Document:

Exhibit 10.4

 

 

 

 

 

 

 

 

AMENDED AND RESTATED CUSTODY AGREEMENT

 

 

 

dated as of September [●], 2020

by and between

 

 

 

 

STEELE CREEK CAPITAL CORPORATION

(“Company”)

 

and

 

U.S. BANK NATIONAL ASSOCIATION

(“Custodian”)

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	DEFINITIONS	1
	 	 	 
	2.	APPOINTMENT OF CUSTODIAN	6
	 	 	 
	3.	DUTIES OF CUSTODIAN	6
	 	 	 
	4.	REPORTING	15
	 	 	 
	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS	16
	 	 	 
	6.	RESERVED	16
	 	 	 
	7.	CERTAIN GENERAL TERMS	16
	 	 	 
	8.	COMPENSATION OF CUSTODIAN	19
	 	 	 
	9.	RESPONSIBILITY OF CUSTODIAN	19
	 	 	 
	10.	SECURITY CODES	22
	 	 	 
	11.	TAX LAW	22
	 	 	 
	12.	EFFECTIVE PERIOD AND TERMINATION	23
	 	 	 
	13.	REPRESENTATIONS AND WARRANTIES	24
	 	 	 
	14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT	25
	 	 	 
	15.	NOTICES	25
	 	 	 
	16.	CHOICE OF LAW AND JURISDICTION	26
	 	 	 
	17.	ENTIRE AGREEMENT; COUNTERPARTS	26
	 	 	 
	18.	AMENDMENT; WAIVER	27
	 	 	 
	19.	SUCCESSOR AND ASSIGNS	27
	 	 	 
	20.	SEVERABILITY	27
	 	 	 
	21.	REQUEST FOR INSTRUCTIONS	27
	 	 	 
	22.	OTHER BUSINESS	28
	 	 	 
	23.	REPRODUCTION OF DOCUMENTS	28
	 	 	 
	24.	PROPRIETARY AND CONFIDENTIAL INFORMATION	28
	 	 	 
	25.	MISCELLANEOUS	29
	 	 	 
	SCHEDULES	 
	 	 	 
	 	SCHEDULE A – Initial Authorized
Persons	 

 

    i

     

    

 

THIS AMENDED AND RESTATED CUSTODY AGREEMENT
(this “Agreement”) is dated as of July 1, 2020 and is by and between STEELE CREEK CAPITAL CORPORATION (formerly
known as MSC Capital LLC and, along with any successor or permitted assign, the “Company”), a corporation organized
under the laws of the State of Delaware, and U.S. BANK NATIONAL ASSOCIATION (or any successor or permitted assign acting as custodian
hereunder, the “Custodian”), a national banking association.

 

RECITALS

 

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

 

WHEREAS, the Company
and the Custodian have previously entered into that certain Custody Agreement dated as of July 1, 2020 (the “Prior Agreement”);

 

WHEREAS, the Company
desires to continue to retain U.S. Bank National Association to act as custodian for the Company and each Subsidiary (as defined
below) hereafter identified to the Custodian;

 

WHEREAS, the Company
desires that the Company’s Securities (as defined below) and cash be held and administered by the Custodian pursuant to this
Agreement in compliance with Section 17(f) of the 1940 Act; and

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements contained herein, the parties hereto agree to amend and restate the Prior Agreement as follows:

 

		1.	DEFINITIONS

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

“Cash
Account” or “Cash Accounts” means any or all of the accounts to be established at the Custodian
to which the Custodian shall deposit or credit and hold any cash Proceeds received by it from time to time from or with
respect to the common stock or the sale of the Securities of the Company, as applicable, which accounts shall be designated
the “Steele Creek Capital Corporation Cash Interest Proceeds Account” and the “Steele Creek Capital
Corporation Cash Principal Proceeds Account.”

 

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

 

“Confidential Information”
has the meaning set forth in Section 24.

 

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

 

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

 

(a)
United States government and agency obligations;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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“Participation”
means an interest in a Loan that is acquired indirectly by way of a participation from a lender or other holder thereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

provided that, for any transaction
involving cash (e.g., withdrawals, transfers and disbursements) or assets, the Custodian shall confirm that the instruction is
authorized by an Authorized Person by telephone call-back at the telephone number designated in Schedule A. The Authorized Person
confirming the instruction shall be a person other than the Authorized Person from whom the instruction was received.

 

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

 

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“Responsible Officer”
means any officer within the Global Corporate Trust/CDO Department of the Custodian (or any successor group of the Custodian) including
any president, vice president, assistant vice president or officer of the Custodian customarily performing functions similar to
those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred
within the Global Corporate Trust/CDO Department of the Custodian (or any successor group of the Custodian) because of such person's
knowledge of and familiarity with the particular subject and, in each case, having direct responsibility for the administration
of this Agreement.

 

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

 

“Securities Account”
means the segregated account to be established at the Custodian to which the Custodian shall deposit or credit and hold the Securities
(other than Loans) received by it pursuant to this Agreement, which account shall be designated the “Steele Creek Capital
Corporation Securities Custody Account”.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		2.	APPOINTMENT OF CUSTODIAN

 

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

 

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

 

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

 

		3.	DUTIES OF CUSTODIAN

 

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

 

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3.2 Securities Custody Account.
The Custodian shall open and maintain a segregated account in the name of the Company, subject only to order of the Custodian,
in which the Custodian shall enter and carry, subject to Section 3.3(b), all Securities (other than Loans), cash and other assets
of the Company which are delivered to it in accordance with this Agreement. For avoidance of doubt, the Custodian shall not be
required to credit or deposit Loans in the Securities Account but shall instead maintain a register (in book-entry form or in such
other form as it shall deem necessary or desirable) of such Loans, containing such information as the Company and the Custodian
may reasonably agree.

 

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

 

3.3 Delivery
of Securities to the Custodian.

 

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

 

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

 

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

 

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

 

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

 

3.4 Release
of Securities.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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3.6 Bank
Accounts and Management of Cash.

 

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

 

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

 

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

 

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

 

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

 

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3.7 Foreign
Exchange.

 

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

 

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

 

3.8 Collection of Income.
Subject to Section 7.8 hereof, the Custodian, its agents or its sub-custodian shall use reasonable efforts to collect on a timely
basis all income and other payments with respect to the Securities held hereunder to which the Company shall be entitled, to the
extent consistent with usual custom in the securities custodian business in the United States. Nothing herein shall be construed
to obligate the Custodian to (i) undertake any collection actions on behalf of the Company against any issuer or obligor (or agents
thereof) of a Security or (ii) commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Company
on its own behalf or otherwise, with respect to any matter arising hereunder or relating to this Agreement or the services contemplated
hereby.

