Document:

Exhibit 10.7

Master Custodian Agreement

This Agreement is made as of August 2, 2018 by and among each management investment company identified on Appendix A hereto (each such investment company and each management investment company made subject to this Agreement in accordance with Section 19.5 below, shall hereinafter be referred to as a “Fund”), and State Street Bank and Trust Company, a Massachusetts trust company (the “Custodian”).

Witnesseth:

Whereas, each Fund may or may not be authorized to issue shares of common stock or shares of beneficial interest in separate series (“Shares”), with each such series representing interests in a separate portfolio of securities and other assets;

Whereas, each Fund so authorized intends that this Agreement be applicable to each of its series set forth on Appendix A hereto (such series together with all other series subsequently established by the Fund and made subject to this Agreement in accordance with Section 19.6 below, shall hereinafter be referred to as the “Portfolio(s)”); 

Whereas, each Fund not so authorized intends that this Agreement be applicable to it and all references hereinafter to one or more “Portfolio(s)” shall be deemed to refer to such Fund(s); 

Whereas, each Fund desires to appoint the Custodian as its custodian, in accordance with the provisions of the 1940 Act applicable to such Fund, under the terms and conditions set forth in this Agreement (including any Schedules or Appendices hereto), and the Custodian has agreed to act as custodian for such Fund; and

Whereas, each Fund desires to retain the Custodian to furnish fund accounting services to the Fund, and the Custodian is willing to furnish such services, on the terms and conditions set forth herein.

Now, Therefore, in consideration of the mutual covenants and agreements hereinafter contained, the parties hereto agree as follows:

Section 1.    Employment of Custodian and Property to be Held by It.

Each Fund hereby employs the Custodian as a custodian of assets of the Portfolios, including securities which the Fund, on behalf of the applicable Portfolio, desires to be held in places within the United States (“domestic securities”) and securities it desires to be held outside the United States (“foreign securities”).  Each Fund, on behalf of its Portfolio(s), agrees to deliver to the Custodian all securities and cash of the Portfolios, and all payments of income, payments of principal or capital distributions received by it with respect to all securities owned by the Portfolio(s) from time to time, and the cash consideration received by it for such Shares as may be issued or sold from time to time. The Custodian shall not be responsible for any property of a Portfolio which is not received by it or which is delivered out in accordance with Proper Instructions (as such term is defined in 

Section 8 hereof) including, without limitation, Portfolio property (i) held by brokers, private bankers or other entities on behalf of the Portfolio (each a “Local Agent”), (ii) held by Special Sub-Custodians (as such term is defined in Section 6 hereof), (iii) held by entities which have advanced monies to or on behalf of the Portfolio and which have received Portfolio property as security for such advance(s) (each a “Pledgee”), or (iv) delivered or otherwise removed from the custody of the Custodian (a) in connection with any Free Trade (as such term is defined in Sections 2.2(14) and 2.6(7) hereof) or (b) pursuant to Special Instructions (as such term is defined in Section 8 hereof).  With respect to uncertificated shares (the “Underlying Shares”) of registered “investment companies” (as defined in Section 3(a)(1) of the Investment Company Act of 1940, as amended from time to time (the “1940 Act”)), whether in the same “group of investment companies” (as defined in Section 12(d)(1)(G)(ii) of the 1940 Act) or otherwise, including pursuant to Section 12(d)(1)(F) of the 1940 Act (hereinafter sometimes referred to as the “Underlying Portfolios”) the holding of confirmation statements that identify the shares as being recorded in the Custodian’s name on behalf of the Portfolios will be deemed custody for purposes hereof.

Upon receipt of Proper Instructions, the Custodian shall on behalf of the applicable Portfolio(s) from time to time employ one or more sub-custodians located in the United States, but only in accordance with an applicable vote by the Board of Trustees or the Board of Directors of the Fund (as appropriate, and in each case, the “Board”) on behalf of the applicable Portfolio(s), and provided that the Custodian shall have no more or less responsibility or liability to any Fund on account of any actions or omissions of any sub-custodian so employed than any such sub-custodian has to the Custodian.  The Custodian may place and maintain each Fund’s foreign securities with foreign banking institution sub-custodians employed by the Custodian and/or foreign securities depositories, all as designated in Schedules A and B hereto, but only in accordance with the applicable provisions of Sections 3 and 4 hereof.

		
	Section 2.
	Duties of the Custodian with Respect to Property of the Portfolios to be Held in the United States.

Section 2.1    Holding Securities.  The Custodian shall hold and physically segregate for the account of each Portfolio all non‐cash property, to be held by it in the United States, including all domestic securities owned by such Portfolio other than (a) securities which are maintained pursuant to Section 2.8 in a clearing agency which acts as a securities depository or in a book-entry system authorized by the U.S. Department of the Treasury (each, a “U.S. Securities System”) and (b) Underlying Shares owned by each Fund which are maintained pursuant to Section 2.10 hereof in an account with State Street Bank and Trust Company or such other entity which may from time to time act as a transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided with Proper Instructions (the “Underlying Transfer Agent”).

Section 2.2    Delivery of Securities.  The Custodian shall release and deliver domestic securities owned by a Portfolio held by the Custodian, in a U.S. Securities System account of the Custodian or in an account at the Underlying Transfer Agent, only upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:

		
	1)
	Upon sale of such securities for the account of the Portfolio in accordance with customary or established market practices and procedures, including, without limitation, delivery to the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer) against expectation of receiving later payment;

		
	2)
	Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Portfolio;

		
	3)
	In the case of a sale effected through a U.S. Securities System, in accordance with the provisions of Section 2.8 hereof;

		
	4)
	To the depository agent in connection with tender or other similar offers for securities of the Portfolio;

		
	5)
	To the issuer thereof or its agent when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

		
	6)
	To the issuer thereof, or its agent, for transfer into the name of the Portfolio or into the name of any nominee or nominees of the Custodian or into the name or nominee name of any agent appointed pursuant to Section 2.7 or into the name or nominee name of any sub‐custodian appointed pursuant to Section 1; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Custodian;

		
	7)
	Upon the sale of such securities for the account of the Portfolio, to the broker or its clearing agent, against a receipt, for examination in accordance with “street delivery” custom; provided that in any such case, the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Custodian’s own negligence or willful misconduct;

		
	8)
	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 provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian;

		
	9)
	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; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian;

		
	10)
	For delivery in connection with any loans of securities made by the Portfolio (a) against receipt of collateral as agreed from time to time by the Fund on behalf of the Portfolio, 

except that in connection with any loans for which collateral is to be credited to the Custodian’s account in the book-entry system authorized by the U.S. Department of the Treasury, the Custodian will not be held liable or responsible for the delivery of securities owned by the Portfolio prior to the receipt of such collateral or (b) to the lending agent, or the lending agent’s custodian, in accordance with written Proper Instructions (which may not provide for the receipt by the Custodian of collateral therefor) agreed upon from time to time by the Custodian and the Fund;

		
	11)
	For delivery as security in connection with any borrowing by a Fund on behalf of a Portfolio requiring a pledge of assets by the Fund on behalf of such Portfolio;

		
	12)
	For delivery in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker‐dealer registered under the Securities Exchange Act of 1934 (the “Exchange Act”) and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA,” formerly known as The National Association of Securities Dealers, Inc.), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund on behalf of a Portfolio;

		
	13)
	For delivery in accordance with the provisions of any agreement among a Fund on behalf of the Portfolio, the Custodian, and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission (the “CFTC”) and/or any contract market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund on behalf of a Portfolio;

		
	14)
	Upon the sale or other delivery of such investments (including, without limitation, to one or more (a) Special Sub-Custodians or (b) additional custodians appointed by the Fund, and communicated to the Custodian from time to time via a writing duly executed by an authorized officer of the Fund, for the purpose of engaging in repurchase agreement transactions(s), each a “Repo Custodian”), and prior to receipt of payment therefor, as set forth in written Proper Instructions (such delivery in advance of payment, along with payment in advance of delivery made in accordance with Section 2.6(7), as applicable, shall each be referred to herein as a “Free Trade”), provided that such Proper Instructions shall set forth (a) the securities of the Portfolio to be delivered and (b) the person(s) to whom delivery of such securities shall be made; 

        
		
	15)
	Upon receipt of instructions from the Fund’s transfer agent (the “Transfer Agent”) for delivery to such Transfer Agent or to the holders of Shares in connection with distributions in kind, as may be described from time to time in the currently effective prospectus and statement of additional information of the Fund related to the Portfolio (the “Prospectus”), in satisfaction of requests by holders of Shares for repurchase or redemption;

		
	16)
	In the case of a sale processed through the Underlying Transfer Agent of Underlying Shares, in accordance with Section 2.10 hereof; 

		
	17)
	For delivery as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund on behalf of the Portfolio; and

		
	18)
	For any other purpose, but only upon receipt of Proper Instructions from the Fund on behalf of the applicable Portfolio specifying (a) the securities of the Portfolio to be delivered and (b) the person or persons to whom delivery of such securities shall be made.

Section 2.3    Registration of Securities.  Domestic securities held by the Custodian (other than bearer securities) shall be registered in the name of the Portfolio or in the name of any nominee of a Fund on behalf of the Portfolio or of any nominee of the Custodian which nominee shall be assigned exclusively to the Portfolio, unless the Fund has authorized in writing the appointment of a nominee to be used in common with other registered management investment companies having the same investment adviser as the Portfolio, or in the name or nominee name of any agent appointed pursuant to Section 2.7 or in the name or nominee name of any sub-custodian appointed pursuant to Section 1.  All securities accepted by the Custodian on behalf of the Portfolio under the terms of this Agreement shall be in “street name” or other good delivery form.  If, however, a Fund directs the Custodian to maintain securities in “street name”, the Custodian shall utilize its best efforts only to timely collect income due the Fund on such securities and to notify the Fund on a best efforts basis only of relevant corporate actions including, without limitation, pendency of calls, maturities, tender or exchange offers.

Section 2.4    Bank Accounts.  The Custodian shall open and maintain a separate bank account or accounts in the United States in the name of each Portfolio of each Fund, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement, and shall hold in such account or accounts, subject to the provisions hereof, all cash received by it from or for the account of the Portfolio, other than cash maintained by the Portfolio in a bank account established and used in accordance with Rule 17f-3 under the 1940 Act.  Funds held by the Custodian for a Portfolio may be deposited by it to its credit as Custodian in the banking department of the Custodian or in such other banks or trust companies as it may in its discretion deem necessary or desirable; provided, however, that every such bank or trust company shall be qualified to act as a custodian under the 1940 Act and that each such bank or trust company and the funds to be deposited with each such bank or trust company shall on behalf of each applicable Portfolio be approved by vote of a majority of the Board.  Such funds shall be deposited by the Custodian in its capacity as Custodian and shall be withdrawable by the Custodian only in that capacity.

Section 2.5    Collection of Income.  Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14) or purchased pursuant to Section 2.6(7), and subject to the provisions of Section 2.3, the Custodian shall collect on a timely basis all income and other payments with respect to registered domestic securities held hereunder to which each Portfolio shall be entitled either by law or pursuant to custom in the securities business, and shall collect on a timely basis all income and other payments with respect to bearer domestic securities if, on the date of payment by the issuer, such securities are held by the Custodian or its agent.  Without limiting the generality of 

the foregoing, the Custodian shall detach and present for payment all coupons and other income items requiring presentation as and when they become due and shall collect interest when due on securities held hereunder.  The Custodian shall credit income to the Portfolio as such income is received or in accordance with the Custodian’s then current payable date income schedule.  Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course and the Portfolio may be charged at the Custodian’s applicable rate for time credited.  Income due each Portfolio on securities loaned pursuant to the provisions of Section 2.2 (10) shall be the responsibility of the applicable Fund.  The Custodian will have no duty or responsibility in connection therewith, other than to provide the Fund with such information or data as may be necessary to assist the Fund in arranging for the timely delivery to the Custodian of the income to which the Portfolio is properly entitled.

Section 2.6    Payment of Fund Monies.  The Custodian shall pay out monies of a Portfolio as provided in Section 5 and otherwise upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only:

		
	1)
	Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio but only (a) in accordance with customary or established market practices and procedures, including, without limitation, delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against expectation of receiving later delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio; or (e) for transfer to a time deposit account of the Fund in any bank, whether domestic or foreign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein;

		
	2)
	In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof;

		
	3)
	For the redemption or repurchase of Shares issued as set forth in Section 7 hereof;

		
	4)
	For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio:  interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses;

		
	5)
	For the payment of any dividends on Shares declared pursuant to the Fund’s articles of incorporation or organization and by-laws or agreement or declaration of trust, as applicable, and Prospectus (collectively, “Governing Documents”);

		
	6)
	For payment of the amount of dividends received in respect of securities sold short;

		
	7)
	Upon the purchase of domestic investments including, without limitation, repurchase agreement transactions involving delivery of Portfolio monies to Repo Custodian(s), and prior to receipt of such investments, as set forth in written Proper Instructions (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.2(14), as applicable, shall each be referred to herein as a “Free Trade”), provided that such Proper Instructions shall also set forth (a) the amount of such payment and (b) the person(s) to whom such payment is made; 

		
	8)
	For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund on behalf of the Portfolio; and

		
	9)
	For any other purpose, but only upon receipt of Proper Instructions from the Fund on behalf of the Portfolio specifying (a) the amount of such payment and (b) the person or persons to whom such payment is to be made.

Section 2.7    Appointment of Agents.  The Custodian may at any time or times in its discretion appoint (and may at any time remove) any other bank or trust company which is itself qualified under the 1940 Act to act as a custodian, as its agent to carry out such of the provisions of this Section 2 as the Custodian may from time to time direct; provided, however, that the appointment of any agent shall not relieve the Custodian of its responsibilities or liabilities hereunder.  The Underlying Transfer Agent shall not be deemed an agent or sub-custodian of the Custodian for purposes of this Section 2.7 or any other provision of this Agreement.

Section 2.8    Deposit of Fund Assets in U.S. Securities Systems.  The Custodian may deposit and/or maintain securities owned by a Portfolio in a U.S. Securities System in compliance with the conditions of Rule 17f-4 under the 1940 Act, as amended from time to time.
    
Section 2.9    Segregated Account.  The Custodian shall upon receipt of Proper Instructions on behalf of each applicable Portfolio, establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/

or securities, including securities maintained in an account by the Custodian pursuant to Section 2.8 hereof, (a) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (b) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (c) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release of the U.S. Securities and Exchange Commission (the “SEC”), or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered management investment companies, and (d) for any other purpose in accordance with Proper Instructions.

Section 2.10    Deposit of Fund Assets with the Underlying Transfer Agent.  Underlying Shares beneficially owned by the Fund, on behalf of a Portfolio, shall be deposited and/or maintained in an account or accounts maintained with an Underlying Transfer Agent and the Custodian’s only responsibilities with respect thereto shall be limited to the following:  

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

		
	2)
	In respect of the purchase of Underlying Shares for the account of a Portfolio, upon receipt of Proper Instructions, the Custodian shall pay out monies of such Portfolio as so directed, and record such payment from the account of such Portfolio on the Custodian’s books and records.

		
	3)
	In respect of the sale or redemption of Underlying Shares for the account of a Portfolio, upon receipt of Proper Instructions, the Custodian shall transfer such Underlying Shares as so directed, record such transfer from the account of such Portfolio on the Custodian’s books and records and, upon the Custodian’s receipt of the proceeds therefor, record such payment for the account of such Portfolio on the Custodian’s books and records.

The Custodian shall not be liable to the Fund for any loss or damage to the Fund or any Portfolio resulting from the maintenance of Underlying Shares with an Underlying Transfer Agent except for losses resulting directly from the fraud, negligence or willful misconduct of the Custodian or any of its agents or of any of its or their employees.

Section 2.11    Ownership Certificates for Tax Purposes.  The Custodian shall execute ownership and other certificates and affidavits for all federal and state tax purposes in connection 

with receipt of income or other payments with respect to domestic securities of each Portfolio held by it and in connection with transfers of securities.

Section 2.12    Proxies.  Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7), the Custodian shall, with respect to the domestic securities held hereunder, cause to be promptly executed by the registered holder of such securities, if the securities are registered otherwise than in the name of the Portfolio or a nominee of the Portfolio, all proxies, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials and all notices relating to such securities.

Section 2.13    Communications Relating to Portfolio Securities.  Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7), and subject to the provisions of Section 2.3, the Custodian shall transmit promptly to the applicable Fund for each Portfolio all written information (including, without limitation, pendency of calls and maturities of domestic securities and expirations of rights in connection therewith and notices of exercise of call and put options written by the Fund on behalf of the Portfolio and the maturity of futures contracts purchased or sold by the Fund on behalf of the Portfolio) received by the
Custodian from issuers of the securities being held for the Portfolio.  With respect to tender or exchange offers, the Custodian shall transmit promptly to the applicable Fund all written information received by the Custodian from issuers of the securities whose tender or exchange is sought and from the party (or its agents) making the tender or exchange offer.   The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with domestic securities or other property of the Portfolios at any time held by it unless (i) the Custodian is in actual possession of such domestic securities or property and (ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur at least three business days prior to the date on which the Custodian is to take action to exercise such right or power.  The Custodian shall also transmit promptly to the applicable Fund for each Portfolio all written information received by the Custodian regarding any class action or other litigation in connection with Portfolio securities or other assets issued in the United States and then held, or previously held, during the term of this Agreement by the Custodian for the account of the Fund for such Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and after the effective date of any termination of this Agreement, with respect to a Fund or its Portfolio(s), as may be applicable, the Custodian shall have no responsibility to so transmit any information under this Section 2.13.

Section 3.    Provisions Relating to Rules 17f-5 and 17f-7.

Section 3.1.    Definitions.  As used throughout this Agreement, the capitalized terms set forth below shall have the indicated meanings:
       
“Country Risk” means all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country including, but not limited to, such country’s political environment, economic and financial infrastructure (including any Eligible Securities Depository operating in the country), prevailing or developing custody and settlement practices, insolvency of a Foreign Sub-Custodian, and laws and regulations applicable to the safekeeping and recovery of Foreign Assets held in custody in that country.
         
“Eligible Foreign Custodian” has the meaning set forth in section (a)(1) of Rule 17f-5, including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian  (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

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

“Foreign Assets” means any of the Portfolios’ investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Portfolios’ transactions in such investments.  

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

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

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

Section 3.2.    The Custodian as Foreign Custody Manager.    

3.2.1    Delegation to the Custodian as Foreign Custody Manager.  Each Fund, by resolution adopted by its Board, hereby delegates to the Custodian, subject to Section (b) of Rule 17f-5, the responsibilities set forth in this Section 3.2 with respect to Foreign Assets of the Portfolios held outside the United States, and the Custodian hereby accepts such delegation as Foreign Custody Manager with respect to the Portfolios.
 
3.2.2    Countries Covered.  The Foreign Custody Manager shall be responsible for performing the delegated responsibilities defined below only with respect to the countries and custody arrangements for each such country listed on Schedule A to this Agreement, which list of countries may be amended from time to time by any Fund with the agreement of the Foreign Custody Manager.  The Foreign Custody Manager shall list on Schedule A the Eligible Foreign Custodians selected by the Foreign Custody Manager to maintain the assets of the Portfolios, which list of 

Eligible Foreign Custodians may be amended from time to time in the sole discretion of the Foreign Custody Manager.  The Foreign Custody Manager will provide amended versions of Schedule A in accordance with Section 3.2.5 hereof.

