<SEC-DOCUMENT>0001193125-22-301881.txt : 20221209
<SEC-HEADER>0001193125-22-301881.hdr.sgml : 20221209
<ACCEPTANCE-DATETIME>20221209170602
ACCESSION NUMBER:		0001193125-22-301881
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20221209
DATE AS OF CHANGE:		20221209
EFFECTIVENESS DATE:		20221209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET HIGH INCOME FUND II INC.
		CENTRAL INDEX KEY:			0001058239
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		POS EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-261721
		FILM NUMBER:		221455531

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		8887770102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS HIGH INCOME FUND II INC
		DATE OF NAME CHANGE:	19980421

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS HIGH YIELD BOND FUND IN
		DATE OF NAME CHANGE:	19980319
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS EX
<SEQUENCE>1
<FILENAME>d406551dposex.htm
<DESCRIPTION>WESTERN ASSET HIGH INCOME FUND II INC
<TEXT>
<HTML><HEAD>
<TITLE>Western Asset High Income Fund II Inc</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on December 9, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Securities Act Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-261721</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Investment Company Act Registration <FONT STYLE="white-space:nowrap">No.&nbsp;811-08709</FONT> </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">N-2</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><I>THE SECURITIES ACT OF 1933</I></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:10pt">&#9746;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:10pt">&#9744;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Post-Effective Amendment No. 2</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:10pt">&#9746;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and/or </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><I>THE INVESTMENT COMPANY ACT OF 1940</I></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:10pt">&#9746;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Amendment No.&nbsp;10</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-size:10pt">&#9746;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Western Asset High Income Fund II Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>620 Eighth
Avenue, 47<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10018 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(888) <FONT STYLE="white-space:nowrap">777-0102</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s Telephone Number, Including Area Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Jane Trust </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Franklin
Templeton </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>620 Eighth Avenue, 47th Floor </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10018 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name and Address of Agent for Service) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to:
</I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>David W. Blass, Esq.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ryan P. Brizek, Esq.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Simpson Thacher&nbsp;&amp; Bartlett LLP</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>900 G Street NW</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20001</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>George P. Hoyt, Esq.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Legg Mason&nbsp;&amp; Co., LLC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>100 First Stamford Place</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Stamford, CT 06902</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Approximate Date of Proposed Public Offering:</B> From time to time after the effective date of this Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, check the
following box&nbsp;&nbsp;&#9744;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any of the securities being registered on this form will be offered on a delayed or continuous basis
in reliance on Rule 415 under the Securities Act of 1933, other than securities offered in connection with a dividend reinvestment plan, check the following box.&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following
box&nbsp;&nbsp;&#9746;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto
that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box&nbsp;&nbsp;&#9744;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box&nbsp;&nbsp;&#9744;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is proposed that this filing will become effective (check appropriate box) </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">when declared effective pursuant to Section&nbsp;8(c) </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If appropriate, check the following box: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This post-effective amendment designates a new effective date for a previously filed registration statement.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This form is filed to register additional securities for an offering pursuant to Rule 462(b) under the
Securities Act and the Securities Act registration statement number of the earlier effective registration statement for the same offering is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the
Securities Act registration statement number of the earlier effective registration statement for the same offering is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the
Securities Act registration statement number of the earlier effective registration statement for the same offering is 333-261721. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Check each box that appropriately characterizes the Registrant: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Registered <FONT STYLE="white-space:nowrap">Closed-End</FONT> Fund
<FONT STYLE="white-space:nowrap">(closed-end</FONT> company that is registered under the Investment Company Act of 1940 (&#147;Investment Company Act&#148;)). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Business Development Company <FONT STYLE="white-space:nowrap">(closed-end</FONT> company that intends or has
elected to be regulated as a business development company under the Investment Company Act). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Interval Fund (Registered <FONT STYLE="white-space:nowrap">Closed-End</FONT> Fund or a Business Development
Company that makes periodic repurchase offers under Rule <FONT STYLE="white-space:nowrap">23c-3</FONT> under the Investment Company Act). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Emerging Growth Company (as defined by Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> under the Securities
Exchange Act of 1934 (&#147;Exchange Act&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of Securities Act. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months
preceding this filing). </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Registrant hereby amends
this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that the Registration Statement shall thereafter become effective in
accordance with Section&nbsp;8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such dates as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may
determine. </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPLANATORY NOTE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Post-Effective Amendment No. 2 to the Registration Statement on Form N-2 (File Nos. 333-261721 and 811-08709) of Western Asset High Income Fund II Inc.
(the &#147;Registration Statement&#148;) is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this
<FONT STYLE="white-space:nowrap">Post-Effective</FONT> Amendment No. 2 consists only of a facing page, this explanatory note and Part C of the Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;N-2</FONT> setting forth the exhibits
to the Registration Statement. This Post-Effective Amendment No. 2 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 2 shall become effective immediately
upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART C </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Other Information </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;25.
Financial Statements and Exhibits </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Financial Statements for the fiscal years April&nbsp;30, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, and 2012</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Part&nbsp;A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/1058239/000119312522078650/d635104dn2a.htm">Financial Highlights </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Part&nbsp;B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/1058239/000119312521201426/d134457dncsr.htm">Incorporated into Part B by reference to Registrant&#146;s most recent Certified Shareholder Report on Form <FONT
STYLE="white-space:nowrap">N-CSR,</FONT> filed June&nbsp;28, 2021 (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-0879):</FONT></A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Schedule of Investments as of April&nbsp;30, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Statement of Assets and Liabilities as of April&nbsp;30, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Statement of Operations for the Year Ended April 30, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Statement of Changes in Net Assets for the Year Ended April&nbsp;30, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notes to Financial Statements for the Year Ended April&nbsp;30, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Report of Independent Registered Public Accounting Firm for the Year Ended April&nbsp;30, 2021</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">Exhibits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(a)(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/1058239/0000950130-98-002769.txt">Amended and Restated Articles of Incorporation<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(a)(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/1058239/000091485107000255/item77q1amendment.txt">Articles of Amendment, dated September&nbsp;20, 2006<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(b)(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/1058239/000119312520223587/d53154dex991.htm">Third Amended and Restated Bylaws<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(c)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Not Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(d)(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Articles V and VIII of Registrant&#146;s Articles of Incorporation are incorporated herein by reference.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(e)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/0001058239/000119312522078650/d635104dex99e.htm">Dividend Reinvestment Plan<SUP STYLE="font-size:75%; vertical-align:top">(5) </SUP></A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(f)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Not Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(g)(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/0001058239/000119312522078650/d635104dex99g1.htm">Investment Management Agreement between the Registrant and Legg Mason Partners Fund Advisor, LLC<SUP
STYLE="font-size:75%; vertical-align:top">(5)</SUP></A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(g)(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/0001058239/000119312522078650/d635104dex99g2.htm">Subadvisory Agreement between Legg Mason Partners Fund Advisor, LLC and Western Asset Management Company, LLC<SUP
STYLE="font-size:75%; vertical-align:top">(5)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(g)(3)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/0001058239/000119312522078650/d635104dex99g3.htm">Subadvisory Agreement between Western Asset Management Company, LLC and Western Asset Management Company Limited<SUP
STYLE="font-size:75%; vertical-align:top">(5)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(g)(4)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/0001058239/000119312522078650/d635104dex99g4.htm">Subadvisory Agreement between Western Management Company, LLC and Western Asset Management Company Pte. Ltd.<SUP
STYLE="font-size:75%; vertical-align:top">(5)</SUP> </A></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-1 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(h)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="d406551dex99h.htm">Sales Agreement* </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(i)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Not Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(j)(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/0001058239/000119312522078650/d635104dex99j1.htm">Custodian Services Agreement with The Bank of New York Mellon, dated January&nbsp;1, 2018<SUP
STYLE="font-size:75%; vertical-align:top">(5)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(j)(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/0001058239/000119312522078650/d635104dex99j2.htm">Amendment No. 9 to the Custodian Services Agreement, dated May 1, 2021, with The Bank of New York Mellon, dated January 1, 2018
<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(k)(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/0001058239/000119312522078650/d635104dex99k1.htm">Transfer Agency and Services Agreement with Computershare Inc., dated March&nbsp;14, 2016<SUP
STYLE="font-size:75%; vertical-align:top">(5)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(k)(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/0001058239/000119312522078650/d635104dex99k2.htm">Amendment No. 9 to the Transfer Agency and Services Agreement, dated March 19, 2021, with Computershare Inc., dated March 14, 2016
<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(k)(3)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="d406551dex99k3.htm">The Margin Loan and Security Agreement with Bank of America, N.A.* </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(k)(4)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="d406551dex99k4.htm">Amendment No. 1 to the Margin Loan and Security Agreement with Bank of America, N.A.* </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(k)(5)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/1058239/000119312522100384/d340298dex99k15.htm">Form of Funds of Funds Investment Agreement<SUP STYLE="font-size:75%; vertical-align:top">(7)</SUP></A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(l)(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="d406551dex99l1.htm">Opinion and Consent of Venable LLP* </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(m)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Not Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(n)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/1058239/000119312522079720/d635104dex99n.htm">Consent of Independent Registered Public Accounting Firm<SUP STYLE="font-size:75%; vertical-align:top">(6)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(o)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Not Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(p)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Not Applicable.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(q)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Not Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(r)(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/0001058239/000119312522078650/d635104dex99r1.htm">Code of Ethics of the Fund and the Manager<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(r)(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/0001058239/000119312522078650/d635104dex99r2.htm">Code of Ethics of Western Asset<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(s)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/0001058239/000119312522078650/d635104dexfilingfees.htm">Filing Fee Table<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP></A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>(t)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><A HREF="http://www.sec.gov/Archives/edgar/data/0001058239/000119312521361029/d207382dex99s1.htm">Power of Attorney<SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP> </A></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed on May&nbsp;21, 1998 with <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;2 to
the Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File Nos. <FONT STYLE="white-space:nowrap">333-48351</FONT> and <FONT STYLE="white-space:nowrap">811-08709)</FONT> and incorporated by reference herein
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed as Exhibit 99 to <FONT STYLE="white-space:nowrap">NSAR-B</FONT> as filed with the Commission on
June&nbsp;29, 2007 and incorporated herein by reference </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed on August&nbsp;18, 2020 with Form <FONT STYLE="white-space:nowrap">8-K</FONT> and incorporated by
reference herein. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed on December 17, 2021 with the Registrant&#146;s Registration Statement on Form N-2 (File Nos. 333-261721
and 811-08709) and incorporated by reference herein. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed on March 18, 2022 with the Registrant&#146;s Registration Statement on Form N-2 (File Nos. 333-261721 and
811-08709) and incorporated by reference herein. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed on March 21, 2022 with the Registrant&#146;s Registration Statement on Form N-2 (File Nos. 333-261721 and
811-08709) and incorporated by reference herein. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed on April 8, 2022 with the Registrant&#146;s Registration Statement on Form N-2 (File Nos. 333-261721 and
811-08709) and incorporated by reference herein. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed herewith </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;26. Marketing Arrangements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is made to the sales agreement for the Registrant&#146;s common stock incorporated by reference herein or the form of underwriting
agreement to be filed as an exhibit in a post-effective amendment to the Registrant&#146;s Registration Statement and the section entitled &#147;Plan of Distribution&#148; contained in Registrant&#146;s Prospectus incorporated by reference herein.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-2 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;27. Other Expenses of Issuance and Distribution </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the estimated expenses to be incurred in connection with the offering described in this Registration Statement:
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SEC registration fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,222.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial Industry Regulatory Authority fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounting fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Printing and mailing fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,040</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Miscellaneous</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434,150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794,662.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;28. Persons Controlled by or Under Common Control with Registrant </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;29. Number of Holders of
Securities </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At February 28, 2022: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Title of Class</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of</B><br><B>Record&nbsp;Holders</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Stock, par value $0.001 per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,882</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;30. Indemnification </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Maryland law permits a Maryland corporation to include in its charter a provision eliminating the liability of its directors and officers to
the corporation and its stockholders for money damages except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active and deliberate dishonesty that is established by a final judgment and
is material to the cause of action. The Registrant&#146;s Charter contains such a provision that eliminates such liability to the maximum extent permitted by Maryland law. In addition, the Registrant has provisions in its Charter and the Bylaws that
authorize the Registrant, to the maximum extent permitted by Maryland law, to indemnify any present or former Director or officer from and against any claim or liability to which that person may become subject or which that person may incur by
reason of his or her status as a present or former Director or officer of the Registrant and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. Pursuant to the Bylaws, absent a court determination that an
officer or Director seeking indemnification was not liable on the merits or guilty of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office, the decision by the Registrant to
indemnify such person will be based upon the reasonable determination of independent counsel or nonparty Independent Directors, after review of the facts, that such officer or Director is not guilty of willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of his office. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Insofar as indemnification for liability arising
under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange
Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication of such issue. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;31. Business and Other Connections of Adviser
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The descriptions of the Manager, Western Asset, Western Asset Limited and Western Asset Singapore under the caption &#147;Management
of the Fund&#148; in the Prospectus and Statement of Additional Information of this registration statement are incorporated by reference herein. Information as to the directors and officers of the Manager, Western Asset, Western Asset Limited and
Western Asset Singapore, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the directors and officers of the Manager, Western Asset, Western Asset Limited and Western Asset
Singapore in the last two years, is </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-3 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
included in their respective applications for registration as an investment adviser on Form ADV (File Nos. <FONT STYLE="white-space:nowrap">801-66785,</FONT>
<FONT STYLE="white-space:nowrap">801-08162,</FONT> <FONT STYLE="white-space:nowrap">801-21068</FONT> and <FONT STYLE="white-space:nowrap">801-67298,</FONT> respectively) filed under the Investment Advisers Act of 1940, as amended, and is
incorporated herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;32. Location of Accounts and Records </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The accounts and records of the Registrant are maintained at the office of the Registrant at 620 Eighth Avenue, New York, New York 10018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;33. Management Services </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;34. Undertakings </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Registrant undertakes: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) to file, during a period in which offers or sales are being made, a post-effective amendment to this Registration Statement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:12%; font-size:10pt; font-family:Times New Roman">(1) to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:12%; font-size:10pt; font-family:Times New Roman">(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most
recent post- effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with
the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the
effective registration statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:12%; font-size:10pt; font-family:Times New Roman">(3) to include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information in the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Provided,
however,</I> that paragraphs a(1), a(2), and a(3) of this section do not apply to the extent the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission
by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act that are incorporated by reference into the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the
registration statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) that, for the purpose of determining any liability under the Securities Act, each post-effective amendment
to this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-4 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) that, for the purpose of determining liability under the Securities Act to any purchaser:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:12%; font-size:10pt; font-family:Times New Roman">(1) if the Registrant is relying on Rule 430B [17 CFR 230.430B]: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration
statement as of the date the filed prospectus was deemed part of and included in the registration statement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(B)
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi)&nbsp;for the purpose of
providing the information required by Section&nbsp;10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the
date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new
effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that
is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such effective date; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:12%; font-size:10pt; font-family:Times New Roman">(2) if the Registrant is subject to
Rule 430C: each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on
Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the
registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to
such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of
securities: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this
registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a
seller to the purchaser and will be considered to offer or sell such securities to the purchaser: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:12%; font-size:10pt; font-family:Times New Roman">(1) any preliminary
prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:12%; font-size:10pt; font-family:Times New Roman">(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or
referred to by the undersigned Registrant; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:12%; font-size:10pt; font-family:Times New Roman">(3) the portion of any other free writing prospectus or advertisement
pursuant to Rule 482 under the Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-5 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:12%; font-size:10pt; font-family:Times New Roman">(4) any other communication that is an offer in the offering made by the
undersigned Registrant to the purchaser </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">4. Registrant undertakes that, for the purpose of determining any liability under the Securities
Act: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and
contained in the form of prospectus filed by the Registrant under Rule 424(b)(1) shall be deemed to be a part of this registration statement as of the time it was declared effective; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) each post-effective amendment that contains a form of prospectus will be deemed to be a new registration statement relating to the
securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">5. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing
of the Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that is incorporated by reference into the registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">6. Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">7. The Registrant undertakes to send by first class mail or other means designed to
ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-6 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, as amended (the &#147;1933 Act&#148;) and the Investment Company Act of 1940, as
amended, the Registrant has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on the 9th day of December, 2022. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">WESTERN ASSET HIGH INCOME FUND II INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jane Trust</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chairman, Chief Executive Officer and President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the 1933 Act, this Amendment to the Registration Statement has been
signed by the following person in the capacity and on the date indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="38%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Jane Trust</P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chairman, Chief Executive Officer, President and Director (Principal Executive
Officer)</P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 9, 2022</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Jane Trust</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Christopher Berarducci</P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Principal Financial Officer (Principal Financial and Accounting Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 9, 2022</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Christopher Berarducci</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Robert D. Agdern*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 9, 2022</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Robert D. Agdern</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Carol L. Colman*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 9, 2022</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Carol L. Colman</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Daniel P. Cronin*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 9, 2022</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Daniel P. Cronin</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Paolo M. Cucchi*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 9, 2022</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Paolo M. Cucchi</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Eileen A. Kamerick*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 9, 2022</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Eileen A. Kamerick</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Nisha Kumar*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 9, 2022</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Nisha Kumar</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">*By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jane Trust</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jane Trust</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">As Agent or Attorney-in-fact</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 9, 2022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The original power of attorney authorizing Jane Trust to execute this Registration Statement, and any amendments thereto, for the Directors of
the Registrant on whose behalf this Registration Statement are filed herewith as an exhibit to the Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(h)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d406551dex99h.htm">Sales Agreement </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k)(3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d406551dex99k3.htm">The Margin Loan and Security Agreement with Bank of America, N.A. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k)(4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d406551dex99k4.htm">Amendment No. 1 to the Margin Loan and Security Agreement with Bank of America, N.A. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(l)(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d406551dex99l1.htm">Opinion and Consent of Venable LLP </A></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(H)
<SEQUENCE>2
<FILENAME>d406551dex99h.htm
<DESCRIPTION>EX-99.(H)
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.(h)</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Copy </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WESTERN ASSET HIGH INCOME FUND II INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COMMON STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>CAPITAL ON DEMAND<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SALES AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December 9, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JONESTRADING INSTITUTIONAL
SERVICES LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">211 East 43<SUP STYLE="font-size:75%; vertical-align:top">rd</SUP> Street, 15<SUP STYLE="font-size:75%; vertical-align:top">th </SUP>Floor
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Western Asset High Income Fund II Inc., a Maryland corporation (the &#147;<B><U>Fund</U></B>&#148;), Legg Mason Partners Fund Advisor, LLC, a
Delaware limited liability company (the &#147;<B><U>Manager</U></B>&#148;), and Western Asset Management Company, LLC, a California limited liability company (the &#147;<B><U>Subadviser</U></B>&#148;), confirm their agreement (this
&#147;<B><U>Agreement</U></B>&#148;) with JonesTrading Institutional Services LLC (&#147;<B><U>Jones</U></B>&#148;), as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.