 

3.9 Payment
of Moneys.

 

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

 

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

 

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

 

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

 

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

 

		(iii)	for any other purpose (including without limitation expense payments) directed by the Company,
but only upon receipt of Proper Instructions specifying the amount of such payment, and naming the Person or Persons to whom such
payment is to be made.

 

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

 

3.10 Proxies. The Custodian
will, with respect to the Securities held hereunder, use reasonable efforts to cause to be made available to the Company proxies,
proxy soliciting materials and notices relating to such Securities received by the Custodian from its agents or its sub-custodians
or from issuers of the Securities being held for the Company in respect of the Assets, without indication of the manner in which
such proxies are to be voted. The Company may respond to such proxies, or may provide Proper Instructions to the Custodian to respond
to such proxies on its behalf. In order for the Custodian to act, it must receive Proper Instructions no later than the deadline
applicable to responses for corporate actions for the bank serving as Custodian. In the absence of such Proper Instructions, or
in the event that such Proper Instructions are not received in a timely fashion, the Custodian shall be under no duty to act with
regard to such proxies. Notwithstanding the above, neither the Custodian nor any nominee of the Custodian shall vote any of the
Securities held hereunder by or for the account of the Company, except in accordance with Proper Instructions.

 

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

 

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

 

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

 

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

 

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3.12 Records. The Custodian
shall create and maintain complete and accurate records relating to its activities under this Agreement with respect to the Securities,
cash or other property held for the Company under this Agreement, as required by Section 31 of the 1940 Act, and Rules 31a-1 and
31a-2 thereunder. To the extent that the Custodian, in its sole opinion, is able to do so, the Custodian shall provide assistance
to the Company (at the Company’s reasonable request made from time to time) by providing sub-certifications regarding certain
of its services performed hereunder to the Company in connection with the Company’s certification requirements pursuant to
the Sarbanes Oxley Act of 2002, as amended. All such records shall be the property of the Company and shall at all times during
the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Company
(including its independent public accountants) and employees and agents of the Securities and Exchange Commission, upon reasonable
request and at least five Business Days’ prior written notice and at the Company’s expense. The Custodian shall, at
the Company’s request, supply the Company with a tabulation of Securities owned by the Company and held by the Custodian
and shall, when requested to do so by the Company and for such compensation as shall be agreed upon between the Company and the
Custodian, include, to the extent applicable, the certificate numbers in such tabulations, to the extent such information is available
to the Custodian.

 

3.13 Custody
of Subsidiary Securities.

 

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

 

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

 

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

 

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		4.	REPORTING

 

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

 

4.2 For each Business Day, the
Custodian shall render to the Company a daily report of (i) all deposits to and withdrawals from the Cash Account for such Business
Day and the outstanding balance as of the end of such Business Day, (ii) a report of settled and unsettled trades of Securities
for such Business Day, (iii) all holdings as of such Business Day, and (iv) any cash or Securities expected to have been received
in the Cash Account and/or Securities Account on such Business Day which were not received.

 

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

 

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

 

4.5 In accordance with Section
3.12, at the reasonable request of, and at the expense of, the Company, the Custodian agrees to cooperate with the Company’s
independent public accountants and shall provide requested information to the extent such information is reasonably available to
the Custodian.

 

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		5.	DEPOSIT IN U.S. SECURITIES SYSTEMS

 

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

 

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

 

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

 

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

 

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

 

		6.	RESERVED

 

		7.	CERTAIN GENERAL TERMS

 

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

 

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

 

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

 

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7.4 Proper Instructions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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		8.	COMPENSATION OF CUSTODIAN

 

8.1 Fees. The Custodian
shall be entitled to compensation for its services in accordance with the terms of that certain fee letter dated June 9, 2020,
between the Company and the Custodian.

 

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

 

The obligations of the Company
under this Section 8 and such separate agreements shall survive the termination of this Agreement or the earlier resignation or
removal of the Custodian.

 

		9.	RESPONSIBILITY OF CUSTODIAN

 

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

 

9.2 Instructions.

 

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

 

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

 

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

 

		(a)	The Custodian may rely on and shall be protected in acting or refraining from acting upon any written
notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper, electronic communication
or document furnished to it (including any of the foregoing provided to it by facsimile or electronic means), not only as to its
due execution and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith
believes to be genuine and signed (whether manual, facsimile, pdf or other electronic signature), sent or presented by the proper
person (which in the case of any instruction from or on behalf of the Company shall be an Authorized Person); and the Custodian
shall be entitled to presume the genuineness and due authority of any signature (whether manual, facsimile, pdf or other electronic
signature) appearing thereon. The Custodian shall not be bound to make any independent investigation into the facts or matters
stated in any such notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt, electronic
communication or other paper or document.

 

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

 

		(c)	In no event shall any party be liable hereunder for any indirect, incidental, special, punitive
or consequential damages (including lost profits or diminution of value), whether or not it has been advised of the likelihood
of such damages. For the avoidance of doubt, nothing contained in this Section 9.3(c) shall limit the Company’s obligation
to indemnify the Custodian in accordance with Section 9.4 thereto.

 

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

 

		(e)	The Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto
unless actually known by a Responsible Officer or unless (and then only to the extent received) in writing by the Custodian at
the applicable address(es) as set forth in Section 15 and specifically referencing this Agreement.

 

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

 

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

 

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

 

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

 

9.4 Indemnification;
Custodian’s Lien.

 

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

 

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

 

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

 

		10.	SECURITY CODES

 

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

 

		11.	TAX LAW

 

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

 

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

 

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		12.	EFFECTIVE PERIOD AND TERMINATION

 

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

 

12.2 Termination. This
Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified in any written notice
of termination given by either party to the other not later than sixty (60) days prior to the effective date of termination specified
therein, (b) such other date of termination as may be mutually agreed upon by the parties in writing.

 

12.3 Resignation. The
Custodian may at any time resign under this Agreement by giving not less than sixty days (60) days advance written notice thereof
to the Company. The Company may at any time remove the Custodian under this Agreement by giving not less than sixty (60) days advance
written notice thereof to the Custodian.