Upon the receipt by the Foreign Custody Manager of Proper Instructions to open an account or to place or maintain Foreign Assets in a country listed on Schedule A, and the fulfillment by each Fund, on behalf of the applicable Portfolio(s), of the applicable account opening requirements for such country, the Foreign Custody Manager shall be deemed to have been delegated by such Fund’s Board on behalf of such Portfolio(s) responsibility as Foreign Custody Manager with respect to that country and to have accepted such delegation.  Execution of this Agreement by each Fund shall be deemed to be a Proper Instruction to open an account, or to place or maintain Foreign Assets, in each country listed on Schedule A.  Following the receipt of Proper Instructions directing the Foreign Custody Manager to close the account of a Portfolio with the Eligible Foreign Custodian selected by the Foreign Custody Manager in a designated country, the delegation by the Board on behalf of such Portfolio to the Custodian as Foreign Custody Manager for that country shall be deemed to have been withdrawn and the Custodian shall immediately cease to be the Foreign Custody Manager with respect to such Portfolio with respect to that country.

The Foreign Custody Manager may withdraw its acceptance of delegated responsibilities with respect to a designated country upon written notice to the Fund.  Thirty days (or such longer period to which the parties agree in writing) after receipt of any such notice by the Fund, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Fund with respect to the country as to which the Custodian’s acceptance of delegation is withdrawn.

3.2.3      Scope of Delegated Responsibilities:

(a)    Selection of Eligible Foreign Custodians.  Subject to the provisions of this Section 3.2, the Foreign Custody Manager may place and maintain the Foreign Assets in the care of the Eligible Foreign Custodian selected by the Foreign Custody Manager in each country listed on Schedule A, as amended from time to time.  In performing its delegated responsibilities as Foreign Custody Manager to place or maintain Foreign Assets with an Eligible Foreign Custodian, the Foreign Custody Manager shall determine that the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by that Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1).

(b)    Contracts With Eligible Foreign Custodians.  The Foreign Custody Manager shall determine that the contract governing the foreign custody arrangements with each Eligible Foreign Custodian selected by the Foreign Custody Manager will satisfy the requirements of Rule 17f-5(c)(2).

(c)    Monitoring.  In each case in which the Foreign Custody Manager maintains Foreign Assets with an Eligible Foreign Custodian selected by the Foreign Custody Manager, the Foreign Custody Manager shall establish a system to monitor (i) the appropriateness of maintaining the Foreign Assets with such Eligible Foreign Custodian and (ii) the contract governing the custody arrangements established by the Foreign Custody Manager with the Eligible Foreign Custodian.  In 

the event the Foreign Custody Manager determines that the custody arrangements with an Eligible Foreign Custodian it has selected are no longer appropriate, the Foreign Custody Manager shall notify the Board in accordance with Section 3.2.5 hereunder.

3.2.4    Guidelines for the Exercise of Delegated Authority.  For purposes of this Section 3.2, the Board shall be deemed to have considered and determined to accept such Country Risk as is incurred by placing and maintaining the Foreign Assets in each country for which the Custodian is serving as Foreign Custody Manager of the Portfolios.
    
3.2.5    Reporting Requirements.  The Foreign Custody Manager shall report the withdrawal of the Foreign Assets from an Eligible Foreign Custodian and the placement of such Foreign Assets with another Eligible Foreign Custodian by providing to the Board an amended Schedule A at the end of the calendar quarter in which an amendment to such Schedule has occurred. The Foreign Custody Manager shall make written reports notifying the Board of any other material change in the foreign custody arrangements of the Portfolios described in this Section 3.2 after the occurrence of the material change.

3.2.6     Standard of Care as Foreign Custody Manager of a Portfolio.  In performing the responsibilities delegated to it, the Foreign Custody Manager agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise.

3.2.7    Representations with Respect to Rule 17f-5.  The Foreign Custody Manager represents to each Fund that it is a U.S. Bank as defined in section (a)(7) of Rule 17f-5.  Each Fund represents to the Custodian that its Board has determined that it is reasonable for such Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Portfolios. 

3.2.8    Effective Date and Termination of the Custodian as Foreign Custody Manager.  Each Board’s delegation to the Custodian as Foreign Custody Manager of the Portfolios shall be effective as of the date hereof and shall remain in effect until terminated at any time, without penalty, by written notice from the terminating party to the non-terminating party.  Termination will become effective thirty (30) days after receipt by the non-terminating party of such notice.  The provisions of Section 3.2.2 hereof shall govern the delegation to and termination of the Custodian as Foreign Custody Manager of the Portfolios with respect to designated countries.

Section 3.3    Eligible Securities Depositories.  

3.3.1    Analysis and Monitoring.  The Custodian shall (a) provide the Fund (or its duly-authorized investment manager or investment adviser) with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set forth on Schedule B hereto in accordance with section (a)(1)(i)(A) of Rule 17f-7, and (b) monitor such risks on a continuing basis, and promptly notify the Fund (or its duly-authorized investment manager or investment adviser) of any material change in such risks, in accordance with section (a)(1)(i)(B) of Rule 17f-7.  
 

3.3.2    Standard of Care.  The Custodian agrees to exercise reasonable care, prudence and diligence in performing the duties set forth in Section 3.3.1.   

		
	 Section 4.
	Duties of the Custodian with Respect to Property of the Portfolios to be Held Outside the United States.

Section 4.1    Definitions.  As used throughout this Agreement, the capitalized terms set forth below shall have the indicated meanings:

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

“Foreign Sub-Custodian” means an Eligible Foreign Custodian.

Section 4.2.    Holding Securities.  The Custodian shall identify on its books as belonging to the Portfolios the foreign securities held by each Foreign Sub-Custodian or Foreign Securities System.  The Custodian may hold foreign securities for all of its customers, including the Portfolios, with any Foreign Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers, provided however, that (i) the records of the Custodian with respect to foreign securities of the Portfolios which are maintained in such account shall identify those securities as belonging to the Portfolios and (ii), to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities so held by the Foreign Sub-Custodian be held separately from any assets of such Foreign Sub-Custodian or of other customers of such Foreign Sub-Custodian.

Section 4.3.    Foreign Securities Systems.  Foreign securities shall be maintained in a Foreign Securities System in a designated country through arrangements implemented by the Custodian or a Foreign Sub-Custodian, as applicable, in such country.

Section 4.4.    Transactions in Foreign Custody Account.

4.4.1.    Delivery of Foreign Assets.  The Custodian or a Foreign Sub-Custodian shall release and deliver foreign securities of the Portfolios held by the Custodian or such Foreign Sub-Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:

		
	(i)
	Upon the sale of such foreign securities for the Portfolio in accordance with commercially reasonable market practice in the country where such foreign securities are held or traded, including, without limitation: (A) delivery against expectation of receiving later payment; or (B) in the case of a sale effected through a Foreign Securities System, in accordance with the rules governing the operation of the Foreign Securities System;

		
	(ii)
	In connection with any repurchase agreement related to foreign securities;

		
	(iii)
	To the depository agent in connection with tender or other similar offers for foreign securities of the Portfolios;

		
	(iv)
	To the issuer thereof or its agent when such foreign securities are called, redeemed, retired or otherwise become payable;

		
	(v)
	To the issuer thereof, or its agent, for transfer into the name of the Custodian (or the name of the respective Foreign Sub-Custodian or of any nominee of the Custodian or such Foreign Sub-Custodian) 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 or trade execution in accordance with market custom; provided that in any such case, the Foreign Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such foreign securities prior to receiving payment for such foreign securities except as may arise from the Foreign Sub-Custodian’s own negligence or willful misconduct;

		
	(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 provisions for conversion contained in such securities, or pursuant to any deposit agreement;

		
	(viii)
	In the case of warrants, rights or similar foreign 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;

		
	(ix)
	For delivery as security in connection with any borrowing by a Fund on behalf of a Portfolio requiring a pledge of assets by the Fund on behalf of such Portfolio;

		
	(x)
	In connection with trading in options and futures contracts, including delivery as original margin and variation margin;

		
	(xi)
	Upon the sale or other delivery of such foreign securities (including, without limitation, to one or more Special Sub-Custodians or Repo Custodians) as a Free Trade, provided that applicable Proper Instructions shall set forth (A) the foreign securities to be delivered and (B) the person or persons to whom delivery shall be made;

		
	(xii)
	In connection with the lending of foreign securities; and

		
	(xiii)
	For any other purpose, but only upon receipt of Proper Instructions specifying (A) the foreign securities to be delivered and (B) the person or persons to whom delivery of such securities shall be made.

4.4.2.    Payment of Portfolio Monies.  Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respective Foreign Securities System to pay out, monies of a Portfolio in the following cases only:

		
	(i)
	Upon the purchase of foreign securities for the Portfolio, unless otherwise directed by Proper Instructions, by (A) delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against expectation of receiving later delivery of such foreign securities; or (B) in the case of a purchase effected through a Foreign Securities System, in accordance with the rules governing the operation of such Foreign Securities System;

		
	(ii)
	In connection with the conversion, exchange or surrender of foreign securities of the Portfolio;

		
	(iii)
	For the payment of any expense or liability of the Portfolio, including but not limited to the following payments:  interest, taxes, investment advisory fees, transfer agency fees, fees under this Agreement, legal fees, accounting fees, and other operating expenses;

		
	(iv)
	For the purchase or sale of foreign exchange or foreign exchange contracts for the Portfolio, including transactions executed with or through the Custodian or its Foreign Sub-Custodians;

		
	(v)
	In connection with trading in options and futures contracts, including delivery as original margin and variation margin;

		
	(vi)
	Upon the purchase of foreign investments including, without limitation, repurchase agreement transactions involving delivery of Portfolio monies to Repo Custodian(s), as a Free Trade, provided that applicable Proper Instructions shall set forth (A) the amount of such payment and (B) the person or persons to whom payment shall be made;

		
	(vii)
	For payment of part or all of the dividends received in respect of securities sold short;

		
	(viii)
	In connection with the borrowing or lending of foreign securities; and

		
	(ix)
	For any other purpose, but only upon receipt of Proper Instructions specifying (A) the amount of such payment and (B) the person or persons to whom such payment is to be made.

4.4.3.    Market Conditions.  Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Foreign Assets received for the account of the Portfolios and delivery of Foreign Assets maintained for the account of the Portfolios may be effected in accordance with the customary established securities trading or processing practices and procedures in the country or market in which the transaction occurs, including, without limitation, delivering Foreign 

Assets to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for such Foreign Assets from such purchaser or dealer.

The Custodian shall provide to each Board the information with respect to custody and settlement practices in countries in which the Custodian employs a Foreign Sub-Custodian described on Schedule C hereto at the time or times set forth on such Schedule.  The Custodian may revise Schedule C from time to time, provided that no such revision shall result in a Board being provided with substantively less information than had been previously provided hereunder.

Section 4.5.    Registration of Foreign Securities.  The foreign securities maintained in the custody of a Foreign Sub-Custodian (other than bearer securities) shall be registered in the name of the applicable Portfolio or in the name of the Custodian or in the name of any Foreign Sub-Custodian or in the name of any nominee of the foregoing, and the applicable Fund on behalf of such Portfolio agrees to hold any such nominee harmless from any liability as a holder of record of such foreign securities.  The Custodian or a Foreign Sub-Custodian shall not be obligated to accept securities on behalf of a Portfolio under the terms of this Agreement unless the form of such securities and the manner in which they are delivered are in accordance with reasonable market practice.

Section 4.6     Bank Accounts.  The Custodian shall identify on its books as belonging to the applicable Fund cash (including cash denominated in foreign currencies) deposited with the Custodian.  Where the Custodian is unable to maintain, or market practice does not facilitate the maintenance of, cash on the books of the Custodian, a bank account or bank accounts shall be opened and maintained outside the United States on behalf of a Portfolio with a Foreign Sub-Custodian.  All accounts referred to in this Section shall be subject only to draft or order by the Custodian (or, if applicable, such Foreign Sub-Custodian) acting pursuant to the terms of this Agreement to hold cash received by or from or for the account of the Portfolio.  Cash maintained on the books of the Custodian (including its branches, subsidiaries and affiliates), regardless of currency denomination, is maintained in bank accounts established under, and subject to the laws of, The Commonwealth of Massachusetts.   

Section 4.7.    Collection of Income.  The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to the Foreign Assets held hereunder to which the Portfolios shall be entitled.  In the event that extraordinary measures are required to collect such income, the Fund and the Custodian shall consult as to such measures and as to the compensation and expenses of the Custodian relating to such measures.  The Custodian shall credit income to the applicable Portfolio as such income is received or in accordance with Custodian’s then current payable date income schedule.  Any credit to the Portfolio in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course and the Portfolio may be charged at the Custodian’s applicable rate for time credited.  Income on securities loaned other than from the Custodian’s securities lending program shall be credited as received.

Section 4.8      Shareholder Rights.  With respect to the foreign securities held pursuant to this Section 4, the Custodian shall use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject always to the laws, regulations and practical constraints that may exist in the country where such securities are issued.  Each Fund acknowledges that local 

conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of such Fund to exercise shareholder rights.

Section 4.9.    Communications Relating to Foreign Securities.  The Custodian shall transmit promptly to the applicable Fund written information with respect to materials received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the account of the Portfolios (including, without limitation, pendency of calls and maturities of foreign securities and expirations of rights in connection therewith).  With respect to tender or exchange offers, the Custodian shall transmit promptly to the applicable Fund written information with respect to materials so received by the Custodian from issuers of the foreign securities whose tender or exchange is sought or from the party (or its agents) making the tender or exchange offer.  The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with foreign securities or other property of the Portfolios at any time held by it unless (i) the Custodian or the respective Foreign Sub-Custodian is in actual possession of such
foreign securities or property and (ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur at least three business days prior to the date on which the Custodian is to take action to exercise such right or power.  The Custodian shall also transmit promptly to the applicable Fund all written information received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the account of the Portfolios regarding any class action or other litigation in connection with Portfolio foreign securities or other assets issued outside the United States and then held, or previously held, during the term of this Agreement by the Custodian via a Foreign Sub-Custodian for the account of the Fund for such Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and after the effective date of any termination of this Agreement, with respect to a Fund or its Portfolio(s), as may be applicable, the Custodian shall have no responsibility to so transmit any information under this Section 4.9.

Section 4.10.    Liability of Foreign Sub-Custodians.  Each agreement pursuant to which the Custodian employs a Foreign Sub-Custodian shall, to the extent possible, require the Foreign Sub-Custodian to exercise reasonable care in the performance of its duties, and to indemnify, and hold harmless, the Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the Foreign Sub-Custodian’s performance of such obligations.  At a Fund’s election, the Portfolios shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Portfolios have not been made whole for any such loss, damage, cost, expense, liability or claim.

Section 4.11    Tax Law.  The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on any Fund, the Portfolios or the Custodian as custodian of the Portfolios by the tax law of the United States or of any state or political subdivision thereof.  It shall be the responsibility of each Fund to notify the Custodian of the obligations imposed on such Fund with respect to the Portfolios or the Custodian as custodian of the Portfolios by the tax law of countries other than those mentioned in the above sentence, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and 

governmental reporting.  The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to assist the Fund with respect to any claim for exemption or refund under the tax law of countries for which such Fund has provided such information.

Section 4.12.    Liability of Custodian.  The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian to the same extent as set forth with respect to sub-custodians generally in this Agreement and, regardless of whether assets are maintained in the custody of a Foreign Sub-Custodian or a Foreign Securities System, the Custodian shall not be liable for any loss, damage, cost, expense, liability or claim resulting from nationalization, expropriation, currency restrictions, or acts of war or terrorism, or any other loss where the Sub-Custodian has otherwise acted with reasonable care.

Section 5.    Contractual Settlement Services (Purchase / Sales).

Section 5.1    The Custodian shall, in accordance with the terms set out in this section, debit or credit the appropriate cash account of each Portfolio in connection with (i) the purchase of securities for such Portfolio, and (ii) proceeds of the sale of securities held on behalf of such Portfolio, on a contractual settlement basis.

Section 5.2    The services described above (the “Contractual Settlement Services”) shall be provided for such instruments and in such markets as the Custodian may advise from time to time. The Custodian may terminate or suspend any part of the provision of the Contractual Settlement Services under this Agreement at its sole discretion immediately upon notice to the applicable Fund on behalf of each Portfolio, including, without limitation, in the event of force majeure events affecting settlement, any disorder in markets, or other changed external business circumstances affecting the markets or the Fund.
  
Section 5.3    The consideration payable in connection with a purchase transaction shall be debited from the appropriate cash account of the Portfolio as of the time and date that monies would ordinarily be required to settle such transaction in the applicable market.  The Custodian shall promptly recredit such amount at the time that the Portfolio or the Fund notifies the Custodian by Proper Instruction that such transaction has been canceled.

Section 5.4    With respect to the settlement of a sale of securities, a provisional credit of an amount equal to the net sale price for the transaction (the “Settlement Amount”) shall be made to the account of the Portfolio as if the Settlement Amount had been received as of the close of business on the date that monies would ordinarily be available in good funds in the applicable market.  Such provisional credit will be made conditional upon the Custodian having received Proper Instructions with respect to, or reasonable notice of, the transaction, as applicable; and the Custodian or its agents having possession of the asset(s) (which shall exclude assets subject to any third party lending arrangement entered into by a Portfolio) associated with the transaction in good deliverable form and not being aware of any facts which would lead them to believe that the transaction will not settle in the time period ordinarily applicable to such transactions in the applicable market.  

Section 5.5.    Simultaneously with the making of such provisional credit, the Portfolio agrees that the Custodian shall have, and hereby grants to the Custodian, a security interest in any property at any time held for the account of the Portfolio to the full extent of the credited amount, and each Portfolio hereby pledges, assigns and grants to the Custodian a continuing security interest and a lien on any and all such property under the Custodian’s possession, in accordance with the terms of this Agreement.  In the event that the applicable Portfolio fails to promptly repay any provisional credit, the Custodian shall have all of the rights and remedies of a secured party under the Uniform Commercial Code of The Commonwealth of Massachusetts.

Section 5.6    The Custodian shall have the right to reverse any provisional credit or debit given in connection with the Contractual Settlement Services at any time when the Custodian believes, in its reasonable judgment, that such transaction will not settle in accordance with its terms or amounts due pursuant thereto, will not be collectable or where the Custodian has not been provided Proper Instructions with respect thereto, as applicable, and the Portfolio shall be responsible for any costs or liabilities resulting from such reversal.  Upon such reversal, a sum equal to the credited or debited amount shall become immediately payable by the Portfolio to the Custodian and may be debited from any cash account held for benefit of the Portfolio.  

Section 5.7    In the event that the Custodian is unable to debit an account of the Portfolio, and the Portfolio fails to pay any amount due to the Custodian at the time such amount becomes payable in accordance with this Agreement, (i) the Custodian may charge the Portfolio for costs and expenses associated with providing the provisional credit, including without limitation the cost of funds associated therewith, (ii) the amount of any accrued dividends, interest and other distributions with respect to assets associated with such transaction may be set off against the credited amount, (iii) the provisional credit and any such costs and expenses shall be considered an advance of cash for purposes of the Agreement and (iv) the Custodian shall have the right to setoff against any property and to sell, exchange, convey, transfer or otherwise dispose of any property at any time held for the account of the Portfolio to the full extent necessary for the Custodian to make itself whole.  

