Document:

Exhibit 10.7

   

  Execution Version

   

  

  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:

   

  
     

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  		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;

   

  
     

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  		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;

   

  
     

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  		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.

   

  
     

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  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;

   

  
     

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  		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.

   

  
     

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  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.

   

  
     

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  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.

   

  
     

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  		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.

   

  
     

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  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.

   

  
     

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  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.

   

  
     

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  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;

   

  
     

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  		(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

   

  
     

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  		(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.

   

  
     

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  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.

   

  
     

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  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.

   

  
     

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  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.

   

  
     

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  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.

   

  
     

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  (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.

   

  
     

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  		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.

   

  
     

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  “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

   

  
     

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  		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.

   

  
     

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  		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.

   

  
     

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  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.

   

  
     

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  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.

   

  
     

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  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.

   

  
     

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  		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.

   

  
     

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  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

   

  
     

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  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.

   

  
     

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  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.

   

  
     

    -31-

    
      
 

  

   

  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   ☒	The Custodian is not authorized to release the Fund’s name, address, and share positions.

   

  
     

    -32-

    
      
 

  

   

  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	 

   

  Master Custodian Agreement

   

  
     

    
      
 

  

  
   

  APPENDIX A 

  to 

  Master Custodian
          Agreement

   

  
    App-1 

    
      
 

  

  
   

  SCHEDULE D 

  to 

  Master Custodian
          Agreement

   

  Special Sub-Custodians

   

  None

   

  

   

  D-1Exhibit 10.8

   

  BARINGS PRIVATE CREDIT CORPORATION

   

  SUBSCRIPTION AGREEMENT

   

  
     

    
      
 

  

   

  THE SHARES OF BARINGS PRIVATE CREDIT 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. IN ADDITION, THE
    SHARES ARE SUBJECT TO THE CONTRACTUAL RESTRICTIONS ON RESALES DESCRIBED IN THIS SUBSCRIPTION AGREEMENT. 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 Private Credit 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 dollar amount of shares of common stock, par value $0.001 per share (the “Shares”), of Barings Private Credit Corporation, a Maryland corporation (the “Company”), 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. Unless context suggests otherwise, any reference to the term “Shares” refers to limited liability company units of Barings Private Credit LLC prior to its conversion to a Maryland corporation, and to the Company’s shares of common stock, par
    value $0.001 per share, following the conversion.

   

  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 BaringsGlobalCOB@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 the
    aggregate purchase price set forth on the signature page below, payable under the terms and subject to the conditions set forth herein. The minimum purchase amount for Shares is $50,000, after which additional investments must be in increments of
    $5,000, each subject to the discretion of the Company (including, but not limited to, the discretion 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 such lesser dollar amount of Shares to be purchased 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). The Company intends to conduct Closings on a quarterly basis; provided however, that the Company, in its sole discretion, may conduct Closings more or less frequently to one or more investors for
    regulatory, tax or other reasons as may be determined to be appropriate by the Company.

   

  (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.

   

  
    - 3 - 

    
      
 

  

   

  (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.

   

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

   

  3.            Purchase of Shares.

   

  (a)           The aggregate purchase price for the Shares shall
    be payable, in U.S. dollars and in immediately available funds per the wire transfer instructions set forth on the signature page below.

   

  (b)          Concurrent with any payment of the aggregate
    purchase price for the Shares upon a Closing, the Company shall issue to the Subscriber a number of Shares equal to the amount of the aggregate purchase price for the Shares paid by the Subscriber on the purchase date divided by the net asset value per
    share of the Shares (the “NAV per Share”) as of such date.

   

  4.            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 Company’s Board of Directors (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 of the Company (the “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.

   

  5.            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.

   

  
    - 4 - 

    
      
 

  

   

  (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. 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 “Investment Advisory Agreement; Administration
    Agreement; Expense Support” of the Memorandum and the risks and other considerations set forth in the sections titled “Risk Factors” and “Potential Conflicts of Interest” 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 Memorandum and this Subscription Agreement.

   

  
    - 5 - 

    
      
 

  

   

  (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 entire 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 Memorandum, 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 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 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.

   

  (j)            The execution and delivery of this Subscription
    Agreement, the consummation of the transactions contemplated hereby and the performance of the Subscriber’s obligations hereunder 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.

   

  
    - 6 - 

    
      
 

  

   

  (k)          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.