 

12.4 Successor. Prior
to the effective date of termination of this Agreement, or the effective date of the resignation or removal of the Custodian, as
the case may be, the Company shall give Proper Instruction to the Custodian designating a successor Custodian, if applicable. The
Custodian shall, upon receipt of Proper Instruction from the Company (i) deliver directly to the successor Custodian all Securities
(other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Company and held by the
Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry Sys-tem or Securities Depository to an account of
or for the benefit of the Company at the successor Custodian, provided that the Company shall have paid to the Custodian all fees,
expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall,
at the expense of the Company, transfer to such successor all relevant books, records, correspondence, and other data established
or maintained by the Custodian under this Agreement (if such form differs from the form in which the Custodian has maintained the
same, the Company shall pay any reasonable and documented expenses associated with transferring the data to such form), and will
cooperate in the transfer of such duties and responsibilities. Upon such delivery and transfer, the Custodian shall be relieved
of all obligations under this Agreement.

 

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

 

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

 

		13.	REPRESENTATIONS AND WARRANTIES

 

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

 

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

 

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

 

		(c)	it shall not, without the prior written consent of the Custodian, permit the assets of the Account
to be deemed assets of an employee benefit plan which is subject to the Employment Retirement Income Security Act of 1974, as amended
(“ERISA”). The Company acknowledges and agrees that the Custodian shall not grant its consent in the foregoing
circumstance unless and until the Company has entered into such amendments to this Agreement and has provided such assurances and
indemnities to the Custodian, as the Custodian reasonably may require to be assured that it will not be subject to ERISA liability.
If for any reason the Company breaches or otherwise fails to comply with the provisions of this Section, this Agreement may be
terminated immediately by the Custodian.

 

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

 

		(a)	it is qualified to act as a custodian pursuant to Sections 17(f) and 26(a)(1) of the 1940 Act;

 

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

 

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

 

		14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT

 

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

 

		15.	NOTICES

 

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

 

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

 

Steele Creek Capital Corporation

c/o Steele Creek Investment Management

201 S. College St, Suite 1690

Charlotte, NC 28244

Attention: Max Wagenberg

Email: Max.Wagenberg@steelecreek.com

Telephone: (704) 343-6017

 

		(b)	if to the Custodian, to

 

U.S. Bank National Association

Global Corporate Trust

One
Federal Street, 3rd Floor

Boston, MA 02110

Attention: Steven G. Lichty

Reference: Steele Creek Capital
Corporation

Email: steven.lichty@usbank.com

Telephone: (857) 338-2154

 

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		16.	CHOICE OF LAW AND JURISDICTION 

 

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

 

		17.	ENTIRE AGREEMENT; COUNTERPARTS

 

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

 

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

 

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

 

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		18.	AMENDMENT; WAIVER

 

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

 

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

 

		19.	SUCCESSOR AND ASSIGNS

 

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

 

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

 

		20.	SEVERABILITY

 

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

 

		21.	REQUEST FOR INSTRUCTIONS

 

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

 

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		22.	OTHER BUSINESS

 

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

 

		23.	REPRODUCTION OF DOCUMENTS

 

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

 

		24.	PROPRIETARY AND CONFIDENTIAL INFORMATION

 

24.1 Each party (in such capacity,
the “Receiving Party”) shall keep confidential any non-public information relating to the other party’s
business disclosed by or on behalf of such other party (in such capacity, the “Disclosing Party”, and all such information
collectively, “Confidential Information”), and shall use any such Confidential Information only in furtherance
of its performance hereunder. Confidential Information may include: (i) any data or information that is competitively sensitive
material, and not generally known to the public, including, but not limited to, information about product plans, marketing strategies,
finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal
performance results relation to the past, present or future business activities of the Disclosing Party, its respective subsidiaries
and affiliated companies; (ii) any scientific or technical information, design, process, procedure, formula, or improvement that
is commercially valuable and secret in the sense that its confidentiality affords the Disclosing Party a competitive advantage
of its competitors; (iii) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software,
source code, object code, flow charts, databases, documentation, reports, data, specifications, computer software, source code,
object code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; and (iv)
anything designated as confidential. Confidential Information shall not include information which (i) is disclosed in a publication
available to the public, is otherwise in the public domain at the time of disclosure, or becomes publicly known through no breach
of the terms hereof by the Receiving Party, (ii) is obtained by the Receiving Party in good faith from a third party source having
the right to disclose such information, or (iii) was known by the Receiving Party, without any obligation of confidentiality, prior
to the disclosure of such information. Notwithstanding anything to the contrary herein, the Receiving Party may disclose Confidential
Information to its affiliates and its and their directors, officers, employees, attorneys, accountants, agents or advisors who
have a need to know such information in the course of the performance of its duties hereunder and are required to comply with the
confidentiality obligations under this Section 16, provided, however, that the Receiving Party shall be responsible for the Compliance
by the Receiving Party with such obligations.

 

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24.2 The Receiving Party may
disclose Confidential Information to the extent and as required by applicable law or regulation in connection with oral questions,
interrogatories, requests for information or documents, subpoena, civil investigative demand, any informal or formal investigation
by any regulatory authority to whose jurisdiction Receiving Party is subject, or pursuant to a judicial, administrative or legal
proceeding in which either party is involved; provided that the recipient will, to the extent permitted to do so, provide prompt
notice to the other party of such request and give the other party the opportunity to contest such request or seek a protective
order, as necessary, prior to disclosing such Confidential Information under this Section 16.2; provided, however that no such
prior notice shall be required in connection with disclosure pursuant to a routine examination (which is not specifically targeted
at the Disclosing Party or the relationship contemplated by this Agreement) to a regulatory authority to whose jurisdiction the
Receiving Party is subject. In the event that no such protective order or other remedy is obtained, or in the absence of such protective
order, other remedy or the waiver by the other party and where the receiving party has been advised by counsel that it is legally
compelled to disclose the Confidential Information, the receiving party and/or its counsel will furnish only that portion of the
Confidential Information that the receiving party is advised by its counsel is legally required.

 

24.3 Further, the Custodian will
use reasonable efforts to adhere to the privacy policies adopted by the Company pursuant to Title V of the Gramm-Leach-Bliley Act,
as may be modified from time to time. In this regard, the Custodian shall have in place and maintain physical, electronic and procedural
safeguards in accordance with the customary practices and procedures of the Custodian reasonably designed to protect the security,
confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Company
and its shareholders.

 

24.4 The obligations under this
Section 24 shall survive the termination of this Agreement.

 

		25.	MISCELLANEOUS

 

The Company acknowledges receipt of the
following notice:

 

“ IMPORTANT INFORMATION
ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.