Section 5A.    Foreign Exchange.
(1)    Upon receipt of Proper Instructions, which for purposes of this paragraph may also include security trade advices, the Custodian shall facilitate the processing and settlement of foreign exchange transactions. Such foreign exchange transactions do not constitute part of the services provided by the Custodian under this Agreement. 
(2)    The Customer (or its investment manager or adviser acting on its behalf) may elect to enter into and execute foreign exchange transactions with third parties that are not affiliated with the Custodian, with State Street Global Markets, which is the foreign exchange division of State Street Bank and Trust Company and its affiliated companies (“SSGM”), or with a subcustodian.  Where the Customer or its investment manager or adviser gives Proper Instructions for the execution of a foreign exchange transaction using an indirect foreign exchange service described in the Customer Publications, the Customer (or its investment manager or adviser) hereby instructs the Custodian, on behalf of the Customer, to direct the execution of such foreign exchange transaction to 

SSGM or, when the relevant currency is not traded by SSGM, to the applicable subcustodian.  The Custodian shall not have any agency (except as contemplated in preceding sentence), trust or fiduciary obligation to the Customer, its investment manager or adviser or any other Person in connection with the execution of any foreign exchange transaction. The Custodian shall have no responsibility under this Agreement for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction entered into by the Customer (or its investment manager or adviser acting on its behalf) or the reasonableness of the execution rate on any such transaction.
(3)    The Customer acknowledges that in connection with all foreign exchange transactions entered into by the Customer (or its investment manager or adviser acting on its behalf) with SSGM or any subcustodian, SSGM and each such subcustodian:  
(i)    shall be acting in a principal capacity and not as broker, agent or fiduciary to the Customer or its investment manager or adviser;
(ii)    shall seek to profit from such foreign exchange transactions, and are entitled to retain and not disclose any such profit to the Customer or its investment manager or adviser; and
(iii)    shall enter into such foreign exchange transactions pursuant to the terms and conditions, including pricing or pricing methodology, (a) agreed with the Customer or its investment manager or adviser from time to time or (b) in the case of an indirect foreign exchange service (i) as established by SSGM and set forth in the Customer Publications with respect to the particular foreign exchange execution services selected by the Customer or the investment manager or adviser or (ii) as established by a subcustodian from time to time. 
“Client Publications” means the general client publications of State Street Bank and Trust Company available from time to time available to clients and their investment managers.
The Custodian or its affiliates, including SSGM, may trade based upon information that is not available to, and may enter into transactions for its own account or the account of clients in the same or opposite direction to the transactions entered into with the Customer (or its investment manager or adviser acting on its behalf), and shall have no obligation under this Agreement to share such information with or consider the interests of their respective counterparties, including, where applicable, the Customer or the investment manager or adviser.

Section 6.    Special Sub-Custodians.

Upon receipt of Special Instructions (as such term is defined in Section 8 hereof), the Custodian shall, on behalf of one or more Portfolios, appoint one or more banks, trust companies or other entities designated in such Special Instructions to act as a sub-custodian for the purposes of effecting such transaction(s) as may be designated by a Fund in Special Instructions.  Each such designated sub-custodian is referred to herein as a “Special Sub-Custodian.” Each such duly appointed Special Sub-Custodian shall be listed on Schedule D hereto, as it may be amended from time to time by a Fund, with the acknowledgment of the Custodian.  In connection with the appointment of any Special Sub-Custodian, and in accordance with Special Instructions, the Custodian shall enter into a sub-custodian agreement with the Fund and the Special Sub-Custodian in form and substance 

approved by such Fund, provided that such agreement shall in all events comply with the provisions of the 1940 Act and the rules and regulations thereunder and the terms and provisions of this Agreement. 

Section 7.    Payments for Sales or Repurchases or Redemptions of Shares.

The Custodian shall receive from the distributor of the Shares or from the Transfer Agent and deposit into the account of the appropriate Portfolio such payments as are received for Shares thereof issued or sold from time to time by the applicable Fund.  The Custodian will provide timely notification to such Fund on behalf of each such Portfolio and the Transfer Agent of any receipt by it of payments for Shares of such Portfolio.

From such funds as may be available for the purpose, the Custodian shall, upon receipt of instructions from the Transfer Agent, make funds available for payment to holders of Shares who have delivered to the Transfer Agent a request for redemption or repurchase of their Shares.  In connection with the redemption or repurchase of Shares, the Custodian is authorized upon receipt of instructions from the Transfer Agent to wire funds to or through a commercial bank designated by the redeeming shareholders.  In connection with the redemption or repurchase of Shares, the Custodian shall honor checks drawn on the Custodian by a holder of Shares, which checks have been furnished by a Fund to the holder of Shares, when presented to the Custodian in accordance with such procedures and controls as are mutually agreed upon from time to time between such Fund and the Custodian.

Section 8.    Proper Instructions and Special Instructions.

“Proper Instructions,” which may also be standing instructions, as such term is used throughout this Agreement shall mean instructions received by the Custodian from a Fund, a Fund’s duly authorized investment manager or investment adviser, or a person or entity duly authorized by either of them.  Such instructions may be in writing signed by the authorized person or persons or may be in a tested communication or in a communication utilizing access codes effected between electro-mechanical or electronic devices or may be by such other means and utilizing such intermediary systems and utilities as may be agreed from time to time by the Custodian and the person(s) or entity giving such instruction, provided that the Fund has followed any security procedures agreed to from time to time by the applicable Fund and the Custodian including, but not limited to, the security procedures selected by the Fund via the form of Funds Transfer Addendum hereto, the terms of which are hereby agreed to.  Oral instructions will be considered Proper Instructions if the Custodian reasonably believes them to have been given by a person authorized to provide such instructions with respect to the transaction involved; the Fund shall cause all oral instructions to be confirmed in writing.  For purposes of this Section, Proper Instructions shall include instructions received by the Custodian pursuant to any multi-party agreement which requires a segregated asset account in accordance with Section 2.9 hereof.

“Special Instructions,” as such term is used throughout this Agreement, means Proper Instructions countersigned or confirmed in writing by the Treasurer or any Assistant Treasurer of the applicable Fund or any other person designated in writing by the Treasurer of such Fund, which countersignature or confirmation shall be (a) included on the same instrument containing the Proper Instructions or on a separate instrument clearly relating thereto and (b) delivered by hand, by facsimile transmission, 

or in such other manner as the Fund and the Custodian agree in writing.

Concurrently with the execution of this Agreement, and from time to time thereafter, as appropriate, each Fund shall deliver to the Custodian, duly certified by such Fund’s Treasurer or Assistant Treasurer, a certificate setting forth:  (i) the names, titles, signatures and scope of authority of all persons authorized to give Proper Instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Fund and (ii) the names, titles and signatures of those persons authorized to give Special Instructions.  Such certificate may be accepted and relied upon by the Custodian as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until receipt by the Custodian of a similar certificate to the contrary. 

Section 9.    Evidence of Authority.

The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate or other instrument or paper believed by it to be genuine and to have been properly executed by or on behalf of the applicable Fund.  The Custodian may receive and accept a copy of a resolution certified by the Secretary or an Assistant Secretary of any Fund as conclusive evidence (a) of the authority of any person to act in accordance with such resolution or (b) of any determination or of any action by the applicable Board as described in such resolution, and such resolution may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary.

Section 10.    Actions Permitted without Express Authority.

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

		
	1)
	Make payments to itself or others for minor 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 Fund on behalf of the Portfolio;

		
	2)
	Surrender securities in temporary form for securities in definitive form;

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

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

		
	Section 11.
	Duties of Custodian with Respect to the Books of Account and Calculation of Net Asset Value and Net Income.

The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the applicable Board to keep the books of account of each Portfolio and/or compute the net asset value per Share of the outstanding Shares.  Each Fund acknowledges and agrees that, with respect to investments maintained with the Underlying Transfer Agent, the Underlying Transfer Agent is the sole source of information on the number of shares of a fund held by it on behalf of a 

Portfolio and that the Custodian has the right to rely on holdings information furnished by the Underlying Transfer Agent to the Custodian in performing its duties under this Agreement, including without limitation, the duties set forth in this Section 11 and in Section 12 hereof; provided, however, that the Custodian shall be obligated to reconcile information as to purchases and sales of Underlying Shares contained in trade instructions and confirmations received by the Custodian and to report promptly any discrepancies to the Underlying Transfer Agent.  

Section 12.    Records.

The Custodian shall with respect to each Portfolio create and maintain all records relating to its activities and obligations under this Agreement in such manner as will meet the obligations of each Fund under the 1940 Act, with particular attention to section 31 thereof and Rules 31a-1 and 31a-2 thereunder.  All such records shall be the property of the Fund and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of such Fund and employees and agents of the SEC.  The Custodian shall, at a Fund’s request, supply the Fund with a tabulation of securities owned by each Portfolio and held by the Custodian and shall, when requested to do so by the Fund and for such compensation as shall be agreed upon between the Fund and the Custodian, include certificate numbers in such tabulations.  Each Fund acknowledges that, in creating and maintaining the records as set forth herein with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7) hereof, the Custodian is authorized and instructed to rely upon information provided to it by the Fund, the Fund’s counterparty(ies), or the agents of either of them.

Section 13.    Opinion of Fund’s Independent Accountant.

The Custodian shall take all reasonable action, as a Fund with respect to a Portfolio may from time to time request, to obtain from year to year favorable opinions from the Fund’s independent accountants with respect to its activities hereunder in connection with the preparation of the Fund’s Form N-1A or Form N-2, as applicable, and Form N-SAR or other annual reports to the SEC and with respect to any other requirements thereof.

Section 14.    Reports to Fund by Independent Public Accountants.

The Custodian shall provide the applicable Fund, on behalf of each of the Portfolios at such times as such Fund may reasonably require, with reports by independent public accountants on the accounting system, internal accounting control and procedures for safeguarding securities, futures contracts and options on futures contracts, including securities deposited and/or maintained in a U.S. Securities System or a Foreign Securities System (either, a “Securities System”), relating to the services provided by the Custodian under this Agreement; such reports, shall be of sufficient scope and in sufficient detail, as may reasonably be required by the Fund to provide reasonable assurance that any material inadequacies would be disclosed by such examination, and, if there are no such inadequacies, the reports shall so state.

Section 15.    Compensation of Custodian.

The Custodian shall be entitled to reasonable compensation for its services and expenses as Custodian, as agreed upon from time to time between each Fund on behalf of each applicable Portfolio and the Custodian.

Section 16.    Responsibility of Custodian.

So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received by it or delivered by it pursuant to this Agreement and shall be held harmless in acting upon any notice, request, consent, certificate or other instrument reasonably believed by it to be genuine and to be signed by the proper party or parties, including any futures commission merchant acting pursuant to the terms of a three‐party futures or options agreement.  The Custodian shall be held to the exercise of reasonable care in carrying out the provisions of this Agreement, but shall be kept indemnified by and shall be without liability to any Fund for any action taken or omitted by it in good faith without negligence or willful misconduct, including, without limitation, acting in accordance with any Proper Instruction.  It shall be entitled to rely on and may act upon advice of counsel (who may be counsel for the Fund) on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice.  The Custodian shall be without liability to any Fund or Portfolio for any loss, liability, claim or expense resulting from or caused by anything that is part of Country Risk (as defined in Section 3 hereof), including without limitation nationalization, expropriation, currency restrictions, insolvency of a Foreign Sub-custodian, acts of war, revolution, riots or terrorism.   

Except as may arise from the Custodian’s own negligence or willful misconduct or the negligence or willful misconduct of a sub-custodian or agent, the Custodian shall be without liability to any Fund for any loss, liability, claim or expense resulting from or caused by; (i) events or circumstances beyond the reasonable control of the Custodian or any sub-custodian or Securities System or any agent or nominee of any of the foregoing, including, without limitation, the interruption, suspension or restriction of trading on or the closure of any securities market, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages, natural disasters, or other similar events or acts; (ii) errors by any Fund or its duly authorized investment manager or investment adviser in their instructions to the Custodian provided such instructions have been in accordance with this Agreement; (iii) the insolvency of or acts or omissions by a Securities System; (iv) any act or omission of a Special Sub-Custodian including, without limitation, reliance on reports prepared by a Special Sub-Custodian; (v) any delay or failure of any broker, agent or intermediary, central bank or other commercially prevalent payment or clearing system to deliver to the Custodian’s sub-custodian or agent securities purchased or in the remittance or payment made in connection with securities sold; (vi) any delay or failure of any company, corporation, or other body in charge of registering or transferring securities in the name of the Custodian, any Fund, the Custodian’s sub-custodians, nominees or agents or any consequential losses arising out of such delay or failure to transfer such securities including non-receipt of bonus, dividends and rights and other accretions or benefits; (vii) delays or inability to perform its duties due to any disorder in market infrastructure with respect to any particular security or Securities 

System; and (viii) any provision of any present or future law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction.  The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian to the same extent as set forth with respect to sub-custodians generally in this Agreement.

The Custodian shall enter into and shall maintain in effect, at all times during the term of this Agreement, with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to each Fund; and (ii) emergency use of electronic data processing equipment to provide services under this Agreement.

If a Fund on behalf of a Portfolio requires the Custodian to take any action with respect to securities, which action involves the payment of money or which action may, in the opinion of the Custodian, result in the Custodian or its nominee assigned to the Fund or the Portfolio being liable for the payment of money or incurring liability of some other form, such Fund on behalf of the Portfolio, as a prerequisite to requiring the Custodian to take such action, shall provide indemnity to the Custodian in an amount and form satisfactory to it.

In no event shall any party be liable for indirect, special or consequential damages; provided, however, that the foregoing shall in no way limit the Custodian’s recovery relating to third party claims asserted against it and related fees and expenses for which indemnification is available hereunder.

If the Custodian, its affiliates, subsidiaries or agents advances cash or securities to the Fund for any purpose (including but not limited to securities settlements, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee’s own negligent action, negligent failure to act or willful misconduct, or if a Fund fails to compensate the Custodian pursuant to Section 15 hereof, any property at any time held for the account of the applicable Portfolio shall be security therefor and should the Fund fail to pay or reimburse the Custodian promptly, the Custodian shall be entitled to utilize available cash and to dispose of such Portfolio’s assets to the extent necessary to obtain payment or reimbursement.  The Custodian may at any time decline to follow Proper Instructions to deliver out to the Fund cash or securities if the Custodian determines in its reasonable discretion that, after giving effect to the Proper Instructions, the cash or securities remaining will not have sufficient value fully to secure the Fund's payment or reimbursement obligations, whether contingent or otherwise.

Except as may arise from the Custodian’s own negligence or willful misconduct, each Fund shall indemnify and hold the Custodian harmless from and against any and all costs, expenses, losses, damages, charges, counsel fees, payments and liabilities which may be asserted against the Custodian (a) acting in accordance with any Proper Instruction or Special Instruction including, without limitation, any Proper Instruction with respect to Free Trades including, but not limited to, cost, expense, loss, damage, liability, tax, charge, assessment or claim resulting from (i) the failure of the applicable Fund to receive income with respect to purchased investments, (ii) the failure of the applicable Fund to recover amounts invested on maturity of purchased investments, (iii) the 

failure of the Custodian to respond to or be aware of notices or other corporate communications with respect to purchased investments, or (iv) the Custodian’s reliance upon information provided by the applicable Fund, such Fund’s counterparty(ies) or the agents of either of them with respect to Fund property released, delivered or purchased pursuant to either of Section 2.2(14) or Section 2.6(7) hereof; (b) for the acts or omissions of any Special Sub-Custodian; or (c) for the acts or omissions of any Local Agent or Pledgee.

Section 17.    Effective Period, Termination and Amendment.

This Agreement shall remain in full force and effect for an initial term ending August 1, 2020 (the “Initial Term”).  After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a “Renewal Term”) unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be.  During the Initial Term and thereafter, either party may terminate this Agreement: (i) in the event of the other party’s material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days’ written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction; in addition, after the Initial Term, either party may terminate this Agreement upon giving ninety (90) days’ prior written notice or such shorter period as is mutually agreed upon by the parties.   Upon termination of this Agreement pursuant to this paragraph with respect to any Fund or Portfolio, the applicable Fund shall pay Custodian its compensation due and shall reimburse Custodian for its costs, expenses and disbursements.

During the Initial Term, in the event of: (i) any Fund's termination of this Agreement with respect to such Fund or its Portfolio(s) for any reason other than as set forth in the immediately preceding  paragraph or (ii) a transaction not in the ordinary course of business pursuant to which the Custodian is not retained to continue providing services hereunder to a Fund or Portfolio (or its respective successor), the applicable Fund shall pay the Custodian its compensation due through the end of the Initial Term (based upon the average monthly compensation previously earned by Custodian with respect to such Fund or Portfolio) and shall reimburse the Custodian for its costs, expenses and disbursements.  Upon receipt of such payment and reimbursement, the Custodian will deliver such Fund’s or Portfolio’s securities and cash as set forth hereinbelow.  For the avoidance of doubt, no payment will be required pursuant to this paragraph after the Initial Term or in the event of any transaction such as (a) the liquidation or dissolution of a Fund or a Portfolio and distribution of such Fund’s or Portfolio’s assets as a result of the Board’s determination in its reasonable business judgment that the Fund or Portfolio is no longer viable, (b) a merger of a Fund or Portfolio into, or the consolidation of a Fund or Portfolio with, another entity, or (c) the sale by a Fund or Portfolio of all, or substantially all, of its assets to another entity, in each of (b) and (c) where the Custodian is retained to continue providing services to such Fund or Portfolio (or its respective successor) on substantially the same terms as this Agreement.

Termination of this Agreement with respect to any one particular Fund or Portfolio shall in no way affect the rights and duties under this Agreement with respect to any other Fund or Portfolio.  The 

provisions of Sections 4.11, 15 and 16 of this Agreement shall survive termination of this Agreement for any reason.

This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

Section 18.    Successor Custodian.

If a successor custodian for one or more Portfolios shall be appointed by the applicable Board, the Custodian shall, upon termination and receipt of Proper Instructions, deliver to such successor custodian at the office of the Custodian, duly endorsed and in the form for transfer, all securities of each applicable Portfolio then held by it hereunder and shall transfer to an account of the successor custodian all of the securities of each such Portfolio held in a Securities System or at the Underlying Transfer Agent.

If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of Proper Instructions, deliver at the office of the Custodian and transfer such securities, funds and other properties in accordance with such resolution.

In the event that no Proper Instructions designating a successor custodian or alternative arrangements shall have been delivered to the Custodian on or before the date when such termination shall become effective, then the Custodian shall have the right to deliver to a bank or trust company, which is a “bank” as defined in the 1940 Act, doing business in Boston, Massachusetts or New York, New York, of its own selection, having an aggregate capital, surplus, and undivided profits,

as shown by its last published report, of not less than $25,000,000, all securities, funds and other properties held by the Custodian on behalf of each applicable Portfolio and all instruments held by the Custodian relative thereto and all other property held by it under this Agreement on behalf of each applicable Portfolio, and to transfer to an account of such successor custodian all of the securities of each such Portfolio held in any Securities System or at the Underlying Transfer Agent.  Thereafter, such bank or trust company shall be the successor of the Custodian under this Agreement.

In the event that securities, funds and other properties remain in the possession of the Custodian after the date of termination hereof owing to failure of any Fund to provide Proper Instructions as aforesaid, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian retains possession of such securities, funds and other properties and the provisions of this Agreement relating to the duties and obligations of the Custodian shall remain in full force and effect.

Section 19.  General.

Section 19.1  Massachusetts Law to Apply.  This Agreement shall be construed and the provisions thereof interpreted under and in accordance with laws of The Commonwealth of Massachusetts.

Section 19.2  Prior Agreements.  This Agreement supersedes and terminates, as of the date hereof, all prior agreements between each Fund on behalf of each of the Portfolios and the Custodian relating to the custody of such Fund’s assets.
    