<U>Issuance and Sale of Shares</U>. The Fund agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through Jones, acting as agent and/or principal, the
Fund&#146;s common stock, par value $0.001 per share (the &#147;<B><U>Shares</U></B>&#148;) having an aggregate offering price of up to $143,970,507. Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance
with the limitations set forth in this <U>Section</U><U></U><U>&nbsp;1</U> on the number of Shares issued and sold under this Agreement shall be the sole responsibility of the Fund, and Jones shall have no obligation in connection with such
compliance. The issuance and sale of Shares through Jones will be effected pursuant to the Registration Statement (as defined below) filed by the Fund and declared effective by the Securities and Exchange Commission (the
&#147;<B><U>Commission</U></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Fund has entered into a Management Agreement with the Manager dated as of July&nbsp;31, 2020,
a Custodian Services Agreement with The Bank of New York Mellon, dated as of January&nbsp;1, 2018, as amended, and a Transfer Agency and Services Agreement between the Fund, Computershare Inc. and Computershare Trust Company, N.A, dated as of
March&nbsp;14, 2016, and such agreements are herein referred to as the &#147;<B><U>Management Agreement</U></B>,&#148; the &#147;<B><U>Custodian Agreement</U></B>,&#148; and the &#147;<B><U>Transfer Agency Agreement</U></B>,&#148; respectively.
Collectively, the </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Management Agreement, the Custodian Agreement and the Transfer Agency Agreement are herein referred to as the &#147;<B><U>Fund Agreements</U></B>.&#148; The Manager has entered into a Subadvisory
Agreement with the Subadviser dated July&nbsp;31, 2020 (the &#147;<B><U>Subadvisory Agreement</U></B>&#148;). The Subadviser has entered into a Subadvisory Agreement with Western Asset Management Company Limited, a corporation organized under the
laws of England and Wales (the &#147;<B><U>UK Subadviser</U></B>&#148;), dated as of July&nbsp;31, 2020, and a Subadvisory Agreement with Western Asset Management Company Pte. Ltd., a corporation organized under the laws of Singapore (the
&#147;<B><U>Singapore Subadviser</U></B>&#148;, together with the UK Subadviser, the &#147;<B><U><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Subadvisers</U></B>&#148;, and together with the Subadviser, the
&#147;<B><U>Subadvisers</U></B>&#148;), dated as of July&nbsp;31, 2020, and such agreements are herein referred to together as the &#147;<B><U><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Subadvisory Agreements</U></B>,&#148; and together with
the Subadvisory Agreement, the &#147;<B><U>Subadvisory Agreements</U></B>.&#148; In addition, the Fund has adopted a dividend reinvestment plan (the &#147;<B><U>Dividend Reinvestment Plan</U></B>&#148;) pursuant to which holders of shares of the
Fund&#146;s common stock shall have their dividends automatically reinvested in additional shares of common stock of the Fund unless they elect to receive such dividends in cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Fund has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder
(collectively, the &#147;<B><U>Securities Act</U></B>&#148;) and the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (collectively, the &#147;<B><U>Investment Company Act</U></B>&#148;), with the Commission a
registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File Nos. 333-261721 and 811-08709) (the &#147;<B><U>Original Registration Statement</U></B>&#148;), including a base prospectus (&#147;<B><U>Basic
Prospectus</U></B>&#148;), with respect to the Shares and which incorporated by reference documents that the Fund has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder (the &#147;<B><U>Exchange Act</U></B>&#148;) and the Investment Company Act. The Fund shall prepare one or more supplements to the Basic Prospectus relating to the Shares, including all documents incorporated by reference
therein (collectively, the &#147;<B><U>Prospectus Supplement</U></B>&#148;), to be filed with the Commission pursuant to Rule 424 under the Securities Act. The Fund shall furnish to Jones, for use by Jones, copies of the Basic Prospectus, as
supplemented by the Prospectus Supplement, relating to the Shares. Except where the context otherwise requires, the Original Registration Statement, as amended when it became effective, including all documents filed as part thereof and incorporated
by reference therein, including the statement of additional information dated as of March&nbsp;23, 2022, and including any information contained in a Prospectus Supplement subsequently filed with the Commission pursuant to Rule 424 under the
Securities Act or deemed to be part of such registration statement pursuant to Rule 430B or 430C under the Securities Act is herein called the &#147;<B><U>Registration Statement.</U></B>&#148; The Basic Prospectus, as it may be supplemented by the
Prospectus Supplement, in the form in which such prospectus and/or Prospectus Supplement have most recently been filed by the Fund with the Commission pursuant to Rule 424 under the Securities Act, and including all documents incorporated by
reference therein, is herein called the &#147;<B><U>Prospectus</U></B>.&#148; Any reference herein to the Registration Statement, the Basic Prospectus, the Prospectus or any amendment or supplement thereto, including the Prospectus Supplement, shall
be deemed to refer to and include the documents incorporated or deemed to be incorporated by reference therein, and any reference herein to the terms &#147;amend,&#148; &#147;amendment&#148; or &#147;supplement&#148; with respect to the Registration
Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission pursuant to the Securities Act, the Exchange Act and the Investment Company Act, as applicable, deemed to
be incorporated by reference therein (the &#147;<B><U>Incorporated Documents</U></B>&#148;). For purposes of this </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Agreement, all references to the Registration Statement, the Prospectus, or to any amendment or supplement thereto shall be deemed to include any copy filed with the Commission pursuant to its
Electronic Data Gathering Analysis and Retrieval System (&#147;<B><U>EDGAR</U></B>&#148;). For purposes of this Agreement, all references to the Registration Statement, unless otherwise noted and except as the context otherwise requires, should be
deemed to include any and all amendments thereto filed with the Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Placements</U>. Each time that the Fund wishes to issue
and sell Shares hereunder (each, a &#147;<B><U>Placement</U></B>&#148;), it will notify Jones by <FONT STYLE="white-space:nowrap">e-mail</FONT> notice (or other method mutually agreed to in writing by the parties) containing the parameters in
accordance with which it desires the Shares to be sold, which shall, at a minimum, include the number of Shares to be issued (the &#147;<B><U>Placement Shares</U></B>&#148;), the time period during which sales are requested to be made, any
limitation on the number of Placement Shares that may be sold in any one day and any minimum price below which sales may not be made (a &#147;<B><U>Placement Notice</U></B>&#148;), a form of which, containing such minimum sales parameters necessary,
is attached hereto as <U>Schedule 1</U>. The Placement Notice shall originate from any of the individuals from the Fund set forth on <U>Schedule 3</U> (with a copy to each of the other individuals from the Fund listed on such schedule), and shall be
addressed to each of the individuals from Jones set forth on <U>Schedule 3</U>, as such <U>Schedule 3</U> may be amended from time to time. The Placement Notice shall be effective upon receipt by Jones unless and until (i)&nbsp;in accordance with
the notice requirement set forth in <U>Section</U><U></U><U>&nbsp;4</U> and within one Business Day (as defined herein) of its receipt of the Placement Notice, Jones declines to accept the terms contained therein for any reason, in its sole
discretion, (ii)&nbsp;the entire amount of the Placement Shares have been sold, (iii)&nbsp;in accordance with the notice requirements set forth in <U>Section</U><U></U><U>&nbsp;4</U>, the Fund suspends or terminates the Placement Notice,
(iv)&nbsp;the Fund issues a subsequent Placement Notice with parameters superseding those on the earlier dated Placement Notice, or (v)&nbsp;the Agreement has been terminated under the provisions of <U>Section</U><U></U><U>&nbsp;11</U>. The amount
of any discount, commission or other compensation to be paid by the Fund to Jones in connection with the sale of the Placement Shares shall be calculated in accordance with the terms set forth in <U>Schedule 2</U>. It is expressly acknowledged and
agreed that neither the Fund nor Jones will have any obligation whatsoever with respect to a Placement or any Placement Shares unless and until the Fund delivers a Placement Notice to Jones and Jones does not decline, within the time period
specified above, such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of
the Placement Notice will control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Sale of Placement Shares by Jones.</U> Subject to the terms and conditions herein set forth,
upon the Fund&#146;s issuance of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended or otherwise terminated in accordance with the terms of this Agreement, Jones, for the period specified
in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares up to the amount specified, and otherwise in accordance with the terms of such Placement
Notice. Jones will provide written confirmation to the Fund no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of
Placement Shares sold on such day, the compensation payable by the Fund with respect to such sales, with an itemization of deductions made by Jones (as set forth in <U>Section</U><U></U><U>&nbsp;5(a)</U>) from the gross proceeds that it receives
from such sales, and the Net Proceeds (as defined below) payable to the Fund. The Fund and the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Manager each acknowledge that Jones intends to sell the Placement Shares in privately negotiated transactions and/or any other method permitted by law, including sales made directly on the New
York Stock Exchange (the &#147;<B><U>Exchange</U></B>&#148;), the then-existing trading market for the Shares or sales made to or through a market maker or through an electronic communications network, or in any other manner that may be deemed to be
an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;at-the-market&#148;</FONT></FONT> offering as defined in Rule 415 under the Securities Act, in each case at or above the then-current net asset value of the Fund&#146;s
common shares, exclusive of any distributing commission or discount, in accordance with Section&nbsp;23(b) of the Investment Company Act. To the extent that Jones acts as the Fund&#146;s agent with respect to any such sale, Jones covenants that it
will comply with all prospectus delivery requirements imposed under applicable federal and state securities laws. The Fund and the Manager each acknowledge and agree that (i)&nbsp;there can be no assurance that Jones will be successful in selling
Placement Shares, and (ii)&nbsp;Jones will not incur any liability or obligation to the Fund, the Manager, the Subadviser or any other person or entity if it does not sell Placement Shares for any reason other than a failure by Jones to use its
commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares as required under this <U>Section</U><U></U><U>&nbsp;3</U>. For the purposes hereof, &#147;<B><U>Trading Day</U></B>&#148; means any
day on which Shares are purchased and sold on the principal exchange or market on which the Shares are listed or quoted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Suspension
of Sales</U>. The Fund or Jones may, upon notice to the other party in writing (including by <FONT STYLE="white-space:nowrap">e-mail</FONT> correspondence to all of the individuals of the other party set forth on <U>Schedule 3</U> or by telephone
(confirmed immediately by verifiable facsimile transmission or <FONT STYLE="white-space:nowrap">e-mail</FONT> correspondence to all of the individuals of the other party set forth on <U>Schedule 3</U>)), suspend or refuse to undertake any sale of
Placement Shares; <U>provided</U>, <U>however</U>, that such suspension or refusal shall not affect or impair either party&#146;s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. Each of the
parties hereto agrees that no such notice shall be effective against the other unless it is made to the individuals named on <U>Schedule 3</U> hereto in accordance with this <U>Section</U><U></U><U>&nbsp;4</U>, as such Schedule may be amended from
time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Settlement</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) <U>Settlement of Placement Shares</U>. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement
Shares will occur on the second (2<SUP STYLE="font-size:75%; vertical-align:top">nd</SUP>) Business Day (or such earlier day as is industry practice for <FONT STYLE="white-space:nowrap">regular-way</FONT> trading) following the date on which such
sales are made (each, a &#147;<B><U>Settlement Date</U></B>&#148;). The amount of proceeds to be delivered to the Fund on a Settlement Date against the receipt of the Placement Shares sold (the &#147;<B><U>Net Proceeds</U></B>&#148;) will be equal
to the aggregate sales price at which such Placement Shares were sold, after deduction for (i)&nbsp;Jones&#146;s commission, discount or other compensation for such sales payable by the Fund pursuant to <U>Section</U><U></U><U>&nbsp;2</U> hereof,
(ii)&nbsp;Reimbursable Amounts (as defined herein), (iii) any other amounts due and payable by the Fund to Jones hereunder pursuant to <U>Section</U><U></U><U>&nbsp;7(e)</U> hereof, and (iv)&nbsp;any transaction fees imposed by any governmental or
self-regulatory organization in respect of such sales. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) <U>Delivery of Shares</U>. On or before each Settlement Date, the Fund will,
or will cause its transfer agent to, electronically transfer the Placement Shares being sold by crediting Jones&#146;s or its designee&#146;s account at The Depository Trust Company through its Deposit and Withdrawal at Custodian
(&#147;<B><U>DWAC</U></B>&#148;) System or by such other means of delivery as may be mutually agreed upon by the parties hereto and, upon receipt of such Placement Shares, which in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
all cases shall be freely tradable, transferable, registered shares in good deliverable form, Jones will deliver the related Net Proceeds in same day funds to an account designated by the Fund
prior to the Settlement Date. The Fund agrees that if the Fund defaults on its obligation to deliver Placement Shares on a Settlement Date, the Fund and the Manager each agree that, in addition to and in no way limiting the rights and obligations
set forth in <U>Section</U><U></U><U>&nbsp;9(a)</U> hereto, it will (i)&nbsp;hold Jones harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such
default by the Fund and (ii)&nbsp;pay to Jones any commission, discount, or other compensation to which it would otherwise have been entitled absent such default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Representations and Warranties of the Fund, the Manager and the Subadviser</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) <U>Representations and Warranties by the Fund and the Manager</U>. The Fund and the Manager, jointly and severally, represent and warrant
to and agree with Jones as of the date hereof, as of each Representation Date (as defined in <U>Section</U><U></U><U>&nbsp;7(j)</U> below) and as of the time of each sale of Placement Shares pursuant to the Agreement (the &#147;<B><U>Applicable
Time</U></B>&#148;) as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) The Registration Statement has been declared effective by the Commission under the
Securities Act. Each Prospectus included as part of the Registration Statement as originally filed or as part of any amendment or supplement thereto or filed pursuant to Rule 424 under the Securities Act complied when so filed in all material
respects with the provisions of the Securities Act and the Investment Company Act. The Commission has not issued any order preventing or suspending the use of the Prospectus or the effectiveness of the Registration Statement and no proceedings for
such purpose have been instituted or, to the knowledge of the Fund, are contemplated by the Commission. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) (A) The
Registration Statement in the form in which it became effective and also in such form as it may be when any post-effective amendment thereto shall become effective and as of the date hereof, as of each Applicable Time and as of each Settlement Date,
and (B)&nbsp;the Prospectus and any amendment or supplement thereto when filed with the Commission pursuant to Rule 424 under the Securities Act and as of the date hereof, as of each Applicable Time and as of each Settlement Date, complied or will
comply in all material respects with the provisions of the Securities Act and the Investment Company Act, and each of the Registration Statement and the Prospectus did not or will not at any such times contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in light of the circumstances under which they were made) not misleading; except that this representation and
warranty does not apply to statements in or omissions from the Registration Statement and the Prospectus made in reliance upon and in conformity with information relating to Jones furnished to the Fund in writing by or on behalf of Jones expressly
for use therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) Each Incorporated Document heretofore filed, when it was filed with the Commission complied in all
material respects with the requirements of the Exchange Act and<B> </B>the Investment Company Act, as applicable, and any further Incorporated Documents so filed and incorporated after the date of this Agreement will, when they are filed, comply in
all material respects with the requirements of the Exchange Act and<B> </B>the Investment </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
Company Act, as applicable; no such Incorporated Document, at the time it was filed or hereafter is filed with the Commission contained or will contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; except that this representation and warranty does not apply to
