Document:

Document

Exhibit 10.4
Execution Version

TRANSFER AGENT SERVICING AGREEMENT
THIS AGREEMENT is made and entered into as of March 26, 2021, by and NC SLF Inc., a Maryland corporation (the “Fund”) and U.S. Bancorp Fund Services, LLC, d/b/a/ U.S. Bank Global Fund Services, a Wisconsin limited liability company (“Fund Services”).
WHEREAS, the Fund is a closed-end management investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the “1940 Act” or the “Act”); 
WHEREAS, each SPV (as defined below), upon formation, shall be a wholly owned subsidiary of the Fund; 
WHEREAS, the Fund is authorized to offer and sell shares of the Fund’s common stock, par value $0.01 (collectively, the “Shares”); 
WHEREAS, Fund Services is, among other things, in the business of administering transfer agent functions for the benefit of its customers; and
WHEREAS, the Fund desires to retain Fund Services to provide transfer agent services.
NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: 
1.    Appointment of Fund Services as Transfer Agent
The Fund hereby appoints Fund Services as transfer agent of the Fund and each bankruptcy remote special purpose entity for which Administrator has provided notice to Fund Services of such entity’s formation (each, an “SPV”) on the terms and conditions set forth in this Agreement, and Fund Services hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement, and concerning each SPV, after it has been added to Annex I attached hereto by amendment of this Agreement .  The services and duties of Fund Services shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against Fund Services hereunder.
2.    Services and Duties of Fund Services
Fund Services shall provide the following transfer agent services to the Fund:
(1)    Receive and process orders for the purchase of Shares in accordance with applicable rules under the 1940 Act and other applicable regulations, and as specified in the Fund’s registration statement and other operative documents.

