to file any reports with the IRS in respect of the ADS Rights exercised in the ADS Rights Offer except as specified above or as
required by U.S. Treasury Regulations applicable to the Agent. If the Agent has not received notice from the ADS Rights Holder its Taxpayer Identification Number (“TIN”), or if such TIN has not been certified as correct or such

  
 14 

 
holder otherwise fails to comply with applicable procedures necessary to show that such ADS Rights Holder is not subject to the back-up withholding tax provisions under the U.S. Treasury
regulations, the Agent shall deduct and withhold the applicable percentage of any cash payment, made to such ADS Rights Holder and remit such funds to the IRS in accordance with the Agent’s standard procedures. Should any issue arise regarding
U.S. federal income tax reporting or withholding, the Agent shall take such action as the Company instructs to the Agent in writing in light of the Agent’s obligations hereunder, subject to the advice of its counsel. The Agent will notify the
Company of any tax liability, including U.S. federal tax liability arising in connection with the ADS Rights Offer and will promptly deliver to the Company a copy of any notice or communication received from any tax authority, including the IRS,
related to the ADS Rights Offer or this Agreement. 
  

	15.	Instructions and Indemnification. 

a. The Agent will be entitled to rely upon any instructions or directions furnished to it in writing by any director or officer to the Company or any
attorney-in-fact for the Company appointed for this purpose pursuant to a power of attorney signed by any director or officer of the Company, and to apply to such individuals for advice or instructions in connection with its duties, and will be
entitled to treat as genuine, and as the document it purports to be, any letter or other document, furnished to it by such individuals. The Agent shall incur no liability or responsibility to the Company for any action taken in reliance on, and in
accordance with, any notice, resolution, waiver, consent, order, certificate, or other paper, document or instrument believed by it to be genuine and to have been signed, sent or represented by the proper party or parties. 

b. The Company will indemnify the Agent against, and defend and hold it harmless from, any and all liability and related expenses (including reasonable
fees and expenses of its counsel) incurred by the Agent, which may arise out of acts performed or omitted in connection with this Agreement, as the same may be amended, modified, or supplemented from time to time: (i) by the Agent, except to
the extent such liability or expense arises out if its own negligence or willful misconduct, or (ii) by the Company or any of its agents. 

c. The Agent will indemnify the Company against, and defend and hold it harmless from, any and all liability and related expenses (including reasonable
fees and expenses of its counsel) incurred by the Company, arising out of negligence or willful misconduct of the Agent, the Custodian or any of their respective employees, officers, directors or agents. 

d. If any action or claim shall be brought or threatened to be brought against any party in respect of which indemnity may be sought pursuant to this
Section 15, such indemnified party shall, as soon as practicable (or, in the case of any action or claim which is threatened to be brought, as soon as practicable after such party actually becomes aware of the same) notify the party against
whom indemnity may be sought in writing of such action or claim, and in such circumstances, and also in the event of any action or claim being brought or threatened to be brought against any of the parties thereto, the other party thereto shall
provide to the party against whom such action or claim is brought or threatened to be brought, such information and assistance as such party shall reasonably request, subject always to the provisions of indemnity contained in this Section 15.
Each party shall to the extent reasonable and practicable in all circumstances consult with the other party as and when reasonably requested by such party in respect of any action or claim referred to in this Section 15. 

e. The obligation set forth in this Section 15 shall survive notwithstanding the termination of this Agreement and the succession or substitution of
any indemnified person. 

  
 15 

	16.	Payment for Services. 

 The Company will compensate the Agent for its services hereunder as provided in a letter agreement, dated the date hereof, between the Company and the Agent, a copy of which is attached hereto as
Exhibit B. 
  

	17.	Amendment. 

 This
Agreement may be amended, supplemented or otherwise modified only by a written instrument executed and delivered by each of the parties hereto. 
  

	18.	Governing Law; Jurisdiction; Waiver. 

 This Agreement will be governed by, and construed and interpreted in accordance with, the laws of the State of New York. The parties agree that the federal and state courts located in the City of New
York, State of New York, shall have jurisdiction to hear and determine any suits, actions or proceedings and to settle any disputes between the parties relating to this Agreement and for such purpose each of the parties irrevocably submits to the
non-exclusive jurisdiction of such courts. The Company hereby irrevocably designates, appoints and empowers Puglisi & Associates, located at 850 Library Avenue, Suite 204, Newark, Delaware 19711, as its authorized agent to receive and
accept for and on its behalf and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be served in any suit, action or proceeding brought against the Company in any
court as described in the preceding sentence. If for any reason the Company’s authorized agent shall cease to be available to act as such, the Company agrees to designate a new authorized agent in the United States for receiving and accepting
service of all legal process on the terms and for the purposes of this Section 18 reasonably satisfactory to the Agent. The Company further hereby irrevocably consents and agrees to any and all legal process, summons, notices and documents that
may be served in any suit, action or proceeding against it under the terms hereof, by service by mail of a copy thereof upon its authorized agent (whether or not the appointment of its authorized agent shall for any reason prove to be ineffective or
its authorized agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided herein. The Company agrees that the failure of its authorized
agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. The Company irrevocably and unconditionally waives, to the fullest
extent permitted by law, any objection that it may not now or hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided herein, and hereby further irrevocably and unconditionally waives and agrees
not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. The provisions of this Section 18 shall survive notwithstanding the termination of this
Agreement. 
  

	19.	Counterparts. 

This Agreement may be executed by the parties hereto on separate counterparts, which counterparts taken together will be deemed to
constitute one and the same instrument. 

  
 16 

	20.	Notices. 

 All
notices and other communications hereunder shall be in writing, in English and shall be deemed duly given (a) on the date of delivery if delivered personally, or if by facsimile, upon confirmation of successful transmission, (b) on the
third Business Day following the date of dispatch if delivered by a recognized next-day courier service, or (c) on the earlier of confirmed receipt or the fifth Business Day following the date of mailing if delivered by registered or certified
mail, return receipt requested, postage prepaid. 
 Any written notice provided for herein shall be deemed given when received
and shall be addressed as follows: (i) if to the Company, to Enersis S.A., located at to Santa Rosa 76, Santiago, Chile, Attention: Nicolás Billikopf, Telecopier No.: (56-2) 2378-4789; (ii) if to the Agent, to Citibank, N.A., 388
Greenwich Street, 14th Floor, New York, New York 10013, Attention: ADR Department, Telecopier No.: (+1-212) 816-6865, which facsimile transmission shall be followed by a telephone call to Mr. Mark Gherzo, (+1-212) 816-6657. Any party may, by
notice given in writing to each other party at its above address, designate another address for receipt of notices thereunder. 
  

