Document:

Exhibit 10.1

 

EXECUTION VERSION

 

 

AMENDMENT NO. 1 TO THE CUSTODY AGREEMENT

 

This Amendment No.
1 to the Custody Agreement, dated as of August 13, 2012 (this “Amendment”), is made and entered into as of July
23, 2015 by and among Business Development Corporation of America, a Maryland corporation (the “Company”) and
U.S. Bank National Association, as custodian, a national banking association organized and existing under the laws of the United
States of America (the “Custodian”).

 

RECITALS

 

WHEREAS, the
Company and the Custodian are parties to the Custody Agreement, dated as of August 13, 2012 (the “Agreement”);
and

 

WHERAS, the
Company and the Custodian desire to amend the Agreement as set forth in greater detail below.

 

AGREEMENT

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the Company and the Custodian
for themselves and their respective successors and permitted assigns, hereby agree as follows:

 

1.Section 8.1 of
the Agreement is hereby amended and replaced in its entirety with the following:

 

8.1 Fees.
The Custodian shall be entitled to compensation for its services as follows. Prior to the date Business Development Corporation
of America II (“BDCA II”) meets its “minimum offering requirement” (as that term is used in BDCA II’s
prospectus dated September 8, 2014 as filed with the U.S. Securities and Exchange Commission), the Custodian shall be compensated
for providing the services set forth in this Agreement in accordance with the terms of that certain fee letter dated May 23, 2012
between the Company and the Custodian. One BDCA II has met its minimum offering requirement, the Custodian shall be compensated
for providing the services in accordance with the terms of that certain fee letter dated October 3, 2014, between the Company and
the Custodian.

 

2. Governing
Law. This Amendment shall be construed, and the provisions thereof interpreted under and in accordance with and governed by
the laws of The Commonwealth of Massachusetts 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.

 

3.Counterparts.
This Amendment may be executed (including by facsimile transmission with counterpart pages) in one or more counterparts, each of
which shall be deemed an original and all of which shall, taken together, be considered one and the same agreement, it being understood
that both Parties need not sign the same counterpart.

 

[Signature page follows]

 

    	 

    	 

    

 

EXECUTION VERSION

 

 

IN WITNESS WHEREOF, this Amendment has been duly executed by
the parties hereto as of the date first above written. 

 

 

 

	 	COMPANY:	 
	 	 	 	 
	 	Business Development Corporation of America	 
	 	 	 
	 	 	 
	 	By:	/s/ Peter M. Budko	 
	 	Name:	Peter M. Budko	 
	 	Title:	Chairman and Chief Executive Officer 	 
	 	 	 	 
	 	CUSTODIAN:	 
	 	 	 	 
	 	U.S. Bank National Association	 
	 	 	 
	 	 	 
	 	By:	/s/ Jeffrey B. Stone	 
	 	Name:	Jeffrey B. Stone	 
	 	Title:	Vice PresidentExhibit 10.2

  

AMENDMENT NO. 2 TO THE CUSTODY AGREEMENT

 

This Amendment No.
2 (this “Amendment”) to the Custody Agreement, dated as of August 13, 2012, is made and entered into as of July
24, 2015 by and among Business Development Corporation of America, a Maryland corporation (the “Company”) and
U.S. Bank National Association, as custodian, a national banking association organized and existing under the laws of the United
States of America (the “Custodian”).

 

RECITALS

 

WHEREAS, the
Company and the Custodian are parties to the Custody Agreement, dated as of August 13, 2012 (the “Original Agreement”),
as amended by the Amendment No. 1 to the Custody Agreement dated as of July __, 2015 (the “Amendment No. 1”
and together with the Original Agreement, the “Agreement”); and

 

WHEREAS, the
Company desires that the Custodian hold certain foreign assets and has requested that the Custodian agree to amend the Agreement
as set forth in greater detail below.

 

AGREEMENT

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the Company and the Custodian
for themselves and their respective successors and permitted assigns, hereby agree as follows:

 

1.Amended
Definitions.The following definitions in Section 1 are hereby amended and replaced in their entirety with the following:

  

		(i)	““Business Day” means a day on which the Custodian or the
relevant sub-custodian, including a Foreign Sub-custodian, is open for business in the market or country in which a transaction
is to take place.”

  

		(ii)	““Loan” means any 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.”

  

 

2.New Definitions.
The following definitions are hereby added to the Agreement in its respective alphabetical order:

 

		(i)	““Foreign Intermediary” means a Foreign Sub-custodian and
Eligible Securities Depository.”

 

		(ii)	““Foreign Sub-custodian” means and includes (i) any branch
of a “U.S. Bank,” as that term is defined in Rule 17f-5 under the 1940 Act, (ii) any “Eligible Foreign Custodian,”
as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian in accordance with Section 6.6,
which the Custodian has determined will provide reasonable care of assets of the Company based on the standards specified in Section
6.7 below.”

 

    	 

    	 

    

 

		(iii)	““Foreign Securities” means Securities for which the primary
market is outside the United States.”