(2)    Process subscription agreements received from prospective holders of Shares (such holders of Shares, “Shareholders”).
(3)    Process purchase orders with prompt delivery, where appropriate, of payment and supporting documentation to the Fund’s custodian(s), and issue the appropriate number of uncertificated Shares with such uncertificated Shares being held in the appropriate Shareholder account.
(4)    Arrange for issuance of Shares obtained through transfers of funds from Shareholders’ accounts at financial institutions.
(5)    Process tender offers and related repurchase requests received in good order and, where relevant, deliver appropriate documentation to the Fund.
(6)    Pay monies upon receipt from the Fund where relevant, in accordance with the instructions of redeeming Shareholders.
(7)    Process transfers of Shares in accordance with the Shareholder’s instructions and as permitted by the Fund’s registration statement and other operative documents.
(8)    Prepare and transmit payments for distributions declared by the Fund, after deducting any amount required to be withheld by any applicable laws, rules and regulations and in accordance with Shareholder instructions.
(9)    Make changes to Shareholder records, including, but not limited to, address changes.
(10)    Prepare ad-hoc reports as necessary at prevailing rates. Any such ad-hoc reporting to exceed $500 in cost to be explicitly approved by the Fund.
(11)    Provide Shareholder account information upon Shareholder or Fund request and prepare and mail confirmations and statements of account to Shareholders for all purchases, redemptions, and other confirmable transactions as agreed upon with the Fund. 
(12)    Mail account statements and performance reports in a form approved by the Fund to Shareholders on a monthly basis and shareholder reports on annual basis.
(13)    Prepare and file U.S. Treasury Department Forms 1099 and other appropriate information required with respect to dividends, distributions and repurchases for all shareholders.
(14)    Reimburse the Fund each month for all material losses resulting from “as of” processing errors for which Fund Services is responsible in accordance with the “as of” processing guidelines set forth on Exhibit A hereto.
(16)    Answer correspondence from shareholders, securities brokers and others relating to Fund Services duties hereunder within required time periods established by applicable regulation.
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(17)    Provide service and support to financial intermediaries including but not limited to trade placements, settlements and corrections.
(18)    Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably requested by the Fund in connection with any certification required of the Fund pursuant to the Sarbanes-Oxley Act of 2002 (“SOX Act”) or any rules or regulations promulgated by the U.S. Securities and Exchange Commission (“SEC”) thereunder, provided the same shall not be deemed to change Fund Services’ standard of care as set forth herein.
(19)    In order to assist the Fund in satisfying the requirements of Rule 38a-1 under the 1940 Act, Fund Services will provide the Fund’s Chief Compliance Officer with reasonable access to Fund Services’ Fund records relating to the services provided by it under this Agreement, and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in the 1940 Act) involving Fund Services that affect or could affect the Fund.
3.    Lost Shareholder Due Diligence Searches and Servicing
The Fund hereby acknowledges that Fund Services has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  Costs associated with such searches will be passed through to the Fund as a miscellaneous expense in accordance with the fee schedule set forth in Exhibit B hereto.  If a shareholder remains lost and the shareholder’s account unresolved after completion of the mandatory Rule 17Ad-17 search, the Fund hereby authorizes vendor to enter, at its discretion, into fee sharing arrangements with the lost shareholder (or such lost shareholder’s representative or executor) to conduct a more in-depth search in order to locate the lost shareholder before the shareholder’s assets escheat to the applicable state.  The Fund hereby acknowledges that Fund Services is not a party to these arrangements and does not receive any revenue sharing or other fees relating to these arrangements.  Furthermore, the Fund hereby acknowledges that vendor may receive up to 35% of the lost shareholder’s assets as compensation for its efforts in locating the lost shareholder. Fund Services shall report, or arrange to have reported, to the Fund shareholder account information where such accounts or funds have been turned over to applicable state authorities.
4.    Anti-Money Laundering and Red Flag Identity Theft Prevention Programs
The Fund acknowledges that it has had an opportunity to review, consider and comment upon the written procedures provided by Fund Services describing various tools used by Fund Services, which are designed to promote the detection and reporting of potential money laundering activity and identity theft by monitoring certain aspects of shareholder activity as well as written procedures for verifying a customer’s identity (collectively, the “Procedures”). Further, the Fund and Fund Services have determined that the Procedures, as part of the Fund’s overall anti-money laundering program and Red Flag Identity Theft Prevention program, are reasonably designed to: (i) prevent the Fund from being used for money laundering or the financing of terrorist activities; (ii) prevent identity theft; and 
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(iii) to achieve compliance with the applicable provisions of the Bank Secrecy Act and the USA Patriot Act of 2001 and the implementing regulations thereunder.
Based on this determination, the Fund hereby instructs and directs Fund Services to implement the Procedures on the Fund’s behalf, as such may be amended or revised from time to time.  It is contemplated that these Procedures will be amended from time to time by the parties as additional regulations are adopted and/or regulatory guidance is provided relating to the Fund’s anti-money laundering and identity theft responsibilities.
Fund Services agrees to provide to the Fund:
(a)    Prompt written notification of any transaction or combination of transactions that Fund Services believes, based on the Procedures, evidence money laundering, activity that may warrant a suspicious activity report or identity theft activities in connection with the Fund or any shareholder of the Fund;
(b)    Prompt written notification of any customer(s) that Fund Services reasonably believes, based upon the Procedures, to be engaged in money laundering, activity that may warrant a suspicious activity report or identity theft activities, provided that the Fund agrees not to communicate this information to such customer;
(c)    Any reports received by Fund Services from any government agency or applicable industry self-regulatory organization pertaining to Fund Services anti-money laundering monitoring or the Red Flag Identity Theft Prevention Program on behalf of the Fund;