Section 19.3  Assignment.  This Agreement may not be assigned by (a) any Fund without the written consent of the Custodian or (b) by the Custodian without the written consent of each applicable Fund.

     Section 19.4  Interpretive and Additional Provisions.  In connection with the operation of this Agreement, the Custodian and each Fund on behalf of each of the Portfolios, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement.  Any such interpretive or additional provisions shall be in a writing signed by all parties and shall be annexed hereto, provided that no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any provision of a Fund’s Governing Documents.  No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

Section 19.5  Additional Funds.  In the event that any management investment company in addition to those listed on Appendix A hereto desires to have the Custodian render services as custodian under the terms hereof, it shall so notify the Custodian in writing, and if the Custodian agrees in writing to provide such services, such management investment company shall become a Fund hereunder and be bound by all terms and conditions and provisions hereof including, without limitation, the representations and warranties set forth in Section 19.7 below.

Section 19.6  Additional Portfolios.  In the event that any Fund establishes one or more series of Shares in addition to those set forth on Appendix A hereto with respect to which it desires to have the Custodian render services as custodian under the terms hereof, it shall so notify the Custodian in writing, and if the Custodian agrees in writing to provide such services, such series of Shares shall become a Portfolio hereunder.

Section 19.7  The Parties.  All references herein to the “Fund” are to each of the management investment companies listed on Appendix A hereto, and each management investment company made subject to this Agreement in accordance with Section 19.5 above, individually, as if this Agreement were between such individual Fund and the Custodian.  In the case of a series corporation, trust or other entity, all references herein to the “Portfolio” are to the individual series or portfolio of such corporation, trust or other entity, or to such corporation, trust or other entity on behalf of the individual series or portfolio, as appropriate.  Any reference in this Agreement to “the parties” shall mean the Custodian and such other individual Fund as to which the matter pertains.  Each Fund hereby represents and warrants that (a) it is duly incorporated or organized and is validly existing in good standing in its jurisdiction of incorporation or organization; (b) it has the requisite power and authority under applicable law and its Governing Documents to enter into and perform this Agreement; (c) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d) this Agreement constitutes its legal, valid, binding and enforceable agreement; and (e) its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Fund or any law or regulation applicable to it.

Notice is hereby given, and it is expressly agreed, that the obligations under this Agreement of any Fund shall not be binding upon any of the trustees, shareholders, nominees, officers, agents or employees of such Fund personally, but bind only the trust property of such Fund.  In the case of each Fund, the execution and delivery of this Agreement on its behalf has been duly authorized by its trustees, and signed by an authorized officer, in each case acting in such capacity and not individually, and neither such authorization by the trustees nor such execution and delivery shall be deemed to have been made by any of them individually, but shall only bind the trust property of each Fund.

Section 19.8  Remote Access Services Addendum.  The Custodian and each Fund agree to be bound by the terms of the Remote Access Services Addendum hereto.

Section 19.9  Notices.  Any notice, instruction or other instrument required to be given hereunder may be delivered in person to the offices of the parties as set forth herein during normal business hours or delivered prepaid registered mail or by telex, cable or telecopy to the parties at the following addresses or such other addresses as may be notified by any party from time to time.

To any Fund:            c/o Barings LLC
300 South Tryon Street, Ste. 3300
Charlotte, NC  28202 
Attention: Patrick Hoefling  
Telephone: 704-805-7200
Telecopy: 704-805-7376

With a copy to:    Janice Bishop
Email:  Janice.bishop@barings.com

To the Custodian:        STATE STREET BANK AND TRUST COMPANY
100 Summer Street, Floor 5
Boston, MA 02110     
Attention: Fred Willshire
State Street Alternative Investment Solutions 
Facsimile No.: 212-651-2393 
Telephone No.: 617-662-7245

Such notice, instruction or other instrument shall be deemed to have been served in the case of a registered letter at the expiration of five business days after posting, in the case of cable twenty-four hours after dispatch and, in the case of telex, immediately on dispatch and if delivered outside normal business hours it shall be deemed to have been received at the next time after delivery when normal business hours commence and in the case of cable, telex or telecopy on the business day after the receipt thereof.  Evidence that the notice was properly addressed, stamped and put into the post shall be conclusive evidence of posting.

Section 19.10  Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement.

Section 19.11  Severability.  If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. The failure of a party hereto to insist upon strict adherence to any term of this Agreement on any occasion or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy.

Section 19.12 Confidentiality.  All information provided under this Agreement by a party (the “Disclosing Party”) to the other party (the “Receiving Party”) regarding the Disclosing Party’s business and operations shall be treated as confidential.  Subject to Section 19.13 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party’s other obligations under the Agreement or managing the business of the Receiving Party and its affiliates, including financial and operational management and reporting, risk management, legal and regulatory compliance and customer service management.  The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Custodian or its affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld. 

Section 19.13 Reserved.
    
Section 19.14  Reproduction of Documents.  This Agreement and all schedules, addenda, exhibits, appendices, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process.  The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

Section 19.15  Regulation GG.  Each Fund hereby represents and warrants that it does not engage in an “Internet gambling business,” as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) (“Regulation GG”).  Each Fund hereby covenants and agrees that it shall not engage in an Internet gambling business.  In accordance with Regulation GG, each Fund is hereby notified that “restricted transactions,” as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with the Custodian pursuant to this Agreement or otherwise between or among any party hereto.  

Section 19.16  Data Privacy. The Custodian will implement and maintain a written information security program that contains appropriate security measures to safeguard the personal information of the Fund’s shareholders, employees, directors and/or officers that the Custodian receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder.  For these purposes, “personal information” shall mean (i) an individual’s name (first initial and last name or first name and last name), address or telephone number plus (a) social security number, (b) drivers license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person’s account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual’s account.  Notwithstanding the foregoing “personal information” shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

Section 19.17    Loan Services Addendum.    In the event the Fund directs Custodian in writing to perform loan services, Custodian and the Fund hereby agree to be bound by the terms of the Loan Services Addendum attached hereto and the Fund shall reimburse Custodian for its fees and expenses related thereto as agreed upon from time to time in writing by the Fund and Custodian.

Section 19.18  Shareholder Communications Election.  SEC Rule 14b-2 requires banks which hold securities for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information.  In order to comply with the rule, the Custodian needs each Fund to indicate whether it authorizes the Custodian to provide such Fund’s name, address, and share position to requesting companies whose securities the Fund owns.  If a Fund tells the Custodian “no,” the Custodian will not provide this information to requesting companies.  If a Fund tells the Custodian “yes” or does not check either “yes” or “no” below, the Custodian is required by the rule to treat the Fund as consenting to disclosure of this information for all securities owned by the Fund or any funds or accounts established by the Fund.  For a Fund’s protection, the Rule prohibits the requesting company from using the Fund’s name and address for any purpose other than corporate communications.  Please indicate below whether the Fund consents or objects by checking one of the alternatives below.

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

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

Signature Page

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

EACH OF THE ENTITIES 
SET FORTH ON APPENDIX A HERETO

By: /s/ Eric J. Lloyd _________________________
Name: Eric J. Lloyd
Title:   Chief Executive Officer

STATE STREET BANK AND TRUST COMPANY

By: /s/ Brian Nath_________________________
Name:  Brian Nath
Title:   Managing Director

APPENDIX A
to
Master Custodian Agreement

SCHEDULE D
to
Master Custodian Agreement

Special Sub-Custodians

NoneExhibit 10.8

 

BARINGS CAPITAL INVESTMENT CORPORATION

 

SUBSCRIPTION AGREEMENT

 

     

     

    

 

THE SHARES OF BARINGS CAPITAL INVESTMENT
CORPORATION HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATES
OR OTHER JURISDICTIONS, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND THE REGISTRATION AND QUALIFICATION REQUIREMENTS OF SUCH LAWS. THE SHARES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY
AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND SUCH LAWS PURSUANT TO REGISTRATION,
QUALIFICATION OR EXEMPTION THEREFROM. THE SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED
BY THE SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE OR OTHER SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE
ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE OFFERING
MATERIALS, AND ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

 

SUBSCRIPTION AGREEMENT

 

Barings Capital Investment Corporation

300 South Tryon Street

Suite 2500

Charlotte, North Carolina 28202

 

Ladies and Gentlemen:

 

This Subscription Agreement
(“Subscription Agreement”) is being executed and delivered in connection with the subscription by the undersigned
(the “Subscriber”) to purchase the number of shares of common stock, par value $0.001 per share (the “Shares”),
of Barings Capital Investment Corporation, a Maryland corporation (the “Company”), through periodic calls of
all or a portion of capital amounts of the Subscriber’s aggregate capital commitment (the “Capital Commitment”)
in the amount set forth on the signature page below. Capitalized terms used herein shall have the same meanings herein as
defined in the Company’s Confidential Private Placement Memorandum, as amended, restated and/or supplemented (the “Memorandum”),
unless otherwise defined herein.

 

In addition to completing
and signing the signature page to this Subscription Agreement, each Subscriber must complete any necessary attachments contained
in this package (such attachments, together with the Subscription Agreement, the “Subscription Documents”) in
the manner described below. For purposes of these Subscription Documents, the “Subscriber” is the person or
entity for whose account the Shares will be purchased and that can satisfy the representations and warranties set forth in the
Subscription Documents. Another person or entity with investment authority may execute the Subscription Documents on behalf of
the Subscriber, but should indicate the capacity in which it is doing so and the name of the Subscriber. All appendices to this
Subscription Agreement are incorporated by reference herein.

 

(a)            Investor
Questionnaire. Complete Appendix A attached to this Subscription Agreement.

 

(b)            Tax
Forms. Fill in and sign and date the attached Form W-9. Each non-U.S. investor is required to fill in and date the relevant
Form(s) W-8 (W-8BEN, W-8IMY, W-8ECI or W-8EXP), as applicable, in accordance with the instructions to such Form. In the event
that any applicable reduction or exemption from U.S. federal withholding tax is claimed, each Subscriber is required to provide
all applicable attachments or addendums as required to claim such exemption or reduction.

 

     

     

    

 

(c)            Evidence
of Authorization. Each Subscriber must provide satisfactory evidence of authorization and may be required to submit further
information for “know your customer” and anti-money laundering purposes.

 

(i)            For
Corporations: certified documentation evidencing the corporation’s existence and certified corporate resolutions authorizing
the subscription and identifying the corporate officer empowered to sign the Subscription Documents.

 

(ii)            For
Partnerships: certified documentation evidencing the partnership’s existence, and a certified copy of the partnership agreement
(which, in the case of a limited partnership, identifies the general partner(s)).

 

(iii)            For
Limited Liability Companies: certified documentation evidencing the limited liability company’s existence, and a certified
copy of the limited liability operating agreement identifying the manager or managing member, as applicable, empowered to sign
the Subscription Documents.

 

(iv)            For
Trusts: a copy of the trust agreement.

 

(v)            For
Employee Benefit Plans: a certificate of an appropriate officer certifying that the subscription has been authorized and identifying
the individual empowered to sign the Subscription Documents.

 

(d)            Delivery
of Subscription Documents. Subscriber shall execute and complete two (2) original copies of the Subscription Agreement
and all of the documents referred to in clauses (a) through (c) above. One (1) copy of the executed and completed
copy of the Subscription Agreement shall be delivered electronically to the Company at BaringsCOB@Barings.com and one (1) copy
of the executed and completed original copy of the Subscription Agreement shall be delivered to the Company’s transfer agent,
State Street Transfer Agency, 1 Heritage Drive, MAILSTOP: OHD0100, North Quincy, MA 02171.

 

(e)            Acceptance
by the Company. If the Company accepts the Subscriber’s subscription (in whole or in part), a fully executed set of the
Subscription Documents will be returned to the Subscriber. The Company may accept and countersign this Subscription Agreement (in
whole or in part) at any time.

 

1.            Subscription.

 

(a)            The
Subscriber acknowledges and agrees that this subscription (i) is irrevocable on the part of the Subscriber, (ii) is conditioned
upon acceptance by the Company and (iii) may be accepted or rejected in whole or in part by the Company in its sole discretion
at any time. The Subscriber agrees to be bound by all the terms and provisions of this Subscription Agreement, the Memorandum,
the Company’s bylaws, in the form attached hereto as Appendix C (as amended, the “Bylaws”), the
Company’s articles of incorporation, in the form attached hereto as Appendix D (as amended, the “Charter”),
the Investment Advisory Agreement by and between Barings LLC (the “Adviser”) and the Company, in the form attached
hereto as Appendix E (as amended, the “Advisory Agreement”) and the Administration Agreement by and between
the Company and Barings LLC, the administrator (the “Administrator”), in the form attached hereto as Appendix
F (as amended, the “Administration Agreement” and, together with the Memorandum, the Bylaws, the Charter
and the Advisory Agreement, the “Operative Documents”) together with this Subscription Agreement.

 

    -2-

     

    

 

(b)            The
Subscriber agrees to purchase Shares for an aggregate purchase price equal to its Capital Commitment, payable at such times and
in such amounts as required by the Company, under the terms and subject to the conditions set forth herein. The minimum Capital
Commitment is $50,000, subject to the discretion of the Company to accept a lower amount.

 

(c)            The
Company will file or has filed a registration statement on Form 10 (the “Registration Statement”) for the
registration of its common stock with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). The Registration Statement is not the offering document
pursuant to which the Company is conducting this offering of securities. Accordingly, the Subscriber should rely exclusively on
information contained in the Memorandum, together with reports the Company may file under the Exchange Act from time to time, in
making its investment decisions. The Company expects to enter into separate Subscription Agreements (the “Other Subscription
Agreements” and, together with this Subscription Agreement, the “Subscription Agreements”) with other
investors (the “Other Investors,” and together with the Subscriber, the “Investors”), providing
for the sale of Shares to the Other Investors. This Subscription Agreement and the Other Subscription Agreements are separate agreements,
and the sales of Shares to the undersigned and the Other Investors are to be separate sales.

 

2.            Acceptance
of Subscription; Closings.

 

This Subscription Agreement
is made subject to the following terms and conditions:

 

(a)            The
Company shall have the right to accept or reject the Subscriber’s subscription, in whole or in part, for any reason, including,
without limitation, (i) the inability of the Subscriber to meet the standards imposed by Regulation D promulgated by the Securities
and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”) (ii) the ineligibility
of the Subscriber under applicable state or foreign securities laws or (iii) for any other reason.

 

(b)            If
the Subscriber’s subscription is accepted in part and rejected in part, the Subscriber will be so notified and the Subscriber
agrees to deliver promptly upon the Company’s request a new signature page to this Subscription Agreement with respect
to which the Subscriber’s Capital Commitment shall be such lesser amount as may be determined by the Company.

 

(c)            If
the Subscriber’s subscription is wholly rejected, the executed copies of this Subscription Agreement will be returned to
the Subscriber.

 

(d)            The
closing of the subscription for the Shares by the Subscriber (the “Closing”) shall take place on the date that
this Subscription Agreement (having been executed and fully completed by the Subscriber) is accepted in whole or in part by the
Company (such date being the date filled in by the Company on the signature page hereto). On the date of the Company’s
receipt of the Subscriber’s first Drawdown Purchase, assuming the Closing has taken place, the Subscriber shall be registered
as a stockholder of the Company (a “Stockholder”).

 

(e)            The
Subscriber agrees to provide any information reasonably requested by the Company to verify the accuracy of the representations
contained herein, including the Investor Questionnaire attached hereto as Appendix A (the “Investor Questionnaire”)
and the Certification of Beneficial Owner(s) attached hereto as Appendix B.

 

(f)            If
the individual subscribing for Shares is investing assets on behalf of an individual retirement account (an “IRA”),
the individual who established the IRA has signed the signature page of this Subscription Agreement and confirms that such
individual (i) has directed the custodian or trustee of the IRA to execute the acknowledgement on the signature page, which
has been so executed, and (ii) has reviewed and hereby expressly certifies to the accuracy of the representations and warranties
made herein with respect to the IRA and the individual Subscriber.

 

    -3-

     

    

 

(g)            In
the event that the Subscriber is permitted by the Company to make an additional capital commitment to purchase Shares on a date
after its initial subscription has been accepted, the Subscriber shall be required to enter into an addendum to this Subscription
Agreement covering such additional capital commitment.

 

3.            Drawdowns.

 

(a)            Subject
to Section 3(d), the Subscriber agrees to purchase Shares for an aggregate purchase price equal to its Capital Commitment,
payable at such times and in such amounts as required by the Company. The Subscriber shall be required to fund a capital contribution
to purchase Shares (a “Drawdown Purchase”) each time the Company delivers a notice (the “Drawdown Notice”)
to the Subscriber. Drawdown Notices shall be delivered at least ten calendar days prior to the date on which payment will be due
(each, a “Drawdown Date”) and shall set forth the amount, in U.S. dollars, of the aggregate purchase price (the
 “Drawdown Purchase Price”) to be paid by the Subscriber to purchase Shares on such Drawdown Date. Each purchase
of Shares pursuant to a Drawdown Notice will be made at a per Share price equal to the then-current NAV per Share (“NAV
per Share”) as determined by the board of directors of the Company (the “Board”) pursuant to the procedures
set forth in the Memorandum. However, the Company reserves the right to sell Shares at a price set above the NAV per Share based
on a variety of factors, including, without limitation, the total amount of the Company’s organizational and other expenses.
No Investor shall be required to invest more than the total amount of its Capital Commitment. For the avoidance of doubt, any reference
herein to a capital contribution being required or a Drawdown Notice being delivered by the Company shall be deemed to include
such contribution being required or Drawdown Notice being delivered by a lender or agent in respect of any Subscription Facility
as described in Section 5.

 

(b)            Each
Drawdown Purchase Price shall be payable, in U.S. dollars and in immediately available funds per the wire transfer instructions
set forth in such in Drawdown Notice. In addition to the wire transfer instructions, each Drawdown Notice shall set forth (i) the
Drawdown Date, (ii) the aggregate amount of capital that is being drawn down from all Stockholders and (iii) the Subscriber’s
share of capital drawn. The delivery of a Drawdown Notice to the Subscriber shall be the sole and exclusive condition to the Subscriber’s
irrevocable and unconditional obligation to pay such Drawdown Purchase Price in the amount set forth therein, without any right
of offset, reduction, counterclaim or defense.

 

(c)            Concurrent
with any payment of all or a portion of the Drawdown Purchase Price, the Company shall issue to the Subscriber a number of Shares
equal to the amount of the Drawdown Purchase Price funded by the Subscriber on the applicable Drawdown Date divided by the NAV
per Share as of such Drawdown Date. For the avoidance of doubt, the Company shall not issue Shares for any portion of the Subscriber’s
Capital Commitment that has not been paid to the Company and used to purchase Shares pursuant to one or more Drawdown Notices (the
 “Undrawn Capital Commitment”).