statements in or omissions from the Incorporated Documents made in reliance upon and in conformity with information relating to Jones furnished to the Fund in writing by or on behalf of Jones for use therein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) Each Additional Disclosure Item (as defined in <U>Section</U><U></U><U>&nbsp;6(a)(22)</U> hereof), does not and will not
conflict, in all material respects, with the information contained in the Registration Statement or the Prospectus and each such Additional Disclosure Item, as supplemented by and taken together with the Prospectus as of each Applicable Time and
each Settlement Date, did not and will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading; except that this representation and warranty does not apply to statements in or omissions from any Additional Disclosure Item made in reliance upon and in conformity with information relating to Jones furnished to the Fund in writing by
or on behalf of Jones for use therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) The Fund has been duly organized and is validly existing in good standing as a
corporation under the laws of Maryland, with full corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement and the Prospectus and is duly qualified to do business
and is in good standing under the laws of each jurisdiction which requires such qualification except where the failure to so register or qualify does not have a material adverse change in the condition (financial or otherwise), business prospects,
earnings, business or properties of the Fund, whether or not arising from transactions in the ordinary course of business (a &#147;<B><U>Fund Material Adverse Effect</U></B>&#148;). The Fund has no subsidiaries. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) The Fund&#146;s authorized equity capitalization is as set forth in the Registration Statement and the Prospectus; the
capital stock of the Fund conforms in all material respects to the description thereof contained in the Registration Statement and the Prospectus; all outstanding shares of the Fund&#146;s common stock have been duly and validly authorized and
issued and are fully paid and nonassessable; the Placement Shares have been duly and validly authorized, and, when issued and delivered against payment therefor pursuant to this Agreement, will be validly issued and fully paid and nonassessable; the
Placement Shares are duly listed, and admitted and authorized for trading, subject to official notice of issuance and evidence of satisfactory distribution, on the Exchange; the certificates, if any, for the Placement Shares are in valid and
sufficient form; the holders of outstanding shares of the Fund&#146;s common stock are not entitled to preemptive or other rights to subscribe for the Placement Shares; and, except as set forth in the Registration Statement or the Prospectus, no
options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, shares of capital stock of or ownership interests in the Fund are outstanding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) The Fund&#146;s registration statement on Form
<FONT STYLE="white-space:nowrap">8-A</FONT> under the Exchange Act has become effective. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) The Fund, subject to the
Registration Statement having been declared effective and the filing of the Prospectus under Rule 424, has taken all required action under the Securities Act, the Investment Company Act and the Exchange Act to make the public offering and consummate
the sale of the Placement Shares as contemplated by this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) There are no agreements, contracts, indentures,
leases, permits or other instruments, that are required to be described in the Registration Statement or the Prospectus, or to be filed as an exhibit to the Registration Statement, which are not described or filed as required; the statements in the
Registration Statement and the Prospectus on the inside front cover and under the headings &#147;Prospectus Summary,&#148; &#147;The Fund&#146;s Investments,&#148; &#147;Leverage,&#148; &#147;Risks,&#148; &#147;Management of the Fund,&#148;
&#147;Dividend Reinvestment Plan,&#148; &#147;Description of Shares,&#148; &#147;Certain Provisions in the Charter and Bylaws,&#148; &#147;Certain United States Federal Income Tax Considerations&#148; and &#147;Investment Policies and
Techniques,&#148; insofar as such statements summarize legal matters, agreements, documents or proceedings discussed therein, are accurate and fair summaries of such legal matters, agreements, documents or proceedings in all material respects. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) The Fund has full corporate power and authority to enter into this Agreement and the Fund Agreements; the execution and
delivery of, and the performance by the Fund of its obligations under, this Agreement and the Fund Agreements have been duly authorized by the Fund and this Agreement and the Fund Agreements have been duly executed and delivered by the Fund. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) The Fund is duly registered under the Investment Company Act as a <FONT STYLE="white-space:nowrap">closed-end,</FONT> <FONT
STYLE="white-space:nowrap">non-diversified,</FONT> management investment company and the Fund&#146;s notification of registration as an investment company under the Investment Company Act on Form <FONT STYLE="white-space:nowrap">N-8A,</FONT> as
amended from time to time (the &#147;<B><U>Investment Company Act Notification</U></B>&#148;) has been duly filed with the Commission. The Fund has not received any notice from the Commission pursuant to <U>Section</U><U></U><U>&nbsp;8(e)</U> of the
Investment Company Act with respect to the Investment Company Act Notification or the Registration Statement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) Other
than as provided in <U>Section</U><U></U><U>&nbsp;6(a)(8)</U> above, no consent, approval, authorization, filing with or order of any court or governmental agency or body is required in connection with the transactions contemplated herein or in the
Fund Agreements, except such as have been made or obtained under the Securities Act, the Exchange Act, the Advisers Act of 1940, as amended, and the rules and regulations thereunder (the &#147;<B><U>Advisers Act</U></B>&#148;), the Investment
Company Act, the rules and regulations of FINRA and the Exchange, and such as may be required under the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Placement Shares in the manner contemplated herein and
in the Registration Statement and the Prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) Neither the issuance and sale of the Placement Shares, the execution,
delivery or performance of this Agreement or any of the Fund Agreements, nor the consummation of the transactions herein or therein contemplated, nor the fulfillment of the terms hereof or thereof or the adoption of the Dividend Reinvestment Plan,
conflict with, result in a breach or violation of, or imposition of any lien, charge or encumbrance upon any property or assets of the Fund pursuant to, (i)&nbsp;the charter and bylaws of the Fund, (ii)&nbsp;the terms of any indenture, contract,
lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Fund is a party or bound or to which its property is subject, or (iii)&nbsp;any statute, law, rule,
regulation, judgment, order or decree applicable to the Fund of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Fund or any of its properties except, in the case of
(ii)&nbsp;and (iii) above, where such a conflict, breach, violation or imposition would not reasonably be expected to have a Fund Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) No holders of securities of the Fund have rights to the registration of such securities under the Registration Statement.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) The financial statements, together with related schedules and notes, included or incorporated by reference in the
Registration Statement and the Prospectus present fairly, in all material respects, the financial condition, results of operations and cash flows of the Fund as of the dates and for the periods indicated, comply as to form with the applicable
accounting requirements of the Securities Act and the Investment Company Act and have been prepared in conformity with generally accepted accounting principles applied on a consistent basis throughout the periods involved (except as otherwise noted
therein); and the other financial and statistical information and data included in the Registration Statement and the Prospectus are accurately derived from such financial statements and the books and records of the Fund. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Fund or its property is pending or, to the knowledge of the Fund, threatened that (i)&nbsp;would reasonably be expected to have a material adverse effect on the Fund&#146;s performance of this Agreement or the consummation of any of the
transactions herein contemplated or (ii)&nbsp;would reasonably be expected to have a Fund Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17) The Fund owns or leases all such properties as are necessary to the conduct of its operations as presently conducted. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(18) The Fund is not in violation or default of any provision of its charter or bylaws or (i)&nbsp;the terms of any indenture,
contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which it is a party or bound or to which its property is subject or (ii)&nbsp;any statute, law, rule,
regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Fund or any of its properties, except in the case of (i)&nbsp;and (ii) above,
where such a violation or default would not reasonably be expected to have a Fund Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(19) Since the date as of which information is given in the Prospectus, except as
otherwise stated therein, (i)&nbsp;there has been no material adverse change in the condition (financial or otherwise), business prospects, earnings, business or properties of the Fund (other than as a result of a change in the financial markets
generally), whether or not arising from transactions in the ordinary course of business, (ii)&nbsp;there have been no transactions entered into by the Fund which are material to the Fund other than those in the ordinary course of its business as
described in the Registration Statement and the Prospectus and (iii)&nbsp;there has been no dividend or distribution of any kind declared, paid or made by the Fund on any class of its capital stock. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(20) PricewaterhouseCoopers LLP, who have audited the financial statements of the Fund and delivered their report with respect
to the audited financial statements included or incorporated by reference in the Registration Statement and the Prospectus, is an independent registered public accounting firm with respect to the Fund within the meaning of the Securities Act, the
Investment Company Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(21) The Fund has not distributed and, prior to the completion of the distribution of the
Placement Shares, will not distribute any offering material in connection with the offering and sale of the Placement Shares other than the Registration Statement, the Prospectus, any Additional Disclosure Item (as defined below) or other materials
filed by the Fund with the Commission pursuant to the Securities Act and/or the Investment Company Act, including Reports (as defined herein). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(22) Without the prior consent of Jones (such consent not to be unreasonably withheld or delayed), the Fund has not made and
will not make any offer relating to the Placement Shares that would constitute a &#147;free writing prospectus&#148; as defined in Rule 405 under the Securities Act and which the parties agree, for the purposes of this Agreement, includes
(1)&nbsp;any &#147;advertisement&#148; as defined in Rule 482 under the Securities Act and treated by the Fund as subject to Rule 482 under the Securities Act and (2)&nbsp;any sales literature, materials or information provided to investors by, or
with the approval of, the Fund in connection with the sale or marketing of the offering of the Placement Shares, including any road show or investor presentations (including slides and scripts relating thereto) made to investors by or on behalf of
the Fund (the materials and information referred to in this <U>Section</U><U></U><U>&nbsp;6(a)(22)</U> are herein referred to as &#147;<B><U>Additional Disclosure Items</U></B>&#148;). All Additional Disclosure Items complied and will comply in all
material respects with (i)&nbsp;the applicable requirements of the Securities Act and the Investment Company Act, including without limitation all applicable filing (where required), legending and record keeping requirements, and (ii)&nbsp;the rules
and interpretations of FINRA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(23) The Fund is insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as are prudent and customary in the businesses in which it is engaged and which the Fund deems adequate; all policies of insurance insuring the Fund or its business, assets, employees, officers and directors,
including the Fund&#146;s directors and officers errors and omissions insurance policy and its fidelity bond required by Rule <FONT STYLE="white-space:nowrap">17g-1</FONT> under the Investment Company Act, are in full force and effect; the Fund is
in compliance with the terms of such policy and fidelity bond in all material respects; and there are no claims by the Fund under any such policy or fidelity </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
bond as to which any insurance company is denying liability or defending under a reservation of rights clause; the Fund has not been refused any insurance coverage sought or applied for; and the
Fund has no reason to believe that it will not be able to renew its existing insurance coverage and fidelity bond as and when such coverage and fidelity bond expires or to obtain similar coverage and fidelity bond from similar insurers as may be
necessary to continue its business at a cost that would not have a Fund Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and the Prospectus (exclusive of any supplement thereto). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(24) The Fund possesses all licenses, certificates, permits and other authorizations issued by the appropriate federal, state
or foreign regulatory authorities necessary to conduct its business except to the extent that the failure to have any such permit would not have a Fund Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and
the Prospectus (exclusive of any supplement thereto); the Fund has not received any notice of proceedings relating to the revocation or modification of any such license, certificate, permit or authorization which, singly or in the aggregate, if the
subject of an unfavorable decision, ruling or finding, would have a Fund Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(25) The Fund maintains and will maintain a system of internal accounting controls designed to provide reasonable assurances
that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorization and with the investment objectives, policies and restrictions of the Fund and the applicable requirements of the Investment Company Act
and the Internal Revenue Code of 1986, as amended (the &#147;<B><U>Code</U></B>&#148;); (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles, to
calculate net asset value, to maintain accountability for assets and to maintain material compliance with the books and records requirements under the Investment Company Act; (iii)&nbsp;access to assets is permitted only in accordance with
management&#146;s general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Fund employs
&#147;internal control over financial reporting&#148; (as such term is defined in Rule <FONT STYLE="white-space:nowrap">30a-3</FONT> under the Investment Company Act) and such internal control over financial reporting is and shall be effective as
required by the Investment Company Act. The Fund is not aware of any material weakness in its internal control over financial reporting. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(26) The Fund maintains &#147;disclosure controls and procedures&#148; (as such term is defined in Rule <FONT
STYLE="white-space:nowrap">30a-3</FONT> under the Investment Company Act); such disclosure controls and procedures are designed as required by the Investment Company Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(27) The Fund has not taken, directly or indirectly, any action designed to or that would constitute or that might reasonably
be expected to cause or result in violation of federal securities laws, in stabilization or manipulation of the price of any security of the Fund to facilitate the offering and sale of the Placement Shares, and the Fund is not aware of any such
action taken or to be taken by any affiliates of the Fund other than (i)&nbsp;such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
actions as taken by Jones and (ii)&nbsp;tender offers, share repurchases and the issuance or purchase of shares pursuant to the Fund&#146;s Dividend Reinvestment Plan effected following the date
on which the distribution of the Placement Shares is completed, in each case, so long as such actions are in compliance with all applicable law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(28) This Agreement and each of the Fund Agreements complies in all material respects with all applicable provisions of the
Securities Act, the Investment Company Act and the Advisers Act and the Fund&#146;s directors and the Fund&#146;s shareholders have approved the Management Agreement and the Subadvisory Agreements in accordance with Section&nbsp;15 of the Investment
Company Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(29) Except as disclosed in the Registration Statement and the Prospectus, no director of the Fund is an
&#147;interested person&#148; (as defined in the Investment Company Act) of the Fund or an &#147;affiliated person&#148; (as defined in the Investment Company Act) of Jones. For purposes of this <U>Section</U><U></U><U>&nbsp;6(a)(29)</U>, the Fund
and the Manager shall be entitled to rely on representations from such officers and directors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(30) The Fund intends to
direct the investment of the proceeds of the offering described in the Prospectus in such a manner as to comply with the requirements of Subchapter M of the Code and intends to qualify as a regulated investment company under Subchapter M of the