	21.	Binding Effect. 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns
and, to the extent contemplated herein, the ADS Rights Holders and beneficial owners of ADS Rights. 
  

	22.	Severability. 

 In
case any one or more of the provisions contained in this Agreement should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall in no way be
affected, prejudiced or disturbed thereby. 
  

	23.	Force Majeure. 

The Agent shall not incur any liability for not performing any act or fulfilling any obligation hereunder by reason of any occurrence
beyond its control (including, but not limited to, any provision of any present or future law or regulation or any act of any governmental authority, any act of God or war or terrorism, or the unavailability of the Federal Reserve Bank wire services
or any electronic communication facility). 
 [Remainder of page intentionally left blank] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered
by their duly authorized officers as of the day and year above written. 
  

			
	ENERSIS S.A.
		
	By:	  	 /s/ Eduardo Escaffi J.

	Name:	  	Eduardo Escaffi J.
	Title:	  	Chief Financial Officer
	
	CITIBANK, N.A.
		
	By:	  	 /s/ Thomas Crane

	Name:	  	Thomas Crane
	Title:	  	Vice President

  
 18 

 EXHIBIT A 
 FORM OF ADS RIGHTS SUBSCRIPTION FORM 

  
 19 

 EXHIBIT B 
 SCHEDULE OF FEES 
  

					
	Service	  	Fee	  	Paid By
			
	Citibank’s appointment as ADS rights agent	  	Waived	  	Waived
			
	Initial issuance of ADS Rights	  	Waived	  	Waived
			
	Exercise of ADS Rights	  	Waived	  	Waived
			
	Distribution of New ADSs pursuant to exercise of ADS Rights	  	US$0.10 per New ADS issued (equivalent to US$0.05 per ADS held))	  	Person receiving the New ADSs upon deposit of Shares
			
	Sale of fractional ADS Rights and distribution of cash proceeds upon sale of fractional ADS Rights	  	US$0.10 per ADS Right sold (equivalent to US$0.05 per ADS held))	  	Person for whom sales are made
			
	Sale of ADS Rights and distribution of cash proceeds upon sale of ADS Rights	  	US$0.10 per ADS Right sold (equivalent to US$0.05 per ADS held))	  	Person for whom sales are made
			
	Citibank’s outside legal counsel fees and expenses for Rights Offering from Patterson Belknap Webb & Tyler LLP	  	At cost, regardless of whether Rights Offer successfully closes	  	Company
			
	Out-of-pocket costs for Rights Offering (e.g., postage, etc)	  	At cost, regardless of whether Rights Offer successfully closes	  	Company

  
 20 

 EXHIBIT C 
 FORM OF BROKER LETTER 

  
 21 

 EXHIBIT D 
 FORM OF CLIENT LETTER 

  
 22 

 EXHIBIT E 
 FORM OF INSTRUCTIONS BOOKLET 

  
 23 

 EXHIBIT F 
 FORM OF U.S. COUNSEL’S OPINION 

  
 24 

 EXHIBIT G 
 FORM OF LOCAL COUNSEL’S OPINION 

  
 25 

 EXHIBIT H 
 PERSONS DESIGNATED TO RECEIVE 
 REPORTS BY THE AGENT 

  
 26EX-10.1

 EXHIBIT 10.1 

 
 ADVISORY AGREEMENT 

between 
 TRILINC
ADVISORS, LLC, 
 and 
 TRILINC GLOBAL IMPACT FUND, LLC 
 February 25, 2013 

 
  
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 Article 1 DEFINITIONS
	  	 	1	  
		
	 Article 2 APPOINTMENT
	  	 	3	  
		
	 Article 3 DUTIES OF THE ADVISOR
	  	 	3	  
		
	 3.01      Offering Services
	  	 	3	  
		
	 3.02      Acquisition Services
	  	 	4	  
		
	 3.03      Asset Management Services
	  	 	5	  
		
	 3.04      Accounting and Other Administrative Services
	  	 	6	  
		
	 3.05      Member Services
	  	 	7	  
		
	 3.06      Financing Services
	  	 	8	  
		
	 3.07      Disposition Services
	  	 	8	  
		
	 3.08      Other Services
	  	 	8	  
		
	 3.09      Sub-Advisors
	  	 	8	  
		
	 Article 4 AUTHORITY OF ADVISOR
	  	 	8	  
		
	 4.01      General
	  	 	8	  
		
	 4.02      Powers of the Advisor
	  	 	8	  
		
	 4.03      Approval by the Managers
	  	 	9	  
		
	 4.04      Fiduciary Obligation
	  	 	9	  
		
	 Article 5 BANK ACCOUNTS
	  	 	9	  
		
	 Article 6 RECORDS AND FINANCIAL STATEMENTS
	  	 	9	  
		
	 Article 7 LIMITATION ON ACTIVITIES
	  	 	9	  
		
	 Article 8 RELATIONSHIP WITH MANAGERS AND OFFICERS
	  	 	10	  
		
	 Article 9 FEES
	  	 	10	  
		
	 9.01      Asset Management Fees
	  	 	10	  

  
 i 

					
		
	 9.02      Subordinated Incentive Fee on Income
	  	 	11	  
		
	 9.03      Incentive Fee on Capital Gains
	  	 	11	  
		
	 Article 10 EXPENSES
	  	 	12	  
		
	 10.01    General
	  	 	12	  
		
	 10.02    Reimbursement to Advisor
	  	 	13	  
		
	 10.03    Organization and Offering Expenses
	  	 	13	  
		
	 10.04    Operating Expenses
	  	 	13	  
		
	 10.05    Limitation on Fees and Expenses
	  	 	13	  
		
	 Article 11 OTHER SERVICES
	  	 	13	  
		
	 Article 12 RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES AND OBLIGATIONS OF THE ADVISOR
	  	 	14	  
		
	 12.01    Relationship
	  	 	14	  
		
	 12.02    Time Commitment
	  	 	14	  
		
	 12.03    Investment Opportunities and Allocation
	  	 	14	  
		
	 12.04    Representations of the Advisor
	  	 	14	  
		
	 Article 13 THE TRILINC NAME
	  	 	15	  
		
	 Article 14 TERM AND TERMINATION OF THE AGREEMENT
	  	 	15	  
		
	 14.01    Term
	  	 	15	  
		
	 14.02    Termination by Either Party
	  	 	15	  
		
	 14.03    Termination by the Company
	  	 	15	  
		
	 14.04    Termination by the Advisor
	  	 	15	  
		
	 14.05    Payments on Termination and Survival of Certain Rights and Obligations
	  	 	16	  
		
	 Article 15 ASSIGNMENT
	  	 	16	  
		
	 Article 16 INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	 	17	  
		
	 16.01    Indemnification by the Company
	  	 	17	  
		
	 16.02    Indemnification by the Advisor
	  	 	17	  

  
 ii 

					
		