 

(d)            Upon
termination of the period (the “Commitment Period”) beginning on the Closing and ending on the earliest of (i) the
completion of a “Liquidity Event” (as defined below), or, (ii) the seven-year anniversary of the initial Closing
and (iii) a final, liquidating distribution to Investors of either (X) cash proceeds from an orderly liquidation of the
Company’s investments or (Y) securities or other assets of the Company as a distribution-in-kind, the Subscriber shall
be released from any obligation to fund any portion of its Capital Commitment for which it has not received a Drawdown Notice prior
to the termination of the Commitment Period, except, in the case of termination of the Commitment Period pursuant to clauses (ii) or
(iii), to the extent necessary to (A) pay Company expenses, including management fees, any amounts that may become due under
any borrowings or other financings or similar obligations and any other liabilities, contingent or otherwise, in each case to the
extent they relate to the Commitment Period, (B) complete investments in any transactions for which there are binding agreements
as of the end of the Commitment Period (including investments that are funded in phases and revolver commitments), (C) fund
follow-on investments (including rescue capital) made in existing portfolio companies that, in the aggregate, do not exceed 10%
of total commitments, (D) fund obligations under any Company guarantee or indemnity made during the Commitment Period and/or
(E) fund any defaulted commitments. A “Liquidity Event” is defined as a corporate control transaction or similar
event (which may include a transaction with an affiliated entity, including an affiliated BDC), such as a strategic sale of the
Company or all or substantially all of the Company’s assets to, or a merger with, another entity, for consideration in cash
or publicly listed securities of such other entity (or a combination of cash and such publicly listed securities).

 

    -4-

     

    

 

(e)            The
Subscriber acknowledges and agrees that the Company intends to request contributions from all Investors with an Undrawn Capital
Commitment pro rata in accordance with the Capital Commitments of all investors with Undrawn Capital Commitments; provided that
the Company shall retain the right, if determined by the Company in its sole discretion, to require the Subscriber (i) to
fund a Drawdown Purchase Price that is more or less than its pro rata share or (ii) to fund a Drawdown Purchase Price (but
not require Other Investors to do so), in either case, in order to accelerate the fulfillment of the Subscriber’s Capital
Commitment if less than 20% of the Subscriber’s Capital Commitment remains undrawn, to seek to equalize the percentage of
the Subscriber’s total Capital Commitment that has been contributed to the Company relative to the capital contributions
of Other Investors, or to avoid any of the Default Remedy Limitations (as defined below) or for regulatory, tax or other similar
basis for distinguishing among Investors, including compliance with an Investor’s internal investment guidelines. The Subscriber
acknowledges and agrees that the Company may, if determined by the Company in its sole discretion, from time to time require capital
contributions from Other Investors and not the Subscriber or vice versa. Accordingly, Drawdown Notices may be issued only to selected
investors and Stockholders (including or excluding the Subscriber) from time to time and require a purchase of Shares by such investors
in amounts determined by the Company in its sole discretion.

 

(f)            Subsequent
Closings. The Company may enter into Other Subscription Agreements with Other Investors after the Closing, with any closing
thereunder referred to as a “Subsequent Closing” and any Other Investor whose subscription has been accepted
at such Subsequent Closing referred to as a “Subsequent Investor.” On one or more dates to be determined by
the Company that occur on or following the Subsequent Closing (each such date, a “Catch-Up Date”), each Subsequent
Investor shall be required to purchase from the Company a number of Shares with an aggregate purchase price necessary to ensure
that, upon payment of the aggregate purchase price for such Shares by the Subsequent Investor on such Catch-Up Date(s), such Subsequent
Investor’s Invested Percentage (as defined below) shall be equal to the Invested Percentage of all prior Investors (other
than any Defaulting Investor) (such amount, the “Catch-Up Purchase Price” and such purchase, the “Catch-up
Purchase”). Upon payment of all or a portion of the Catch-Up Purchase Price by the Investor on a Catch-Up Date, the Company
shall issue to each such Subsequent Investor a number of Shares determined by dividing (x) the Catch-Up Purchase Price paid
minus the Organizational Expense Allocation (as defined below) by (y) the NAV per Share as of a Catch-Up Date (determined
prior to such issuance). Investors that make a Capital Commitment prior to any Subsequent Closing will not be required to fund
Drawdown Purchases on a Drawdown Date until all Subsequent Investors have made their entire Catch-up Purchase. For the avoidance
of doubt, in the event that the Catch-Up Date and a Drawdown Date occur on the same calendar day, such Catch-Up Date and the application
of the provisions of this Section 3(f) shall be deemed to have occurred immediately prior to the relevant Drawdown Date.
 “Invested Percentage” means, with respect to an Investor, the quotient determined by dividing (i) the aggregate
amount of contributions made by such Investor by (ii) such Investor’s Capital Commitment. “Organizational Expense
Allocation” means, with respect to an Investor, (a) multiplied by (b), where: (a) equals (i) a fraction,
the numerator of which is the total Capital Commitments received by the Company through such date (including the Investor’s),
and the denominator of which is the total Capital Commitments received by the Company through such date (excluding the Investor’s),
minus (ii) 1.00; and (b) equals the total amount of organizational and offering expenses spent by the Company in connection
with the Company’s formation and the offering described in the Memorandum.

 

    -5-

     

    

 

4.            Pledging.
Without limiting the generality of the foregoing, the Subscriber specifically agrees and consents that the Company may, at any
time, without further notice to or consent from the Subscriber (except to the extent otherwise provided in this Subscription Agreement),
grant security over and, in connection therewith, transfer its right to draw down capital from the Subscriber pursuant to Section 3,
and the Company’s right to receive the Drawdown Purchase Price (and any related rights of the Company), to lenders or other
creditors of the Company, in connection with any indebtedness, guarantee or surety of the Company; provided that, for the avoidance
of doubt, any such grantee’s right to draw down capital shall be subject to the limitations on the Company’s right
to draw down capital pursuant to Section 3.

 

5.            Indebtedness.
The Subscriber acknowledges that the Company may incur indebtedness at any time and from time to time, directly or indirectly through
one or more subsidiaries (or series of subsidiaries) to borrow against Subscribers Capital Commitments, finance investments or
to warehouse loans, including without limitation, one or more credit facilities to finance its investments. Those facilities may
be secured by an assignment by way of security, pledge, charge, mortgage or other security interest, as the case may be, of or
in (A) the Undrawn Capital Commitments, the proceeds of Drawdown Purchases and the right to receive capital contributions
from the Subscriber and Other Investors, (B) the Company’s right to make drawdowns on those Capital Commitments, deliver
Drawdown Notices and receive the proceeds of Drawdown Purchases (including any powers of attorney or other delegation of the right
to deliver Drawdown Notices), and/or (C) any deposit or other account into which the proceeds of Drawdown Purchases will be
deposited, and all claims, rights and interests that the Company may have relating to or arising from clause (A), clause (B) or
this clause (C) (including the right to exercise any remedies of the Company under or related to this Subscription Agreement
in respect of any such Drawdown Notice or Drawdown Purchase), which may be granted to a lender or an agent for such a lender pursuant
to any loan or security documentation entered into between the Company and any lender (any such facility described in this sentence,
a “Subscription Facility”). The Subscriber may, upon request by the Company or the lender (if authorized to
make such request under the relevant security documentation), be required to acknowledge the existence of a subscription credit
facility, confirm the terms of the Subscriber’s Capital Commitment and the amount of its Unfunded Capital Commitment to the
lender, to honor capital calls made by the lender or other credit party, to provide financial information reasonably requested
by the lender and to execute other documents as may be reasonably requested in connection with obtaining such a facility. In connection
with any such facility, the Subscriber agrees and acknowledges the following, for the benefit of the lenders: (1) it is and
shall remain absolutely and unconditionally obligated to make Drawdown Purchases pursuant to Section 3 (including, without
limitation, those required as a result of the failure of any Other Investor to advance funds with respect to a Drawdown Notice
made pursuant to an agreement with the Other Investor), pro rata among all non-Defaulting Stockholders based on their respective
Capital Commitments and not in excess of the Subscriber’s Capital Commitment, without defense, counterclaim or offset (including
without limitation any defense of fraud or mistake, or any defense under Section 365 of the U.S. Bankruptcy Code but excluding,
for the avoidance of doubt, any defense available under this Subscription Agreement), all of which will, to the fullest extent
permitted by law, be waived as against the lenders (provided, however, that the foregoing waiver of defenses shall be of no force
or effect if and to the extent that the existence of the waiver would constitute or result in there being a prohibited transaction
under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the
Code, each as defined below), (2) that all Drawdown Purchases made by the Subscriber in connection with a facility will be
made to an account (in which such lenders may have a security interest under relevant security documentation) as directed by the
Company or the lenders (if authorized to make such direction under the relevant security documentation), and (3) that any
lender or credit party under a Subscription Facility is extending credit to the Company in reliance on such Subscriber’s
funding its Capital Commitments as such lender’s primary source of repayment. For the avoidance of doubt, a Drawdown Purchase
made by the Subscriber upon the request of a lender shall reduce the Subscriber’s Capital Commitment and be treated in all
respects in the same manner as a Drawdown Purchase made upon the request of the Company. Notwithstanding anything in this Subscription
Agreement to the contrary, the Subscriber acknowledges and agrees: (i) that any limitation with respect to any Capital Contribution
shall not be applicable with respect to any Drawdown Notice the purpose of which is to repay amounts due under a Subscription Facility,
regardless of whether the related Drawdown Notice is issued by the Company or any lender or credit party under the Subscription
Facility; and (ii) if such Subscriber is entitled to withdraw from the Company pursuant to any provision of this Subscription
Agreement, prior to the effectiveness of such withdrawal, such Subscriber shall be obligated to fund its pro rata share of Drawdown
Purchases necessary to cure any borrowing base default under the terms of any Subscription Facility as a direct or indirect result
of such withdrawal.

 

    -6-

     

    

 

6.            Dividends;
Dividend Reinvestment Plan. As described more fully in the Memorandum, the Company generally intends to distribute on a quarterly
basis, out of assets legally available for distribution, substantially all of its available earnings in such amount so the Company
will not have to pay corporate-level income tax, subject to the discretion of the Board. The Company has adopted a dividend reinvestment
plan, as may be amended (the “Dividend Reinvestment Plan”), pursuant to which the Company shall reinvest all
cash distributions declared by the Board on behalf of any Stockholder, other than any Stockholder that has affirmatively elected
to opt out of the Dividend Reinvestment Plan, in exchange for such Stockholder receiving a number of newly issued Shares equal
to the quotient determined by dividing the total dollar amount of the distribution payable to such Stockholder by the NAV per Share
as of the last day of the fiscal quarter immediately preceding the date such distribution was declared. The Subscriber may opt
out of the Dividend Reinvestment Plan in the Investor Questionnaire. An election to opt-out or to opt-in to the Dividend Reinvestment
Plan may be altered in accordance with the Company’s Dividend Reinvestment Plan. The Subscriber acknowledges and agrees that
any distributions received by the Subscriber or reinvested by the Company on the Subscriber’s behalf pursuant to the Dividend
Reinvestment Plan shall have no effect on the amount of the Subscriber’s Undrawn Capital Commitment.

 

7.            Remedies
Upon Drawdown Purchase Price Default. In the event that the Subscriber fails to pay all or any portion of the Drawdown Purchase
Price due from the Subscriber on any Drawdown Date (such amount, together with the amount of the Subscriber’s Undrawn Capital
Commitment, a “Defaulted Commitment”) and such default remains uncured for a period of ten calendar days, then
the Company shall be permitted to declare the Subscriber to be in default on its obligations under this Subscription Agreement
(in such capacity, a “Defaulting Investor” and, collectively with any Other Investors declared to be in default,
the “Defaulting Stockholders”) and shall be permitted to pursue one or any combination of the following remedies:

 

(a)            Participation
in Future Drawdowns. The Company may prohibit the Defaulting Investor from purchasing additional Shares on any future Drawdown
Date.

 

    -7-

     

    

 

(b)            Forfeiture
of Shares. One-fourth of the Shares then held by the Defaulting Investor may be automatically forfeited and transferred on the
books of the Company to the Other Investors (other than any other Defaulting Stockholders), pro rata in accordance with their respective
number of shares held; provided that no Shares shall be transferred to any Other Investor pursuant to this Section 6(b) in
the event that such transfer would (i) violate the Securities Act, the 1940 Act or any state (or other jurisdiction) securities
or “blue sky” laws applicable to the Company or such transfer, (ii) constitute a non-exempt “prohibited
transaction” under Section 406 of ERISA, or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended
(the “Code”), or (iii) cause all or any portion of the assets of the Company to constitute “plan
assets” under ERISA or Section 4975 of the Code (the “Default Remedy Limitations”) (it being understood
that this proviso shall operate only to the extent necessary to avoid the occurrence of the consequences contemplated herein and
shall not prevent any Other Investor from receiving a partial allocation of its pro rata portion of Shares); and provided, further,
that any Shares that have not been transferred to one or more Other Investors pursuant to the previous proviso shall be allocated
among the participating Other Investors pro rata in accordance with their respective number of shares held. The mechanism described
in this Section 7(b) is intended to operate as a liquidated damage provision since the damage to the Company and the
Other Investors resulting from a default by the Defaulting Investor is both significant and not easily susceptible to precise quantification.
By entry into this Subscription Agreement, the Subscriber agrees to this Section 7(b) and acknowledges that the automatic
transfer of one-third of its Shares constitutes a reasonable liquidated damages remedy for any default of the Subscriber’s
obligations to fund a Drawdown Purchase Price.

 

(c)            Inability
to Vote. To the maximum extent permitted by applicable law, the Defaulting Investor hereby makes, constitutes and appoints the
Company with full power of substitution, its true and lawful proxy to exercise all voting and other rights of such Defaulting Investor
with respect to the Shares, at every annual, special or adjourned meeting of the stockholders of the Company and in every written
consent in lieu of such meeting in exact proportion to the votes or consents cast by Stockholders other than Defaulting Stockholders
or, in the absence of any such Stockholders, in the discretion of the proxy.

 

(d)            Other
Remedies. The Company may pursue any other remedies against the Defaulting Investor available to the Company at law or in equity.
No course of dealing between the Company and any Defaulting Stockholder and no delay in exercising any right, power or remedy conferred
in this Section 7 or now or hereafter existing at law or in equity or otherwise shall operate as a waiver or otherwise prejudice
any such right, power or remedy. In addition to the foregoing, the Company may in its discretion institute a lawsuit against the
Defaulting Investor for specific performance of its obligation to pay any Drawdown Purchase Price and any other payments to be
made by the Defaulting Investor pursuant to this Subscription Agreement and to collect any overdue amounts hereunder. Notwithstanding
any other provision of this Subscription Agreement, the Subscriber agrees (i) to pay on demand all costs and expenses (including
attorneys’ fees) incurred by or on behalf of the Company in connection with the enforcement of this Subscription Agreement
against the Subscriber sustained as a result of any default by the Subscriber and (ii) that any such payment shall not constitute
payment of a Drawdown Purchase Price or reduce the Subscriber’s Capital Commitment.

 

The Subscriber agrees that this Section 7
is solely for the benefit of the Company and shall be interpreted by the Company against the Defaulting Investor in the discretion
of the Company. The Subscriber further agrees that the Subscriber cannot and will not seek to enforce this Section 7 against
the Company or any other investor in the Company.

 

    -8-

     

    

 

8.            Representations
and Warranties of the Subscriber.

 

The Subscriber represents and warrants
as follows:

 

(a)            Private
Placement.

 

(i)            The
Subscriber understands that the offering and sale of the Shares are intended to be exempt from registration under the Securities
Act, applicable U.S. state securities laws and the laws of any non-U.S. jurisdictions by virtue of the private placement exemption
from registration provided in Section 4(a)(2) of the Securities Act, exemptions under applicable U.S. state securities
laws and exemptions under the laws of any non-U.S. jurisdictions, and the Subscriber agrees that any Shares acquired by the Subscriber
may not be Transferred (as defined below) in any manner that would require the Company to register the Shares under the Securities
Act, under any U.S. state securities laws or under the laws of any non-U.S. jurisdictions. The Subscriber was offered the Shares
through private negotiations, not through any general solicitation or general advertising.

 

(ii)            The
Subscriber understands that the Company requires each investor in the Company to be an “accredited investor” as defined
in Rule 501(a) of Regulation D of the Securities Act (“Accredited Investor”), and the Subscriber represents
and warrants that it is an Accredited Investor.

 

(iii)            The
Subscriber understands that the offering and sale of the Shares in non-U.S. jurisdictions may be subject to additional restrictions
and limitations and represents and warrants that it is acquiring its Shares in compliance with all applicable laws, rules, regulations
and other legal requirements applicable to the Subscriber, including the legal requirements of jurisdictions in which the Subscriber
is resident and in which such acquisition is being consummated. In furtherance, and not in limitation, of the foregoing, if the
Subscriber is a resident of any of the jurisdictions set forth in the Memorandum, the Subscriber represents, warrants and covenants
as specified in the Memorandum hereto for such jurisdiction.

 

(iv)            The
Shares to be acquired hereunder are being acquired by the Subscriber for the Subscriber’s own account for investment purposes
only and not with a view to resale or distribution. The Subscriber shall not, directly or indirectly, Transfer all or any portion
of such Shares (or solicit any offers to buy, purchase or otherwise acquire or take a pledge or charge of all or any part of such
Shares) except in accordance with (i) the registration provisions of the Securities Act or an exemption from such registration
provisions, (ii) any applicable U.S. federal or state or non-U.S. securities laws and (iii) the terms of this Subscription
Agreement and the Charter. The Subscriber understands that it may be required to bear the economic risk of its investment in the
Shares for a substantial period of time because, among other reasons, the offering and sale of the Shares have not been registered
under the Securities Act and, therefore, the Shares cannot be sold other than through a privately negotiated transaction unless
they are subsequently registered under the Securities Act or an exemption from such registration is available. “Transfer”
(or any derivative thereof) shall mean to sell, offer for sale, agree to sell, exchange, transfer, assign, pledge, hypothecate,
grant any option to purchase or otherwise dispose of or agree to dispose of, in any case whether directly or indirectly.

 

(b)            The
Subscriber is not subject to and is not aware of any facts that would cause such Subscriber to be subject to any of the “Bad
Actor” disqualifications as described in Rule 506(d)(1)(i) to (viii) under the Securities Act.

 

(c)            The
Subscriber has received, read carefully in its entirety, and understands the Memorandum. The Subscriber has consulted with its
own attorney, accountant, investment adviser or other adviser with respect to the investment(s) contemplated hereby and its
suitability for the Subscriber, and the Subscriber understands and consents to the fees, risks and other considerations relating
to the purchase of the Shares and an investment in the Company, including the fees outlined in the section titled “Management
Agreements” of the Memorandum and the risks and other considerations set forth in the sections titled “Risk Factors”
and “Certain Relationships and Related Party Transactions” in the Memorandum. The Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company, all such questions have been answered to the Subscriber’s
full satisfaction, and the Subscriber has obtained any additional information concerning the Company sought by the Subscriber.
The Subscriber acknowledges that no representations have been made to the Subscriber in connection with its investment in the Company,
other than the Offering Materials.

 

    -9-

     

    

 

(d)            The
Subscriber has substantial knowledge and experience in business and financial matters and is capable of evaluating the merits and
risks of a purchase of the Shares. The Subscriber understands that there can be no assurance that the Company will meet its investment
objective or otherwise be able to successfully carry out its investment program.

 

(e)            The
Subscriber has the financial ability to bear the economic risk of its investment in the Company (including the possible loss of
its investment), has adequate means for providing for its current needs and has no current need for liquidity in connection with
its purchase of the Shares.

 

(f)            The
purchase of the Shares by the Subscriber is consistent with the general investment objectives of the Subscriber.

 

(g)            If
the Subscriber is a natural person, the Subscriber’s domicile and principal residence are at the address shown on the signature
page below. If the Subscriber is not a natural person, the Subscriber has its domicile, principal place of business, or principal
office at the address shown on the signature page below. The Subscriber received the Offering Materials, the Operative Documents,
and this Subscription Agreement at the address of the Subscriber on the signature page below.