Code. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(31) The conduct by the Fund of its business (as described in the Registration Statement and the Prospectus) does
not require it to be the owner, possessor or licensee of any patents, patent licenses, trademarks, service marks or trade names which it does not own, possess or license. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(32) The Fund has filed all foreign, federal, state and local tax returns required to be filed or has properly requested
extensions thereof (except in any case in which the failure so to file would not have a Fund Material Adverse Effect, and except as set forth in or contemplated in the Registration Statement and the Prospectus) and has paid all taxes required to be
paid by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such tax, assessment, fine or penalty that is currently being contested in good faith or as would not
have a Fund Material Adverse Effect, and except as set forth in or contemplated in the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(33) There is and has been no failure on the part of the Fund and any of the Fund&#146;s directors or officers, in their
capacities as such, to comply with any applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the &#147;<B><U>Sarbanes-Oxley Act</U></B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(34) The Fund has adopted and implemented written policies and procedures reasonably designed to prevent violation of the
Federal Securities Laws (as that term is defined in Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> under the Investment Company Act) by the Fund, including policies and procedures that provide oversight of compliance by each investment adviser,
administrator and transfer agent of the Fund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(35) The operations of the Fund are and have been conducted at all times in
compliance with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by
any governmental agency (collectively, the &#147;<B><U>Money Laundering Laws</U></B>&#148;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Fund with respect to the
Money Laundering Laws is pending or, to the knowledge of the Fund, threatened. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(36) There are no business relationships or
related-party transactions involving the Fund or any other person required to be described in the Registration Statement and the Prospectus which have not been described as required, it being understood and agreed that the Fund and the Manager make
no representation or warranty with respect to any such relationships involving Jones or any affiliate and any other person that have not been disclosed to the Fund by Jones in connection with this offering. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(37) Neither the Fund nor, to the knowledge of the Fund, any director, officer, agent, employee or affiliate of the Fund is
aware of or has taken any action in connection with the Fund, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended and the rules and regulations thereunder (the
&#147;<B><U>FCPA</U></B>&#148;) including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money,
or other property, gift, promise to give, or authorization of the giving of anything of value to any &#147;foreign official&#148; (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign
political office, in contravention of the FCPA and the Fund, and to the knowledge of the Fund, its affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure,
and which are reasonably expected to continue to ensure, continued compliance therewith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(38) Neither the Fund nor, to the
knowledge of the Fund, any director, officer, agent, employee or affiliate of the Fund is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&#147;<B><U>OFAC</U></B>&#148;);
and the Fund will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the
activities of any person currently subject to any U.S. sanctions administered by OFAC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any certificate signed by any officer of the Fund
and delivered to Jones or counsel for Jones in connection with the offering of the Placement Shares shall be deemed a representation and warranty by the Fund, as to matters covered therein, to Jones. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) <U>Representations and Warranties with Respect to the Manager.</U> The Manager represents
and warrants to and agrees with Jones as of the date hereof, as of each Representation Date (as defined in <U>Section</U><U></U><U>&nbsp;7(j)</U> below) and as of each Applicable Time as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) The Manager has been duly formed and is validly existing in good standing under the laws of the jurisdiction of its
organization, with full power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement and the Prospectus, and is duly qualified to do business and is in good standing under the
laws of each jurisdiction which requires such qualification, except where the failure to so qualify does not have a material adverse change in the condition (financial or otherwise), business prospects, earnings, business or properties of the
Manager, whether or not arising from transactions in the ordinary course of business (a &#147;<B><U>Manager Material Adverse Effect</U></B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) The Manager is duly registered as an investment adviser under the Advisers Act and the Manager is not prohibited by the
Advisers Act or the Investment Company Act from acting under the Management Agreement as contemplated by the Registration Statement and the Prospectus. The Manager has adopted and implemented written policies and procedures under Rule <FONT
STYLE="white-space:nowrap">206(4)-7</FONT> of the Advisers Act reasonably designed to prevent violation of the Advisers Act by the Manager and its supervised persons. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) The Manager has full limited liability company power and authority to enter into this Agreement, the Management Agreement
and the Subadvisory Agreement; the execution and delivery of, and the performance by the Manager of its obligations under, this Agreement, the Management Agreement and the Subadvisory Agreement have been duly authorized by the Manager; and this
Agreement, the Management Agreement and the Subadvisory Agreement have been duly executed and delivered by the Manager. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) The Manager has the financial resources available to it necessary for the performance of its services and obligations as
contemplated in the Registration Statement and the Prospectus and under this Agreement, the Management Agreement and the Subadvisory Agreement, as applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) The description of the Manager and its business, and the statements attributable to the Manager, in the Registration
Statement and the Prospectus complied and comply in all material respects with the provisions of the Securities Act, the Investment Company Act and the Advisers Act and did not and will not contain an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Manager or its property is pending or, to the knowledge of the Manager, threatened that (i)&nbsp;is required to be described in the Registration Statement and the Prospectus that is not so described as required, (ii)&nbsp;would reasonably be
expected to have a material adverse effect on the ability of the Manager to fulfill its obligations hereunder or under the Management Agreement or the Subadvisory Agreement or (iii)&nbsp;would reasonably be expected to have a Manager Material
Adverse Effect, except as set forth in or contemplated in the Registration Statement and the Prospectus; and there are no agreements, contracts, indentures, leases, permits or other instruments relating to the Manager that are required to be
described in the Registration Statement or the Prospectus or to be filed as an exhibit to the Registration Statement that are not described or filed as required by the Securities Act and the Investment Company Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) Since the date as of which information is given in the Prospectus, except as
otherwise stated therein, (i)&nbsp;there has been no material adverse change in the condition (financial or otherwise), business prospects, earnings, business or properties of the Manager, whether or not arising from transactions in the ordinary
course of business and (ii)&nbsp;there have been no transactions entered into by the Manager which are material to the Manager other than those in the ordinary course of its business as described in the Registration Statement and the Prospectus.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) The Manager possesses all licenses, certificates, permits and other authorizations issued by the appropriate federal,
state or foreign regulatory authorities necessary to conduct its business in the manner described in or contemplated in the Registration Statement and the Prospectus except to the extent that the failure to do so would not have a Manager Material
Adverse Effect; the Manager has not received any notice of proceedings relating to the revocation or modification of any such license, certificate, permit or authorization which, singly or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, would have a Manager Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) This Agreement, the Management Agreement and the Subadvisory Agreement comply in all material respects with all applicable
provisions of the Securities Act, the Investment Company Act and the Advisers Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) No consent, approval,
authorization, filing with or order of any court or governmental agency or body is required in connection with the transactions contemplated herein or in the Management Agreement or the Subadvisory Agreement except such as have been made or obtained
under the Securities Act, the Exchange Act, the Advisers Act, the Investment Company Act, the rules and regulations of FINRA, and such as may be required under the blue sky laws of any jurisdiction in connection with the purchase and distribution of
the Placement Shares in the manner contemplated herein and in the Registration Statement and the Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) Neither
the execution, delivery or performance of this Agreement, the Management Agreement or the Subadvisory Agreement nor the consummation of the transactions herein or therein contemplated, nor the fulfillment of the terms hereof or thereof, conflict
with, result in a breach or violation of, or imposition of any lien, charge or encumbrance upon any property or assets of the Manager pursuant to, (i)&nbsp;the organizational documents of the Manager, including without limitation, its articles of
organization, certificate of formation or similar organizational documents and its operating agreement, limited liability company agreement, membership agreement or other similar agreement, (ii)&nbsp;the terms of any indenture, contract, lease,
mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Manager is a party or bound or to which its property is subject or (iii)&nbsp;any statute, law, rule, regulation,
judgment, order or decree applicable to the Manager of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Manager or any of its properties, except in the case of
(ii)&nbsp;and (iii) above, where such a conflict, breach, violation or imposition would not have a Manager Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) The Manager has not taken, directly or indirectly, any action designed to or
that would constitute or that might reasonably be expected to cause or result in violation of federal securities laws, in stabilization or manipulation of the price of any security of the Fund to facilitate the offering and sale of the Placement
Shares, and the Manager is not aware of any such action taken or to be taken by any affiliates of the Manager, other than (i)&nbsp;such actions as taken by Jones and (ii)&nbsp;tender offers, share repurchases and the issuance or purchase of shares
pursuant to the Fund&#146;s Dividend Reinvestment Plan effected following the date on which the distribution of the Placement Shares is completed, in each case, so long as such actions are in compliance with all applicable law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) In the event that the Fund, the Manager or any Subadviser makes available any promotional materials related to the
Placement Shares or the transactions contemplated hereby intended for use only by registered broker-dealers and registered representatives thereof by means of an Internet web site or similar electronic means, the Manager will install and maintain or
will cause to be installed and maintained, <FONT STYLE="white-space:nowrap">re-qualification</FONT> and password-protection or similar procedures which are reasonably designed to effectively prohibit access to such promotional materials by persons
other than registered broker-dealers and registered representatives thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) The operations of the Manager and its
subsidiaries are and have been conducted at all times in compliance with applicable Money Laundering Laws and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Manager or
any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Manager, threatened. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) The Manager maintains a system of internal controls designed to provide reasonable assurance that (i)&nbsp;transactions
effectuated by it under the Management Agreement and the Subadvisory Agreement are executed in accordance with its management&#146;s general or specific authorization; and (ii)&nbsp;access to the Fund&#146;s assets is permitted only in accordance
with its management&#146;s general or specific authorization. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) Neither the Manager nor, to the knowledge of the
Manager, any director, officer, agent, employee or affiliate of the Manager is aware of or has taken any action in connection with the Manager, directly or indirectly, that would result in a violation by such persons of the FCPA, including, without
limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or
authorization of the giving of anything of value to any &#147;foreign official&#148; (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA
and the Manager, and to the knowledge of the Manager, its affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to
continue to ensure, continued compliance therewith. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17) Neither the Manager nor, to the knowledge of the Manager, any director,
officer, agent, employee or affiliate of the Manager is currently subject to any U.S. sanctions administered by OFAC; and the Manager will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available
such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any certificate signed by any officer of the Manager and delivered to Jones or counsel for Jones in connection with the offering of the
Placement Shares shall be deemed a representation and warranty by the Manager, as to matters covered therein, to Jones. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c)
<U>Representations and Warranties with Respect to the Subadviser and the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Subadvisers.</U> The Subadviser represents and warrants to and agrees with Jones as of the date hereof, as of each
Representation Date (as defined in <U>Section</U><U></U><U>&nbsp;7(j)</U> below) and as of each Applicable Time as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Each Subadviser has been duly formed and is validly existing in good standing under the laws of the jurisdiction of its
organization, with full power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement and the Prospectus, and is duly qualified to do business and is in good standing under the
laws of each jurisdiction which requires such qualification, except where the failure to so register or qualify does not have a material adverse change in the condition (financial or otherwise), business prospects, earnings, business or properties
of such Subadviser, whether or not arising from transactions in the ordinary course of business ( a &#147;<B><U>Subadviser Material Adverse Effect</U></B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Each Subadviser is duly registered as an investment adviser under the Advisers Act and neither Subadviser is prohibited by
the Advisers Act or the Investment Company Act from acting under the Subadvisory Agreements as contemplated by the Registration Statement and the Prospectus. Each Subadviser has adopted and implemented written policies and procedures under Rule <FONT
STYLE="white-space:nowrap">206(4)-7</FONT> of the Advisers Act reasonably designed to prevent violation of the Advisers Act by each Subadviser and its supervised persons. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) The Subadviser has full power and authority to enter into this Agreement and each Subadvisory Agreement; each <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Subadviser has full power and authority to enter into its respective <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Subadvisory Agreement; the execution and delivery of, and the performance by the
Subadviser of its obligations under, this Agreement and the Subadvisory Agreements have been duly authorized by the Subadviser; the execution and delivery of, and the performance by each of the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
Subadvisers of its obligations under, the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Subadvisory Agreements have been duly authorized by each of the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Subadvisers; and each <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Subadvisory Agreement has been duly executed and delivered by the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Subadvisers. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) Each Subadviser has the financial resources available to it necessary for the
performance of its services and obligations as contemplated in the Registration Statement and the Prospectus and under this Agreement and the Subadvisory Agreements, as applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) The description of each Subadviser and its business and the statements attributable to such Subadviser in the Registration