(d)    Prompt written notification of any action taken in response to anti-money laundering violations or identity theft activity as described in (a), (b) or (c); and
(e)    Certified quarterly reports of its monitoring and customer identification activities on behalf of the Fund, including an annual certification that Fund Services has applied and followed the Procedures during the relevant reporting period;
The Fund hereby directs, and Fund Services acknowledges, that Fund Services shall (i) permit federal regulators access to such information and records maintained by Fund Services and relating to Fund Services implementation of the Procedures on behalf of the Fund, as it may request, and (ii) permit such federal regulators to inspect Fund Services implementation of the Procedures on behalf of the Fund.
5.    Compensation 
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Fund Services shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on Exhibit B hereto (as amended from time to time by consent of both parties to this agreement).  Fund Services shall be compensated for such miscellaneous expenses as are reasonably incurred by Fund Services in performing its duties hereunder and as are described in Exhibit B hereto. Fund Services shall also be compensated for any increases in costs due to the adoption of any new or amended industry, regulatory or other applicable rules. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute.  The Fund shall notify Fund Services in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith.  The Fund shall pay such disputed amounts within thirty (30) calendar days of the day on which the parties agree to the amount to be paid.  With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 11⁄2% per month after the due date.  Notwithstanding anything to the contrary, amounts owed by the Fund to Fund Services shall only be paid out of assets and property of the Fund involved.
6.    Representations and Warranties
A.    The Fund hereby represents and warrants to Fund Services, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:
(1)    The Fund is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;
(2)    This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and
(3)    It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property that would prohibit its execution or performance of this Agreement.
B.    Fund Services hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:
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(1)    It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;
(2)    This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all requisite action and constitutes a valid and legally binding obligation of Fund Services, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;
(3)    It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property that would prohibit its execution or performance of this Agreement; and 
(4)    It is a registered transfer agent under the Exchange Act.
7.    Standard of Care; Indemnification; Limitation of Liability
A.    Fund Services shall exercise reasonable care in the performance of its duties under this Agreement.  Fund Services shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond Fund Services’ control, except a loss arising out of or relating to Fund Services’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement.  Notwithstanding any other provision of this Agreement, if Fund Services has exercised reasonable care in the performance of its duties under this Agreement, the Fund shall indemnify and hold harmless Fund Services from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable and documented attorneys' fees) that Fund Services may sustain or incur or that may be asserted against Fund Services by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, (ii) in reliance upon any written or oral instruction provided to Fund Services by the Fund’s investment adviser or by any duly authorized officer of the Fund, as approved by the Board of Directors, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to Fund Services’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement.  This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement.  As used in this paragraph, the term “Fund Services” shall include Fund Services’ directors,officers and employees. Fund Services shall indemnify and hold the Fund harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that 
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the Fund may sustain or incur or that may be asserted against the Fund by any person arising out of any action taken or omitted to be taken by Fund Services as a result of Fund Services’ refusal or failure to comply with the terms of this Agreement,  bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement.  This indemnity shall be a continuing obligation of Fund Services, its successors and assigns, notwithstanding the termination of this Agreement.  As used in this paragraph, the term “Fund” shall include the Fund’s directors, officers and employees.
Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this Agreement.
In the event of a mechanical breakdown or failure of communication or power supplies beyond its control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such interruption continues.  Fund Services shall as promptly as possible under the circumstances notify the Fund in the event of any service interruption that materially impacts Fund Services’ services under this Agreement.  Fund Services will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of Fund Services as soon as practicable.  Fund Services agrees that it shall, at all times, have reasonable business continuity and disaster recovery contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available.  Representatives of the Fund shall be entitled to inspect Fund Services’ premises and operating capabilities, books and records maintained on behalf of the Fund at any time during regular business hours of Fund Services, upon reasonable notice to Fund Services.  Fund Services shall promptly notify the Fund upon discovery of any material administrative error, and shall consult with the Fund about the actions it intends to take to correct the error prior to taking such actions. A “material administrative error” means any error that the Fund’s management, including its Chief Compliance Officer, would reasonably need to know to oversee Fund compliance. Moreover, Fund Services shall obtain and provide the Fund, at such times as the Fund may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of Fund Services relating to the services provided by Fund Services under this Agreement.
Notwithstanding the above, Fund Services reserves the right to reprocess and correct administrative errors at its own expense.
B.    In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold 
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the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification.  The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification.  In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this section.  The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor’s prior written consent.