 

(h)            The
Subscriber is not an entity (including a qualified retirement plan) in which a holder of an interest in the Subscriber may decide
whether or how much to invest through the Subscriber in various investment vehicles, including the Company, unless the Subscriber
has so notified the Company in writing.

 

(i)            If
the Subscriber is not a natural person, then, unless the Subscriber has notified the Company in writing that the Subscriber was
formed for the specific purpose of acquiring Shares and all of the equity holders of the Subscriber are accredited investors, the
Subscriber’s Capital Commitment does not exceed 40% of the Subscriber’s assets. If at any time the Subscriber holds
Shares, the Subscriber shall no longer be in compliance with the provisions of this Section 8(i), it shall promptly notify
the Company.

 

(j)            If
the Subscriber is not a citizen of the United States, or a resident of or entity created under the laws of any state of the United
States (any such citizen, resident or entity being hereinafter called a “Domestic Person”), the Subscriber is
not purchasing the Shares on behalf of any Domestic Person, and the Subscriber has no present intention of becoming a Domestic
Person.

 

(k)            If
the Subscriber is a natural person, the Subscriber is of legal age in its country or state of residence and has legal capacity
to execute, deliver and perform its obligations under this Subscription Agreement and the Charter and to subscribe for and purchase
the Shares hereunder. If the Subscriber is not a natural person, the Subscriber is an entity of the kind set forth under the applicable
item of the Investor Questionnaire and has been duly organized, formed or incorporated, as the case may be, and is validly existing
and in good standing under the laws of its jurisdiction of organization, formation or incorporation, and the Subscriber has all
requisite power and authority to execute, deliver and perform its obligations under this Subscription Agreement and to subscribe
for and purchase the Shares hereunder. The Subscriber’s purchase of the Shares and its execution, delivery and performance
of this Subscription Agreement (i) has been duly executed and delivered by the Subscriber, (ii) constitutes the legal,
valid and binding obligation of the Subscriber (except (A) as limited by any applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting the rights and remedies of creditors generally, as from time to time in effect, (B) as
limited by general principles of equity, and (C) as the enforcement of remedies rests in the discretion of any court) and
(iii) does not result in the violation of, constitute a default under, or conflict with, any mortgage, indenture, contract,
agreement, instrument, judgment, decree, order, statute, rule or regulation applicable to the Subscriber.

 

    -10-

     

    

 

(l)            The
execution and delivery of this Subscription Agreement, the consummation of the transactions contemplated hereby and under the Charter
and the performance of the Subscriber’s obligations hereunder and under the Charter do not and will not conflict with, or
result in any violation of or default under, (i) if the Subscriber is not a natural person, any provision of any certificate
of formation, certificate of incorporation, charter, by-laws, memorandum and articles of association, trust agreement, partnership
agreement, limited liability company agreement or other organizational or governing instrument applicable to the Subscriber, (ii) any
agreement or other instrument to which the Subscriber is a party or by which the Subscriber or any of its properties are bound,
or (iii) any permit, franchise, judgment, decree, statute, writ, injunction, order, law, rule or regulation applicable
to the Subscriber or to its business or properties. In addition, the Subscriber represents that its power of attorney contained
in this Subscription Agreement and to be exercised in connection with the Charter has been granted by the Subscriber, including
as to the manner of any execution by the Subscriber, in compliance with all laws applicable to the Subscriber, including the laws
of the state or jurisdiction in which the Subscriber executed this Subscription Agreement. The Subscriber has obtained all authorizations,
consents, approvals and clearances of all courts, governmental agencies and authorities and such other persons, if any, required
to permit the Subscriber to enter into this Subscription Agreement and to consummate the transactions contemplated hereby and thereby.

 

(m)            The
Subscriber understands that the Company intends to file or has filed an election to be treated as a BDC under the 1940 Act and
intends to elect or has elected to be treated as a “regulated investment company” within the meaning of Section 851
of the Code for U.S. federal income tax purposes. Pursuant to these elections, the Subscriber shall be required to furnish certain
information to the Company as required under U.S. Treasury Regulation §1.852-6(a) and other regulations. If the Subscriber
is unable or refuses to provide such information directly to the Company, the Subscriber understands that it shall be required
to include additional information on its income tax return as provided in U.S. Treasury Regulation § 1.852-7.

 

(n)            The
Subscriber: (i) is not registered or required to be registered as an “investment company” under the 1940 Act;
(ii) has not elected to be regulated as a BDC under the 1940 Act; and (iii) either (A) is not relying on the exception
from the definition of “investment company” under the 1940 Act set forth in Section 3(c)(1) or 3(c)(7) thereunder
or (B) is otherwise permitted to acquire and hold more than 3% of the outstanding voting securities of a BDC.

 

(o)            ERISA
Matters. If the Subscriber is or will be (x) an “employee benefit plan” as defined in Section 3(3) of
ERISA, that is subject to ERISA, (y) a “plan” described in Section 4975(e)(1) of the Code, that is subject
to Section 4975 of the Code, or (z) an entity that is, or is deemed to be, using “plan assets” for purposes
of ERISA or Section 4975 of the Code to purchase or hold its investments (each of the foregoing, a “Plan”),
the Subscriber has so indicated in, and has completed each applicable question in, the Investor Questionnaire, and the Subscriber
represents, warrants and agrees that:

 

(i)            the
acquisition and the subsequent holding of Shares do not and will not constitute a non-exempt “prohibited transaction”
within the meaning of Section 406 of ERISA or Section 4975 of the Code;

 

    -11-

     

    

 

(ii)            the
decision to acquire Shares was made by a “fiduciary” of the Plan, within the meaning of Section 3(21) of ERISA
or Section 4975(e)(3) of the Code (the “Plan Fiduciary”), that is independent of the Company, the
Adviser and their respective employees, representatives and affiliates, is qualified to make investment decisions on behalf of
the Plan and has authorized the Subscriber’s investment in the Company;

 

(iii)            the
Subscriber’s investment in Shares conforms in all respects to the documents governing the Plan and complies with all applicable
requirements of ERISA and Section 4975 of the Code;

 

(iv)            the
Plan Fiduciary has been informed about the fee structure of the Company, including the incentive fee component, and has concluded
that such fees are reasonable and the investment in the Company otherwise constitutes a reasonable contract or arrangement, and
the Subscriber acknowledges and agrees that none of the Adviser or its employees, representatives or affiliates have any discretion,
or are otherwise acting in a fiduciary capacity with respect to the Plan’s investment in the Company, whether pursuant to
the provisions of ERISA, Section 4975 of the Code or otherwise, and, without limiting the generality of the foregoing, the
Subscriber has not relied on, and is not relying on, any investment advice or recommendation of any such person with respect to
the Plan’s investment in the Company;

 

(v)            the
Subscriber acknowledges and agrees that the Company has the authority to require the redemption, withdrawal or other cancellation
of any Shares if it is determined that the continued holding of such Shares could result in the Company, the Adviser or the Administrator
being subject to the provisions of Title I of ERISA or Section 4975 of the Code; and

 

(vi)            without
limiting the remedies in the event of a breach, the Subscriber agrees promptly to provide to the Company such information as the
Company may from time to time reasonably request for purposes of determining whether the assets of the Company are “plan
assets” within the meaning of ERISA or Section 4975 of the Code and any other matters relating to ERISA or compliance
with ERISA arising in connection with the Subscriber’s investment in the Company, or the operation or investments of the
Company.

 

The representations and warranties set
forth in this Section 8(o) shall be deemed repeated and reaffirmed on each day the Subscriber holds Shares. Without limiting
the remedies available in the event of a breach, if at any time the representations and warranties set forth in this Section 8(o) shall
cease to be true, including because there is a change in the Subscriber’s Plan status or the percentage of assets that constitute
 “plan assets” subject to the provisions of Title I of ERISA or Section 4975 of the Code, the Subscriber shall
promptly notify the Company in writing.

 

(p)            The
Subscriber has notified, or shall promptly notify, the Company if the Subscriber is or becomes a person that may be disqualified
from participating in the Company’s acquisition of Securities sold in a public offering under Rules 5130 an 5131 of
the Financial Industry Regulatory Authority, as in effect from time to time.

 

(q)            If
the Subscriber is a partnership or any other entity that is treated as a partnership for U.S. income tax purposes, a grantor trust
within the meaning of Sections 671-679 of the Code, or a S corporation within the meaning of Section 1361 of the Code, the
Subscriber represents that at no time during the term of the Company will 65% or more of the value of any beneficial owner’s
direct or indirect interest in the Subscriber be attributable to the Subscriber’s interest in the Company. Except as otherwise
disclosed to the Company in writing, the Subscriber is not disregarded as an entity separate from its owner within the meaning
of Treasury Regulation Section 301.7701-3.

 

    -12-

     

    

 

(r)            None
of the information concerning the Subscriber nor any statement, certification, representation or warranty made by the Subscriber
in this Subscription Agreement or in any document required to be provided under this Subscription Agreement (including the Investor
Questionnaire and any Form W-9 or the relevant Forms W-8 (W-8BEN, W-8IMY, W-8ECI or W-8EXP), as applicable, contains any untrue
statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein or herein
not misleading.

 

(s)            The
Subscriber agrees to provide such information and execute and deliver such documents as the Company may reasonably request to verify
the accuracy of the Subscriber’s representations and warranties herein or to comply with any law or regulation to which the
Company, the Adviser, the Administrator or a portfolio company of the Company may be subject.

 

(t)            The
Subscriber, if an individual, has read carefully in its entirety, and understands and agrees with, the Company’s Privacy
Policies and Practices attached hereto as Appendix G.

 

(u)            The
Subscriber agrees that the foregoing certifications, representations, warranties, covenants and agreements shall survive the acceptance
of this Subscription Agreement, each Drawdown Date and the dissolution of the Company, without limitation as to time. Without limiting
the foregoing, the Subscriber agrees to give the Company prompt written notice in the event that any statement, certification,
representation or warranty of the Subscriber contained in this Section 8 or any information provided by the Subscriber herein
or in any document required to be provided under this Subscription Agreement (including the Investor Questionnaire and any Form W-9
or Forms W-8 (W-8BEN, W-8IMY, W-8ECI or W-8EXP), as applicable, ceases to be true at any time following the date hereof.

 

9.            Representations
and Warranties of the Company.

 

The Company represents
and warrants as follows (in reliance, where applicable, on the representations and warranties of the Subscriber contained in this
Subscription Agreement and the representations and warranties of the Other Investors):

 

(a)            The
Company is duly organized and validly existing as a corporation under the laws of the State of Maryland, and has all requisite
corporate power to conduct the business in which it proposes to engage as described in the Memorandum.

 

(b)            No
consent, approval or authorization of, or filing or registration with, any governmental authority on the part of the Company is
required for the execution and delivery of this Subscription Agreement by it, or the issuance of Shares as contemplated thereby,
except for any consents, approvals, authorizations or filings which are required under any applicable securities laws (federal,
state or foreign) and which have been made or obtained prior to the Closing or are made or obtained hereafter within the time prescribed
by law. All action required to be taken by the Company as a condition to the issuance and sale of the Shares will have been taken
at or before the Closing. The execution and delivery of this Subscription Agreement by the Company will not result in the violation
of, constitute a default under, or conflict with, any mortgage, indenture, contract, agreement, instrument, judgment, decree, order,
statute, rule or regulation applicable to the Company. Upon execution and delivery by the Company, this Subscription Agreement
(i) will have been duly executed and delivered by the Company, and (ii) will constitute the legal, valid and binding
obligation of the Company, except (A) as limited by any applicable bankruptcy, insolvency, reorganization, moratorium or other
laws affecting the rights and remedies of creditors generally, as from time to time in effect, (B) as limited by general principles
of equity and (C) as the enforcement of remedies rests in the discretion of any court.

 

    -13-

     

    

 

10.            Additional
Limitations on Transfer of Capital Commitments and Shares.

 

(a)            General
Restrictions on Transfer.

 

(i)            The
Subscriber may not Transfer its Capital Commitment. Prior to any Liquidity Event, the Subscriber may not Transfer any of its Shares
unless the Transfer is made in accordance with applicable securities laws and is otherwise in compliance with the transfer restrictions
set forth in Appendix H. Each transferee must agree to be bound by these restrictions and all other obligations as an investor
in the Company.

 

(ii)            The
Subscriber acknowledges that the Subscriber is aware and understands that there are other substantial restrictions on the transferability
of its Capital Commitment or Shares under this Subscription Agreement, the Charter and applicable law, including the fact that
(A) there is no established market for the Shares and the Company expects that no public market for the Shares will develop;
(B) the Shares are not currently, and Stockholders have no rights to require that the Shares be, registered under the Securities
Act or the securities laws of the various states or any non-U.S. jurisdiction and therefore cannot be Transferred unless subsequently
registered or unless an exemption from such registration is available; and (C) the Subscriber may have to hold the Shares
herein subscribed for and bear the economic risk of this investment indefinitely, and it may not be possible for the Subscriber
to liquidate its investment in the Company.

 

11.            Compliance
with Specific Laws.

 

(a)            Anti-Money
Laundering.

 

(i)            Neither
the Subscriber, nor any of its affiliates or beneficial owners nor any person for whom the Subscriber is acting as agent or nominee,
(A) appears on the list of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control
of the U.S. Department of the Treasury (“OFAC”), the list of Foreign Sanctions Evaders maintained by OFAC, or
any other lists of restricted parties maintained by the U.S. Government, nor are they otherwise a party with which any entity is
prohibited to deal under the laws of the United States, (B) is a senior foreign political figure or any immediate family member
or close associate of a senior foreign political figure or (C) is identified as a terrorist organization on any other relevant
lists maintained by governmental authorities. The Subscriber further represents and warrants that the monies used to fund the investment
in the Shares are not derived from, invested for the benefit of, or related in any way to, and that no monies or dividends received
as a result of the investment in the Shares will be provided to or for the benefit of, the governments of, or persons within, any
country (1) under a U.S. embargo enforced by OFAC, (2) that has been designated as a “non-cooperative country or
territory” by the U.S. Financial Action Task Force on Money Laundering or (3) that has been designated by the U.S. Secretary
of the Treasury as a “primary money laundering concern.” The Subscriber further represents and warrants that the Subscriber:
(x) has conducted thorough due diligence with respect to all of its beneficial owners, (y) has established the identities
of all beneficial owners and the source of each of the beneficial owner’s funds and (z) will retain evidence of any
such identities, any such source of funds and any such due diligence. The Subscriber further represents and warrants that the Subscriber
does not know or have any reason to suspect that (I) the monies used to fund the Subscriber’s investment in the Shares
have been or will be derived from or related to any illegal activities, including money laundering activities and all Capital Contributions
by the Subscriber were not, and will not be, directly or indirectly derived from activities that may contravene federal, state
or international laws and regulations, including anti-money laundering laws and regulations, and (II) the proceeds from the
Subscriber’s investment in the Shares will be used to finance any illegal activities. Subscriber represents that all evidence
of identity provided is genuine.

 

    -14-

     

    

 

(ii)            The
Subscriber shall provide to the Company at any time such information as the Company determines to be necessary or appropriate (A) to
comply with the anti-money laundering laws, rules and regulations of any applicable jurisdiction and (B) to respond to
requests for information concerning the identity of such Subscriber from any governmental authority, self-regulatory organization
or financial institution in connection with its anti-money laundering compliance procedures (which, notwithstanding anything in
the Company’s privacy policies and/or Section 18 of this Subscription Agreement to the contrary, may then be disclosed
to such persons), or to update such information. Such information may include, with respect to any Subscriber that is a natural
person, the Subscriber’s full legal name, date of birth, residential street address and identification number. The Subscriber
hereby represents that the Subscriber is in compliance with all such laws. Failure to provide such information upon request may
result in the compulsory redemption of the Subscriber’s Shares. Subscriber represents that all evidence of identity provided
is genuine.

 

(iii)            To
comply with applicable U.S. anti-money laundering laws and regulations, all payments and contributions by the Subscriber to the
Company, and all payments and distributions to the Subscriber, shall only be made in the Subscriber’s name and to and from
a bank account of a bank based or incorporated in or formed under the laws of the United States or that is regulated in and either
based or incorporated in or formed under the laws of the United States and that is not a “foreign shell bank” within
the meaning of the U.S. Bank Secrecy Act (31 U.S.C. § 5311 et seq.), as amended, and the regulations promulgated thereunder
by the U.S. Department of the Treasury, as such regulations may be amended.

 

(b)            Affirmation.
The representations and warranties set forth in this Section 11 shall be deemed repeated and reaffirmed by the Subscriber
to the Company as of each date that the Subscriber is required to make a Drawdown Purchase or other payment to, or receives dividends
or other distributions from (even if such distribution is reinvested pursuant to the Dividend Reinvestment Plan), the Company.
If at any time during the term of the Company, the representations and warranties set forth in this Section 11 cease to be
true, the Subscriber shall promptly so notify the Company in writing.

 

(c)            Remedies
for Failure to Comply with Section 11. The Subscriber understands and agrees that the Company may not accept any amounts from
the Subscriber if the Subscriber cannot make the representations set forth in this Section 11, and may require the compulsory
Transfer of the Subscriber’s Shares. In addition, the Subscriber understands and agrees that, in addition to the foregoing
remedial measures in order to comply with governmental regulations or if the Company determines in its sole discretion that such
action is in the best interests of the Company, the Company may “freeze the account” of the Subscriber, either by prohibiting
additional investments in the Company by the Subscriber, refusing to process a distribution to the Subscriber or suspending other
rights the Subscriber may have against the Company under this Subscription Agreement or under the Charter and the Bylaws. The Company
or the Adviser may be required to report such action or confidential information relating to the Subscriber (including disclosing
the Subscriber’s identity) to regulatory authorities.

 

12.            FATCA
Compliance. The Subscriber acknowledges and agrees that, in order to comply with the provisions of the U.S. Foreign Account
Tax Compliance Act (“FATCA”) and avoid the imposition of U.S. federal withholding tax, the Company and the Administrator
may from time to time require further information or documentation from the Subscriber and, if and to the extent required under
FATCA, the Subscriber’s direct and indirect beneficial owners (if any), relating to or establishing such person’s identity,
residence (or jurisdiction of formation) and income tax status, and may provide or disclose such information and documentation
to the U.S. Internal Revenue Service.  The Subscriber agrees that it shall provide such information and documentation concerning
itself and its beneficial owners (if any), as and when requested by the Company or the Administrator sufficient for the Company,
as applicable, to comply with its obligations under FATCA. The Subscriber acknowledges that, if the Subscriber does not provide
the information and documentation requested by the Company, the Company may, at its sole option and in addition to all other remedies
available at law or in equity, immediately redeem the Subscriber’s Shares or prohibit the Subscriber from purchasing additional
Shares or participating in additional investments in the Company. The Subscriber hereby agrees to indemnify and hold harmless the
Company from any and all withholding taxes, interest, penalties and other losses or liabilities suffered by the Company on account
of the Subscriber not providing all requested information and documentation in a timely manner. The Subscriber shall have no claim
against the Company, the Adviser, the Administrator, or any of their respective affiliates for any form of damages or liability
as a result of any of the aforementioned actions.

 

    -15-

     

    

 

13.            Subscriber
Information.

 

The Company reserves
the right to request such information as is necessary to verify the identity of the Subscriber or as may reasonably be requested
by the Company in connection with its operations, including such information requested by the Company in connection with entering
into any borrowing or other financing arrangement. The Subscriber shall promptly on demand provide such information and execute
and deliver such documents as the Company may request to verify the accuracy of the Subscriber’s representations and warranties
or as required for the Company’s operations. In the event of delay or failure by the Subscriber to produce any information
required for verification purposes, or if otherwise required by law or regulation, the Company may refuse to accept the Subscription
or may refuse to process a distribution until proper information has been provided.