	 16.03    Advisor’s Liability
	  	 	18	  
		
	 Article 17 MISCELLANEOUS
	  	 	19	  
		
	 17.01    Notices
	  	 	19	  
		
	 17.02    Modification
	  	 	19	  
		
	 17.03    Severability
	  	 	19	  
		
	 17.04    Construction
	  	 	19	  
		
	 17.05    Entire Agreement
	  	 	19	  
		
	 17.06    Waiver
	  	 	20	  
		
	 17.07    Gender
	  	 	20	  
		
	 17.08    Titles Not to Affect Interpretation
	  	 	20	  
		
	 17.09    Counterparts
	  	 	20	  

  
 iii

 ADVISORY AGREEMENT 

This Advisory Agreement, dated as of February 25, 2013, is between TriLinc Advisors, LLC, a Delaware limited liability company, and
TriLinc Global Impact Fund, LLC, a Delaware limited liability company (the “Agreement”). 
 W I T N E S S E T H

 WHEREAS, the Company (as hereinafter defined) desires to avail itself of the knowledge, experience, sources of information,
advice, assistance and certain facilities available to the Advisor (hereinafter defined) and to have the Advisor undertake the duties and responsibilities hereinafter set forth herein on the terms set forth in this Agreement; and 

WHEREAS, the Advisor is willing to undertake to render such services on the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree
as follows: 
 ARTICLE 1 
 DEFINITIONS 
 The following defined terms used in this Advisory Agreement
shall have the meanings specified below: 
 “Acquisition Expenses” has the meaning set forth in the Operating
Agreement. 
 “Act” means the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101 et. seq.,
as the same may be amended from time to time. All references herein to sections of the Act shall include any corresponding provisions of succeeding law. 
 “Advisor” means (i) TriLinc Advisors, LLC, a Delaware limited liability company, or (ii) any successor advisor to the Company. 

“Affiliate” has the meaning set forth in the Operating Agreement. For the purposes of this Agreement, the Advisor shall
not be deemed to be an Affiliate of the Company, and vice versa. 
 “Board of Managers” means the Board of
Managers of the Company. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or
any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in
effect from time to time. 
 “Company” means TriLinc Global Impact Fund, LLC, a Delaware limited liability
company. 

 “Front End Fees” has the meaning set forth in the Operating Agreement.

 “GAAP” is defined in Article 6. 
 “Gross Assets” is defined in Section 9.01. 
 “Gross
Proceeds” has the meaning set forth in the Operating Agreement. 
 “Independent Manager” has the
meaning set forth in the Operating Agreement. 
 “Investment in Company Assets” means the amount of capital
contributions actually paid or allocated to the origination or purchase of assets by the Company (including working capital reserves allocable thereto, except that working capital reserves in excess of 3% shall not be included) and other cash
payments such as interest and taxes, but excluding Front End Fees. 
 “Manager” means a member of the Board of
Managers of the Company. 
 “Dealer Manager” means SC Distributors, LLC, a Delaware limited liability company,
or such other entity selected by the Board of Managers to act as the managing dealer for the Offering. 

“Members” means the holders of record of Units. 

“Offering” means a public offering of Units pursuant to any Prospectus. 

“Operating Agreement” means the Amended and Restated Limited Liability Company Agreement of the Company, as amended from
time to time. 
 “Organization and Offering Expenses” has the meaning set forth in the Operating Agreement.

 “Net Assets” means the (a) cumulative proceeds generated from sales of the Company’s Units,
including proceeds from the Distribution Reinvestment Plan, net of Front End Fees and (b) reduced for (i) Distributions paid to the Company’s Members that represent return of capital and (ii) amounts paid for unit repurchases
pursuant to the unit repurchase program. 
 “Person” means an individual, corporation, partnership, estate,
trust, a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company
or other entity. 
 “Preferred Return” is defined in Section 9.02. 

“Pre-incentive Fee Net Investment Income” means interest income, dividend income and any other income accrued during the
calendar quarter, minus the Company’s operating expenses for the quarter, including the asset management fee and operating expenses reimbursed to the Advisor. Pre-incentive fee net investment income does not include any realized capital gains,
realized capital losses or unrealized capital appreciation or depreciation. 

  
 2 

 “Prospectus” means the Company’s final prospectus for any public
offering within the meaning of Section 2(10) of the Securities Act of 1933, as amended. 
 “Securities”
means any class or series of units of or interests in the Company, including units, preferred units, special units and any other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other
evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim
certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing. 
 “Sub-Advisor” means any Person or entity that has been engaged by the Advisor, a subsidiary of the Advisor, the Company, and/or a subsidiary of the Company to source, evaluate and monitor
investments of the Company, or any subsidiary of the Company, or perform other duties of the Advisor pursuant to this Agreement and has entered into a sub-advisory agreement with the Advisor, a subsidiary of the Advisor, the Company, and/or a
subsidiary of the Company. 
 “Units” means units of limited liability company interest in the Company.

 “Termination Date” means the date of termination of this Agreement. 

“TriLinc” means TriLinc Global, LLC and its Affiliates. 

ARTICLE 2 

APPOINTMENT 
 The Company hereby appoints the Advisor to serve as its advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 

ARTICLE 3 

DUTIES OF THE ADVISOR 
 The Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company and its assets, and for overseeing the performance of the Sub-Advisors, to
the fullest extent allowed by law. The Advisor shall, either directly or by engaging an Affiliate, the Dealer Manager, the Sub-Advisors or another third party, perform the following duties: 

3.01 Offering Services. The Advisor shall manage and supervise: 

(i) Development of the product offering, including the determination of the specific terms of the Securities to be offered by the Company,
preparation of all offering and related documents, and obtaining all required regulatory approvals of such documents; 
 (ii)
Along with the Dealer Manager, approval of the participating broker dealers and negotiation of the related selling agreements; 

  
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 (iii) Coordination of the due diligence process relating to participating broker dealers and
their review of any Prospectus and other Offering and Company documents; 
 (iv) Preparation and approval of all marketing
materials contemplated to be used by the Dealer Manager or others in the Offering of the Company’s Securities; 
 (v) Along
with the Dealer Manager, negotiation and coordination with the transfer agent for the receipt, collection, processing and acceptance of subscription agreements, commissions, and other administrative support functions; 