  

		3.	Section 3.5. Section 3.5 of the Agreement is hereby amended by deleting the provision
in its entirety and replacing it with the following:

  

“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 and in
U.S. denomination. For avoidance of doubt, the Custodian shall not be obligated to hold any Securities delivered to it that the
Custodian deems (in its sole discretion) is required to be held by a Foreign Subcustodian or Foreign Intermediary.”

 

		4.	Section 3.7. Section 3.7 of the Agreement is hereby amended by deleting the provision
in its entirety and replacing it with the following:

 

“3.7Foreign 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 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.”

 

		5.	Section 3.10.  Section 3.10 of the Agreement is hereby amended by deleting the provision
in its entirety and replacing it with the following:

 

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

 

    	 

    	 

    

 

		6.	Section 3.11. Section 3.11 of the Agreement is hereby amended by deleting the provision
in its entirety and replacing it with following:

 

“3.11 Communications
Relating to Securities and Foreign Securities. The Custodian shall transmit promptly to the Company all written information
(including 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 or Foreign 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 or
Foreign Securities unless and except to the extent it has received a 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
or Foreign 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 or Foreign 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.”

  

 

		7.	Section 6. Section 6 of the Agreement is hereby amended by deleting the section in
its entirety and replacing it with the following:

 

“6.SECURITIES HELD
OUTSIDE OF THE UNITED STATES

 

6.1Appointment of Foreign
Sub-custodian. The Company hereby authorizes and instructs the Custodian in its sole discretion to employ one or more Foreign
Sub-custodians to act as Eligible Securities Depositories or as sub-custodian to hold the Securities and other assets of the Company
maintained outside the United States, subject to the Company’s approval in accordance with this Section. If the Custodian
wishes to appoint a Foreign Sub-custodian to hold property of the Company subject to this Agreement, it will so notify the Company
and provide it with information reasonably necessary to determine any such new Foreign Sub-custodian’s eligibility under
Rule 17f-5 under the 1940 Act, including a copy of the proposed agreement with such Foreign Sub-custodian. The Company shall at
the meeting of its board of directors next following receipt of such notice and information give a written approval or disapproval
of the proposed action.

 

    	 

    	 

    

 

6.2Assets to be Held.
The Custodian shall limit the Securities and other assets maintained in the custody of the Foreign Sub-custodian to: (a) Foreign
Securities and (b) cash and cash equivalents in such amounts as the Company (through Proper Instructions) may determine to be reasonably
necessary to effect the Company’s transactions in such investments.

 

6.3Omnibus Accounts.
The Custodian may hold Foreign Securities and related Proceeds with one or more Foreign Sub-custodians or Eligible Securities Depositories
in each case in a single account with such Sub-custodian or Securities Depository that is identified as belonging to the Custodian
for the benefit of its customers; provided however, that the records of the Custodian with respect to Securities and related Proceeds
which are property of the Company maintained in such account(s) shall identify by book-entry those Securities and other property
as belonging to the Company

 

6.4Reports Concerning
Foreign Sub-custodian. The Custodian will supply to the Company, upon request from time to time, statements in respect of the
Securities held by Foreign Sub-custodians or Eligible Securities Depositories, including an identification of the Foreign Sub-custodians
and Eligible Securities Depositories having physical possession of the Foreign Securities.

 

6.5Transactions in Foreign
Custody Account. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Securities received
by a Foreign Intermediary for the account of the Company may be effected in accordance with the customary established securities
trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including
delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt
with the expectation of receiving later payment for such securities from such purchaser or dealer.

 

6.6Foreign Sub-custodian.
Each contract or agreement pursuant to which the Custodian employs a Foreign Sub-custodian shall include provisions that provide:
(i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Company will be adequately
protected against the risk of loss of assets held in accordance with such contract; (ii) that the Company’s assets will not
be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-custodian or its creditors (except
a claim of payment for their safe custody or administration) or, in the case of cash deposits, liens or rights in favor of creditors
of the Sub-custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Company’s
assets will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that
adequate records will be maintained identifying the assets as belonging to the Company or as being held by a third party for the
benefit of the Company; (v) that the Company’s independent public accountants will be given access to those records or confirmation
of the contents of those records; and (vi) that the Company will receive periodic reports with respect to the safekeeping of the
Company’s assets, including notification of any transfer to or from a Company’s account or a third party account containing
assets held for the benefit of the Company. Such contract may contain, in lieu of any or all of the provisions specified above,
such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection
for Company assets as the specified provisions, in their entirety.

 

    	 

    	 

    

 

6.7Custodian’s
Responsibility for Foreign Sub-custodian.