C.    The indemnity and defense provisions set forth in this Section 7 shall indefinitely survive the termination and/or assignment of this Agreement.
D.    If Fund Services is acting in another capacity for the Fund pursuant to a separate agreement, nothing herein shall be deemed to relieve Fund Services of any of its obligations in such other capacity.
8.    Data Necessary to Perform Services 
The Fund or its agent shall furnish to Fund Services the data necessary to perform the services described herein at such times and in such form as mutually agreed upon. For the avoidance of doubt, Fund Services agrees that, to the extent required in order to carry out any of its obligations hereunder, Fund Services will coordinate with all other service providers of the Fund as may be requested and authorized by the Fund, including each custodian of the Fund, as appropriate. If Fund Services is also acting in another capacity for the Fund, nothing herein shall be deemed to relieve Fund Services of any of its obligations in such capacity.
9.    Proprietary and Confidential Information
Fund Services agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders) including all shareholder trading information, and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where Fund Services may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities provided that to the extent permitted by law, Fund Services shall provide the Fund notice prior to such disclosures, or (iii) when so requested by the Fund.  Records and other information that have become known to the public through no wrongful act of Fund Services or any of its employees, agents or representatives, and information that was already in the possession of Fund Services prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph. Further, Fund Services will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm Leach Bliley Act, as may be modified from time to time.  In this regard, Fund Services shall have in place 
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and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders.  In addition, Fund Services has implemented and will maintain an effective information security program reasonably designed to protect information relating to Shareholders (such information, “Personal Information”), which program includes sufficient administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) insure the security and confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal Information that could result in substantial harm or inconvenience to the Fund or any Shareholder (the “Information Security Program”).  The Information Security Program complies and shall comply with reasonable information security practices within the industry.  Fund Services shall promptly notify the Fund in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any Personal Information (any or all of the foregoing referred to individually and collectively for purposes of this provision as a “Security Breach”).  Fund Services shall promptly investigate and remedy, and bear the cost of the measures (including notification to any affected parties), if any, to address any Security Breach. Fund Services shall bear the cost of the Security Breach only if Fund Services is determined to be responsible for such Security Breach.
In addition to, and without limiting the foregoing, Fund Services will promptly cooperate with the Fund or any of their affiliates’ regulators at Fund Services expense (only if Fund Services is determined to be responsible for such Security Breach) to prevent, investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.
Fund Services will provide the Transfer Agent with certain copies of third party audit reports (e.g., SSAE 16 or SOC 1) through access to Fund Services CCO Portal (limited to two persons) to the extent such reports are available and related to services performed or made available by Fund Services under this Agreement. The Transfer Agent acknowledges and agrees that such reports are confidential and that it will not disclose such reports except to its employees and service providers who have a need to know and have agreed to obligations of confidentiality applicable to such reports.
Notwithstanding the foregoing, Fund Services will not share any nonpublic personal information concerning any of the Fund’s shareholders to any third party unless specifically directed by the Transfer Agent or allowed under one of the exceptions noted under the Gramm Leach Bliley Act.
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10.    Records
Fund Services shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Fund, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder.  Fund Services agrees that all such records prepared or maintained by Fund Services relating to the services to be performed by Fund Services hereunder are the property of the Fund and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Fund or their designee on and in accordance with its request.  Fund Services agrees to provide any records necessary to the Fund to comply with the Fund’s disclosure controls and procedures and internal control over financial reporting adopted in accordance with the SOX Act.  Without limiting the generality of the foregoing, Fund Services shall cooperate with the Transfer Agent and assist the Fund, as necessary, by providing information to enable the appropriate officers of the Fund to (i) execute any required certifications and (ii) provide a report of management on the Fund’s internal control over financial reporting (as defined in Sections 13a-15(f) or 15a-15(f) of the Exchange Act).
11.    Compliance with Laws
The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the Act, the Internal Revenue Code of 1986, the SOX Act, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its registration statement and other operative documents.  Fund Services’ services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance and oversight responsibility with respect thereto. 
The foregoing shall not affect Fund Services’ responsibilities for compliance and related matters delegated to Fund Services by the Fund as expressly provided herein. Fund Services shall comply with changes to all regulatory requirements affecting its services hereunder to the Fund and shall implement any necessary modifications to the services prior to the deadline imposed, or extensions authorized by, the regulatory or other governmental body having jurisdiction for such regulatory requirements.
12.    Term of Agreement; Amendment
This Agreement shall become effective as of the date written above and will continue in effect until December 20, 2021 (“Initial Term”).  Following the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either party provides written notice at least 60 days prior to the end of the then current term that it will not be renewing the Agreement.  Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within fifteen (15) days of notice of such breach to the breaching party.  This Agreement may not be amended or modified in any manner except by written agreement executed by Fund Services and the Fund, and authorized or approved by the Board of Directors.