(vi) Creation and implementation of various technology and electronic communications related to the Offering of the Company’s
Securities; and 
 (vii) All other services related to organization of the Company or the Offering, whether performed and
incurred by the Advisor or its Affiliates. 
 3.02 Acquisition Services. The Advisor shall (or shall retain other Persons
to): 
 (i) Serve as the Company’s investment and financial advisor and provide relevant market research and economic and
statistical data in connection with the assets of the Company, investment objectives and policies; 
 (ii) Subject to the
investment objectives and policies of the Company: (a) locate, analyze and select potential investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which investments will be made; (c) acquire,
originate and dispose of assets and other investments on behalf of the Company (including through joint ventures); (d) arrange for financing and refinancing and make other changes in the asset or capital structure of investments in the assets
and other investments of the Company; (e) select joint venture partners and structure corresponding agreements; and (f) enter into agreements for investments of the Company; 

(iii) Provide global macro-economic forecasting, including in-depth analyses of developing economic regions and specific countries,
global trends and currency movements; 
 (iv) Provide in-depth asset class analysis, including liquidity, risk and return
attributes as part of initial and ongoing asset allocation; 
 (v) Find, due diligence and select Sub-Advisors who will be
responsible for: 
  

	 	(a)	sourcing, underwriting, presenting and executing appropriate investments consistent with the Company’s investment policies and objectives;

  

	 	(b)	managing the Company’s relationship with borrowers and other investment counterparts; and 

  
 4 

	 	(c)	managing investment documentation and monitoring investment compliance with all relevant covenants, representations and warranties; 

(vi) Originate, underwrite and analyze potential investment opportunities consistent with the Company’s investment policies and
objectives and with the Company’s investment guidelines and restrictions as described in the Prospectus or as otherwise provided to the Advisor; 
 (vii) Structure and negotiate the terms and conditions of the Company’s investments; 
 (viii) Make investments on the Company’s behalf based on the underwriting guidelines approved by the Board of Managers and in compliance with the Company’s investment objectives and policies and
with the Company’s investment guidelines and restrictions as described in the Prospectus or as otherwise provided to the Advisor; 
 (ix) Perform borrower level and market specific due diligence on prospective investments and create due diligence reports summarizing the results of such work; and 

(x) Consult with the Company’s officers and the Board of Managers and provide assistance with the evaluation and approval of
potential investment dispositions and sales, including reports to the Board of Managers regarding the foregoing. 
 3.03
Asset Management Services. The Advisor shall (or shall retain other Persons to): 
 (i) Investigate, select, and, on
behalf of the Company, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, lenders, technical advisors,
attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers and insurance agents and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable
for the performance of any of the foregoing services; 
 (ii) Monitor applicable markets and obtain reports (which may be
prepared by the Advisor or its Affiliates) where appropriate, concerning the value of investments of the Company; 
 (iii)
Monitor and evaluate the performance of investments of the Company; 
 (iv) Provide daily management services to the Company and
perform and supervise the various management and operational functions related to the Company’s investments; 
 (v)
Supervise, monitor and evaluate the performance of Sub-Advisors and individual investments in accordance with the Company’s investment policies and objectives; 

  
 5 

 (vi) Coordinate and manage relationships between the Company and any joint venture partners;

 (vii) Provide portfolio management functions; 
 (viii) Oversee, monitor and asset manage in-place portfolio assets in each of the regions in which the Sub-Advisors operate; 
 (ix) Evaluate the Company’s investments to ensure such investments meet the Company’s impact objectives and regularly monitor and report on the economic, social and/or environmental impact of
the Company’s investments; 
 (x) Enforce rights and recourse of the Company granted pursuant to investment documents where
appropriate; 
 (xi) Supervise, monitor and evaluate the performance of investments and collateral assets; 

(xii) Evaluate the Company’s investments to ensure such investments meet the Company’s environmental, social and governance
(ESG) criteria and regularly monitor and report on the ESG practices; and 
 (xiii) Pursue transaction modifications.

 3.04 Accounting and Other Administrative Services. The Advisor shall (or shall retain other Persons to): 

(i) Manage and perform the various administrative functions necessary for the management of the day-to-day operations of the Company;

 (ii) From time-to-time, or at any time reasonably requested by the Managers, make reports to the Managers on the
Advisor’s performance of services to the Company under this Agreement; 
 (iii) Coordinate with the Company’s
independent accountants and auditors to prepare and deliver to the Company’s audit committee an annual report covering the Advisor’s compliance with certain material aspects of this Agreement; 

(iv) Provide or arrange for administrative services and items, legal and other services, office space, office furnishings, personnel and
other overhead items necessary and incidental to the Company’s business and operations; 
 (v) Provide financial and
operational planning services; 
 (vi) Maintain accounting data and any other information concerning the activities of the
Company as shall be needed to prepare and file all periodic financial reports and returns required to be filed by the Company with the Securities and Exchange Commission and any other regulatory agency, including annual financial statements;

  
 6 

 (vii) Maintain all appropriate books and records of the Company; 

(viii) Oversee tax and compliance services and risk management services and coordinate with appropriate third parties, including
independent accountants and other consultants, on related tax matters; 
 (ix) Supervise the performance of such ministerial and
administrative functions as may be necessary in connection with the daily operations of the Company; 
 (x) Provide the Company
with all necessary cash management services; 
 (xi) Manage and coordinate with the transfer agent regarding the distribution
process and payments to Members; 
 (xii) Consult with the officers and Managers of the Company and assist in evaluating and
obtaining adequate insurance coverage based upon risk management determinations; 
 (xiii) Assist in the administration of
distribution reinvestment plans, transfers, redemptions, and all exception requests; 
 (xiv) Provide the officers and Managers
with timely updates related to the overall regulatory environment affecting the Company, as well as managing compliance with such matters, including but not limited to compliance with the Sarbanes-Oxley Act of 2002; 

(xv) Consult with the officers and the Board of Managers relating to the corporate governance structure and appropriate policies and
procedures related thereto; and 
 (xvi) Oversee all reporting, record keeping, internal controls and similar matters in a
manner to allow the Company to comply with applicable law including the Sarbanes-Oxley Act. 
 3.05 Member Services. The
Advisor shall (or shall retain other Persons to): 
 (i) Manage communications with the Members, including answering phone calls,
preparing and sending written and electronic reports, providing recommendations for marketing materials and other communications; 
 (ii) Assist in public relations activities relating to the Company including, but not limited to, the development and administration of press releases, media relations, media coverage and by-lined
articles and the development of websites to provide access for investors to financial reporting, financial advisor access to sales materials, and general information relating to the Company, such as government filings and informational
presentations; and 
 (iii) Establish technology infrastructure to assist in providing Member support and service. 