 

The Subscriber agrees
further that the Company shall be held harmless and indemnified against any loss, claim, cost, damage or expense arising as a result
of a failure to process any subscription or distribution if such information as has been required by the Company has not been provided
by the Subscriber or which the Company may suffer as a result of any violations of law committed by the Subscriber.

 

14.            Applicable
Law.

 

This Subscription Agreement
shall be governed by, and construed in accordance with, the law of the State of Maryland without regard to principles of conflicts
of law. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, TO THE FULLEST EXTENT PERMITTED BY LAW.

 

15.            Notices.

 

All notices and other
communications hereunder shall be in writing and shall be sufficiently given if personally delivered or sent by postage prepaid,
registered or certified mail, return receipt requested, or by overnight courier or by facsimile transmission with transmission
confirmed, addressed as follows: (i) if intended for the Company, to the Company’s principal office and (ii) if
intended for any Subscriber, to the address of such Subscriber set forth on the signature page hereto, or to such other address
as the Company or such Subscriber, as applicable, may designate by written notice. Notices shall be deemed to have been given (i) when
personally delivered (ii), if mailed, on the date on which received, or (iii) if sent by overnight courier or facsimile transmission,
on the date on which received; provided, that notices of a change of address shall not be deemed given until the actual receipt
thereof. The provisions of this Section 15 shall not prohibit the giving of written notice in any other manner; any such written
notice shall be deemed given only when actually received.

 

    -16-

     

    

 

16.            Power
of Attorney.

 

By executing this Subscription
Agreement the Subscriber hereby makes, constitutes and appoints the Company with full power of substitution, its true and lawful
attorney-in-fact, in its name, place and stead for its use and benefit, to approve, execute, acknowledge, swear to, file and record:

 

(a)            any
and all filings required to be made by the Subscriber under the Exchange Act with respect to any of the Company’s securities
that may be deemed to be beneficially owned by the Subscriber under the Exchange Act;

 

(b)            all
certificates and other instruments deemed advisable by the Company in order for the Company to enter into any borrowing or other
financing arrangement and to grant any pledge or other security interest, including over the Subscriber’s Capital Commitment
or Shares, in connection therewith;

 

(c)            all
certificates and other instruments deemed advisable by the Company to comply with the provisions of this Subscription Agreement
and applicable law or regulation to permit the Company to become or to continue as a BDC;

 

(d)            all
conveyances and other instruments necessary or appropriate to effect the dissolution and liquidation of the Company; and

 

(e)            all
other instruments or papers not inconsistent with the terms of this Subscription Agreement that may be required by law to be filed
on behalf of the Company

 

(f)            any
amendment or modification to any of the foregoing and all other certificates, instruments and documents which said attorney-in-fact
determines in its sole discretion are necessary or desirable to effectuate the provisions of this Subscription Agreement or any
Other Subscription Agreements and the purposes of the Company.

 

It is expressly acknowledged
by the Subscriber that the foregoing power of attorney is coupled with an interest and shall survive death or legal incapacity
of the Subscriber, and is irrevocable. Such power of attorney may be exercised by said attorney-in-fact either by signing separately
as attorney-in-fact for each of the Investors or by listing all the Investors with a single signature as attorney-in-fact for all
of them. Such power of attorney shall survive the termination or dissolution of the Subscriber or the assignment of its interest
in the Company; provided, however, that such power of attorney will so survive only to the extent necessary to enable said attorney-in-fact
to effect substitution (if approved by the Company) of the Subscriber’s successor-in-interest. Assignee hereby waives any
and all defenses which may be available to contest, negate or disaffirm the actions of said attorney-in-fact taken in good faith
under such power of attorney.

 

This power of attorney
does not supersede the terms of this Subscription Agreement or any written agreement between the Company and the Subscriber nor
is it to be used to deprive the Subscriber of its rights as a Stockholder, and is intended only to provide a simplified system
for execution of documents. The Subscriber shall execute and deliver to the Company, within five days after the receipt of a request
therefor, such confirmatory powers of attorney as the Company may request.

 

17.            Effect
of Representations; Survival; Indemnity

 

The Subscriber understands
that the offer and sale of the Shares is being made in reliance on specific exemptions from requirements of federal and state securities
laws and that the Company, and the controlling persons thereof, will rely on the representations, warranties, agreements, acknowledgements
and understandings of the Subscriber set forth herein in determining the applicability of such exemptions. The Subscriber hereby
confirms that all such representations and warranties will remain true and complete on the date of acceptance by the Company of
the Subscriber’s subscription hereunder.

 

    -17-

     

    

 

This Subscription Agreement,
including all representations and warranties of the Subscriber contained herein, shall survive the sale of the Shares to the Subscriber,
and the admission of the Subscriber as a Stockholder of the Company.

 

To the fullest extent
permitted under applicable law, the Subscriber agrees to indemnify and hold harmless the Company, the Adviser, the Administrator
and their respective affiliates, and each partner, member, shareholder, officer, director, employee and agent thereof (the “Indemnified
Parties”), from and against any loss, damage or liability due to or arising out of a breach of any representation, warranty
or agreement of the Subscriber contained in this Subscription Agreement (including the Investor Questionnaire) or in any other
document provided by the Subscriber to the Company or in any agreement executed by the Subscriber in connection with the Subscriber’s
investment in Shares.

 

18.            Confidentiality.
The Subscriber acknowledges that the Company Memorandum and other information relating to the Company (the “Confidential
Information”) have been submitted to the Subscriber on a confidential basis for use solely in connection with the Subscriber’s
consideration of the purchase of Shares. In addition, Confidential Information includes non-public information regarding the Adviser,
Barings BDC, Inc., and any other investment vehicles whose investment adviser is the Adviser or an affiliate of the Adviser.
Subscriber agrees to comply with all laws, including securities laws, concerning Confidential Information, and Subscriber agrees
that it shall not trade in the securities of any issuer about which Subscriber receives material non-public information under this
Subscription Agreement or in its capacity as a holder of Shares and shall refrain from such trading until any material non-public
information no longer constitutes material non-public information. The Subscriber agrees that, without the prior written consent
of the Company (which consent may be withheld at the discretion of the Company), the Subscriber shall not (a) reproduce the
Memorandum or any other Confidential Information, in whole or in part, or (b) disclose the Memorandum or any other Confidential
Information to any person who is not an officer or employee of the Subscriber who is involved in its investments, or partner (general
or limited) or affiliate of the Subscriber (it being understood and agreed that if the Subscriber is a pooled investment fund,
it shall only be permitted to disclose the Memorandum or other Confidential Information if the Subscriber has required its investors
to enter into confidentiality undertakings no less onerous than the provisions of this Section 18 and the Subscriber remains
liable for any breach of this Section 18 by its investors), except to the extent (i) such information is in the public
domain (other than as a result of any action or omission of the Subscriber or any person to whom the Subscriber has disclosed such
information) or (ii) such information is required by applicable law or regulation to be disclosed, in which case the Subscriber
shall first notify the Company of such requirement (unless such notification is prohibited by law) so that the Company may pursue
a protective order or other appropriate remedy or waive compliance with the terms of this Section 18, and if a protective
order or other appropriate remedy is not obtained, or if the Company waives compliance with the terms of this Section 18,
then the Subscriber shall disclose only that portion of Confidential Information that the Subscriber is advised by counsel is legally
required to be disclosed and shall use its commercially reasonable efforts to protect the confidentiality of such information disclosed,
including by requesting that confidential treatment be accorded such information. The Subscriber further agrees to return the Memorandum
and other Confidential Information upon the Company’s request therefor. The Subscriber acknowledges and agrees that monetary
damages would not be sufficient remedy for any breach of this Section 18 by the Subscriber and that, in addition to any other
remedies available to the Company in respect of any such breach, the Company shall be entitled to specific performance and injunctive
or other equitable relief as a remedy for any such breach.

 

    -18-

     

    

 

19.            No
Joint Liability Among the Company, the Adviser, and the Administrator.

 

The Company shall not
be liable for the fulfillment of any obligation of the Adviser or the Administrator under or in connection with this Subscription
Agreement. The Adviser shall not be liable for the fulfillment of any obligation or for the accuracy of any representation of the
Company or the Administrator under or in connection with this Subscription Agreement. The Administrator shall not be liable for
the fulfillment of any obligation or for the accuracy of any representation of the Company or the Adviser under or in connection
with this Subscription Agreement. There shall be no joint and several liability of the Company, the Adviser and the Administrator
for any obligation under or in connection with this Subscription Agreement.

 

20.            Independent
Nature of Subscribers’ Obligations and Rights.

 

The obligations of
the Subscriber hereunder are several and not joint with the obligations of any Other Investor. Nothing contained herein or in any
other agreement or document delivered at any closing, and no action taken by the Subscriber pursuant hereto or thereto, shall be
deemed to constitute the Stockholders as a partnership, an association, a joint venture or any other kind of entity, or create
a presumption that the Stockholders are in any way acting in concert with respect to such obligations or the transactions contemplated
by this Subscription Agreement.

 

21.            Construction.

 

The captions used herein
are intended for convenience of reference only, and shall not modify or affect in any manner the meaning or interpretation of any
of the provisions of this Subscription Agreement.

 

As used herein, the
singular shall include the plural, the masculine gender shall include the feminine and neuter, and the neuter gender shall include
the masculine and feminine, unless the context otherwise requires.

 

The words “hereof,”
 “herein,” and “hereunder,” and words of similar import, when used in this Subscription Agreement shall
refer to this Subscription Agreement as a whole and not to any particular provision of this Subscription Agreement.

 

All references herein
to Sections shall be deemed to refer to Sections of this Subscription Agreement, unless specified to the contrary.

 

Whenever the words
 “include”, “includes” or “including” are used in this Subscription Agreement, they shall be
deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or
words of like import.

 

Nothing in this Subscription
Agreement shall be deemed to create any right in or benefit for any Person other than the Company and the Subscriber and this Subscription
Agreement shall not be construed in any respect to be for the benefit of, and no provision of this Subscription Agreement may be
enforced by, any such Person, except any Indemnified Party may enforce its rights under Section 17 hereof.

 

    -19-

     

    

 

22.            Key
Event.

 

A “Key Event”
will occur if, during the Commitment Period, the Adviser resigns or is terminated by the Board or the Company’s stockholders
from serving as the investment adviser to the Company, other than: (i) a resignation or termination in connection with a transfer
of the role of investment adviser to the Company by the Adviser to an affiliate of the Adviser; or (ii) a resignation or termination
in connection with a transaction involving the transfer of more than fifty percent (50%) of the management and investment professionals
primarily responsible for managing the Company immediately prior to thereto to another entity that is not an affiliate of the Adviser,
where such new entity then serves as investment adviser to the Company. Upon the occurrence of a Key Event, the Company will give
written notice of the Key Event to the Subscriber within ten Business Days of such occurrence. Beginning when the Company gives
the Subscriber notice, consistent with Section 15 herein, of a Key Event, the Subscriber will have 90 calendar days (the “Interim
Period”) to decide, in its sole discretion, and provide the Company with notice in the event that the Subscriber desires
to cancel its remaining Undrawn Capital Commitments, other than Drawdowns for the limited purposes permitted after the Commitment
Period as described in Section 3(d), without penalty (“Withdraw”). A Subscriber that desires to Withdraw
after a Key Event must provide the Company with written notice, consistent with Section 15 herein, that the Subscriber desires
to and thereby does cancel its remaining Undrawn Capital Commitments, other than Drawdowns for the limited purposes permitted after
the Commitment Period as described in Section 3(d), without penalty prior to the expiration of the Interim Period (a “Withdrawal
Notice”). Provided the Subscriber gives the Company a Withdrawal Notice, consistent with Section 15 herein, prior
to the expiration of the Interim Period, such Subscriber’s Undrawn Capital Commitments hereunder at the time of a properly
given Withdrawal Notice, other than Drawdowns for the limited purposes permitted after the Commitment Period as described in Section 3(d),
will be cancelled by the Company without penalty, including, for the avoidance of doubt, potential penalties and remedies with
respect to such Undrawn Capital Commitments, as described in Section 7. For the avoidance of doubt, a Subscriber that provides
a Withdrawal Notice, will remain subject to all obligations, consistent with the terms of this Subscription Agreement, related
to the portion of the Subscriber’s Capital Commitment for which Drawdown Notices were given to the Subscriber by the Company
prior to the Company’s receipt of a properly given Withdrawal Notice, as described above. If the Subscriber does not provide
the Company with a Withdrawal Notice, consistent with Section 15 herein, by the expiration of the Interim Period, the Commitment
Period will continue with respect to the Subscriber and the Subscriber will be obligated to fund Drawdowns as if a Key Event had
never occurred.

 

23.            Severability

 

If any one or more
of the provisions contained in this Subscription Agreement, or any application thereof, shall be invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein and all other applications
thereof shall not in any way be affected or impaired thereby.

 

24.            Entire
Agreement.

 

This Subscription Agreement,
together with any other document that may be delivered in connection herewith and signed by both parties hereto, sets forth the
entire understanding among the parties relating to the subject matter hereof, any and all prior correspondence, conversations,
and memoranda or other writings being merged herein and replaced and being without effect hereon. No promises, covenants or representations
of any character or nature other than those expressly stated herein or in any such other document have been made to induce any
party to enter into this Subscription Agreement.

 

[End of page – signature pages follow]

 

    -20-

     

    

 

 

Barings Capital Investment
Corporation

 

Subscription Agreement
Signature Page

 

IN WITNESS WHEREOF,
the Subscriber has executed this Subscription Agreement as of ____________________, 20__, for a Capital Commitment of $_________________________________

 

	Subscribers who
    are Individuals	Subscribers other
    than Individuals

 

 

	Name of the Subscriber	 	Name of the Subscriber (exactly
    as it
 appears in the Company’s records)
	 	 	 
	 	 	 
	Signature of Subscriber	 	Signature of Authorized Signatory
	 	 	 
	 	 	 
	Print Name	 	Print Name of Authorized Signatory
	 	 	 
	 	 	 
	Social Security Number of Subscriber	 	Title of Authorized Signatory
	 	 	 
	 	 	 
	Date of Birth of Subscriber	 	Federal Tax Identification Number

    (if applicable)
	 	 	 
	Record Address of the Subscriber

    (P.O. Boxes cannot be accepted)* *:	 	Record Address of the Subscriber

    (P.O. Boxes cannot be accepted)* *:
	 	 	 
	 	 	 
	 	 	 
	Signature (joint owner, if applicable)	 	 

 

	Print Name (joint owner,
    if applicable)	 	 

 

	Social Security Number (joint
    owner, if applicable)	 	 

 

	Date of Birth (joint owner,
    if applicable)	 	 

 

    

     

    

 

Name of Trustees or Fiduciaries exercising
investment discretion with respect to the Subscriber:

 

	Signature	Printed Name	Title	Physical Street

    Address	Federal Tax Identification
    

    Number	Date of Birth
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

If applicable, the custodian of the Subscriber,
including a custodian for an IRA, should complete and sign the bottom line of this signature page

 

	Signature	Printed Name	Title	Physical Street
    Address	Federal Tax Identification
    

    Number	Date of Birth
	 	 	 	 	 	 
	 	 	 	 

 

**The record address should
be the legal residence address where the Subscriber files tax returns.

 

    

     

    

 

The foregoing Subscription
Agreement is accepted and agreed by the Company, for a Capital Commitment of $_________________________________, as of __________________,
20___.

 

	 	Barings Capital Investment Corporation
	 	 
	 	By: 	 
	 	Name: 	 
	 	Title: 	 

 

    

     

    

 

ADDITIONAL REPRESENTATION WITH RESPECT
TO INVESTMENT FOR AN IRA

 

If the Subscriber is an individual retirement
account (an “IRA”) and the custodian or trustee of the IRA has executed the Subscription Agreement on the signature
page, then the individual who established the IRA: (i) has directed the custodian or trustee of the Subscriber to execute
the Subscription Agreement on the signature page; and (ii) has signed below to indicate that he or she has reviewed, directed
and certifies to the accuracy of the representation and warranties made by the Subscriber herein.

 

 

 

	Print Name	 
	 	 
	 	 
	 	 
	Signature	 
	 	 
	 	 
	Name and Address of Custodian	 
	and Contact Individual:	 
	 	 
	 	 
	 	 	 
	 	 
	 	 	 
	 	 
	 	 	 
	 	 
	Account or other Reference Number:	 
	 	 
	 	 	 
	 	 
	Trustee/Custodian’s Tax I.D. Number:	 
	 	 
	 	 	 

 

**** IRA custodian or trustee in every case must sign acknowledgment
on next page****

 

    

     

    

 

ira
Custodian/trustee ACKNOWLEDGEMENT:

 

The undersigned, being the custodian or
trustee of the above-named individual retirement account, hereby accepts and agrees to this subscription.

 

 

	 	 
	Name of Custodian or Trustee	 
	 	 
	 	 
	 	 
	By: 	 	 
	 	Signature of Authorized Signatory	 
	 	 
	 	 
	 	 	 
	 	Name of Authorized Signatory	 

 

    

     

    

 

APPENDIX A

 

BARINGS CAPITAL INVESTMENT CORPORATION

BARINGS, LLC

INVESTOR QUESTIONNAIRE

 

Please complete each
Section of this Investor Questionnaire.

 

	I.	General Information.

 

	1.	If Subscriber is not holding for the Subscriber’s
                                         own account, provide the name, and residential street address for whom the interest is
                                         being held:

 

 

 

	2.	Investor category of Subscriber (check all that
                                         apply)

 

	_____	Individual U.S. person (including your trust)	_____	Banking or thrift institution
	_____	Individual Non-U.S. person (including trust)	_____	State or municipal government entity
	_____	Broker-dealer	 	  (excluding pension plans)
	_____	Insurance company	_____	State or municipal pension plan
	_____	Investment company registered with SEC	_____	Sovereign wealth fund and
	_____	Private fund	 	  foreign official institutions
	_____	Non-profit	_____	Other Non-U.S. person
	_____	Pension plan (excluding government plans)	_____	Other

 

	3.	Form of Subscriber (check all that are
                                         applicable):

 

	_____	Individual	_____	Grantor trust
	_____	Joint tenants	_____	Other trust
	_____	Tenants in common	_____	IRA/Keough Plan/SEP
	_____	Limited partnership	_____	Other Employee benefit plan
	_____	General partnership	_____	Non-profit, endowment or foundation
	_____	Limited liability company	_____	Other exempt organization
	_____	C corporation	_____	Nominee
	_____	S corporation	_____	Fiduciary
	_____	Estate	_____	Disregarded entity
	 	 	_____	Other (describe):_____________________

 

	4.	Tax year end (month and day): _____________________

 

	5.	Is the Subscriber a “fund of funds”?
                                         _____ Yes _____ No

 

6.           If
the Subscriber is an individual, or if the Subscriber is an entity in which an individual holds, directly or indirectly, more
than five percent of the ownership or beneficial interests, please identify (i) all such individuals, and (ii) all entities
for which such individuals serve as employee, officer or director.

 

 

 

    

     

    

 

BARINGS CAPITAL INVESTMENT CORPORATION

BARINGS, LLC

INVESTOR QUESTIONNAIRE

 

	II.	Accredited Investor Status

 

The Subscriber represents
and warrants that it is an “accredited investor” within the meaning of Regulation D under the U.S. Securities Act
of 1933, as amended (the “Securities Act”), and has indicated below each category under which the Subscriber
qualifies as an accredited investor.