   

  (l)            The Subscriber: (i) (A) is not registered or
    required to be registered as an “investment company” under the 1940 Act; (B) has not elected to be regulated as a BDC under the 1940 Act; and (C) 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 (ii) is otherwise permitted to acquire and hold more than 3% of the outstanding voting securities of a BDC like the Company.

   

  (m)         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;

   

  (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;

   

  
    - 7 - 

    
      
 

  

   

  (v)          the Subscriber acknowledges and agrees
    that the Company has the authority to require the compulsory Transfer of the Subscriber’s 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 5(m) 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 5(m) 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.

   

  (n)          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.

   

  (o)          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.

   

  (p)          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.

   

  (q)         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.

   

  (r)          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.

   

  (s)          The Subscriber agrees that the foregoing
    certifications, representations, warranties, covenants and agreements shall survive the acceptance of this Subscription Agreement 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 5 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.

   

  
    - 8 - 

    
      
 

  

   

  6.            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.

   

  7.            Additional Limitations on Transfer of Shares.

   

  (a)          General Restrictions on Transfer.

   

  (i)           The Subscriber may not Transfer any of
    its Shares unless the Transfer is made in accordance with applicable securities and other 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 Shares under this Subscription Agreement, 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.

   

  
    - 9 - 

    
      
 

  

   

  8.             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 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 her, his or its identity provided is
    genuine.

   

  (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 15 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 Transfer of the Subscriber’s Shares.

   

  (iii)         To comply with applicable U.S. anti-money
    laundering laws and regulations, all payments by the Subscriber to the Company for Shares, 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.

   

  
    - 10 - 

    
      
 

  

   

  (b)          Affirmation. The representations and warranties set
    forth in this Section 8 shall be deemed repeated and reaffirmed by the Subscriber to the Company as of each date that the Subscriber receives dividends or other distributions from (even if such distribution is reinvested pursuant to the Dividend
    Reinvestment Plan), the Company. If at any time, the representations and warranties set forth in this Section 8 cease to be true, the Subscriber shall promptly so notify the Company in writing.

   

  (c)          Remedies for Failure to Comply with Section 8. 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 8, 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.

   

  9.            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 require the compulsory Transfer of 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.

   

  10.           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. 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.

   

  
    - 11 - 

    
      
 

  

   

  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.

   

  11.          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.

   

  12.          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 12 shall not prohibit the giving of written notice in any other manner; any such written notice shall be deemed given only when actually received.

   

  13.          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;

   

  (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

   

  
    - 12 - 

    
      
 

  

   

  (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 Stockholders or by listing all the Stockholders 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.

   

  14.          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.

   

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

   

  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.

   

  15.           Confidentiality. The Subscriber acknowledges
    that the 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., Barings Capital Investment Corporation 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 15 and the Subscriber remains liable for any breach of this Section 15 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 15, and if a protective order or other appropriate remedy is not obtained, or if the
    Company waives compliance with the terms of this Section 15, 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 15 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.

   

  
    - 13 - 

    
      
 

  

   

  16.           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.

   

  17.           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.

   

  18.           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.

   

  
    - 14 - 

    
      
 

  

   

  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 or entity 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 14 hereof.

   

  19.           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.

   

  20.           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]

   

  
    - 15 - 

    
      
 

  

   

  Barings Private Credit Corporation

   

  Subscription Agreement Signature Page

   

  IN WITNESS WHEREOF, the Subscriber has executed this Subscription Agreement as of ____________________, 20__, for
    $_________________________________ of Shares.

   

  	Subscribers who are Individuals	 	Subscribers other than Individuals
	 	 	 

  	Name of the Subscriber 	 	Name of the Subscriber (exactly as it appears in the Subscriber’s organizational documents)
	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 $_________________________________ of Shares, as of
    __________________, 20___.

   

  	 	Barings Private Credit Corporation
	 	 	 
	 	By:	    

  	 	Name:	 
	 	Title:	 

   

  WIRE TRANSFER INSTRUCTIONS:

   

  Bank: [●]

  SWIFT: [●]

  ABA: [●]

  Account #: [●]

  Account Name: [●]

  For the benefit of: Barings Private Credit Capital Corporation

  Payment Details: Include Subscriber Name, Routing or SWIFT number of Subscriber’s Bank, and Subscriber’s Bank Account Number

   

  
     

    
      
 

  

   

  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 PRIVATE CREDIT CORPORATION

  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 (excluding pension plans)
	_____	Broker-dealer	_____	SEC-regulated BDC 
	_____	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 PRIVATE CREDIT CORPORATION

    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 association 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)	An investment adviser registered pursuant to Section 203 of the Investment Advisers Act or registered pursuant to the laws of a state or relying on the exemption
            from registering with the Securities and Exchange Commission under section 203(l) or (m) of the Investment Advisers Act.