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13.    Duties in the Event of Termination 
In the event that, in connection with termination, a successor to any of Fund Services’ duties or responsibilities hereunder is designated by the Fund by written notice to Fund Services, Fund Services will promptly, upon such termination and, except in the case of a material breach by Fund Services, in which case all expenses shall be borne by Fund Services, at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by Fund Services under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which Fund Services has maintained the same, the Fund shall pay any reasonable and documented expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from Fund Services’ personnel in the establishment of books, records, and other data by such successor.  If no such successor is designated, then such books, records and other data shall be returned to the Fund.
14.    Assignment 
This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of Fund Services, or by Fund Services without the written consent of the Fund accompanied by the authorization or approval of the Board of Directors. 
15.    Governing Law
This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflicts of law principles.  To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the Act or any rule or order of the SEC thereunder.
16.    Services not Exclusive 
Nothing in this Agreement shall limit or restrict Fund Services from providing services to other parties that are similar or identical to some or all of the services provided hereunder.
17.    No Agency Relationship 
Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement. 
18.    Invalidity
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Any provision of this Agreement that may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.
19.    Notices
Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party’s address set forth below:
												
		Notice to Fund Services shall be sent to:	
				
			U.S. Bancorp Fund Services, LLC	
			615 East Michigan Street	
			Milwaukee, WI  53202	
				
				
		and notice to the Fund shall be sent to: 	
				
			NC SLF Inc.	
			c/o Churchill Asset Management LLC	
			430 Park Avenue 14th Floor	
			New York, NY 10022	

20.    Multiple Originals
This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.
21.    Entire Agreement
This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements, arrangements and understandings, whether written or oral.
[Signature Page Follows]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date written above.
																					
	N SLF Inc.		U.S. Bancorp Fund Services, LLC	
							
		By:	/s/ Shai Vichness		By:	Anita Zagrodnik	
							
		Name:	Shai Vichness		Name:	Anita Zagrodnik	
							
		Title:	Chief Financial Officer		Title:	Senior Vice President	
							
		Date:	March 25, 2021		Date:	March 26, 2021	

[Signature Page to Transfer Agent Agreement]

ANNEX I
List of each SPV

Exhibit A to the Transfer Agent Servicing Agreement
As Of Processing Policy
Fund Services will reimburse the Fund for any Net Material Loss that may exist on the Fund’s books and for which Fund Services is responsible, at the end of each calendar month.  “Net Material Loss” shall be defined as any remaining loss, after netting losses against any gains, which impacts the Fund’s net asset value per share by at least 1⁄2 cent.  Gains and losses will be reflected on the Fund’s daily share sheet, and the Fund will be reimbursed for any net material loss on a monthly basis.  Fund Services will reset the as of ledger each calendar month so that any losses that do not exceed the materiality threshold of 1⁄2 cent will not be carried forward to the next succeeding month.  Fund Services will notify the advisor to the Fund on the daily share sheet of any losses for which the advisor may be held accountable. Fund Services will supply the Fund from time to time, as mutually agreed upon, reports summarizing the as-of transactions identified pursuant this policy.

Exhibit B to the Transfer Agent Servicing AgreementExhibit 10.17

 

Maximum Amount Guarantee Contract

No:[*]

 

Postcode: 361000

 

Guarantor: Xiamen Pop Culture
Co., Ltd.

Unified Social Credit Code: 91350206798065312U

Legal Representative/Responsible Person: Huang
Zhuoqin

Domicile: Unit 836, No.5, Mucuo Road, Huli
District, Xiamen City

Account-opening financial institution and account
number: Bank of China Xiamen Wenzao Sub-branch [*]

Tel: [*] Fax:/

 

	Postcode: 511400

Creditor: Guangzhou Panyu Branch of Bank of
China Limited.

Legal Representative/Principal: Xu Jianye

 

Domicile: No.338, Qinghe East Road, Qiaozhen,
Panyu City

Tel: [*] Fax:/

 

In order to guarantee the performance
of the debt under the main contract mentioned in Article 1 of the Contract, the Guarantor is willing to provide guarantee to the creditor.
This Contract is made and entered into by and between both parties through equal consultation. Unless otherwise agreed in the Contract,
the interpretation of words in the Contract shall be determined in accordance with the Master Contract.

 

Article 1 Master Contract

 

The main contract of this contract
is:

 

☑  The
loan, trade financing, letter of guarantee, capital business and other credit business contracts signed between the creditor and the
debtor Zhongjing Pop (Guangzhou) Culture Media Co., Ltd. from November 22, 2020 to December 31, 2025 (collectively
referred to as "Single Contract"), and its amendments or supplements, which stipulate that it belongs to the main contract
under this contract.