Statement and the Prospectus complied and comply in all material respects with the provisions of the Securities Act, the Investment Company Act and the Advisers Act and did not and will not contain an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
a Subadviser, or any of such Subadviser&#146;s property is pending or, to the knowledge of the Subadviser, threatened that (i)&nbsp;is required to be described in the Registration Statement and the Prospectus that is not so described as required,
(ii)&nbsp;would reasonably be expected to have a material adverse effect on the ability of a Subadviser to fulfill its obligations hereunder or under the Subadvisory Agreements, as applicable or (iii)&nbsp;would reasonably be expected to have a
Subadviser Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and the Prospectus; and there are no agreements, contracts, indentures, leases, permits or other instruments relating to the Subadvisers that
are required to be described in the Registration Statement or the Prospectus or to be filed as an exhibit to the Registration Statement that are not described or filed as required by the Securities Act or the Investment Company Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) Since the date as of which information is given in the Prospectus, except as otherwise stated therein, (i)&nbsp;there has
been no material adverse change in the condition (financial or otherwise), business prospects, earnings, business or properties of either Subadviser, whether or not arising from transactions in the ordinary course of business and (ii)&nbsp;there
have been no transactions entered into by either Subadviser which are material to such Subadviser other than those in the ordinary course of its business as described in the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) Each Subadviser possesses all licenses, certificates, permits and other authorizations issued by the appropriate federal,
state or foreign regulatory authorities necessary to conduct such Subadviser&#146;s business, in the manner described in or contemplated in the Registration Statement and the Prospectus except to the extent that the failure to do so would not have a
Subadviser Material Adverse Effect; neither Subadviser has received any notice of proceedings relating to the revocation or modification of any such license, certificate, permit or authorization which, singly or in the aggregate, if the subject of
an unfavorable decision, ruling or finding, would have a Subadviser Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and the Prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) This Agreement, as it applies to each Subadviser, and each Subadvisory
Agreement comply in all material respects with all applicable provisions of the Securities Act, the Investment Company Act and the Advisers Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) No consent, approval, authorization, filing with or order of any court or governmental agency or body is required in
connection with the performance by a Subadviser under the Subadvisory Agreements, except such as have been made or obtained under the Securities Act, the Exchange Act, the Advisers Act, the Investment Company Act, the rules and regulations of FINRA,
and such as may be required under the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Placement Shares in the manner contemplated herein and in the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) Neither the execution, delivery or performance by a Subadviser of its obligations under this Agreement or the Subadvisory
Agreements nor the consummation of the transactions herein or therein contemplated, nor the fulfillment of the terms hereof or thereof, conflict with, result in a breach or violation of, or imposition of any lien, charge or encumbrance upon any
property or assets of the Subadvisers pursuant to, (i)&nbsp;the organizational documents of each Subadviser, including without limitation, its articles of organization, certificate of formation or similar organizational documents and its operating
agreement, limited liability company agreement, membership agreement or other similar agreement , (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition,
covenant or instrument to which either Subadviser is a party or bound or to which its property is subject, or (iii)&nbsp;any statute, law, rule, regulation, judgment, order or decree applicable to either Subadviser of any court, regulatory body,
administrative agency, governmental body, arbitrator or other authority having jurisdiction over such Subadviser or any of properties of such Subadviser, except in the case of (ii)&nbsp;and (iii) above, where such a conflict, breach, violation or
imposition would not have a Subadviser Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) Neither Subadviser has taken, directly or indirectly,
any action designed to or that would constitute or that might reasonably be expected to cause or result in violation of federal securities laws, in stabilization or manipulation of the price of any security of the Fund to facilitate the offering and
sale of the Placement Shares, and neither Subadviser is aware of any such action taken or to be taken by any affiliates of such Subadviser, other than (i)&nbsp;such actions as taken by Jones and (ii)&nbsp;tender offers, share repurchases and the
issuance or purchase of shares pursuant to the Fund&#146;s Dividend Reinvestment Plan effected following the date on which the distribution of the Placement Shares is completed, in each case, so long as such actions are in compliance with all
applicable law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) The operations of the Subadvisers and subsidiaries of the Subadvisers are and have been conducted at
all times in compliance with applicable Money Laundering Laws and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Subadvisers, or any of the affiliates or subsidiaries of
the Subadvisers with respect to the Money Laundering Laws is pending or, to the knowledge of the Subadviser, threatened. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) Each Subadviser maintains a system of internal controls designed to provide
reasonable assurance that (i)&nbsp;transactions effectuated by it under the Subadvisory Agreements, as applicable, are executed in accordance with the general or specific authorization of the management of each Subadviser; and (ii)&nbsp;access to
the Fund&#146;s assets is permitted only in accordance with the general or specific authorization of the management of each Subadviser. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) Neither the Subadvisers nor, to the knowledge of the Subadviser, any director, officer, agent, employee or affiliate of
the Subadvisers is aware of or has taken any action in connection with the Subadvisers, directly or indirectly, that would result in a violation by such persons of the FCPA, including, without limitation, making use of the mails or any means or
instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any
&#147;foreign official&#148; (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and the Subadvisers, and to the knowledge of the
Subadviser, the affiliates of the Subadvisers have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued
compliance therewith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) Neither the Subadvisers nor, to the knowledge of the Subadviser, any director, officer, agent,
employee or affiliate of the Subadvisers is currently subject to any U.S. sanctions administered by OFAC; and the Subadvisers will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any certificate signed by any officer of the Subadviser and delivered to Jones or counsel for Jones in connection with the offering of the
Placement Shares shall be deemed a representation and warranty by the Subadviser, as to matters covered therein, to Jones. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.
<U>Covenants of the Fund and the Manager</U>. The Fund and the Manager, jointly and severally, covenant and agree with Jones that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a)
The Fund will promptly advise Jones (i)&nbsp;when, during any period that a prospectus relating to the offer or sale of Placement Shares is required to be delivered under the Securities Act, any amendment to the Registration Statement affecting the
Placement Shares shall have become effective, (ii)&nbsp;of any request by the Commission for any amendment or supplement to the Registration Statement, the Prospectus or any Additional Disclosure Items, or for any additional information, affecting
or in respect of the Placement Shares, (iii)&nbsp;of the issuance by the Commission of any order suspending the effectiveness of the Registration Statement affecting the Placement Shares or the institution or threatening of any proceeding for that
purpose, and (iv)&nbsp;the receipt by the Fund of any notification with respect to the suspension of the qualification of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. The Fund
will not file any amendment to the Registration Statement affecting the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Placement Shares or any supplement to the Prospectus affecting the Placement Shares unless the Fund has furnished Jones with a copy for its review prior to filing, and will not file any such
proposed amendment or supplement affecting the Placement Shares to which Jones reasonably objects, in any event until after the end of the period during which a prospectus is required to be delivered to purchasers of the Placement Shares under the
Securities Act. Subject to the foregoing sentence, the Fund will cause the Prospectus Supplement to be transmitted to the Commission for filing pursuant to Rule 424 under the Securities Act. The Fund will use its best efforts to prevent the issuance
of any order suspending the effectiveness of the Registration Statement affecting the Placement Shares and, if issued, to obtain as soon as possible the withdrawal thereof. The Fund will timely file the requisite copies of the Prospectus with the
Commission pursuant to Rule 424(b) under the Securities Act and will advise Jones of the time and manner of such filing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) During any
period in which a Prospectus relating to the Placement Shares is required to be delivered by Jones under the Securities Act with respect to a pending sale of the Placement Shares (whether physically or through compliance with Rule 153, Rule 172 or
otherwise), the Fund will comply so far as it is able with all requirements imposed upon it by the Securities Act, the Exchange Act and the Investment Company Act, as from time to time in force, so far as necessary to permit the continuance of sales
of the Placement Shares during such period in accordance with the provisions hereof and the Prospectus, and will file with the Commission and the Exchange all documents pursuant to the Securities Act, the Exchange Act and the Investment Company Act
in the manner and within the time periods required by the Securities Act, Exchange Act and the Investment Company Act. If during such period any event occurs as a result of which the Prospectus, as then amended or supplemented, or any Additional
Disclosure Item would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary
to amend or supplement the Registration Statement, Prospectus or any Additional Disclosure Item to comply with the Securities Act, the Fund will promptly notify Jones to suspend the offering of Placement Shares during such period and the Fund will
promptly amend or supplement the Registration Statement, Prospectus or such Additional Disclosure Item so as to correct such statement or omission or effect such compliance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) During any period in which the Prospectus relating to the Placement Shares is required to be delivered by Jones under the Securities Act
with respect to a pending sale of the Placement Shares (whether physically or through compliance with Rule 153, Rule 172 or otherwise), the Fund will use its best efforts to cause the Placement Shares to be listed on the Exchange and to qualify, if
necessary, the Placement Shares for sale under the securities laws of such United States jurisdictions as Jones reasonably designates and to continue such qualifications in effect so long as required for the distribution of the Placement Shares;
<U>provided</U>, <U>however</U>, that the Fund shall not be required in connection therewith to qualify as a foreign corporation or dealer in securities, file a general consent to service of process in any jurisdiction, or meet any other requirement
in connection with this <U>Section</U><U></U><U>&nbsp;7(c)</U> deemed by the Fund to be unduly burdensome. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) The Fund will make
generally available to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Fund&#146;s current fiscal quarter, an earnings statement covering a <FONT STYLE="white-space:nowrap">12-month</FONT>
period that satisfies the provisions of Section&nbsp;11(a) of the Securities Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) The Fund agrees to pay all costs, fees and expenses incurred in connection with performance
of its obligations hereunder and in connection with the transactions contemplated under this Agreement, including, without limitation, (i)&nbsp;all expenses incident to the issuance and delivery of the Placement Shares (including all printing and
engraving costs), (ii) all fees and expenses of the registrar and transfer agent of the Placement Shares, (iii)&nbsp;all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Placement Shares, (iv)&nbsp;all
reasonable fees and expenses of the Fund&#146;s counsel and the Fund&#146;s independent public or certified public accountants and other advisors, (v)&nbsp;all costs and expenses incurred in connection with the preparation, printing, filing,
shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts) and the Prospectus, and all amendments and supplements thereto and this Agreement, (vi)&nbsp;all
filing fees, distribution fees, attorneys&#146; fees and expenses incurred by the Fund in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Placement Shares for offer
and sale under the state securities or blue sky laws or any other country, including, if requested by Jones, the preparation by counsel for Jones and printing of a &#147;Blue Sky Survey,&#148; or other memorandum, and any supplements thereto,
advising Jones of such qualifications, registrations and exemptions, (vii)&nbsp;the fees and expenses associated with listing the Placement Shares on the Exchange, (viii)&nbsp;the filing fees incident to, and the reasonable fees and disbursements of
counsel to Jones in connection with, the review by FINRA of the terms of the sale of the Placement Shares (such fees and disbursements to be limited in accordance with clause (ix)&nbsp;below), (ix) the reasonable fees and expenses of counsel for
Jones (provided such fees and expenses (a)&nbsp;shall not exceed $35,000 in connection with the preparation and execution of this Agreement and the preparation and filing of the initial Prospectus Supplement dated as of the date hereof relating to
the Placement Shares and providing the services described in clauses (vi)&nbsp;and (viii) above and (b)&nbsp;shall not exceed $10,000 on an annual basis in each annual period following the date of this Agreement) and (x)&nbsp;all other fees, costs
and expenses incident to the performance by the Fund of its obligations hereunder. Except as provided in <U>Section</U><U></U><U>&nbsp;7(e)(ix)</U> above with respect to Jones (the &#147;<B><U>Reimbursable Amounts</U></B>&#148;), the aggregate
amount of any discount, commission or other compensation to be paid by the Fund to Jones in connection with Jones&#146; performance of its obligations under this Agreement shall be as set forth on <U>Schedule 2</U> attached hereto. The Fund shall
pay to Jones the Reimbursable Amounts payable under this Section&nbsp;7 in addition to such discount, commissions and other compensation payable to Jones as contemplated by <U>Schedule 2</U>. Each of the Manager and the Subadviser agrees to pay all
costs, fees and expenses of its respective counsel, to the extent applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(f) The Fund will use the Net Proceeds as described in the
Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(g) The Fund will, at any time during the term of this Agreement, as supplemented from time to time, advise Jones immediately
after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document required to be provided to Jones pursuant to this
Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(h) The Fund will cooperate with any due diligence review conducted by Jones or its agents, including, without limitation,
providing information and making available documents and senior corporate officers, as Jones may reasonably request; <U>provided</U>, <U>however</U>, that the Fund shall be required to make available documents and senior corporate officers only
(i)&nbsp;at the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Fund&#146;s principal offices and (ii)&nbsp;during the Fund&#146;s ordinary business hours. The parties acknowledge that the due diligence review contemplated by this
<U>Section</U><U></U><U>&nbsp;7(h)</U> will include during the term of this Agreement a bring-down diligence conference among Jones and certain officers of the Fund&#146;s operations or legal departments upon the issuance by the Fund of a Placement
Notice and a diligence conference to occur within five Business Days following the Fund&#146;s filing of each of its annual report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> (the &#147;<B><U>Annual Report</U></B>&#148;) and semi-annual
report on <FONT STYLE="white-space:nowrap">N-CSRS</FONT> (the &#147;<B><U>Semi-Annual Report</U></B>&#148;, together with the Annual Report (the &#147;<B><U>Reports</U></B>&#148;) whereby the Fund, the Manager and the Subadviser will make their
respective senior corporate officers, including portfolio managers, available to address certain diligence inquiries of Jones and will provide such additional information and documents as Jones may reasonably request. The requirement to conduct a
due diligence session under this <U>Section</U><U></U><U>&nbsp;7(h)</U> shall be waived if at the time such due diligence session is required pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of,
or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to issue a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date, the