 

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

 

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

 

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

 

	 	STEELE CREEK CAPITAL CORPORATION
	 	 	 
	 	By:	                        
	 	Name:
	 	Title:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Custodian
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Signature Page to Custody Agreement

 

     

     

    

 

SCHEDULE A

 

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

 

	NAME:	 	SPECIMEN SIGNATURE:Exhibit 10.5

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION
AGREEMENT (this “Agreement”) is made and entered into effective as of September 16, 20[20 (the “Effective Date”),
by and between Steele Creek Capital Corporation a Maryland corporation (collectively, with its affiliates and subsidiaries, the
“Company”), and ______________ (“Indemnitee”).

 

WHEREAS, at the request
of the Company, Indemnitee currently serves as [a director][an officer] of the Company and may, therefore, be subjected to claims,
suits or proceedings arising as a result of [his][her] service as [a director][an officer] of the Company;

 

WHEREAS, as an inducement
to Indemnitee to serve as [a director][an officer] of the Company, the Company has agreed to indemnify and to advance expenses
and costs incurred by Indemnitee in connection with any claims, suits or proceedings, to the maximum extent permitted by law;

 

WHEREAS, the parties
by this Agreement desire to set forth their agreement regarding indemnification and advancement of expenses; and

 

WHEREAS, Indemnitee
is relying upon the rights afforded under this Agreement in continuing to serve as [a director][an officer] of the Company.

 

NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

		1.	Definitions. For purposes of this Agreement:

 

		a.	“Adjudged” shall mean adjudged finally by a court or arbitral or other authority of competent jurisdiction.

 

		b.	“Change in Control” means a change in control of the Company occurring after the Effective
Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response
to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation,
such a Change in Control shall be deemed to have occurred if, after the Effective Date (i) any “person” (as such term
is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power
of all of the Company’s then-outstanding securities entitled to vote generally in the election of directors without the prior
approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such person’s attaining
such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other
reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a consequence of
which members of the Board of
Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors
thereafter; (iii) at any time, a majority of the members of the Board of Directors are not comprised of (A) individuals who
were directors as of the Effective Date and/or (B) individuals whose election by the Board of Directors or nomination for
election by the Company’s stockholders was approved by the affirmative vote of at least two-thirds of the directors
then in office who were directors as of the Effective Date or whose election or nomination for election was previously so
approved; or (iv)       the Company retains or engages an external investment adviser to
manage its assets and business.

 

    

     

    

 

		c.	“Corporate Status” means the status of a person as a present or former director, officer,
employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or
agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit
plan or other enterprise that such person is or was serving in such capacity at the request of the Company. As a clarification
and without limiting the circumstances in which Indemnitee may be serving at the request of the Company, service by Indemnitee
shall be deemed to be at the request of the Company: (i) if Indemnitee serves or served as a director, trustee, officer, partner,
manager, managing member, fiduciary, employee or agent of any foreign or domestic corporation, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise (A) of which a majority of the voting power or equity interest
is or was owned directly or indirectly by the Company, or (B) the management of which is controlled directly or indirectly by the
Company; or (ii) if, as a result of Indemnitee’s service to the Company, Indemnitee is subject to duties by, or required
to perform services for, an employee benefit plan or its participants or beneficiaries, including as a deemed fiduciary thereof.

 

		d.	“Disinterested Director” means a director of the Company who is not and was not a party
to the Proceeding in respect of which indemnification and/or advancement of Expenses is sought by Indemnitee.

 

		e.	“Effective Date” has the meaning set forth in the first paragraph of this Agreement.

 

		f.	“Enterprise” shall mean (i) the Company and (ii) any other corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other enterprise which is an affiliate or wholly or partially
owned subsidiary of the Company and of which the Indemnitee is or was serving as a director, trustee, general partner, managing
member, officer, employee, agent or fiduciary; and (iii)       any
other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise of which
Indemnitee is or was serving at the request of the Company.

  

    2

     

    

 

		g.	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

 

		h.	“Expenses” means any and all disbursements or expenses incurred by Indemnitee in connection
with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise
participating in a Proceeding, including, without limitation, reasonable and out-of-pocket attorneys’ fees and costs, retainers,
court costs, arbitration and mediation costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on
Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement and any ERISA excise taxes and penalties.
Expenses shall also include (i) expenses incurred in connection with any appeal resulting from any Proceeding including, without
limitation, the premium for, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its
equivalent, (ii) expenses incurred in connection with recovery under any directors’ and officers’ liability insurance
policies maintained by the Company, and (iii) expenses incurred by Indemnitee in establishing or enforcing [his][her] right to
indemnification or reimbursement under this Agreement.

 

		i.	“Independent Counsel” means a law firm, or a member of a law firm, that is experienced
in matters of corporation law and neither is, nor in the past five (5) years has been, retained to represent: (i) the Company or
Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement
or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the
Proceeding giving rise to a claim for indemnification or advancement of Expenses hereunder. Notwithstanding the foregoing, the
term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement.

 

		j.	“Jointly Indemnifiable Claims” shall mean any Proceeding for which the Indemnitee shall
be entitled to indemnification, advancement of expenses or insurance from (i) the Company and/or any Enterprise pursuant to this
Agreement, the charter or bylaws or other governing documents of the Company or any Enterprise, any agreement or a resolution of
the stockholders of the Company entitled to vote generally in the election of directors or of the Board of Directors, or otherwise,
on the one hand, and (ii) any Third-Party Indemnitor pursuant to any agreement between any Third-Party Indemnitor and the Indemnitee
pursuant to which the Indemnitee is indemnified, the laws of the jurisdiction of incorporation or organization of any Third-Party
Indemnitor and/or the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement,
certificate of formation, certificate of limited partnership or other organizational or governing documents
of any Third-Party Indemnitor, on the other hand.

  

    3

     

    

 

		k.	“Proceeding” means any threatened, pending or completed action, suit, arbitration,
mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, claim, demand or discovery request
or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether
of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal)
nature, including any appeal therefrom. If Indemnitee reasonably believes that a given situation may lead to or culminate in the
institution of a Proceeding, such situation shall also be considered a Proceeding. The term “Proceeding” shall be broadly
construed and shall include, without limitation, the investigation, preparation, defense, settlement, arbitration or appeal of,
and the giving of testimony in or related to, any threatened, pending or completed claim, action, suit or other proceeding, whether
of a civil, criminal, administrative or investigative nature.

 

		l.	“Third-Party Indemnitor” means any person or entity that has or may in the future provide
to the Indemnitee any indemnification, exoneration, hold harmless or Expense advancement rights and/or insurance benefits other
than (i) the Company, (ii) any Enterprise and (iii) any entity or entities through which the Company maintains liability insurance
applicable to the Indemnitee.