  
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 3.06 Financing Services. The Advisor shall (or shall retain other Persons to):

 (i) Identify and evaluate potential financing and refinancing sources, engaging a third-party broker if necessary; 

(ii) Negotiate terms, arrange and execute financing agreements; 
 (iii) Manage relationships between the Company and its lenders; and 
 (iv) Monitor
and oversee the service of the Company’s debt facilities and other financings. 
 3.07 Disposition Services. The
Advisor shall (or shall retain other Persons to): 
 (i) Consult with the Board of Managers and provide assistance with the
evaluation and approval of potential asset dispositions, sales or other liquidity events and reinvestment of returned capital; and 
 (ii) Structure and negotiate the terms and conditions of transactions pursuant to which investments may be sold. 
 3.08 Other Services. The Advisor shall perform any other services reasonably requested by the Company. 
 3.09 Sub-Advisors. The Advisor shall be responsible, either directly or through its Affiliates, for overseeing any Sub-Advisors it retains, either directly or through its Affiliates, and for paying
all fees and other compensation of such Sub-Advisors. 
 ARTICLE 4 

AUTHORITY OF ADVISOR 
 4.01 General. All rights and powers to manage and control the day-to-day business and affairs of the Company shall be vested in the Advisor to the fullest extent allowed by law. The Advisor shall
have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company or third parties,
including the Sub-Advisors and the Dealer Manager, as it may from time to time deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to applicable law and the limitations on the rights and powers of the
Advisor specifically set forth in this Agreement or the Operating Agreement. 
 4.02 Powers of the Advisor. Subject to
the express limitations set forth in this Agreement, and to the right of the Advisor to delegate its responsibilities pursuant to Section 4.01, the power to direct the management, operation and policies of the Company shall to the fullest
extent allowed by law be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform
all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement. 

  
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 4.03 Approval by the Managers. Notwithstanding the foregoing, the Advisor may not
take any action on behalf of the Company without the prior approval of the Board of Managers or duly authorized committees thereof if the Operating Agreement or the Act require the prior approval of the Board of Managers. The prior approval of
the Conflicts Committee of the Board of Managers shall be required for each transaction between the Company and the Advisor or its Affiliates. 
 4.04 Fiduciary Obligation. The Advisor has a fiduciary responsibility to the Company and to the Members. 
 ARTICLE 5 
 BANK ACCOUNTS 

The Advisor will maintain one or more bank accounts in the name of the Company and will collect and deposit into any such account or
accounts, and disburse from any such account or accounts, any money on behalf of the Company. Notwithstanding the foregoing, no funds shall be commingled with the funds of the Advisor. 

ARTICLE 6 

RECORDS AND FINANCIAL STATEMENTS 
 The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records for the Company’s operations in accordance with United States generally
accepted accounting principles (“GAAP”), which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the Company
and shall be available for inspection by the Board of Managers and by counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal business hours. Such books and records shall include all information
necessary to calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect the
Company’s assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports which by their
nature require a deviation from GAAP. The Advisor shall maintain necessary liaison with the Company’s independent accountants and shall provide such accountants with such reports and other information as the Company shall request. 

ARTICLE 7 

LIMITATION ON ACTIVITIES 
 Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action which, in its sole judgment made in good faith, would (i) jeopardize the Company’s status
as a “partnership” for federal income tax purposes or would result in the Company being classified as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code or any rules, regulations or safe-harbor
guidelines promulgated thereunder, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, 

  
 9 

 
(iii) violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or its Securities, or (iv) violate the Operating Agreement. In the event an
action would violate any of (i) through (iv) of the preceding sentence but such action has been ordered by the Board of Managers acting on behalf of the Company, the Advisor shall notify the Board of Managers of the Advisor’s judgment
of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board of Managers. In such event the Advisor shall, to the fullest extent allowed by law, have no
liability for acting in accordance with the specific instructions of the Board of Managers so given. Notwithstanding the foregoing, none of the Advisor, its Affiliates, the Sub-Advisors and none of their managers, directors, officers, employees and
equityholders, shall be liable to the Company, the Board of Managers or the Members for any act or omission by such Persons or individuals, except as provided in this Agreement. THE PARTIES HERETO INTEND THAT THE LIMITATION OF LIABILITY SET FORTH
IN THIS SECTION BE CONSTRUED AND APPLIED AS WRITTEN NOTWITHSTANDING ANY RULE OF CONSTRUCTION TO THE CONTRARY. WITHOUT LIMITING THE FOREGOING, THE LIMITATION OF LIABILITY SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY NOTWITHSTANDING ANY
STATE’S “EXPRESS NEGLIGENCE RULE” OR SIMILAR RULE THAT WOULD DENY COVERAGE BASED ON A PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE, GROSS NEGLIGENCE OR STRICT LIABILITY. IT IS THE INTENT OF THE PARTIES
THAT, TO THE EXTENT PROVIDED IN THIS SECTION, THE LIMITATION OF LIABILITY SET FORTH HEREIN SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY TO A PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE, GROSS NEGLIGENCE OR
STRICT LIABILITY. THE PARTIES AGREE THAT THIS PROVISION IS “CONSPICUOUS” FOR PURPOSES OF ALL STATE LAWS. 
 ARTICLE
8 
 RELATIONSHIP WITH MANAGERS AND OFFICERS 
 Managers, directors, officers and employees of the Advisor or any direct or indirect Affiliate of the Advisor may serve as Managers, and as officers of the Company, except that no manager, director,
officer or employee of the Advisor or any of its Affiliates who also is a Manager or officer of the Company shall receive any compensation from the Company for serving as a Manager or officer other than reasonable reimbursement for travel and
related expenses incurred in attending meetings of the Board of Managers. 
 ARTICLE 9 

FEES 

9.01 Asset Management Fees. The Company shall pay the Advisor in cash, as compensation for services including those described in
Article 3, an asset management fee in accordance with this Section 9.01, as well as reimburse the Advisor for all expenses incurred by the Advisor in connection with such services as required by Article 10. The asset management fee shall be
calculated quarterly at an annual rate of 2.00% of the Company’s Gross Assets and shall be payable quarterly in arrears within 45 days after the end of each of the first three calendar quarters of each fiscal year (or partial calendar quarter),
and within 60 days after the 