 

(a)With respect to its
responsibilities under this Section 6, the Custodian agrees to exercise reasonable care, prudence and diligence such as a person
having responsibility for the safekeeping of property of the Company would exercise. The Custodian further agrees that the Foreign
Securities will be subject to reasonable care, based on the standards applicable to Custodian in the relevant market, if maintained
with each Foreign Sub-custodian, after considering all factors relevant to the safekeeping of such assets, including: (i) the Foreign
Sub-custodian’s practices, procedures, and internal controls, including the physical protections available for certificated
securities (if applicable), the method of keeping custodial records, and the security and data protection practices; (ii) whether
the Foreign Sub-custodian has the requisite financial strength to provide reasonable care for Company assets; (iii) the Foreign
Sub-custodian’s general reputation and standing and, in the case of Eligible Securities Depository, the Eligible Securities
Depository’s operating history and number of participants; and (iv) whether the Company will have jurisdiction over and be
able to enforce judgments against the Foreign Sub-custodian, such as by virtue of the existence of any offices of the Foreign Sub-custodian
in the United States or the Sub-custodian’s consent to service of process in the United States.

 

(b)At the end of each calendar
quarter or at such other times as the Company’s board of directors deems reasonable and appropriate based on the circumstances
of the Company’s foreign custody arrangements, the Custodian shall provide written reports notifying the board of directors
of the Company as to of the placement of the Foreign Securities and cash of the Company with a particular Foreign Sub-custodian
and of any material changes in the Company’s foreign custody arrangements. The Custodian shall promptly take such steps as
may be required to withdraw assets of the Company from any Foreign Sub-custodian that has ceased to meet the requirements of Rule
17f-5 under the 1940 Act.

 

(c)The Custodian has established
a system to monitor the appropriateness of maintaining the Company’s assets with a particular Foreign Sub-custodian and the
performance of the contract governing the Company’s arrangements with such Foreign Sub-custodian. To the extent the Custodian
holds Foreign Securities and related Proceeds with one or more Eligible Securities Depositories, the Custodian shall provide the
Company with an analysis of the custody risks associated with maintaining assets with such Eligible Securities Depository and shall
monitor such custody risks on a continuing basis and promptly notify the Company of any material change in these risks. The Custodian
agrees to exercise reasonable care, prudence and diligence in performing its obligations under this clause (c).

 

    	 

    	 

    

 

(d)The Custodian’s
responsibility with respect to the selection or appointment of a Foreign Sub-custodian shall be limited to a duty to exercise reasonable
care in the selection or retention of such Foreign Intermediaries in light of prevailing settlement and securities handling practices,
procedures and controls in the relevant market. With respect to any costs, expenses, damages, liabilities, or claims (including
attorneys’ and accountants’ fees) incurred as a result of the acts or the failure to act by any Foreign Sub-custodian,
the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities, or claims from such Foreign Sub-custodian;
provided that the Custodian’s sole liability in that regard shall be limited to amounts actually received by it from such
Foreign Intermediaries (exclusive of related costs and expenses incurred by the Custodian). The Custodian shall have no responsibility
for any act or omission (or the insolvency of) any Securities System (including an Eligible Securities Depository). In the event
the Company incurs a loss due to the negligence, willful misconduct, or insolvency of a Securities System (including an Eligible
Securities Depository), the Custodian shall make reasonable endeavors, in its discretion, to seek recovery from the Eligible Securities
Depository.”

 

		8.	Section 9.4(a). Section 9.4(a) of the Agreement is hereby amended by deleting the
provision in its entirety and replacing it with the following:

 

“(a)The Company shall
and does hereby indemnify and hold harmless each of the Custodian, and any Foreign Sub-custodian appointed pursuant to Section
6.1 above, for and from any and all costs and expenses (including reasonable and documented out-of-pocket attorney’s fees
and expenses), and any and all losses, damages, claims and liabilities, that may arise, be brought against or incurred by the Custodian,
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, or the relationship
between the Company and the Custodian created hereby, other than such liabilities, losses, damages, claims, costs and expenses
as are directly caused by the Custodian’s own actions constituting gross negligence or willful misconduct.”

 

		9.	Governing Law. This Amendment shall be construed, and the provisions thereof interpreted
under and in accordance with and governed by the laws of The Commonwealth of Massachusetts 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.

 

		10.	Counterparts. This Amendment may be executed (including by facsimile transmission with counterpart
pages) in one or more counterparts, each of which shall be deemed an original and all of which shall, taken together, be considered
one and the same agreement, it being understood that both Parties need not sign the same counterpart.

 

[Signature page follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, this Amendment has been
duly executed by the parties hereto as of the date first above written. 

 

 

 

	 	COMPANY:	 
	 	 	 	 
	 	Business Development Corporation of America	 
	 	 	 
	 	 	 
	 	By:	/s/ Peter M. Budko	 
	 	Name:	Peter M. Budko	 
	 	Title:	Chairman and Chief Executive Officer 	 
	 	 	 	 
	 	CUSTODIAN:	 
	 	 	 	 
	 	U.S. Bank National Association	 
	 	 	 
	 	 	 
	 	By:	/s/ Jeffrey B. Stone	 
	 	Name:	Jeffrey B. Stone	 
	 	Title:	Vice President

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