 

		2.	Services by Indemnitee. The Company expressly confirms and agrees that it has entered into
this Agreement and assumed the obligations imposed on it hereby in order to induce the Indemnitee to serve as [a director/an officer]
of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving in such capacity. However,
this Agreement shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service
to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any. This Agreement
shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

 

		3.	Indemnification. The Company shall indemnify and hold harmless, and advance Expenses to,
Indemnitee (a) as provided in this Agreement and (b) otherwise to the maximum extent not prohibited by (and not merely to the extent
affirmatively permitted by) Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that
no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law
as in effect on the Effective Date. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the
rights set forth in the other sections of this Agreement, including any additional indemnification permitted by the charter or
bylaws of the Company or Section 2-418(b) of the Maryland General Corporation Law (the “MGCL”).

  

    4

     

    

 

		4.	Standard for Indemnification. If, by reason of Indemnitee’s Corporate Status, Indemnitee
is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify and hold harmless Indemnitee against all
judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on
Indemnitee’s behalf in connection with any such Proceeding unless (and only to the extent) it is ultimately Adjudged that
(i) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (A) was committed in bad faith
or (B) was the result of active and deliberate dishonesty; (ii) Indemnitee actually received an improper personal benefit in money,
property or services; or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that [his][her]
conduct was unlawful.

 

		5.	Certain Limitations. Indemnitee shall not be entitled to:

 

		a.	indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is Adjudged to be liable
to the Company;

 

		b.	indemnification hereunder if Indemnitee is Adjudged to be liable on the basis that personal benefit
was improperly received in any Proceeding charging improper personal benefit to Indemnitee; or

 

		c.	indemnification or advancement of Expenses hereunder if the Proceeding was brought by Indemnitee,
unless: (i) the Proceeding was brought to establish or enforce indemnification rights under this Agreement, and then only to the
extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Company’s charter or bylaws, a resolution
of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved
by the Board of Directors to which the Company is a party, expressly provides otherwise.

 

		6.	Court-Ordered Indemnification. Notwithstanding any other provision of this Agreement (other
than Section 16), a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require,
may order indemnification of Indemnitee by the Company in the following circumstances:

 

		a.	if such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1)
of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing
such reimbursement; or

 

		b.	if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in
view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b)
of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the
court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or
in the right of the Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of
the MGCL shall be limited to Expenses.

  

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		7.	Partial Success. In addition to any other right to indemnification under any provision of
this Agreement, and without limiting any such provision, if Indemnitee is not wholly successful in a Proceeding but is successful,
on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall
indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with each successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis.
For purposes of this Section 7, and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal,
with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. For the avoidance of doubt,
in the event that Indemnitee is not wholly successful and is Adjudged liable, the Company shall indemnify Indemnitee to the maximum
extent not prohibited by (and not merely to the extent affirmatively permitted by) Maryland law and as permitted by Sections 3,
4, 5 and 6 of this Agreement.

 

		8.	Advancement of Expenses. If Indemnitee was, is, or is threatened to be, made a party to
(or otherwise becomes a participant in) any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s
ultimate entitlement to indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection
with such Proceeding. Such advance or advances shall be made within fifteen (15) days after the receipt by the Company of a statement
or statements requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding,
and may be in the form of, in the reasonable discretion of Indemnitee (but without duplication): (i) payment of such Expenses directly
to third parties on behalf of Indemnitee; (ii) advancement to Indemnitee of funds in an amount sufficient to pay such Expenses;
or (iii) reimbursement to Indemnitee for Indemnitee’s payment of such Expenses. Such statement or statements shall reasonably
evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation and undertaking
by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required
under applicable law as in effect at the time of the execution thereof, to reimburse the portion (if any) of any Expenses advanced
to Indemnitee relating to claims, issues or matters in the Proceeding as to which it shall ultimately be Adjudged by clear and
convincing evidence, that the standard of conduct has not been met by Indemnitee and which have not been successfully resolved
as described in Section 7 of this Agreement. For so long as the Company is subject to the Investment Company Act of 1940 (the “Investment
Company Act”), any advancement of Expenses shall be subject to at least one of the following as a condition of the advancement:
(a) Indemnitee shall provide appropriate security for [his][her] undertaking, (b) the Company shall be insured against losses arising
by reason of any lawful advances or (c) a majority of a quorum of the Disinterested Directors, or Independent Counsel in a written
report based on a review of readily available facts, shall determine that there is no reason to believe that Indemnitee ultimately
will be found to not be entitled to indemnification.
To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses
shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general
obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay
such advanced Expenses and without any requirement to post security therefor.

  

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		9.	Indemnitee as Witness or Other Participant. Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee was, is or may be, by reason of Indemnitee’s Corporate Status, made a witness or
otherwise asked to participate in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee
is not a party, Indemnitee shall be advanced all reasonable Expenses and indemnified and held harmless against all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith within fifteen (15) days after the
receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior
to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred
by Indemnitee. In connection with any such advancement of Expenses, the Company may require Indemnitee to provide a written affirmation
and undertaking substantially in the form attached hereto as Exhibit A.

 

		10.	Procedure for Determination of Entitlement to Indemnification.

 

		a.	To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written
request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably
necessary or appropriate to determine whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit
one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion.
The officer of the Company receiving any such request from Indemnitee shall, promptly upon receipt of such a request for indemnification,
advise the Board of Directors of the Company that Indemnitee has requested indemnification by the Company.

 

		b.	Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination,
if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case:
(i) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of
which shall be delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of
Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be unreasonably withheld; or (ii) if
a Change in Control shall not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested
Directors or, if such a quorum cannot be obtained, then by a majority vote of a duly authorized committee of
the Board of Directors consisting solely of one or more Disinterested Directors, (B) if Independent Counsel has been selected by the
Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, which approval shall not
be unreasonably withheld or delayed, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall
be delivered to Indemnitee, or (C) if so directed by at least a majority of the members of the Board of Directors, the stockholders
of the Company. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within
fifteen (15) days after such determination. Indemnitee shall cooperate with the Company (including Independent Counsel selected
by the Company) in making such determination with respect to Indemnitee’s entitlement to indemnification, including providing
to the Company, upon reasonable advance written request, any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary or appropriate to such determination
in the discretion of the Board of Directors or Independent Counsel, as applicable; provided, however Indemnitee shall not be required
to waive any applicable privilege or work product protection. Any Expenses incurred by Indemnitee in so cooperating with the Company
or Independent Counsel shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to
indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.