  
 10 

 
end of the final calendar quarter of each fiscal year (or partial calendar quarter), during the term of this Agreement. For purposes of calculating the asset management fee, the term “Gross
Assets” means the total fair value of the Company’s assets at the end of the quarter, other than intangibles and after the deduction of associated allowances and reserves, as determined by the Advisor in its sole discretion. Asset
management fees for any partial quarter will be appropriately prorated. 
 9.02 Subordinated Incentive
Fee on Income. The Company shall pay the Advisor in cash, as compensation for services including those described in Article 3, a subordinated incentive fee on income in accordance with this Section 9.02, as well as to reimburse the Advisor
for all expenses incurred by the Advisor in connection with such services as required by Article 10. The subordinated incentive fee on income is calculated quarterly in arrears based upon Pre-incentive Fee Net Investment Income for the immediately
preceding quarter, and shall be subordinated to a preferred return on Net Assets at the end of the immediately preceding quarter equal to 1.50% per quarter (an annualized rate of 6.00%). No subordinated incentive fee on income shall be payable
in any calendar quarter in which Pre-incentive Fee Net Investment Income does not exceed the preferred quarterly return of 1.50% (the “Preferred Return”), on Net Assets at the end of the immediately preceding quarter. For any
calendar quarter in which pre-incentive fee net investment income is greater than the Preferred Return, but less than 1.875% (the “Hurdle”), the subordinated incentive fee on income shall equal the amount of Pre-incentive Fee Net
Investment Income in excess of the Preferred Return. For any calendar quarter in which the Pre-incentive Fee Net Investment Income exceeds the Hurdle at the end of the immediately preceding quarter, the subordinated incentive fee on income shall
equal 20% of Pre-incentive Fee Net Investment Income. The subordinated incentive fee on income shall be payable quarterly in arrears within 45 days after the end of each of the first three calendar quarters of each fiscal year (or partial calendar
quarter), and within 60 days after the end of the final calendar quarter of each fiscal year (or partial calendar quarter), during the term of this Agreement. 
 9.03 Incentive Fee on Capital Gains. The Company shall pay the Advisor in cash, as compensation for services including those described in Article 3, an incentive fee on capital gains in accordance
with this Section 9.03, as well as to reimburse the Advisor for all expenses incurred by the Advisor in connection with such services as required by Article 10. An incentive fee on capital gains earned on the Company’s investments shall be
determined in arrears as of the end of each calendar year (or upon termination of this Agreement) and shall equal 20% of the Company’s incentive fee capital gains, which will equal the Company’s realized capital gains on a cumulative basis
from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fees. The
incentive fee on capital gains shall be payable annually in arrears within 60 days after the end of each calendar year (or partial calendar year) during the term of this Agreement. 

  
 11 

 ARTICLE 10 
 EXPENSES 
 10.01 General. In addition to the compensation paid to
the Advisor pursuant to Article 9 hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or Affiliates in connection with the services provided to the Company pursuant to this
Agreement, including, but not limited to: 
 (i) Acquisition Expenses incurred in connection with the selection and acquisition
of assets including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company; 

(ii) the actual out-of-pocket cost of goods and services used by the Company and obtained from entities not Affiliated with the Advisor,
including brokerage fees paid in connection with the purchase and sale of assets; 
 (iii) taxes and assessments on income or
Assets and taxes as an expense of doing business and any other taxes otherwise imposed on the Company and its business or income; 
 (iv) out-of-pocket costs associated with insurance required in connection with the business of the Company or by its officers and the Managers; 

(v) all out-of-pocket expenses in connection with meetings of the Board of Managers and Members; 

(vi) personnel and related employment direct costs incurred by the Advisor or Affiliates (a) in performing the services described in
Section 3.04 and in providing professional services for the Company in-house, including legal services, tax services, internal audit services, technology-related services and services in connection with compliance with the Sarbanes-Oxley Act of
2002, or (b) as otherwise approved by Independent Managers, including but not limited to salary, benefits, burdens and overhead of all employees directly involved in the performance of such services, plus all out-of-pocket costs incurred;

 (vii) out-of-pocket expenses of maintaining communications with Members, including the cost of preparation, printing, and
mailing annual reports and other Member reports, proxy statements and other reports required by governmental entities; 
 (viii)
audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and all such fees incurred at the request, or on behalf of, the Independent Managers or any committee of the Board of Managers;

 (ix) out-of-pocket costs for the Company to comply with all applicable laws, regulation and ordinances; 

(x) all other out-of-pocket costs incurred by the Advisor in performing its duties hereunder; and 

(xi) all other out-of-pocket costs necessary for the operation of the Company and its assets. 

The Company shall also reimburse the Advisor or Affiliates of the Advisor for all expenses incurred on behalf of the Company prior to the
execution of this Agreement. 

  
 12 

 
Notwithstanding anything to the contrary herein, the Company shall not reimburse the Advisor for (i) rent or depreciation, capital equipment or other costs of its own administrative items,
(ii) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any controlling person of the Advisor or (iii) the salaries and benefits paid to the Company’s named executive officers. For
purposes of this Section 10.01, “controlling person” means persons with responsibilities similar to those of an executive, or a member of the Board of Managers, or any person who holds more than 10% of the Advisor’s equity
securities or who has the power to control the Advisor. 
 10.02 Reimbursement to Advisor. Expenses incurred by the
Advisor on behalf of the Company and payable pursuant to this Section 10 shall be reimbursed to the Advisor within 10 days after the Advisor provides the Company with an invoice and/or supporting documentation relating to such
reimbursement. 
 10.03 Organization and Offering Expenses. The Company shall reimburse the Advisor and its Affiliates
for Organization and Offering Expenses it may incur on the Company’s behalf but only to the extent that the reimbursement would not cause the selling commissions, the Dealer Manager fees and the other Organization and Offering Expenses borne by
the Company to exceed 15.0% of Gross Proceeds of each Offering as of the date of the reimbursement. The total amount of all Organization and Offering Expenses shall be reasonable and shall be included in Front End Fees for purposes of the limit on
such Front End Fees set forth in Section 10.05. 
 10.04 Operating Expenses. The Company shall reimburse the
expenses incurred by the Advisor or its Affiliates in connection with providing administrative and other operational services under Sections 3.02 through 3.08. 
 10.05 Limitation on Fees and Expenses. All Front End Fees shall be reasonable and shall not exceed 18% of the Gross Proceeds of any offering, regardless of the source of payment The percentage of
Gross Proceeds of any offering committed to Investment in Company Assets shall be at least 82%. All items of compensation to underwriters or dealers, including, but not limited to, selling commissions, expenses, rights of first refusal, consulting
fees, finders’ fees and all other items of compensation of any kind or description paid by the Company, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees. 

ARTICLE 11 

OTHER SERVICES 
 Should (i) the Company request that the Advisor or any manager, officer or employee thereof render services for the Company other than as set forth in this Agreement or (ii) there are changes to
the regulatory environment in which the Advisor or Company operates that would increase significantly the level of services performed such that the costs and expenses borne by the Advisor for which the Advisor is not entitled to separate
reimbursement for personnel and related employment direct costs and overhead under Article 10 of this Agreement would increase significantly, such services shall be separately compensated at such rates and in such amounts as are agreed by the
Advisor and the Independent Managers, subject to the limitations contained in the Operating Agreement, and shall be deemed to be “other services” pursuant to the terms of this Agreement. 