 

Article 2 The main creditor's
right and its occurrence period

 

Except for the period of occurrence
otherwise determined or agreed in accordance with the law, the actual claims under the main contract during the following periods and
the claims that have occurred between the debtor and the creditor before the effective of this contract constitute the main claims of
this contract:

 

From November 22, 2020
to December 31, 2025 as stipulated in Article 1 of this contract.

 

Article 3 Maximum amount
of secured creditor's rights

 

		1.	The highest principal balance of the secured creditor's rights in this contract is:

 

Currency type: RMB

Amount: 20,000, 000.00

 

		2.	2. On the expiry date of the period of occurrence of the principal creditor's right as determined inArticle
2 of this contract, if it is determined to belong to the secured principal creditor's right of this contract, the interest (including
statutory interest and agreed interest) shall be based on the principal of the principal creditor's right , Compound interest, penalty
interest), liquidated damages, damages, costs for realizing the creditor’s rights (including but not limited to litigation costs,
attorney costs, notarization costs, execution costs, etc.), losses to the creditor due to the debtor’s breach of contract and all
other payables Expenses, etc., also belong to the secured creditor's rights, and the specific amount is determined when it is paid off.

 

     

     

    

 

The sum of the creditor's rights
determined according to the above two paragraphs is the highest creditor's rights guaranteed by this contract.

 

Article 4 Mode of Guarantee

 

The guarantee method of the
Contract is the following Item 1:

1. Joint and several liability
guarantee.

2. General Warranty.

 

Article 5 Occurrence of Guaranty
Liability

 

If the debtor fails to pay
off to the creditor as agreed on any normal repayment date or early repayment date under the main contract, the creditor has the right
to request the guarantor to assume the guarantee liability.

 

The normal repayment date referred
to in the preceding paragraph is the principal repayment date, interest payment date or the date on which the debtor shall pay any amount
to the creditor according to the contract. The prepayment date referred to in the preceding paragraph refers to the prepayment date proposed
by the debtor with the consent of the creditor and the date when the creditor requests the debtor to recover the principal and interest
of the creditor's rights and/or any other funds in advance according to the contract and other agreements.

 

Where there are other guarantees
or guaranties for the main debt outside the Contract, any right of the Creditor under the Contract and its exercise shall not be affected,
and the Creditor shall have the right to decide the exercise order of each guarantee right, and the Guarantor shall undertake the guarantee
liability according to the agreement of the Contract, and shall not defend the Creditor with the existence of other guarantees and exercise
order.

 

Article 6 Duration of Guarantee

 

The guaranty period under the
Contract is two years from the expiry date of the occurrence period of the principal creditor's right determined in Article 2 of the Contract.

 

Within the guarantee period,
the creditor has the right to require the guarantor to undertake the guarantee liability for all or part, multiple or single of the principal
creditor's rights.

 

Article 7 Limitation of Actions
on Guaranteed Debt

 

If the principal creditor's
right is not paid off, in the case of joint liability guarantee, if the creditor requires the guarantor to assume the guarantee liability
before the expiration of the guarantee period stipulated in Article 6 of the Contract, the guarantee debt shall be calculated and the
limitation of action shall apply from the date when the creditor requires the guarantor to assume the guarantee liability.

 

In the case of general guaranty,
if the creditor files a lawsuit or applies for arbitration against the debtor before the expiration of the guaranty period specified in
Article 6 of this Contract, the limitation of action shall be calculated and applied from the date when the judgment or arbitration award
takes effect.

 

Article 8 Relationship between
the Contract and the Main Contract

 

If the Master Contract contains
the Agreement on Credit Line/Master Agreement on Credit Business, the extension of the term of use of credit line/term of business cooperation
shall be approved in writing by the Guarantor. If the consent of the Guarantor is not obtained or the Guarantor refuses, the Guarantor
shall only undertake the guaranty liability for the principal creditor's rights occurred within the original credit line use period/business
cooperation period within the guaranteed maximum creditor's rights amount stipulated in Article 3 of this Contract, and the guaranty period
is still the original period.

 

    2

     

    

 

In case of any change to other
contents or matters of the Credit Line Agreement/Credit Business Master Agreement, or any change to a single agreement under the Credit
Line Agreement/Credit Business Master Agreement, or any change to a single master contract, the consent of the Guarantor is not required.
The Guarantor shall still undertake the guarantee liability for the changed master contract within the maximum amount of creditor's rights
guaranteed as specified in Article 3 hereof.