Fund shall conduct the due diligence session contemplated by this <U>Section</U><U></U><U>&nbsp;7(h)</U> at or prior to the issuance of such Placement Notice or the resumption of the sale of Placement Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) The Fund agrees that on such dates as the Securities Act shall require, the Fund will (i)&nbsp;file a Prospectus Supplement with the
Commission under Rule 424 under the Securities Act, which Prospectus Supplement will set forth, within the relevant period, the amount of Placement Shares sold through Jones, the Net Proceeds to the Fund and the compensation payable by the Fund to
Jones with respect to such Placement Shares, and (ii)&nbsp;deliver such number of copies of each such Prospectus Supplement to each exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange
or market. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(j) During the term of this Agreement, each time the Fund (i)&nbsp;files the Prospectus relating to the Placement Shares,
(ii)&nbsp;amends or supplements the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker, or supplement (other than a Prospectus Supplement filed in accordance with
<U>Section</U><U></U><U>&nbsp;7(i)</U> of this Agreement or a post-effective amendment solely to file this Agreement as an exhibit to the Registration Statement) or (iii)&nbsp;files a Report, each of the Fund, the Manager and the Subadviser shall
furnish Jones with a certificate, in the form attached hereto as <U>Exhibit 7(j)</U>. (Each date contemplated in subsections (i), (ii) and (iii)&nbsp;of this <U>Section</U><U></U><U>&nbsp;7(j)</U> is referred to herein as a
&#147;<B><U>Representation Date</U></B>&#148;). The requirement to provide a certificate under this <U>Section</U><U></U><U>&nbsp;7(j)</U> shall be waived if at the time of the required delivery of such certificate pursuant to this Agreement there
is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to issue a Placement Notice or otherwise resume the
sale of Placement Shares prior to the next occurring Representation Date, the Fund shall provide Jones with such certificate at or prior to the issuance of such Placement Notice or the resumption of the sale of Placement Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(k) Except as otherwise provided in the last sentence of this <U>Section</U><U></U><U>&nbsp;7(k)</U>, on the date hereof and thereafter as of
each Representation Date, or with respect to a Representation Date triggered by the filing of a Report, within three Business Days following the filing of such Report, the Fund shall cause to be furnished to Jones with a written opinion of Simpson
Thacher&nbsp;&amp; Bartlett LLP (the &#147;<B><U>Fund Counsel</U></B>&#148;)<B>, </B>dated the Representation Date or date of delivery, as applicable, in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
substantially the form attached hereto as <U>Exhibit 7(k)(i)(a)</U>, but modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented;
<U>provided</U>, <U>however</U>, that in lieu of such opinion, counsel may furnish Jones with a letter to the effect that Jones may rely on a prior opinion delivered under this <U>Section</U><U></U><U>&nbsp;7(k)</U> to the same extent as if it were
dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date). Venable LLP or such other Maryland
counsel that the Fund may select (in each case, &#147;<B><U>Maryland Counsel</U></B>&#148;) shall furnish a separate opinion as to matters relating specifically to or otherwise governed by Maryland law, in substantially the form attached hereto as
<U>Exhibit 7(k)(i)(b)</U>. In the event that a Representation Date is triggered by the filing of a Semi-Annual Report, only the opinion identified in <U>Exhibit 7(k)(ii)</U> shall be required and no opinion of Maryland Counsel shall be required. The
requirement to provide the opinion of Fund Counsel and Maryland Counsel contemplated by this <U>Section</U><U></U><U>&nbsp;7(k)</U> shall be waived if at the time of the required delivery of such opinion pursuant to this Agreement there is no
Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to issue a Placement Notice or otherwise resume the sale of
Placement Shares prior to the next occurring Representation Date, the Fund shall provide Jones with such opinion of Fund Counsel and Maryland Counsel at or prior to the issuance of such Placement Notice or the resumption of the sale of Placement
Shares. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;(i) Except as otherwise provided in the last sentence of this <U>Section</U><U></U><U>&nbsp;7(l)(i)</U>,
on the date hereof and thereafter as of each Representation Date, or with respect to a Representation Date triggered by the filing of a Report, within three Business Days following the filing of such Report, the Manager shall cause to be furnished
to Jones a written opinion of <FONT STYLE="white-space:nowrap">in-house</FONT> counsel for the Manager (the &#147;<B><U>Manager Counsel</U></B>&#148;)<B>, </B>dated the Representation Date, or date of delivery, as applicable in substantially the
form attached hereto as <U>Exhibit 7(l)(i)</U>, but modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; <U>provided</U>, <U>however</U>, that in lieu of such opinion, counsel may
furnish Jones with a letter to the effect that Jones may rely on a prior opinion delivered under this <U>Section</U><U></U><U>&nbsp;7(l)(i)</U> to the same extent as if it were dated the date of such letter (except that statements in such prior
opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date). In the event that a Representation Date is triggered by the filing of a Semi-Annual Report, the opinion
contemplated in this <U>Section</U><U></U><U>&nbsp;7(l)(i)</U> shall not be required. The requirement to provide the opinion of Manager Counsel contemplated by this <U>Section</U><U></U><U>&nbsp;7(l)(i)</U> shall be waived if at the time of the
required delivery of such opinion pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund
subsequently decides to issue a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date, the Fund shall provide Jones with such opinion of Manager Counsel at or prior to the issuance of such
Placement Notice or the resumption of the sale of Placement Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) Except as otherwise provided in the last sentence of this
<U>Section</U><U></U><U>&nbsp;7(l)(ii)</U>, on the date hereof and thereafter as of each Representation Date, or with respect to a Representation Date triggered by the filing of a Report, within three Business Days following the filing of such
Report, the Subadviser shall cause to be furnished to Jones with a written opinion of <FONT STYLE="white-space:nowrap">in-house</FONT> counsel for the Subadviser (the &#147;<B><U>Subadviser Counsel</U></B>&#148;)<B>, </B>dated the Representation
Date, or date of delivery, as applicable, in substantially the form attached hereto as <U>Exhibit 7(l)(ii)</U>, but modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; <U>provided</U>,
<U>however</U>, that in lieu of such opinion, counsel may furnish Jones with a letter to the effect that Jones may rely on a prior opinion delivered under this <U>Section</U><U></U><U>&nbsp;7(l)(ii)</U> to the same extent as if it were dated the
date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date). In the event that a Representation Date is
triggered by the filing of a Semi-Annual Report, the opinion contemplated in this <U>Section</U><U></U><U>&nbsp;7(l)(ii)</U> shall not be required. The requirement to provide the opinion of Subadviser Counsel contemplated by this
<U>Section</U><U></U><U>&nbsp;7(l)(ii)</U> shall be waived if at the time of the required delivery of such opinion pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not
intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to issue a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date, the Fund shall provide
Jones with such opinion of Subadviser Counsel at or prior to the issuance of such Placement Notice or the resumption of the sale of Placement Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(m) On the date hereof and thereafter as of each Representation Date, or with respect to a Representation Date triggered by the filing of a
Report, within three Business Days following the filing of such Report, and, during any period in which the Prospectus relating to the Placement Shares is required to be delivered by Jones (whether physically or through compliance with Rule 153,
Rule 172 or otherwise), each time that the Registration Statement is amended or the Prospectus supplemented to include additional amended financial information, Fund audited financial statements or Fund unaudited semi-annual financial statements (in
each case, a &#147;<B><U>Financial Supplement</U></B>&#148;) the Fund shall cause its independent accountants to furnish Jones letters (the &#147;<B><U>Comfort Letters</U></B>&#148;), dated the date of each applicable Representation Date, or each
date of delivery, as applicable, in form and substance satisfactory to Jones, (i)&nbsp;confirming that they are independent public accountants within the meaning of the Securities Act and are in compliance with the applicable requirements relating
to the qualification of accountants under Rule <FONT STYLE="white-space:nowrap">2-01</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> of the Commission, (ii)&nbsp;stating, as of such date, the conclusions and findings of such firm
with respect to the financial information and other matters ordinarily covered by accountants&#146; &#147;comfort letters&#148; to underwriters in connection with registered public offerings (the first such letter, the &#147;<B><U>Initial Comfort
Letter</U></B>&#148;) and (iii)&nbsp;updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration
Statement and the Prospectus, as amended and supplemented to the date of such letter. Notwithstanding the foregoing, in the event that a Representation Date is triggered by the filing of the Fund&#146;s Semi-Annual Report, a Comfort Letter
contemplated by this <U>Section</U><U></U><U>&nbsp;7(m)</U> shall not be required; <U>provided</U>, <U>however</U>, that in such case the Fund shall deliver to Jones on the applicable date of delivery with respect to the filing of a Semi-Annual
Report a certificate of the Fund&#146;s principal financial officer substantially in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;7(m)</U> (the &#147;<B><U>CFO Certificate</U></B>&#148;). The requirement to provide a Comfort Letter, or
CFO Certificate, as applicable under this <U>Section</U><U></U><U>&nbsp;7(m)</U> shall be waived if at the time of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the required delivery of the Comfort Letter or CFO Certificate pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not
intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to issue a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring applicable Report or Financial Supplement, the
Fund shall provide Jones with a Comfort Letter or CFO Certificate, as applicable, at or prior to the issuance of such Placement Notice or the resumption of the sale of Placement Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(n) On the date hereof and thereafter as of each Representation Date, or with respect to a Representation Date triggered by the filing of a
Report, within three Business Days following the filing of such Report, each of the Fund, the Manager and the Subadviser shall furnish Jones with a certificate of its respective Secretary, in form and substance reasonably satisfactory to Jones. The
requirement to provide a certificate under this <U>Section</U><U></U><U>&nbsp;7(n)</U> shall be waived if at the time of the required delivery of such certificate pursuant to this Agreement there is no Placement Notice outstanding or the Fund has
suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to issue a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring
Representation Date, the Fund shall provide Jones with such certificate at or prior to the issuance of such Placement Notice or the resumption of the sale of Placement Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(o) Each Placement Notice issued by the Fund to Jones shall be deemed to be an affirmation that the representations and warranties made by it
in this Agreement are true and correct in all material respects at the time such Placement Notice is issued, and that the Fund has complied in all material respects with all of the agreements to be performed by it hereunder at or prior to such time.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(p) The Fund (including its agents and representatives, other than Jones in its capacity as such) will not make, use, prepare, authorize,
approve or refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder, except by
means of the Registration Statement, the Prospectus or, upon Jones&#146; prior written consent, such consent not to be unreasonably withheld or delayed, any Additional Disclosure Item. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(q) The Fund will comply with all requirements imposed upon it by the Securities Act, the Exchange Act and the Investment Company Act as from
time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement Shares as contemplated by the provisions hereof and the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(r) The Fund will not, without giving Jones at least three Business Days prior written notice of a proposed sale, directly or indirectly,
offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any shares of the Fund&#146;s common stock (other than the Placement Shares offered pursuant to the provisions of this Agreement) or securities convertible into
or exchangeable for shares of the Fund&#146;s common stock, warrants or any rights to purchase or acquire, shares of the Fund&#146;s common stock during the period beginning on the fifth (5<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>)
Trading Day immediately prior to the date on which any Placement Notice is delivered to Jones hereunder and ending on the fifth (5<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) Trading Day immediately following the final Settlement Date
with </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
respect to Placement Shares sold pursuant to such Placement Notice; without the prior written consent of Jones, the Fund will not directly or indirectly engage in any other <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;at-the-market&#148;</FONT></FONT> or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any shares of the
Fund&#146;s common stock (other than the Placement Shares offered pursuant to the provisions of this Agreement) or securities convertible into or exchangeable for shares of the Fund&#146;s common stock, warrants or any rights to purchase or acquire,
shares of the Fund&#146;s common stock prior to the tenth (10<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) Trading Day immediately following the final Settlement Date with respect to Placement Shares sold pursuant to such Placement
Notice; <U>provided</U>, <U>however</U>, that such restrictions will not be required in connection with the Fund&#146;s issuance or sale of shares of the Fund&#146;s common stock pursuant to (i)&nbsp;the Dividend Reinvestment Plan, and<B>
</B>(ii)&nbsp;conversion of securities or the exercise of warrants, options or other rights in effect or outstanding as of the date of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(s) The Fund will furnish to Jones and its counsel (at the expense of the Fund) copies of the Registration Statement, the Prospectus, any
Additional Disclosure Item and all amendments and supplements thereto relating to the registration and issuance of the Placement Shares pursuant to this Agreement that are filed with the Commission during the period in which a prospectus relating to
the Placement Shares is required to be delivered under the Securities Act (whether physically or through compliance with Rule 153, Rule 172 or otherwise), in each case as soon as reasonably practicable and in such quantities as Jones may from time
to time reasonably request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(t) Each of the Fund, the Manager and the Subadviser acknowledges and agrees that Jones has informed the Fund
that Jones may, to the extent permitted under the Securities Act, the Exchange Act and the Investment Company Act, purchase and sell Placement Shares for its own account at the same time as Placement Shares are being sold by the Fund pursuant to
this Agreement, provided that (i)&nbsp;the Fund shall not be deemed to have authorized or consented to any such purchases or sales by Jones and (ii)&nbsp;no such purchases or sales shall take place while a Placement Notice is in effect (except to
the extent Jones may engage in sales of Placement Shares (A)&nbsp;purchased or deemed purchased from the Fund as a &#147;riskless principal&#148; or in a similar capacity or (B)&nbsp;with respect to errors that cause Jones to take an unplanned
principal positions). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(u) The Fund will not, directly or indirectly, (i)&nbsp;take any action designed to cause or result in, or that
constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Fund to facilitate the sale or resale of the Placement Shares or (ii)&nbsp;sell, bid for, or purchase the Placement
Shares, or pay anyone any compensation for soliciting purchases of the Placement Shares other than Jones; <B><U>provided</U></B>, <B><U>however</U></B>, the Fund may issue and sell shares of the Fund&#146;s common stock pursuant to the Dividend
Reinvestment Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) The Fund, the Manager and the Subadviser will furnish to Jones for a period of two years from the date of this
Agreement such information as reasonably requested by Jones regarding the Fund, the Manager or the Subadviser. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Conditions to Jones</U><U>&#146;</U><U>s Obligations</U>. The obligations of Jones
hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Fund, the Manager and the Subadviser herein, to the due performance by the Fund, the Manager and the
Subadviser of their respective obligations hereunder, to the completion by Jones of a due diligence review satisfactory to Jones in its reasonable judgment, and to the continuing satisfaction (or waiver by Jones in its sole discretion) of the
following additional conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) The Registration Statement shall have become effective and shall be available for the sale of
(i)&nbsp;all Placement Shares issued pursuant to all prior Placements and not yet sold by Jones and (ii)&nbsp;all Placement Shares contemplated to be issued by the Placement Notice relating to such Placement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) None of the following events shall have occurred and be continuing: (i)&nbsp;receipt by the Fund of any request for additional information