  
 13 

 ARTICLE 12 
 RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES AND 
 OBLIGATIONS OF
THE ADVISOR 
 12.01 Relationship. To the fullest extent allowed by law, the Company and the Advisor are not partners
or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation,
the rendering of advice to other Persons and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, employee, or
equityholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and
service to each and every other participant therein. The Advisor shall promptly disclose to the Board of Managers the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a
conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person. 
 12.02 Time Commitment. The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to
conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Advisor and other Affiliates of TriLinc and their respective employees, officers and agents may
also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates. 
 12.03 Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company which is
consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Company even if the opportunity is
of character which, if presented to the Company, could be taken by the Company. In the event an investment opportunity is located, the allocation procedure set forth under the caption “Conflicts of Interest — Allocation of Investment
Opportunities” in any Prospectus (as may be amended from time to time) shall govern the allocation of the opportunity among the Company and Affiliates of the Advisor. 
 12.04 Representations of the Advisor. The Advisor represents to the Company that it will obtain any necessary licenses, permits or registrations to perform its obligations hereunder. 

  
 14 

 ARTICLE 13 
 THE TRILINC NAME 
 TriLinc and its Affiliates have a proprietary interest
in the name “TriLinc”. TriLinc hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name “TriLinc” during the term of this Agreement. Accordingly, and in
recognition of this right, if at any time the Company ceases to retain TriLinc or an Affiliate thereof to perform the services of Advisor, the Company will, promptly after receipt of written request from TriLinc, cease to conduct business under or
use the name “TriLinc” or any derivative thereof and the Company shall change the name of the Company to a name that does not contain the name “TriLinc” or any other word or words that might, in the reasonable discretion of
TriLinc, be susceptible of indication of some form of relationship between the Company and TriLinc or any Affiliate thereof. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any
references to the word “TriLinc”. Consistent with the foregoing, it is specifically recognized that TriLinc or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other
investment vehicles and financial and service organizations having “TriLinc” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company. 

ARTICLE 14 

TERM AND TERMINATION OF THE AGREEMENT 
 14.01 Term. This Agreement shall have an initial term of one year from the date of the Agreement. This Agreement may be renewed for an unlimited number of successive one-year terms upon mutual
consent of the parties. Any such renewal must be approved by a majority of the Independent Managers. The Company (through the Independent Managers) will evaluate the performance of the Advisor annually before renewing the Agreement, and each such
renewal shall be for a term of no more than one year. 
 14.02 Termination by Either Party. This Agreement may be
terminated upon 120 days’ written notice without cause or penalty by either party. If the Advisor fails to give such notice, the withdrawing Advisor shall pay all expenses incurred as a result of its withdrawal. 

14.03 Termination by the Company. This Agreement may be terminated immediately by the Company upon (i) any fraudulent
conduct, criminal conduct, willful misconduct or the negligent breach of fiduciary duty of or by the Advisor, (ii) a material breach of this Agreement by the Advisor not cured within 30 days after the Advisor receives written notice of such
breach, or (iii) an event of the bankruptcy of the Advisor or commencement of any bankruptcy or similar insolvency proceedings of the Advisor. 
 14.04 Termination by the Advisor. This Agreement may be terminated immediately by the Advisor in the event of (i) the bankruptcy of the Company or commencement of any bankruptcy or similar
insolvency proceedings of the Company, or (ii) any material breach of this Agreement by the Company not cured by the Company within 30 days after written notice thereof. 

  
 15 

 14.05 Payments on Termination and Survival of Certain Rights and Obligations.

 (i) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it
shall be entitled to receive from the Company within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement. 

(ii) The Advisor shall promptly upon termination: 
 (a) pay over to the Company all money collected pursuant to this Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(b) deliver to the Managers a full accounting, including a statement showing all payments collected by it and a statement of all money
held by it, covering the period following the date of the last accounting furnished to the Managers; 
 (c) deliver to the
Managers all assets and documents of the Company then in the custody of the Advisor; and 
 (d) cooperate with the Company to
provide an orderly transition of advisory functions. 
 Upon the expiration or termination of this Agreement, neither party
shall have any further rights or obligations under this Agreement, except that Articles 13, 14, 16 and 17 shall survive the termination or expiration of this Agreement. 
 14.06 Other Matters. Upon termination of this Agreement, the Company may terminate the Advisor’s interest in the Company’s revenues, expenses, income, losses, distributions and capital by
payment of an amount equal to the then present fair market value of the terminated Advisor’s interest, determined by agreement of the terminated Advisor and the Company. If the Company and the Advisor cannot agree upon such amount, then such
amount will be determined in accordance with the then current rules of the American Arbitration Association. The expenses of such arbitration shall be borne equally by the terminated Advisor and the Company. 

ARTICLE 15 

ASSIGNMENT 

This Agreement shall not be assigned by the Advisor without the consent of the Company, which consent shall be approved by a majority of
the Independent Managers, provided that (a) the Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Company, and (b) the Advisor may assign or delegate any or
all of its other rights or obligations to any subsidiary of the Advisor, without obtaining the approval of the Company, if such assignment or delegation does not constitute an “assignment” within the meaning of the Investment Advisers Act
of 1940. This Agreement shall not be assigned by the Company without the consent of the Advisor. 

  
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 ARTICLE 16 
 INDEMNIFICATION AND LIMITATION OF LIABILITY 
 16.01 Indemnification by
the Company. The Company shall indemnify and hold harmless the Advisor and its Affiliates, including their respective managers, officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance
of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the
laws of the State of Delaware and the Operating Agreement, provided that: (i) the Advisor and its Affiliates, as applicable, have determined that the course of conduct which caused the loss or liability was in the best interests of the Company,
(ii) the Advisor and its Affiliates, as applicable, were acting on behalf of or performing services for the Company, (iii) the indemnified claim was not the result of negligence, misconduct, or fraud of the indemnified person or resulted
from a breach of the agreement by the Advisor and (iv) in the event the loss, liability or expense arises from or out of an alleged violation of federal or state securities laws by the Advisor or its Affiliates, the conditions set forth in at
least one of clauses (i), (ii) or (iii) of Section 17.2(b) of the Operating Agreement must be satisfied (deeming, for purposes of this Agreement, that the Advisor and its Affiliates are each an “Indemnitee” as such term is
used in such clauses) for the Company to provide such indemnification. Any indemnification of the Advisor or its Affiliates may be made only out of the assets of the Company and not from the Members. 