 

The Subscriber is:

 

	____	(i)	A bank, as defined in Section 3(a)(2) of
                                         the Securities Act, whether acting in regard to this offering in its individual or a
                                         fiduciary capacity.

 

	____	(ii)	A savings and loan or other institution,
                                         as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in regard
                                         to this offering in its individual or a fiduciary capacity.

 

	____	(iii)	A broker or dealer registered pursuant
                                         to Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange
                                         Act”).

 

	____	(iv)	An insurance company, as defined in
                                         Section 2(a)(13) of the Securities Act.

 

	____	(v)	An investment company registered under
                                         the Investment Company Act of 1940, as amended (the “Investment Company Act”).

 

	____	(vi)	A business development company, as
                                         defined in Section 2(a)(48) of the Investment Company Act.

 

	____	(vii)	A private business development company,
                                         as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended
                                         (the “Investment Advisers Act”).

 

	____	(viii)	A Small Business Investment Company
                                         licensed by the U.S. Small Business Administration under Section 301(c) or
                                         (d) of the Small Business Investment Act of 1958, as amended.

 

	____	(ix)	A plan established and maintained
                                         by a state, its political subdivisions, or any agency or instrumentality of a state or
                                         its political subdivisions for the benefit of its employees, if such plan has total assets
                                         in excess of $5,000,000.

 

	____	(x)	An employee benefit plan within the
                                         meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
                                         if the investment decision regarding this offering was made by a plan fiduciary (as such
                                         term is defined in Section 3(21) of ERISA) which is either a bank, savings and loan
                                         association, insurance company (as described above) or investment adviser duly registered
                                         under the Investment Advisers Act.

 

	____	(xi)	An employee benefit plan within the
                                         meaning of ERISA with total assets in excess of $5,000,000, whether or not the investment
                                         decision regarding this offering was made by a bank, insurance company or registered
                                         investment adviser.

 

	____	(xii)	An employee benefit plan within the
                                         meaning of ERISA which is a self-directed plan with investment decisions made solely
                                         by persons described by one or more of the categories set forth in subsections (i) through
                                         (ix) and (xiii) through (xviii) of this Section II.

 

    A-2 

     

    

 

BARINGS CAPITAL INVESTMENT CORPORATION

BARINGS, LLC

INVESTOR QUESTIONNAIRE

 

 

	____	(xiii)	Either (A) a corporation, (B) a
                                         Massachusetts or similar business trust, (C) a partnership, (D) a limited liability
                                         company, or (E) an organization described in Section 501(c)(3) of the
                                         Internal Revenue Code, in any case not formed for the specific purpose of acquiring the
                                         Shares and having total assets in excess of $5,000,000.

 

	____	(xiv)	A natural person whose individual
                                         net worth, or joint net worth with his or her spouse, excluding the value of his or her
                                         primary residence, exceeds $1,000,0001.

 

	____	(xv)	A natural person who had individual
                                         income in excess of $200,000 in each of the two most recent years or joint income with
                                         that person’s spouse in excess of $300,000 in each of those years and who reasonably
                                         expects income in excess of such amounts in the current year.

 

	____	(xvi)	A trust, with total assets in excess
                                         of $5,000,000, not formed for the specific purpose of acquiring Shares whose purchase
                                         is directed by a person who has, alone or together with his or her purchaser representative
                                         (as defined in the aforementioned Regulation D), such knowledge and experience in financial
                                         and business matters that he or she is capable of evaluating the merits and risks of
                                         this investment.

 

	____	(xvii)	A trust pursuant to which the grantor(s) of
                                         the trust may revoke the trust at any time and regain title to the trust assets and has
                                         (have) retained sole or shared investment control over the assets of the trust, and the
                                         (each) grantor is described by one or more of the categories set forth above in subsections
                                         (xiv) or (xv) of this Section II.

 

	____	(xviii)	A partnership, corporation or other
                                         entity, not formed for the specific purpose of acquiring Shares, in which all of the
                                         equity holders are persons described by one or more of the categories set forth above
                                         in subsections (i) through (xvii) of this Section II.

 

	____	(xix)	A partnership, corporation or other
                                         entity which is formed for the specific purpose of acquiring Shares and in which all
                                         of the equity holders are persons described by one or more of the categories set forth
                                         above in subsections (i) through (xviii) of this Section II, in which
                                         case the Subscriber has so notified the Company in writing that it is relying on this
                                         clause (xix), and agrees to provide the Company with information requested by it respecting
                                         the Subscriber’s equity holders.)

 

	____	(xx)	An employee benefit plan within the
                                         meaning of Title I of ERISA, acting for its own account or for the accounts of other
                                         “qualified institutional buyers” as defined under Rule 144A promulgated
                                         under the Securities Act, that in the aggregate owns and invests on a discretionary basis
                                         at least $100 million in securities of issuers that are not affiliated with the plan.

 

 

1 For purposes of this net worth calculation you may exclude the amount of
indebtedness secured by the Subscriber’s primary residence up to the amount of the estimated fair market value of such residence.
However, if the amount of the indebtedness secured by the Subscriber’s primary residence exceeds the value of such residence,
the amount of that excess debt should be treated as a liability and deducted from Subscriber’s net worth. In addition, indebtedness
secured by the Subscriber’s primary residence that is incurred within sixty (60) days of the date of subscription must be
included as a liability unless such indebtedness is incurred in connection with the acquisition of the Subscriber’s primary
residence.

 

    A-3

     

    

 

BARINGS CAPITAL INVESTMENT CORPORATION

BARINGS, LLC

INVESTOR QUESTIONNAIRE

 

	____	(xxi)	A plan established and maintained
                                         by a state, its political subdivisions, or any agency or instrumentality of a state or
                                         its political subdivisions, for the benefit of its employees, acting for its own account
                                         or for the accounts of other “qualified institutional buyers” as defined
                                         under Rule 144A promulgated under the Securities Act, that in the aggregate owns
                                         and invests on a discretionary basis at least $100 million in securities of issuers that
                                         are not affiliated with the plan.

 

Check all applicable
categories.

 

    A-4

     

    

 

 

BARINGS
CAPITAL INVESTMENT CORPORATION

BARINGS, LLC

INVESTOR QUESTIONNAIRE

 

III.            Supplemental
Information

 

	1.	Is the Subscriber, or will the Subscriber be, a Benefit Plan Investor (as defined below) or is it or will it use the assets of
an entity or other Person that is or will in the future be a Benefit Plan Investor to invest in the Company?	 

 

		 ̈ yes
                                       ̈ no

 

   A “Benefit
Plan Investor” is

 

		•	Any “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to ERISA.	 
	 	 	 	 
		•	Any “plan” described in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code. 
Such a plan includes, without limitation, an “individual retirement account” described in Section 408 or 408A
of the Code, a Keogh plan, an Archer MSA described in Section 220(d) of the Code, a Coverdell education savings account
described in Section 530 of the Code and a health saving account described in Section 223(d) of the Code.	  
	 	 	 	 
		•	Any entity that is, or would be deemed to be using “plan assets” (within the meaning of Section 3(42) of ERISA)
to purchase or hold its investments.	 
	 	 	 	 

 

	2.	Is the Subscriber, or will the Subscriber be, an entity (other than an insurance company general account) whose assets will be
deemed to constitute “plan assets” subject to ERISA or Section 4975 of the Code by reason of investment in such
entity by other Benefit Plan Investors?	 

 

		 ̈ yes
                                                         ̈ no 

 

	3.	Answer this Question 3 only if the answer to Question (2) above is “yes”: What is the maximum
                                         percentage of the Subscriber’s assets that constitutes or will in the future constitute
                                         “plan assets” subject to ERISA or Section 4975 of the Code?:	 

 

 

	 	_____________%

 

	4.	If the Subscriber is or will be an insurance company general account, does or will any portion of the underlying assets in its
general account constitute “plan assets” subject to ERISA or Section 4975 of the Code?	 

 

 

		 ̈ yes
                                                        ̈ no

 

	5.	Answer this Question 5 only if the answer to Question (4) above is “yes”: What is the maximum
                                         percentage of the assets in the Subscriber’s general account that constitutes or
                                         will in the future constitute “plan assets” subject to ERISA or Section 4975
                                         of the Code?	 

 

	 	_____________%

 

Without limiting the remedies available
in the event of a breach, the Subscriber agrees promptly to notify the Company and the Adviser in writing if there is a change
in the percentage as set forth in Question (3) or Question (5) above and at such other time or times as the Company
or the Adviser may request.    

 

    A-5

     

    

 

BARINGS
CAPITAL INVESTMENT CORPORATION

BARINGS, LLC

INVESTOR
QUESTIONNAIRE

 

Related Parties/Other Beneficial Parties

 

	6.	Is the Subscriber or will the Subscriber be a person (including an entity) that has discretionary authority or control with respect
to the assets of the Company or a person who provides investment advice with respect to the assets of the Company or an “affiliate”
of such a person (a “Controlling Person”)? For purposes of this representation, an “affiliate”
is any person controlling, controlled by or under common control with any such person, including by reason of having the power
to exercise a controlling influence over the management or policies of such person.	 

 

		 ̈ yes                                                         ̈ no

 

	7.	To the best of the Subscriber’s knowledge, does the Subscriber control, or is the Subscriber controlled by or under common
control with, any other investor in the Company?	 

 

		 ̈ yes
                                                           ̈ no

 

		If the question above was answered “Yes,” please indicated the name of such other investor in the space below:	 
	 	 	 
	 	 	 

 

	8.	Will any other person or persons have a beneficial interest in the Shares to be acquired hereunder (other than as a shareholder,
partner, policy owner or other beneficial owner of equity interests in the Subscriber)? (By way of example, and not limitation,
a “nominee” Subscriber or a Subscriber who has entered into swap or other synthetic or derivative instruments or arrangements
with regard to the Shares to be acquired herein would check “Yes.”)	 

 

		 ̈ yes           ̈ no

 

		If either question above was answered “Yes,” please contact the Administrator for additional information that will
be required.	 

 

BHC Investor Status

 

	9.	Is the Subscriber a “BHC Investor”?*	 

 

		 ̈ yes
                                                         ̈ no

 

		*A “BHC Investor”
is defined as an Investor that is a bank holding company, as defined in Section 2(a) of the Bank Holding Company Act
of 1956, as amended (the “BHC Act”), a non-bank subsidiary (for purposes of the BHC Act) of a bank holding
company, a foreign banking organization, as defined in Regulation K of the Board of Governors of the Federal Reserve System (12
C.F.R. § 211.23) or any successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of a foreign banking
organization which subsidiary is engaged, directly or indirectly in business in the United States and which in any case holds
Shares for its own account.	 

 

    A-6

     

    

 

BARINGS CAPITAL INVESTMENT CORPORATION

BARINGS, LLC

INVESTOR QUESTIONNAIRE

 

New York State Tax Domicile

 

	10.	Is the Subscriber’s tax domicile the
State of New York?	 

 

		 ̈ yes
                                                        ̈ no

 

IV.           Dividend
Reinvestment Plan.

 

The Company will adopt a dividend
reinvestment plan under which cash distributions to investors are automatically reinvested for additional Shares. Subscribers may
opt out of the plan by checking the box below. Elections may be altered, subject to approval by the Company:

 

 ̈
Opt-out of Dividend Reinvestment Plan

 

V.            For
distributions of cash, please wire funds to the following bank account:

 

	 Bank Name:	 
	 Bank Location:	 
	 Account Number:	 
	 Account Name:	 
	 Bank’s Routing No.: 	 

 

    A-7

     

    

 

APPENDIX B

 

BARINGS CAPITAL INVESTMENT CORPORATION

BARINGS, LLC

CERTIFICATION OF BENEFICIAL OWNER(S)

 

This form requires you to provide the name,
address, date of birth and Social Security number (or passport number or other similar information, in the case of Non-U.S. Persons)
for the following individuals (i.e., the beneficial owners):

 

		(i)	Each individual, if any, who owns, directly or indirectly, 25% or more of the equity interests
of the legal entity customer (e.g., each natural person that owns 25% or more of the shares of a corporation); and

 

		(ii)	An individual with significant responsibility for managing the legal entity customer (e.g.,
a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice
President, or Treasurer).

 

The number of individuals that satisfy
this definition of “beneficial owner” may vary. Under section (i), depending on the factual circumstances, up to four
individuals (but as few as zero) may need to be identified. Regardless of the number of individuals identified under section (i),
you must provide the identifying information of one individual under section (ii). It is possible that in some circumstances the
same individual might be identified under both sections (e.g., the President of Acme, Inc. who also holds a 30% equity
interest). Thus, a completed form will contain the identifying information of at least one individual (under section (ii)), and
up to five individuals (i.e., one individual under section (ii) and four 25% equity holders under section (i)).

 

Persons subscribing on behalf of a legal entity must provide
the following information:

 

		a.	Name and Title of Natural Person:

 

_______________________________________________________________________

 

		b.	Name, Type, and Address of Legal Entity:

 

_______________________________________________________________________

 

    

     

    

 

		c.	The following information for each individual, if any, who, directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, owns 25% or more of the equity interests of the legal entity listed above:

 

	Name	Date of Birth	Address (Residential or Business Street Address)	For U.S. Persons: Social Security Number 	For Non-U.S. Persons: Social Security Number, Passport Number and Country of Issuance, or other similar identification number2
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

(If no individual meets this definition,
please write “Not Applicable.”)

 

		d.	The following information for one individual with significant responsibility for managing the legal entity listed
above, such as:

 

		 ̈	An executive officer or senior manager (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer,
Managing Member, General Partner, President, Vice President, Treasurer); or

 

		 ̈	Any other individual who regularly performs similar functions.

 

(If appropriate, an individual listed under section
(c) above may also be listed in this section (d)).

 

	Name/Title	Date of Birth	Address (Residential or Business Street Address)	For U.S. Persons: Social Security Number 	For Non-U.S. Persons: Social Security Number, Passport Number and Country of Issuance, or other similar identification number1
	 	 	 	 	 

 

I, ________________ (name of natural person), hereby
certify, to the best of my knowledge, that the information provided above is complete and correct.

 

Signature: ______________________________________ Date: ___________________

 

Legal Entity Identifier ___________________________ (Optional)

 

 

2 In lieu of a passport number, Non-U.S. Persons may also provide a Social Security Number, an alien
identification card number, or number and country of issuance of any other government-issued document evidencing nationality
or residence and bearing a photograph or similar safeguard.

 

 

    

     

    

 

APPENDIX C

BYLAWS OF THE COMPANY

 

    

     

    

 

APPENDIX D

ARTICLES OF INCORPORATION OF THE COMPANY

 

    

     

    

 

APPENDIX E

INVESTMENT ADVISORY AGREEMENT

 

    

     

    

 

APPENDIX F

ADMINISTRATION AGREEMENT

 

    

     

    

 

APPENDIX G

PRIVACY POLICIES AND PRACTICES

 

Introduction

 

In June 2000,
the SEC adopted Regulation S-P, a comprehensive set of rules intended to implement the privacy requirements set forth in Section 504
of the Gramm-Leach-Bliley Act. In general, Regulation S-P requires various SEC regulated entities, such as the Company and its
Adviser, to establish processes and safeguards to protect various records and customer information.

 

Under Regulation S-P,
the Company and its Adviser are generally prohibited from providing non-public personal information about a customer to an unaffiliated
third party unless they provide the customer with an initial and annual privacy notice giving the customer the option of withholding
consent to the sharing of the information.

 

Policy Statement

 

The Company and the
Adviser have adopted a joint privacy compliance program and related policies and procedures (“Joint Privacy Policy”).
As required by Regulation S-P, the Joint Privacy Policy is reasonably designed to: (i) ensure the security and confidentiality
of customer records and information; (ii) protect against any anticipated threats or hazards to the security or integrity
of customer records and information; and (iii) protect against unauthorized access to or use of customer records and information
that could result in substantial harm or inconvenience to any customer.

 

Procedures

 

The Company has delegated
the responsibility of implementing the Joint Privacy Policy to its Adviser, including the responsibility for providing the initial
and annual privacy notices as required by Regulation S-P.

 

Conflict Resolution and Escalation Process

 

Associates of any Service
Provider and Officers and Directors of the Company will immediately report any issues that they believe are a potential or actual
breach of any Policy or Procedure to the Chief Compliance Officer or in his/her absence to the Company's Chief Legal Officer or
Counsel.

 

The Chief Compliance
Officer, in consultation with the Adviser's Legal Department, the Chief Legal Officer and Company Counsel, may grant exceptions
to any provision in this Compliance Manual so long as such exceptions are consistent with the purpose of the Company's Compliance
Manual and applicable law, documented and retained for the required period. Any exceptions granted under this Compliance Manual
will also be reported to the Board.

 

Any questions regarding
the applicability of this Policy should be directed to the Chief Compliance Officer.

 

Governing Regulatory Statute

 

•     Securities
and Exchange Commission Regulation S-P

 

•     Section 504
of the Gramm-Leach-Bliley Act

 

Books and Records Retained

 

The records referenced
or produced under this Policy will be retained in accordance with the Company’s Books and Records: Recordkeeping Policies
and Procedures.

 

    

     

    

 

APPENDIX H

TRANSFER RESTRICTIONS

 

This Appendix H is attached to and
made a part of the Subscription Agreement with the Subscriber. Capitalized terms not defined herein shall have the meanings assigned
to them in the Subscription Agreement.

 

Prior to a Liquidity Event, no Transfer
of the Subscriber’s Capital Commitment or all or any portion of the Subscriber’s Shares may be made without (a) registration
of the Transfer on the Company books and (b) the prior written consent of the Company. In any event, the consent of the Company
may be withheld (i) if the creditworthiness of the proposed transferee, as determined by the Company in its sole discretion,
is not sufficient to satisfy all obligations under the Subscription Agreement or (ii) unless, in the opinion of counsel (who
may be counsel for the Company) satisfactory in form and substance to the Company, such Transfer would not violate the Securities
Act or any state (or other jurisdiction) securities or “blue sky” laws applicable to the Company or the Shares to be
Transferred.

 

In addition, we will use commercially reasonable
efforts to prevent our assets from being deemed to constitute “plan assets” for purposes of ERISA or Section 4975
of the Code. We may reject any transfer of our Shares if such transfer could (1) result in our assets being considered to
be “plan assets” for purposes of ERISA or Section 4975 of the Code or (2) constitute or result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code or a non-exempt violation of any laws similar to ERISA or Section 4975
of the Code.

 

Any person that acquires all or any portion
of the Shares of the Subscriber in a Transfer permitted under this Appendix H shall be obligated to pay to the Company the
appropriate portion of any amounts thereafter becoming due in respect of the Capital Commitment committed to be made by its predecessor
in interest. The Subscriber agrees that, notwithstanding the Transfer of all or any fraction of its Shares, as between it and the
Company it shall remain liable for its Capital Commitment prior to the time, if any, when the purchaser, assignee or transferee
of such Shares, or fraction thereof, becomes a holder of such Shares.

 

The Company shall not recognize for any
purpose any purported Transfer of all or any portion of the Shares and shall be entitled to treat the transferor of Shares as the
absolute owner thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless
the Company shall have given its prior written consent thereto and there shall have been filed with the Company a dated notice
of such Transfer, in form satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and
the purchaser, assignee or transferee, and such notice (a) contains the acceptance by the purchaser, assignee or transferee
of all of the terms and provisions of this Subscription Agreement and its agreement to be bound thereby, and (b) represents
that such Transfer was made in accordance with this Subscription Agreement, the provisions of the Memorandum and all applicable
laws and regulations applicable to the transferee and the transferor.

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