 

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		c.	The Company agrees to pay the reasonable fees and expenses of any Independent Counsel and to fully
indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement
or its engagement pursuant hereto. In no event shall the Indemnitee be required or requested to pay any such fees or expenses or
to provide any such indemnification.

 

		11.	Presumptions and Effect of Certain Proceedings.

 

		a.	In making any determination with respect to entitlement to indemnification hereunder, the person
or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement
if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall
have the burden to overcome that presumption in connection with the making of any determination contrary to that presumption.

 

		b.	The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order,
settlement or conviction, upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment,
does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

 

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		c.	The knowledge and/or actions, or failure to act, of any other director, officer, employee or agent
of the Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any
other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other
enterprise shall not be imputed to Indemnitee for purposes of determining any right to indemnification under this Agreement.

 

		d.	For purposes of any determination as to Indemnitee’s entitlement to indemnification, Indemnitee
shall be presumed to have met the standard of conduct for indemnification if, among other things and without limitation, Indemnitee
relied on any information, opinion, report or statement, including any financial statement or other financial data or the records
or books of account of the Company or any Enterprise, prepared or presented by an officer or employee of the Company or any Enterprise
whom Indemnitee reasonably believed to be reliable and competent in the matters presented, by a lawyer, certified public accountant,
appraiser or other person, as to a matter which Indemnitee reasonably believed to be within the person’s professional or
expert competence, or, if Indemnitee was serving on the Board of Directors of the Company or as a member of any similar body of
any Enterprise, by a committee of the Board of Directors or such other body on which Indemnitee does not serve, as to a matter
within its designated authority, if Indemnitee reasonably believes the committee to merit confidence. The provisions of this Section
11(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee met, or be presumed
to have met, the applicable standard of conduct set forth in this Agreement.

 

		e.	For purposes of this Agreement, Indemnitee shall be considered to have been wholly successful with
respect to any Proceeding if such Proceeding is disposed of, on the merits or otherwise (including a disposition without prejudice),
without (i)       the
disposition being adverse to Indemnitee, (ii) it being Adjudged that Indemnitee was liable to the Company, (iii) a plea of guilty
by Indemnitee, (iv) it being Adjudged that an act or omission of Indemnitee was material to the matter giving rise to the Proceeding
and was (A) committed in bad faith or (B) the result of Indemnitee’s active and deliberate dishonesty, (v) it being Adjudged
that Indemnitee actually received an improper personal benefit in money, property or services or (vi) with respect to any criminal
proceeding, it being Adjudged that Indemnitee had reasonable cause to believe the act or omission was unlawful.

 

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		12.	Remedies of Indemnitee.

 

		a.	If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is
                                                                not entitled to indemnification under this Agreement; (ii) advancement of Expenses is not timely made pursuant to Sections 8
                                                                or 9 of this Agreement; (iii) no determination of entitlement to indemnification shall have been made pursuant to Section
                                                                10(b) of this Agreement within sixty (60) days after receipt by the Company of the request for indemnification; (iv) payment
                                                                of indemnification is not made pursuant
to Sections 7 or 9 of this Agreement within fifteen (15) days after receipt by the Company of a written request therefor; or (v)
payment of indemnification pursuant to any other section of this Agreement or the charter or bylaws of the Company is not made
within fifteen (15) days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be
entitled to an adjudication in an appropriate court located in the State of Maryland or in any other court of competent jurisdiction,
with regard to Indemnitee’s entitlement to indemnification or advancement of Expenses. Alternatively, Indemnitee, at Indemnitee’s
option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of
the American Arbitration Association. Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration
within one hundred eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant
to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce
[his][her] rights under Section 7 of this Agreement. Except as set forth herein, the provisions of Maryland law (without regard
to its conflicts of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek
any such adjudication or award in arbitration.

 

		b.	In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall
be presumed to be entitled to indemnification or advancement of Expenses, as the case may be, under this Agreement and the Company
shall have the burden of proving that Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may
be. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required
to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final determination is made with respect
to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Company
shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall
stipulate in any such court or before any such arbitrator that the Company is bound by all of the provisions of this Agreement.

 

		c.	If a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee
is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced
pursuant to this Section 12, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary
to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification that was not
disclosed in connection with the determination.

 

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		d.	In the event that Indemnitee, pursuant to this Section 12, seeks a judicial adjudication of or
an award in arbitration to enforce Indemnitee’s rights under, or to recover damages for breach of,
this Agreement, Indemnitee shall be entitled to advancement from the Company, and shall be indemnified and held harmless by the
Company for, any and all Expenses actually and reasonably incurred by [him][her] in such judicial adjudication or arbitration.
If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all
of the indemnification or advancement of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial
adjudication or arbitration shall be appropriately prorated.

 

		e.	Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for
judgments under the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays
or is obligated to pay for the period (i) commencing with either the 15th day after the date on which the Company was requested
to advance Expenses in accordance with Sections 8 or 9 of this Agreement or the 60th day after the date on which the Company was
requested to make the determination of entitlement to indemnification under Section 10(b) of this Agreement, as applicable, and
(ii) ending on the date such payment is made to Indemnitee by the Company.

 

		13.	Defense of Underlying Proceeding.

 

		a.	Indemnitee shall notify the Company promptly in writing upon being served with or receiving any
summons, citation, subpoena, complaint, indictment, notice, request or other document relating to any Proceeding which may result
in the right to indemnification or the advancement of Expenses hereunder and shall include with such notice a description of the
nature of the Proceeding and a summary of the facts underlying the Proceeding. The failure to give any such notice shall not disqualify
Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advancement of
Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance
policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced.

 

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		b.	Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c)
                                                                below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification
                                                                hereunder using a law firm of the Company’s choice, subject to the prior written approval of the Indemnitee, which
                                                                shall not be unreasonably withheld; provided, however, that the Company shall notify Indemnitee in writing of any such
                                                                decision to defend within fifteen (15)       calendar
days following receipt of notice of any such Proceeding under Section 13(a) above. Indemnitee shall have the right to retain a
separate law firm in any such Proceeding at Indemnitee’s sole expense. The Company shall not, without the prior written consent
of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or
enter into any settlement or compromise of a claim against Indemnitee which (i) includes an admission of fault of Indemnitee; (ii)
does not include, as an unconditional term thereof, (A)
the full release with prejudice of Indemnitee from all liability in respect of such Proceeding, which release shall be in form
and substance reasonably satisfactory to Indemnitee and (B) the complete dismissal of all claims against the Indemnitee with prejudice;
or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a
Proceeding brought by Indemnitee under Section 12 of this Agreement, a Proceeding by or in the right of the Company or in the case
of clause (ii) of Section 13(c).