 

The maximum amount of secured
claims stipulated in Article 3 of the Contract may be changed in writing upon the consensus of the creditor and the guarantor.

 

Article 9 Declarations and
Commitment

 

The Guarantor represents and
undertakes as follows:

 

		1.	The Guarantor is registered in accordance with the law and exists legally, and has the full capacity for
civil rights and the capacity for acts required for signing and performing the Contract;

 

		2.	The Guarantor fully understands the contents of the Master Contract, signs and performs this Contract
based on the Guarantor's true intention, and has obtained legal and effective authorization according to the requirements of its Articles
of Association or other internal management documents;

 

If the guarantor is
a company, the provision of the guaranty has been adopted by a resolution of the board of directors or the shareholders' meeting or shareholders'
assembly in accordance with the provisions of the articles of association;Where the total amount of guarantee and the amount of single
guarantee are stipulated in the articles of association, the guarantee hereunder does not exceed the stipulated limit;

 

The execution and
performance of this Contract will not violate any contract, agreement or other legal documents binding on the Guarantor;

 

		3.	All documents and information provided by the guarantor to the creditor are accurate, true, complete and
effective;

 

		4.	The Guarantor shall accept the supervision and inspection of the production, operation and financial status
of the Guarantor by the Creditor, and provide assistance and cooperation;

 

		5.	The Guarantor does not conceal the major liabilities it has assumed up to the date of signing the Contract;
and

 

		6.	In case of any circumstance that may affect the financial status and performance ability of the Guarantor,
including but not limited to any change in the operation mode such as division, merger, joint venture, joint venture with foreign investors,
cooperation, contractual operation, reorganization, restructuring and planned listing, etc reduction of registered capital, transfer of
major assets or equity, assumption of major liabilities, dissolution, cancellation and (be) applied for bankruptcy, etc. or involved in
major litigation or arbitration cases, the guarantor shall promptly notify the creditor.

 

    3

     

    

 

Article 10 Incidents of breach
of contract and handling

 

One of the following situations
constitutes or is deemed to be a breach of contract by the guarantor under this contract:

 

		1.	Failure to perform the guarantee responsibilities in a timely manner as agreed in this contract;

 

		2.	The statement made in this contract is untrue or violates the promise made in this contract;

 

		3.	The occurrence of the event mentioned in paragraph 6 of Article 9 of this contract seriously affects the
financial status and performance of the guarantor;

 

		4.	The guarantor terminates business or occurs dissolution, cancellation or bankruptcy;

 

		5.	Violation of other agreements on the rights and obligations of the parties in this contract; and

 

		6.	The Guarantor has any event of default under any other contract between the Guarantor and the Creditor
or any other institution of Bank of China Limited.

 

When the events of default
specified in the preceding paragraph arise, the creditor shall have the right to take the following measures respectively or simultaneously
according to the specific circumstances:

 

		1.	Require the Guarantor to correct its breach of contract within a time limit;

 

		2.	Full or partial reduction, suspension or termination of the credit line granted to the Guarantor;

 

		3.	Suspend or terminate the acceptance of the guarantor's business application under other contracts in whole
or in part;Suspend or terminate the issuance and processing of loans and trade financing that have not yet been issued or handled in whole
or in part;

 

		4.	Declare all or part of the outstanding principal and interest of the loan/trade financing amount and other
payables of the Guarantor under other contracts to be immediately due;

 

		5.	Terminate or cancel the Contract, or terminate or cancel other contracts between the Guarantor and the
Creditor in whole or in part;

 

		6.	Require the guarantor to compensate the creditor for the losses caused by its breach of contract;

 

		7.	Deduct the funds in the guarantor's account with the creditor and other institutions of the Bank of China
Limited in order to pay off all or part of the guarantor's debts to the creditor. Undue amounts in the account are considered to be due
in advance. If the currency of the account is different from the currency of the business of the creditor, it shall be converted according
to the exchange rate of settlement and sale of foreign exchange applicable to the creditor at the time of deduction; and

 

		8.	Other measures deemed necessary by the creditor.

 

Article 11 Reservation of
Right

 

If one party fails to exercise
part or all of the rights hereunder, or fails to require the other party to perform or undertake part or all of the obligations and responsibilities,
it shall not constitute a waiver of such rights or a waiver of such obligations and responsibilities.