from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which would require any amendments or supplements to the Registration Statement, the
Prospectus or any Additional Disclosure Item relating to or affecting the Placement Shares; (ii)&nbsp;the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceedings for that purpose, including any notice objecting to the use of the Registration Statement or order pursuant to <U>Section</U><U></U><U>&nbsp;8(e)</U> of the Investment Company Act having
been issued and proceedings therefor initiated, or to the knowledge of the Fund, threatened by the Commission; (iii)&nbsp;receipt by the Fund of any notification with respect to the suspension of the qualification or exemption from qualification of
any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; (iv)&nbsp;the occurrence of any event that makes any statement made in the Registration Statement, the Prospectus or any
Additional Disclosure Item untrue in any material respect or that requires the making of any changes in the Registration Statement, Prospectus or such Additional Disclosure Item so that, in the case of the Registration Statement, it will not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus or any Additional Disclosure Item, it will
not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and
(v)&nbsp;the Fund&#146;s reasonable determination that a post-effective amendment to the Registration Statement would be appropriate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c)
Jones shall not have advised the Fund that the Registration Statement, Prospectus or any Additional Disclosure Item, or any amendment or supplement thereto, contains an untrue statement of a material fact regarding Jones that in Jones&#146; opinion
is material, or omits to state a fact regarding Jones that in Jones&#146; opinion is material and is required to be stated therein or is necessary to make the statements therein, in light of the circumstances under which it was made, not misleading.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) Except as contemplated or disclosed in the Prospectus, there shall not have been any material change, on a consolidated basis, in the
authorized capital stock of the Fund or any Fund Material Adverse Effect, Manager Material Adverse Effect or Subadviser Material Adverse Effect, or any development that may reasonably be expected to cause a Fund Material Adverse Effect, Manager
Material Adverse Effect or Subadviser Material Adverse Effect or a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
downgrading in or withdrawal of the rating assigned to any of the Fund&#146;s securities by any rating organization or a public announcement by any rating organization that it has under
surveillance or review its rating of any of the Fund&#146;s securities, the effect of which, in the case of any such action by a rating organization described above, in the sole judgment of Jones (without relieving the Fund of any obligation or
liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) Jones shall have received the opinions of Fund Counsel and Maryland Counsel required to be delivered pursuant
<U>Section</U><U></U><U>&nbsp;7(k)</U> on or before the date on which such delivery of such opinion is required pursuant to <U>Section</U><U></U><U>&nbsp;7(k)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(f) Jones shall have received the opinions of Manager Counsel and Subadviser Counsel required to be delivered pursuant
<U>Section</U><U></U><U>&nbsp;7(l)</U> on or before the date on which such delivery of such opinions are required pursuant to <U>Section</U><U></U><U>&nbsp;7(l)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(g) Jones shall have received the Comfort Letter, and to the extent applicable, the CFO Certificate, required to be delivered pursuant
<U>Section</U><U></U><U>&nbsp;7(m)</U> on or before the date on which such delivery of such Comfort Letter or CFO Certificate is required pursuant to <U>Section</U><U></U><U>&nbsp;7(m)</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(h) Jones shall have received the certificates required to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;7(j)</U> and
<U>Section</U><U></U><U>&nbsp;7(n)</U> on or before the date on which delivery of such certificate is required pursuant to <U>Section</U><U></U><U>&nbsp;7(j)</U> and <U>Section</U><U></U><U>&nbsp;7(n)</U>, respectively. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Trading in the shares of the Fund&#146;s common stock shall not have been suspended on the Exchange. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(j) On each date on which the Fund is required to deliver a certificate pursuant to <U>Section</U><U></U><U>&nbsp;7(j)</U>, the Fund shall
have furnished to Jones such appropriate further information, certificates and documents as Jones may reasonably request. All such opinions, certificates, letters and other documents will be in compliance with the provisions hereof. The Fund will
furnish Jones with such conformed copies of such opinions, certificates, letters and other documents as Jones shall reasonably request. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(k) All filings with the Commission required by Rule 424 or Rule 497, as applicable, under the Securities Act to have been filed prior to the
giving of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424 or Rule 497, as applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(l) The Placement Shares shall have been approved for listing on the Exchange, subject only to notice of issuance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(m) There shall not have occurred any event that would permit Jones to terminate this Agreement pursuant to
<U>Section</U><U></U><U>&nbsp;11(a)</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(n) Prior to the date hereof, FINRA shall have confirmed that it has no objection with respect
to the fairness and reasonableness of the placement terms and arrangements set forth herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Indemnification and Contribution</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) <U>Indemnification by the Fund and the Manager</U>. The Fund and the Manager, jointly and severally, agree to indemnify and hold harmless
Jones, its directors, members, officers and each person, if any, who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto) including any information deemed to be a part thereof pursuant to Rule 430B or 430C or Rule 424 under the Securities Act, or the
omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any
Additional Disclosure Item, any Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) against any and all loss, liability, claim, damage and expense whatsoever, as
incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission; provided that (subject to <U>Section</U><U></U><U>&nbsp;9(e)</U> below) any such settlement is effected with the written consent of the Fund and the Manager; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by Jones),
reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (1)&nbsp;or (2) above, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><U>provided</U>, <U>however</U>, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent
arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Fund or the Manager by Jones expressly for use in the Registration Statement
(or any amendment thereto), any Additional Disclosure Item, or in any Prospectus (or any amendment or supplement thereto). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b)
<U>Indemnification by Jones</U>. Jones agrees to indemnify and hold harmless each of the Fund and the Manager, each of their directors, trustees, members, each of their officers who signed the Registration Statement, and each person, if any, who
controls the Fund or the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in subsection
<U>(a)</U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;9</U>, as incurred, but only with respect to any untrue statements or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), any Additional Disclosure Item, or any Prospectus (or any amendment or
supplement thereto) in reliance upon and in conformity with written information furnished to the Fund or the Manager by Jones expressly for use in the Registration Statement (or any amendment thereto), any Additional Disclosure Item, or any
Prospectus (or any amendment or supplement thereto). The Fund and the Manager acknowledge that Jones has not furnished any information to the Fund for inclusion in the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) <U>Actions against Parties; Notification</U>. Each indemnified party shall give notice as promptly as reasonably practicable to each
indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is
not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. Counsel to the indemnified parties shall be selected as follows: counsel
to Jones, its directors, members, officers, and each person, if any, who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall be selected by Jones; counsel to the Fund, its
directors, trustees, members, each of its officers who signed the Registration Statement and each person, if any, who controls the Fund within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall be
selected by the Fund; and counsel to the Manager and each person, if any, who controls the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall be selected by the Manager. An indemnifying
party may participate at its own expense in the defense of any such action; <U>provided</U>, <U>however</U>, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified
party. In no event shall the indemnifying parties be liable for the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for Jones and each person, if any, who controls Jones within the
meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for the Fund, each of their directors,
trustees, members, each of its officers who signed the Registration Statement and each person, if any, who controls the Fund within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, the fees and expenses of
more than one counsel (in addition to any local counsel) separate from their own counsel for the Manager, and the fees and expenses of more than one counsel, in each case in connection with any one action or separate but similar or related actions
in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with
respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this
<U>Section</U><U></U><U>&nbsp;9</U> hereof (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each indemnified party from all
liability arising out of such litigation, investigation, proceeding or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) <U>Settlement Without Consent if Failure to Reimburse</U>. If at any time an indemnified
party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by
<U>Section</U><U></U><U>&nbsp;9(a)(2)</U> effected without its written consent if (i)&nbsp;such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party shall
have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the
date of such settlement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) <U>Other Agreements with Respect to Indemnification and Contribution</U>. The provisions of this
<U>Section</U><U></U><U>&nbsp;9</U> hereof shall not affect any agreements among the Fund and the Manager with respect to indemnification of each other or contribution between themselves. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(f) <U>Contribution</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) If the indemnification provided for in this <U>Section</U><U></U><U>&nbsp;9</U> hereof is for any reason unavailable to or
insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims,
damages and expenses incurred by such indemnified party, as incurred, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Fund and the Manager on the one hand and Jones on the other hand from the offering
of the Placement Shares pursuant to this Agreement or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(i)&nbsp;above but also the relative fault of the Fund and the Manager on the one hand and of Jones on the other hand in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as
any other relevant equitable considerations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) The relative benefits received by the Fund and the Manager on the one
hand and Jones on the other hand in connection with the offering of the Placement Shares pursuant to this Agreement shall be deemed to be in the same respective proportions as the Net Proceeds from the offering of the Placement Shares pursuant to
this Agreement (before deducting expenses) received by the Fund and the Manager and the total discounts and commissions received by Jones as calculated in accordance with the terms set forth in <U>Schedule 2</U>, bear to the aggregate gross proceeds
from the sale of Placement Shares pursuant to this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) The relative fault of the Fund and the Manager on the
one hand and Jones on the other hand shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
supplied by the Fund, by the Manager, or by Jones and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) The Fund, the Manager, and Jones agree that it would not be just and
equitable if contribution pursuant to this <U>Section</U><U></U><U>&nbsp;9(f)</U> were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this
<U>Section</U><U></U><U>&nbsp;9(f)</U>. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this <U>Section</U><U></U><U>&nbsp;9(f)</U> shall be deemed to include any
legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim
whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) Notwithstanding the
provisions of this <U>Section</U><U></U><U>&nbsp;9(f)</U>, Jones shall not be required to contribute any amount in excess of the amount by which the total price of the Placement Shares actually distributed by Jones exceeds the amount of any damages
that Jones has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) For purposes of this
<U>Section</U><U></U><U>&nbsp;9(f)</U>, each person, if any, who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall have the same rights to contributions as Jones, and each person
who controls the Fund or the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, each officer of the Fund and the Manager and each trustee, director or member of the Fund and the Manager shall
have the same rights to contribution as the Fund and the Manager. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(g) The indemnity and contribution agreements contained in this
<U>Section</U><U></U><U>&nbsp;9</U> and the representation and warranties of the Fund and the Manager set forth in this Agreement shall remain operative and in full force and effect, regardless of (i)&nbsp;any investigation made by or on behalf of
Jones, its partners, officers or employees, or any person controlling Jones, within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and or by or on behalf of the Fund and/or the Manager, its directors and
officers or any person who controls the Fund, and/or the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, (ii)&nbsp;delivery and acceptance of the Placement Shares and payment therefor, or
(iii)&nbsp;any termination of this Agreement. A successor to Jones or to the Fund or the Manager, its respective directors or officers, or any person controlling the Fund, or the Manager, shall be entitled to the benefits of the indemnity,
contribution and reimbursement agreements contained in this <U>Section</U><U></U><U>&nbsp;9</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Representations and Agreements to
Survive Delivery</U>. All representations and warranties of the Fund and the Manager herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i)&nbsp;any investigation made by or on behalf of
Jones, any controlling persons, or the Fund and/or the Manager (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii)&nbsp;any termination of this
Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Termination</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) Jones shall have the right by giving notice as hereinafter specified at any time to terminate this Agreement if (i)&nbsp;any Fund Material
Adverse Effect, Manager Material Adverse Effect or Subadviser Material Adverse Effect has occurred which, in the reasonable judgment of Jones, may materially impair the investment quality of the Placement Shares, (ii)&nbsp;the Fund, the Manager or
the Subadviser shall have failed, refused or been unable to perform any agreement on its part to be performed hereunder; <U>provided</U>, <U>however</U>, in the case of any failure of the Fund, the Manager or the Subadviser to deliver (or cause
another person to deliver) any certification, opinion, or letter required under <U>Sections 7(j)</U>, <U>7(k)</U>,<U> 7(l)</U> or <U>7(m)</U> Jones&#146;s right to terminate shall not arise unless such failure to deliver (or cause to be delivered)
continues for more than thirty (30)&nbsp;days from the date of such Representation Date pursuant to which such delivery was required; <U>provided</U>, <U>further</U>, <U>that</U>, Jones shall have the right to suspend its obligations hereunder,
regardless of whether a Placement Notice is pending, beginning on the sixth (6<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) day after the date of any Representation Date if any certification, opinion, or letter referenced in the foregoing
proviso has not yet been (or caused to be) delivered; (iii)&nbsp;any other condition of Jones&#146;s obligations hereunder is not fulfilled, or (iv)&nbsp;any suspension or limitation of trading in the Placement Shares or in securities generally on
the Exchange shall have occurred. Any such termination shall be without liability of any party to any other party except that the provisions of <U>Section</U><U></U><U>&nbsp;7(e)</U>, <U>Section</U><U></U><U>&nbsp;9</U>,
<U>Section</U><U></U><U>&nbsp;10</U>, <U>Section</U><U></U><U>&nbsp;15</U>, <U>Section</U><U></U><U>&nbsp;17</U> and <U>Section</U><U></U><U>&nbsp;19</U> hereof shall remain in full force and effect notwithstanding such termination. If Jones elects
to terminate this Agreement as provided in this <U>Section</U><U></U><U>&nbsp;11</U>, Jones shall provide the required notice as specified herein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) The Fund shall have the right, by giving notice as hereinafter specified to terminate this Agreement in its sole discretion at any time.