 

		c.	Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is
a party, (i) Indemnitee reasonably concludes, based upon advice of counsel approved by the Company, which approval shall not be
unreasonably withheld or delayed, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue
which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon advice of
counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that an actual or apparent conflict
of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume
the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of
Indemnitee’s choice, subject, except in the case of (ii) or (iii) above, to the prior approval of the Company, which approval
shall not be unreasonably withheld or delayed, at the expense of the Company. In addition, if the Company fails to comply with
any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this
Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be
provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the
prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company (subject
to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter.

 

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		14.	Jointly Indemnifiable Claims. Given that certain Jointly Indemnifiable Claims may arise,
the Company acknowledges and agrees that the Company shall, and to the extent applicable shall cause any Enterprise to (i) be fully
and primarily responsible for, and be the indemnitor of first resort with respect to, payment to or payment on behalf of the Indemnitee
in respect of indemnification or advancement of Expenses in connection with any such Jointly Indemnifiable Claim, irrespective
of any right of recovery the Indemnitee may have from the Third-Party Indemnitors, and (ii) be required to advance the full amount
of Expenses incurred by the Indemnitee and shall be liable for the full amount of all Expenses, judgments, fines, penalties and
amounts paid in settlement to the extent not prohibited by (and not merely to the extent affirmatively permitted by) applicable
law and as required by the terms of this Agreement, without regard to any rights the Indemnitee may have against the Third-Party
Indemnitors. Under no circumstance shall the Company or any Enterprise be entitled to, and the Company hereby irrevocably waives,
relinquishes and releases, any claims against the Third-Party Indemnitors for subrogation,
contribution or recovery of any kind and no right of advancement or recovery the Indemnitee may have from the Third-Party Indemnitors
shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company or any Enterprise. The Company further
agrees that no advancement or payment by any Third-Party Indemnitor on behalf of Indemnitee with respect to any Proceeding for
which Indemnitee has sought indemnification, exoneration or hold harmless rights from the Company shall affect the foregoing and
the Third-Party Indemnitor(s) shall have a right to receive from the Company, contribution and/or be subrogated, to the extent
of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and the Indemnitee
agree that each of the Third-Party Indemnitors shall be third-party beneficiaries with respect to this Agreement entitled to enforce
this Section 14 as though each such Third-Party Indemnitor were a party to this Agreement.

 

		15.	Non-Exclusivity; Survival of Rights; Subrogation.

 

		a.	The rights of indemnification and advancement of Expenses as provided by this Agreement shall not
be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under (i) applicable law (including, but
not limited to, the MGCL), (ii) the charter or bylaws of the Company, (iii) any agreement or (iv) a resolution of (A) the stockholders
entitled to vote generally in the election of directors or (B) the Board of Directors, or otherwise. Unless consented to in writing
by Indemnitee, no amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right
of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in [his][her] Corporate Status
prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised
prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of
any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise,
shall not prohibit the concurrent assertion or employment of any other right or remedy.

 

		b.	Except as set forth in Section 14, in the event of any payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable
the Company to bring suit to enforce such rights.

 

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		16.	Insurance.

 

		a.	The Company shall purchase and maintain a policy or policies of directors and officers
                                                                insurance with reputable insurance companies. The Company shall continue to provide such insurance coverage to Indemnitee and
                                                                such insurance policies shall have coverage terms
and policy limits at least as favorable to Indemnitee as the insurance coverage provided to any other director or officer of the
Company. If the Company has such insurance in effect at the time it receives from Indemnitee any notice of the commencement of
an action, suit, proceeding or other claim, the Company shall give prompt notice of the commencement of such action, suit, proceeding
or other claim to the insurers and take such other actions in accordance with the procedures set forth in the policy as required
or appropriate to secure coverage of Indemnitee for such action, suit, proceeding or other claim. The Company shall thereafter
take all reasonably necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as
a result of such action, suit, proceeding or other claim in accordance with the terms of such policy. In the event of a Change
in Control that would result in a loss or cancellation of the Company directors’ and officers’ insurance policy or
policies, the Company shall purchase a directors and officers “Tail” insurance policy or policies to provide coverage
to the Company’s directors and officers for a period of six (6) years after such Change in Control, but only with respect
to coverage for claims arising from wrongful acts, errors or omissions occurring before such Change in Control.

 

		b.	Without in any way limiting any other obligation under this Agreement, the Company shall indemnify
Indemnitee for any payment by Indemnitee which would otherwise be indemnifiable hereunder arising out of the amount of any deductible
or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred
by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in Section 16(a). The purchase, establishment
and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company or Indemnitee
under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee
shall not in any way limit or affect the rights or obligations of the Company under any such insurance policies. If, at the time
the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise),
the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to
the insurers in accordance with the procedures set forth in the respective policies.

 

		17.	Other Sources; Investment Company Act. Notwithstanding any other provision of this Agreement,
the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable
as Expenses hereunder if and to the extent that (i) Indemnitee has otherwise actually received such payment under any insurance
policy, contract, agreement or otherwise, except as otherwise provided in Section 14 to this Agreement, or (ii) for so long as
the Company is subject to the Investment Company Act, indemnification or payment or reimbursement of Expenses would not be permissible
under the Investment Company Act, whether pursuant to Section 17(h) of the Investment Company Act or otherwise. In addition, for
so long as the Company is subject to the
Investment Company Act, the presumptions, considerations and similar provisions set forth in Section 11(d) and (e) of this Agreement
shall be of no force or effect to the extent inconsistent with the Investment Company Act and shall otherwise be construed in a
manner to include any additional conditions, restrictions or references required to be contained therein by the Investment Company
Act, including, without limitation, the disabling conduct set forth in Section 17(h) of the Investment Company Act.

 

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		18.	Contribution. If the indemnification provided in this Agreement is unavailable in whole
or in part and may not be paid to Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth
in Section 4 or due to the provisions of Section 5, then, with respect to any Proceeding in which the Company is jointly liable
with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Company,
in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee,
whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding
without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution
it may have at any time against Indemnitee.

 

		19.	Miscellaneous.

 

		a.	This Agreement shall be effective as of the Effective Date and may apply to acts or omissions of
Indemnitee taken in or in connection with Indemnitee’s Corporate Status which occurred prior to such date if Indemnitee was
an officer, director, employee or agent of the Company or was a director, trustee, officer, partner, manager, managing member,
fiduciary, employee or agent of any Enterprise at the time such act or omission occurred.