 

Any forbearance, extension
or delay on the part of one party to the other party in exercising the rights under this Contract shall not affect any of its rights under
this Contract, laws and regulations, nor be deemed as a waiver of such rights:

 

Article 12 Alteration, Amendment
and Termination

 

This Contract may be changed
or modified in writing upon the consensus of both parties through consultation, and any change or modification shall constitute an integral
part of this Contract.

 

Unless otherwise stipulated
by laws and regulations or otherwise agreed by the parties, the Contract shall not be terminated before all the rights and obligations
hereunder are fulfilled.

 

Unless otherwise stipulated
by laws and regulations or agreed by the parties, the invalidity of any provision of the Contract shall not affect the legal effect of
other provisions.

 

    4

     

    

 

Article 13 Application of
Law and Settlement of Dispute

 

The Contract shall be governed
by the laws of the People's Republic of China.

 

All disputes arising from the
performance of the Contract shall be settled by both parties through negotiation. If the negotiation fails, both parties agree to adopt
the same dispute settlement method as that agreed in the main contract. Points,

 

During the dispute settlement
period, if the dispute does not affect the performance of other provisions of the Contract, such other provisions shall continue to be
performed.

 

Article 14 Annex

 

The annexes jointly confirmed
by both parties shall constitute an integral part of the Contract and have the same legal effect as the Contract.

 

Article 15 Other Agreement

 

		1.	Without the written consent of the Creditor, the Guarantor shall not transfer any rights and obligations
hereunder to any third party.

 

		2.	If the Creditor needs to entrust other institutions of Bank of China Limited to perform the rights and
obligations under the Contract due to business needs, the Guarantor acknowledges this. Other institutions of Bank of China Limited authorized
by the Creditor shall have the right to exercise all rights hereunder, and shall have the right to bring a lawsuit to the court or submit
to an arbitration institution for adjudication on disputes hereunder.

 

		3.	Without prejudice to other agreements in the Contract, the Contract shall be legally binding on both parties
and their respective successors and assignees.

 

		4.	Unless otherwise agreed, both parties shall designate the domicile specified in the Contract as the address
for communication and contact, and the effective address for service confirmed by both parties. The applicable scope of service address
includes the service of all kinds of notices, contracts and other documents during the performance of the contract between the two parties,
and relevant documents and legal documents when disputes arise under the contract, as well as the first instance, second instance, retrial
and execution procedures after the disputes enter into arbitration and civil litigation procedures.

 

If the above address
is changed, the changing party will inform the other party of the changed address in writing 30 working days in advance. In arbitration
and civil proceedings, when any party changes its address, it shall perform the obligation of notifying the change of address to the arbitration
institution and the court. If one party fails to perform the notification obligation in the aforesaid manner, the address for service
confirmed in the Contract shall still be deemed as the effective address for service.

 

If the legal document
is not actually accepted by one party due to the inaccurate service address provided or confirmed by one party, the failure to inform
the other party and the court in time according to the procedure after the change of service address, and the designated recipient refuses
to sign for receipt, etc the date of return of the document shall be regarded as the date of service;In the case of direct service, the
date on which the server records the circumstances on the receipt of service on the spot shall be regarded as the date of service.

 

		5.	The titles and business names in the Contract are used for convenience only, and shall not be used to
explain the contents of the clauses and the rights and obligations of the parties.

 

		6.	The Guarantor can consult and complain about the business and charges under the Contract and the Contract
through the contact telephone number of the creditor listed in the Contract.

 

    5

     

    

 

Article 16 Effectiveness
of the Contract

 

The Contract shall come into
force on the date when the legal representatives, responsible persons or their authorized signatories of both parties sign and affix official
seals.

 

The Contract is made in duplicate,
one for each party and the debtor, with the same legal effect.

 

	Guarantor: Xiamen Pop Culture Co., Ltd.	
    Creditor: Guangzhou Panyu Sub-branch of Bank of China Limited.

    

	 	 
	Authorized Signatory: /s/ Zhuoqin Huang 	
    Authorized Signatory: /s/ Chengfeng Chen

    

	 	 
	
    

    December 10, 2020
	
    

    December 10, 2020

 

 

6

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