   

  	____	(ix)	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.

   

  	____	(x)	A Rural Business Investment Company as defined in Section 384A of the Consolidated Farm and Rural Development Act.

   

  	____	(xi)	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.

   

  	____	(xii)	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 or investment adviser duly registered under the Investment Advisers Act.

   

  
    A- 2 

    
      
 

  

   

  

  BARINGS PRIVATE CREDIT CORPORATION

    INVESTOR QUESTIONNAIRE

   

  

  	____	(xiii)	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.

   

  	____	(xiv)	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 this Section II.

   

  	____	(xv)	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.

   

  	____	(xvi)	A natural person whose individual net worth, or joint net worth with his or her spouse or spousal equivalent (defined as “a cohabitant occupying a relationship generally equivalent to that of a spouse”), excluding
          the value of his or her primary residence, exceeds $1,000,0001.

   

  	____	(xvii)	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 or spousal equivalent (defined as “a cohabitant occupying a relationship
          generally equivalent to that of a 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.

   

  	____	(xviii)	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.

   

  	____	(xix)	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 in 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 each grantor of the Trust).

    

  
  
     

  

  
  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 PRIVATE CREDIT CORPORATION

    INVESTOR QUESTIONNAIRE

   

  	____	(xx)	A partnership, corporation or other entity (other than a trust) in which all of the equity holders are persons or entities described by one or more of the categories set forth in this Section II, in which case the
          Subscriber has so notified the Company in writing that it is relying on this clause (xx), and agrees to provide the Company with information requested by it respecting the Subscriber’s equity holders.)2

   

  

  	____	(xxi)	A “family office,” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act with assets under management in excess of $5,000,000, that is not formed for the specific
            purpose of acquiring the Shares, and whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the
            prospective investment..

   

  	____	(xxi)	A “family client,” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, of a family office defined in clause (xxi) above (and whose prospective investment in the
            Shares is directed by such family office).

   

  	____	(xxii)	A natural person who holds at least one of the following licenses in good standing: a Series 7, Series 65 or Series 82 license.

   

  	____	(xxiii)	An entity, not formed for the specific purpose of acquiring the securities offered, which owns in excess of $5 million in “investments” (as defined in Rule 2a51-1(b) under the Investment Company Act).

   

  
  
     

  

  
  2 In
    reviewing equity ownership, it is permissible to look through various forms of equity ownership to natural persons.

   

  
    A- 4 

    
      
 

  

   

  BARINGS PRIVATE CREDIT CORPORATION

    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?
	 	 	 
	 	 	_____%

   

  
    A- 5 

    
      
 

  

   

  BARINGS PRIVATE CREDIT CORPORATION

    INVESTOR QUESTIONNAIRE

   

  

  	 	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.
	 	 
	 	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 a Subscriber 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 PRIVATE CREDIT CORPORATION

    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 Stockholders 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 PRIVATE CREDIT CORPORATION

  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 Subscriber (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 Subscriber (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 number3
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

   

  (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)

   

  
  
     

  

  
  3 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.

   

  No Transfer of all or any portion of the Subscriber’s Shares may be made without (1) registration of the Transfer on the Company’s books and (2) the prior written consent of the Company. In any event, the consent of the Company may be withheld 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, any state (or other jurisdiction) securities or “blue sky” laws applicable to the Company or the Shares to be Transferred, or any other laws.

   

  The Subscriber agrees that it will pay all reasonable expenses, including attorneys’ fees, incurred by the Company in connection with any Transfer of all or any
    fraction of its Shares, prior to the consummation of such Transfer.

   

  In addition, the Company will use commercially reasonable efforts to prevent its assets from being deemed to constitute “plan assets” for purposes of ERISA or Section
    4975 of the Code. The Company may reject any Transfer of Shares if such Transfer could (1) result in the Company’s 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.

   

  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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