 

		b.	This Agreement shall continue until and terminate on the later of: (i) the date that Indemnitee
shall have ceased to serve as a director, officer, employee or agent of the Company or as a director, trustee, officer, partner,
manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability
company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at
the request of the Company and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including
any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).

 

		c.	The indemnification and advancement of Expenses provided by, or granted pursuant to, this Agreement
shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct
or indirect successor by purchase, merger, consolidation or otherwise to all, substantially all or a substantial part, of the business
and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the
Company or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or
domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that
such person is or was serving in such capacity at the request of the Company, and shall inure to the benefit of Indemnitee and
Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

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		d.	If, by reason of Indemnitee’s Corporate Status, Indemnitee’s spouse is made a party
to any Proceeding, the Company shall indemnify and hold harmless Indemnitee’s spouse against all judgments, penalties, fines
and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee’s spouse in connection with
any such Proceeding unless (and only to the extent) it is ultimately Adjudged that (a) the act or omission of Indemnitee was material
to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate
dishonesty; (b) Indemnitee actually received an improper personal benefit in money, property or services; or (c) in the case of
any criminal Proceeding, Indemnitee had reasonable cause to believe that [his][her] conduct was unlawful. Further, Indemnitee’s
spouse shall not be entitled to (x) indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee
is Adjudged to be liable to the Company; (y) indemnification hereunder if Indemnitee is Adjudged to be liable on the basis that
personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee; or (z) indemnification
or advancement of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to establish
or enforce indemnification rights under this Agreement, and then only to the extent in accordance with and as authorized by Section
12 of this Agreement, or (ii) the Company’s charter or bylaws, a resolution of the stockholders entitled to vote generally
in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company
is a party, expressly provides otherwise. The foregoing right to indemnification shall include, without limitation, any Proceeding
that seeks damages recoverable from marital community property, jointly-owned property or property purported to have been transferred
from the Indemnitee to his or her spouse (or former spouse); provided that Indemnitee is indemnified and held harmless for the
same pursuant to this Agreement. The Indemnitee’s spouse or former spouse also shall be entitled to advancement of Expenses
to the same extent that Indemnitee is entitled to advancement of Expenses herein. The Company may maintain insurance to cover its
obligation hereunder with respect to Indemnitee’s spouse (or former spouse) or set aside assets in a trust or escrow fund
for that purpose.

 

		e.	The Company shall require and cause any successor (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written
agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

  

    16

     

    

 

		f.	The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later
date, may be inadequate, impracticable and difficult to prove, and further agree that such breach may cause Indemnitee irreparable
harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific
performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or
specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled.
Indemnitee shall further be entitled to such injunctive relief and/or specific performance, including temporary restraining orders,
preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith.
The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and
the Company hereby waives any such requirement of such a bond or undertaking.

 

		g.	If any provision or provisions of this Agreement shall be held to be invalid, void, illegal or
otherwise unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of
this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing
any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not
in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (ii) such provision
or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the
intent of the parties hereto; and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation,
each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested
thereby.

 

		h.	No supplement, modification or amendment of this Agreement shall be binding unless executed in
writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions hereof (whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute
a continuing waiver.

  

    17

     

    

 

		i.	All notices, requests, demands and other communications hereunder shall be in writing and shall
be deemed to have been duly given if (i) delivered by hand or overnight courier service and receipted for by the party to whom
said notice, request, demand or other communication shall have been directed, on the day of such delivery, or (ii) mailed by
certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: (i) if to
Indemnitee, to the address set forth on the signature page hereto; or (ii) if to the Company, to Steele Creek Capital Corporation,
[ ], Attn: Corporate Secretary; or to such other address as may have been furnished in writing to Indemnitee by the Company or
to the Company by Indemnitee, as the case may be.

 

		j.	This Agreement shall be governed by, and construed and enforced in accordance with, the laws of
the State of Maryland, without regard to its conflicts of laws rules.

 

		k.	This Agreement may be executed in one or more counterparts (delivery of which may be in electronic
format), each of which shall for all purposes be deemed to be an original and all of which together shall constitute one and the
same Agreement. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence
the existence of this Agreement.

 

    18

     

    

 

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

 

	 	STEELE CREEK CAPITAL CORPORATION

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	[INDEMNITEE]

 

	 	 	 
	 	Address:	 

	 	 
	 	 

 

[Signature Page to the Indemnification
Agreement]

 

    

     

    

 

EXHIBIT A

 

AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED

 

To: The Board of Directors of Steele Creek Capital Corporation

 

Re: Affirmation and Undertaking

 

Ladies and Gentlemen:

 

This Affirmation and
Undertaking is being provided pursuant to the Indemnification Agreement, dated as of the [EFFECTIVE DATE], by and between Steele
Creek Capital Corporation, a Maryland corporation (the “Company”), and me as the undersigned Indemnitee (the “Indemnification
Agreement”), pursuant to which I am entitled to advancement of Expenses in connection with [Description of Proceeding]
(the “Proceeding”).

 

Terms used herein and
not otherwise defined shall have the meanings specified in the Indemnification Agreement.

 

I am subject to the
Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm
my good faith belief that at all times, insofar as I was involved as [a director][an officer] of the Company, in any of the facts
or events giving rise to the Proceeding, I (i) did not act with willful misfeasance,* bad faith, gross negligence,* active and
deliberate dishonesty or reckless disregard of duties,* (ii) did not receive any improper personal benefit in money, property or
services and (iii) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was
unlawful.

 

In consideration
of the advancement of Expenses by the Company for Expenses incurred by me in connection with the Proceeding (the
“Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is Adjudged that (i) an act
or omission by me was material to the matter giving rise to the Proceeding and (A) was committed in bad faith or (B) was the
result of willful misfeasance,* gross negligence,* active and deliberate dishonesty or reckless disregard of duty,* (ii) I
actually received an improper personal benefit in money, property or services, or
(iii)       in the case of any criminal proceeding, I had reasonable cause to believe that
the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the
claims, issues or matters in the Proceeding as to which the foregoing findings have been established.

 

IN WITNESS WHEREOF, I have executed this Affirmation
and Undertaking on this _____ day of ______________, 20____.

 

	Name: 	 	 

 

		*	These references can be deleted in any Affirmation and
Undertaking if at the time of the submission thereof the Company is no longer subject to the Investment Company Act of 1940.

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