16.02 Indemnification by the Advisor. The Advisor shall indemnify and hold harmless the Company from contract or other liability,
claims, damages, taxes or losses and related expenses, including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the
Advisor’s or any Sub-Advisor’s bad faith, fraud, willful misconduct or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Managers in following or declining to follow any of the
Advisor’s advice or recommendation. THE PARTIES HERETO INTEND THAT THE INDEMNITIES SET FORTH IN THIS AGREEMENT BE CONSTRUED AND APPLIED AS WRITTEN NOTWITHSTANDING ANY RULE OF CONSTRUCTION TO THE CONTRARY. WITHOUT LIMITING THE FOREGOING, THE
INDEMNITIES SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, AND TO THE EXTENT PROVIDED IN THIS AGREEMENT, APPLY NOTWITHSTANDING ANY STATE’S “EXPRESS NEGLIGENCE RULE” OR SIMILAR RULE THAT WOULD DENY COVERAGE BASED ON AN INDEMNIFIED
PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY OR GROSS NEGLIGENCE. IT IS THE INTENT OF THE PARTIES THAT, TO THE EXTENT PROVIDED IN THIS AGREEMENT, THE INDEMNITIES SET FORTH HEREIN SHALL, TO THE
FULLEST EXTENT ALLOWED BY LAW, APPLY TO AN INDEMNIFIED PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY OR GROSS NEGLIGENCE. THE PARTIES AGREE THAT THIS PROVISION IS “CONSPICUOUS” FOR PURPOSES
OF ALL STATE LAWS. 

  
 17 

 16.03 Advisor’s Liability 

(i) Notwithstanding any other provisions of this Agreement, in no event shall the Company make any claim against Advisor or its
Affiliates on account of any good faith interpretation by Advisor of the provisions of this Agreement (even if such interpretation is later determined to be a breach of this Agreement) or any alleged errors in judgment made in good faith and in
accordance with this Agreement in connection with the operations of the Company hereunder by Advisor or the performance of any advisory or technical services provided by or arranged by the Advisor. The provisions of this Section 16.03(a) shall
not be deemed to release Advisor from liability for its gross negligence. 
 (ii) The Company shall not object to any
expenditure made by the Advisor in good faith in the course of its performance of its obligations under this Agreement or in settlement of any claim arising out of the operation of the Company unless such expenditure is specifically prohibited by
this Agreement. The provisions of this Section 16.03(ii) shall not be deemed to release Advisor from liability for its gross negligence. 
 (iii) IN NO EVENT WILL EITHER PARTY BE LIABLE FOR DAMAGES BASED ON LOSS OF INCOME, PROFIT OR SAVINGS OR INDIRECT, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, PUNITIVE OR SPECIAL DAMAGES OF THE OTHER PARTY OR
PERSON, INCLUDING THIRD PARTIES, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES IN ADVANCE, AND ALL SUCH DAMAGES ARE EXPRESSLY DISCLAIMED. 
 (iv) THE PARTIES HERETO INTEND THAT THE RELEASE FROM LIABILITY SET FORTH IN SECTION 16.03 BE CONSTRUED AND APPLIED AS WRITTEN NOTWITHSTANDING ANY RULE OF CONSTRUCTION TO THE CONTRARY. WITHOUT LIMITING
THE FOREGOING, THE RELEASE FROM LIABILITY SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY NOTWITHSTANDING ANY STATE’S “EXPRESS NEGLIGENCE RULE” OR SIMILAR RULE THAT WOULD DENY COVERAGE BASED ON A PERSON’S SOLE, CONCURRENT OR
CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY. IT IS THE INTENT OF THE PARTIES THAT, TO THE EXTENT PROVIDED IN SECTION 16.03, THE RELEASE FROM LIABILITY SET FORTH HEREIN SHALL, TO THE FULLEST EXTENT ALLOWED BY LAW, APPLY TO A
RELEASED PERSON’S SOLE, CONCURRENT OR CONTRIBUTORY ACTIVE OR PASSIVE NEGLIGENCE OR STRICT LIABILITY. THE PARTIES AGREE THAT THIS PROVISION IS “CONSPICUOUS” FOR PURPOSES OF ALL STATE LAWS. 

(v) NOTWITHSTANDING THE FOREGOING, NOTHING CONTAINED IN THIS ARTICLE 16 OR ELSEWHERE IN THIS AGREEMENT SHALL CONSTITUTE A WAIVER BY
THE COMPANY OF ANY OF ITS LEGAL RIGHTS UNDER APPLICABLE U.S. FEDERAL SECURITIES LAWS, OR ANY OTHER APPLICABLE LAWS, WHOSE APPLICABILITY IS LEGALLY PROHIBITED FROM BEING CONTRACTUALLY WAIVED. 

  
 18 

 ARTICLE 17 
 MISCELLANEOUS 
 17.01 Notices. Any notice, report or other
communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Operating Agreement, or accepted by the party to whom it is given, and
shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
 To the Company or the Managers: 
 TriLinc Global Impact Fund, LLC 

1230 Rosecrans Ave, Suite 605, 
 Manhattan Beach, California 90266 
 Attention: 

To the Advisor: 

TriLinc Advisors, LLC 
 1230 Rosecrans Ave, Suite 605, 
 Manhattan Beach, California 90266 

Attention: 

Either party may at any time give notice in writing to the other party of a change in its address for the purposes of this
Section 17.01. 
 17.02 Modification. This Agreement shall not be changed, modified, terminated, or discharged, in
whole or in part, except by an instrument in writing signed by all parties hereto, or their respective successors or assignees. 

17.03 Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be
affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 17.04 Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware applicable to contracts to be made and performed
entirely in such state. 
 17.05 Entire Agreement. This Agreement contains the entire agreement and understanding between
the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the
subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing.

  
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 17.06 Waiver. Neither the failure nor any delay on the part of a party to exercise
any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right,
remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be
effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 17.07 Gender. Words
used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

17.08 Titles Not to Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for convenience
only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

17.09 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original
as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories. 
 [The remainder of this page is intentionally left
blank. Signature page follows.] 

  
 20 

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

			
	TRILINC ADVISORS, LLC
		
	 By:
	 	/s/ Gloria S. Nelund
	 Name:
	 	Gloria S. Nelund
	 Title:
	 	Chief Executive Officer

  

			
	TRILINC GLOBAL IMPACT FUND, LLC
		
	By:	 	/s/ Gloria S. Nelund
	 Name:
	 	Gloria S. Nelund
	 Title:
	 	Chief Executive Officer

  
 21

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