Any such termination shall be without liability of any party to any other party except that the provisions of <U>Section</U><U></U><U>&nbsp;7(e)</U>, <U>Section</U><U></U><U>&nbsp;9</U>, <U>Section</U><U></U><U>&nbsp;10</U>,
<U>Section</U><U></U><U>&nbsp;15</U>, <U>Section</U><U></U><U>&nbsp;17</U> and <U>Section</U><U></U><U>&nbsp;19</U> hereof shall remain in full force and effect notwithstanding such termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) Jones shall have the right, by giving notice as hereinafter specified to terminate this Agreement in its sole discretion<B> </B>at any
time. Any such termination shall be without liability of any party to any other party except that the provisions of <U>Section</U><U></U><U>&nbsp;7(e)</U>, <U>Section</U><U></U><U>&nbsp;9</U>, <U>Section</U><U></U><U>&nbsp;10</U>,
<U>Section</U><U></U><U>&nbsp;15</U>, <U>Section</U><U></U><U>&nbsp;17</U> and <U>Section</U><U></U><U>&nbsp;19</U> hereof shall remain in full force and effect notwithstanding such termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) This Agreement shall remain in full force and effect unless terminated pursuant to <U>Sections 11(a)</U>, <U>(b)</U> or
<U>(c)</U>&nbsp;above or otherwise by mutual agreement of the parties; <U>provided</U>, <U>however</U>, that any such termination by mutual agreement shall in all cases be deemed to provide that <U>Section</U><U></U><U>&nbsp;7(e)</U>,
<U>Section</U><U></U><U>&nbsp;9</U>, <U>Section</U><U></U><U>&nbsp;10</U>, <U>Section</U><U></U><U>&nbsp;15</U>, <U>Section</U><U></U><U>&nbsp;17</U> and <U>Section</U><U></U><U>&nbsp;19</U> shall remain in full force and effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(e) Except as otherwise provided in <U>Sections 11(b)</U> and <U>11(c)</U>, any termination of this Agreement shall be effective on the date
specified in such notice of termination; <U>provided</U>, <U>however</U>, that such termination shall not be effective until the close of business on the date of receipt of such notice by Jones or the Fund or the Manager, as the case may be. If such
termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Notices</U>. All notices or other communications required or permitted to be given by any
party to any other party pursuant to the terms of this Agreement shall be in writing and if sent to Jones, shall be delivered to Jones at JonesTrading Institutional Services LLC, 900 Island Park Drive, Suite 200, Daniel Island, South Carolina 29492,
Attention: Burke Cook, <FONT STYLE="white-space:nowrap">e-mail</FONT> (burke@jonestrading.com), and Troutman Pepper Hamilton Sanders LLP, 1001 Haxall Point, Richmond, Virginia 23218, Attention: Michael T. Damgard, fax no. (804) <FONT
STYLE="white-space:nowrap">698-5185,</FONT> <FONT STYLE="white-space:nowrap">e-mail</FONT> (teddy.damgard@troutman.com); or if sent to the Fund, the Manager or the Subadviser, shall be delivered to the Secretary of the Fund at 620 Eighth Avenue, 47<SUP
STYLE="font-size:75%; vertical-align:top">th</SUP> Floor, New York, New York 10018 Attention: George Hoyt, <FONT STYLE="white-space:nowrap">e-mail</FONT> (george.hoyt@franklintempleton.com), with a copy to Simpson Thacher&nbsp;&amp; Bartlett LLP,
900 G Street NW, Washington, DC 20001, Attention: David Blass and Ryan Brizek, fax no: (202) <FONT STYLE="white-space:nowrap">636-5502,</FONT> <FONT STYLE="white-space:nowrap">e-mail</FONT> (david.blass@stblaw.com; ryan.brizek@stblaw.com). Each
party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i)&nbsp;when delivered
personally or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii)&nbsp;on the next Business
Day after timely delivery to a nationally-recognized overnight courier and (iii)&nbsp;on the Business<B> </B>Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes
of this Agreement, &#147;<B><U>Business Day</U></B>&#148; shall mean any day on which the Exchange and commercial banks in the City of New York are open for business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Successors</U>. This Agreement shall inure to the benefit of and be binding upon Jones, the Fund, the Manager and the Subadviser and
their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than Jones, the Fund, the Manager and the Subadviser and their respective successors and
the controlling persons and directors, officers, members and trustees referred to in <U>Section</U><U></U><U>&nbsp;9</U> and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement
or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of Jones, the Fund, the Manager and the Subadviser and their respective successors, and said controlling
persons and officers and directors and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Placement Shares from Jones shall be deemed to be a successor by reason merely of such
purchase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Partial Unenforceability</U>. The invalidity or unenforceability of any Section, paragraph or provision of this
Agreement shall not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be
deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Governing
Law Provisions</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) <U>Governing Law</U>. This Agreement shall be governed by and construed in accordance with the internal laws of
the state of New York applicable to agreements made and to be performed in such state. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) <U>Consent to Jurisdiction</U>. Any legal suit, action or proceeding arising out of or based
upon this Agreement or the transactions contemplated hereby may be instituted in the federal or state courts of the United States of America located in the Southern District of New York and borough of Manhattan (collectively, the
&#147;<B><U>Specified Courts</U></B>&#148;), and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court, as to which such jurisdiction is <FONT
STYLE="white-space:nowrap">non-exclusive)</FONT> of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to such party&#146;s address set forth above shall be effective service of process
for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and
unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>General Provisions</U>. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior
written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof, including without limitation, the Original Agreement. This Agreement may be executed in two or more counterparts,
each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein
(express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The Section headings, titled and captions herein are for the convenience of the parties only and shall not affect the construction or
interpretation of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Waiver of Jury Trial</U>. The Fund, the Manager, the Subadviser and Jones each hereby
irrevocably waives any right it may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or any transaction contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Adjustments for Stock Splits</U>. The parties acknowledge and agree that all share related numbers contained in this Agreement shall be
adjusted to take into account any stock split, stock dividend or similar event effected with respect to shares of the Fund&#146;s common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Absence of Fiduciary Relationship</U>. The Fund, the Manager and the Subadviser acknowledge that in connection with the offering of the
Placement Shares: (a)&nbsp;Jones has acted at arm&#146;s length and owes no fiduciary duties to, the Fund, the Manager and the Subadviser or any other person; (b)&nbsp;Jones owes the Fund, the Manager and the Subadviser only those duties and
obligations set forth in this Agreement and prior written agreements ( to the extent not superseded by this Agreement), if any, and (iii)&nbsp;Jones may have interests that differ from those of the Fund, the Manager and the Subadviser. The Fund, the
Manager and the Subadviser waive to the full extent permitted by applicable law any claims any of them may have against Jones arising from an alleged breach of fiduciary duty in connection with the offering of the Placement Shares as contemplated by
this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[Remainder of Page Intentionally Blank] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing correctly sets forth the understanding between the Fund, the Manager, the
Subadviser and Jones, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Fund, the Manager, the Subadviser and Jones. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>WESTERN ASSET HIGH INCOME</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>FUND II INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>LEGG MASON PARTNERS FUND ADVISOR, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>WESTERN ASSET MANAGEMENT COMPANY, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ACCEPTED as of the date first-above written:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>JONESTRADING INSTITUTIONAL SERVICES LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(3)
<SEQUENCE>3
<FILENAME>d406551dex99k3.htm
<DESCRIPTION>EX-99.(K)(3)
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.(k)(3)</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Execution Version </I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MARGIN LOAN AND SECURITY AGREEMENT
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">dated as of May&nbsp;6, 2022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">by and between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WESTERN ASSET
HIGH INCOME FUND II INC., </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>as Borrower, </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BANK OF AMERICA, N.A.,
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>as Lender </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This MARGIN LOAN AND SECURITY AGREEMENT dated as of May&nbsp;6, 2022, by and between WESTERN
ASSET HIGH INCOME FUND II INC., a Maryland corporation registered as a diversified, <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company (&#147;<B><I>Borrower</I></B>&#148;), and BANK OF AMERICA, N.A.
(&#147;Lender&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Borrower has requested that Lender make loans to it, from time to time, in an aggregate principal amount
not exceeding the Facility Limit (as hereinafter defined); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Lender is prepared to make such loans upon the terms and subject
to the conditions set forth in this Agreement (as hereinafter defined). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual agreements,
provisions and covenants contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS
AND ACCOUNTING TERMS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 1.01 Certain Defined Terms.</B> As used in this Agreement, capitalized terms shall have the meanings
specified below or on <B><I>Schedule I</I></B> hereto: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Act</I></B>&#148; has the meaning specified in
<B>Section&nbsp;8.15</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Advance</I></B>&#148; has the meaning specified in <B>Section&nbsp;2.01</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Affiliate</I></B>&#148; means, with respect to any Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. &#147;<B><I>Control</I></B>&#148; means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. &#147;<B><I>Controlling</I></B>&#148; and &#147;<B><I>Controlled</I></B>&#148; have meanings correlative thereto. Without limiting the generality
of the foregoing, a Person shall be deemed to be Controlled by another Person if such other Person possesses, directly or indirectly, power to vote 25% or more of the securities having ordinary voting power for the election of directors, managing
general partners or the equivalent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Agreement</I></B>&#148; means this Margin Loan and Security Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Anti-Corruption Laws</I></B>&#148; means all Laws of any jurisdiction applicable to Borrower or any of its Subsidiaries from time
to time concerning or relating to bribery or corruption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Applicable Rate</I></B>&#148; means, as of any date of
determination, SOFR plus the Spread. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Applicable Accounting Principles</I></B>&#148; means generally accepted accounting
principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board
or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Asset Coverage Ratio</I></B>&#148; means the ratio, expressed as a percentage, of the value of the total assets of Borrower, less
all liabilities and indebtedness not represented by senior securities bears to the aggregate amount of senior securities representing indebtedness of Borrower (all as determined pursuant to and in accordance with Section&nbsp;18(h) of the Investment
Company Act). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 1 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Borrower</I></B>&#148; has the meaning specified in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Borrowing Base</I></B>&#148; means, as of any date of determination, an amount equal to the aggregate Value of the Eligible
Securities in the Collateral Account as of such date less the House Margin Requirement for such Eligible Securities; provided, however, that (a)&nbsp;at no time shall more than ten percent (10%) of the Borrowing Base be attributable to a single
issuer, (b)&nbsp;at no time shall the Borrowing Base include any Eligible Securities which represent more than forty percent (40%) of the outstanding securities issued by any single issuer, (c)&nbsp;at no time shall more than thirty-five percent
(35%) of the Borrowing Base be attributable to Eligible Securities in a single GICS sector, (d)&nbsp;at no time shall more than thirty percent (30%) of the Borrowing Base be comprised of Eligible Securities having a Tier 2 &#147;country of
risk&#148;, and (e)&nbsp;at no time shall more than ten percent (10%) of the Borrowing Base be attributable to Eligible Securities which are not rated or have a rating below <FONT STYLE="white-space:nowrap">B-</FONT> (or B3). Any assets in the
Collateral Account that are not Eligible Securities (or which cease to be Eligible Securities) will not receive any value for purposes of determining the Borrowing Base. In no event shall any collateral value be given to any Eligible Securities in
excess of (i)&nbsp;the amount permitted pursuant to the Federal Reserve Board&#146;s Regulation U or (ii)&nbsp;the limitations set forth on <B><I>Schedule II</I></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Business Day</I></B>&#148; means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to
close under the Laws of, or are in fact closed in, the state of New York. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Cash</I></B>&#148; means all cash denominated in
Dollars (or any other currency acceptable to Lender in its sole discretion) at any time and from time to time deposited in the Collateral Account, to the extent that it is not subject to any Liens other than Permitted Encumbrances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Change in Law</I></B>&#148; means the occurrence, after the date of this Agreement, of any of the following: (a)&nbsp;the adoption
or taking effect of any Law; (b)&nbsp;any change in any Law or in the administration, interpretation or application thereof by any Governmental Authority; or (c)&nbsp;the making or issuance of any request, guideline or directive (whether or not
having the force of law) by any Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Change of Management</I></B>&#148; shall be deemed to have occurred
if Investment Adviser ceases to be the Qualified Investment Adviser of Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Closing Date</I></B>&#148; means the
earliest date on which the conditions precedent set forth in <B><I>Section&nbsp;3.01</I></B> shall have been satisfied or waived in accordance with <B><I>Section&nbsp;8.01</I></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Code</I></B>&#148; means the U.S. Internal Revenue Code of 1986, as amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Collateral</I></B>&#148; has the meaning specified in <B><I>Section&nbsp;7.01</I></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Collateral Account</I></B>&#148; means the account of Borrower established and maintained by Custodian pursuant to the Control
Agreement, including any subaccount, substitute, successor or replacement account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Collateral Requirement</I></B>&#148;
means, at any time, all steps required under applicable Law or reasonably requested by Lender to ensure that the Facility Documents create a valid, first priority, perfected Lien on all the Collateral (subject only to Permitted Encumbrances) shall
have been taken. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Confidential Information</I></B>&#148; means all information received by Lender in connection with the
Facility Documents from Borrower or any Affiliate thereof, other than any such information that is available to Lender on a nonconfidential basis prior to disclosure by Borrower or any Affiliate thereof. Any Person required to maintain the
confidentiality of Confidential Information as provided in this Agreement shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Confidential
Information as such Person would accord to its own confidential information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 2 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Control Agreement</I></B>&#148; means the Control Agreement, dated as of the date
hereof among Borrower, Custodian, and Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Custodian</I></B>&#148; means The Bank of New York Mellon, or its designee or
nominee, acting in its capacity as custodian. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Custody Agreement</I></B>&#148; means the Custodian Agreement, dated as of
January&nbsp;1, 2018, between Borrower and Custodian. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Debtor Relief Laws</I></B>&#148; means the Bankruptcy Code of the
United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other
applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>&#147;Default&#148;</I></B>
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Dollars</I></B>&#148; and &#147;<B><I>$</I></B>&#148; mean the lawful money of the United States of America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Eligible Securities</I></B>&#148; means marginable securities of the type, and subject to the requirements, set forth on
<B><I>Schedule I</I></B> hereto, or as may otherwise be approved by Lender in writing in its sole discretion, in each case, to the extent fully paid for and on deposit in or credited to the Collateral Account and as to which the Collateral
Requirement has been satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Equity Interests</I></B>&#148; means, with respect to any Person, all of the shares of
capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such
Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other
interests are outstanding on any date of determination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Event of Default</I></B>&#148; has the meaning specified in
<B><I>Section&nbsp;6.01</I></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Excess Amount</I></B>&#148; means, as of any date of determination, the amount by which the
Total Accrued Loan Amount exceeds the Facility Limit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Exchange Act</I></B>&#148; means the Securities Exchange Act of 1934,
as amended from time to time, and any successor statute. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Excluded Taxes</I></B>&#148; means any of the following Taxes
imposed on or with respect to a Lender or required to be withheld or deducted from a payment to a Lender, (a)&nbsp;Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(i)&nbsp;imposed as a result of such Lender being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii)&nbsp;Other Connection Taxes, (b)&nbsp;in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 3 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">in a Facility pursuant to a law in effect on the date on which (i)&nbsp;such Lender acquires such interest in the
Facility or (ii)&nbsp;such Lender changes its lending office, except in each case to the extent that, pursuant to <B><I>Section&nbsp;2.09</I></B>, amounts with respect to such Taxes were payable either to such Lender&#146;s assignor immediately
before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c)&nbsp;Taxes attributable to such Lender&#146;s failure to comply with <B><I>Section&nbsp;2.09(e)</I></B> and (d)&nbsp;any withholding
Taxes imposed under FATCA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Facility</I></B>&#148; means the credit facility contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Facility Documents</I></B>&#148; means, collectively, this Agreement, the Control Agreement, the Custody Agreement, each document
delivered pursuant to the Collateral Requirement and each other agreement or instrument executed or delivered in connection herewith or therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Facility Limit</I></B>&#148; means $220,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>FATCA</I></B>&#148; means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section&nbsp;1471(b)(1) of the Code and any
fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>FRB</I></B>&#148; means the Board of Governors of the Federal Reserve System of the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>GICS</I></B>&#148; means the Global Industry Classification Standard. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Governmental Authority</I></B>&#148; means the government of the United States of America or any other nation, or of any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supranational bodies such as the European Union or the European Central Bank). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Guarantee</I></B>&#148; means, as to any Person, (a)&nbsp;any obligation, contingent or otherwise, of such Person guaranteeing or
having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the &#147;<B><I>Primary Obligor</I></B>&#148;) in any manner, whether directly or indirectly, and including any obligation of
such Person, direct or indirect, (i)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii)&nbsp;to purchase or lease property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii)&nbsp;to maintain working capital, equity capital or any other financial statement condition or
liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv)&nbsp;entered into for the purpose of assuring in any other manner the obligee in respect of
such Indebtedness or other obligation of the payment or performance thereof; <U>provided</U> that the term &#147;Guarantee&#148; shall not include any endorsement of an instrument for deposit or collection in the ordinary course of business or to
protect such obligee against loss in respect thereof (in whole or in part), or (b)&nbsp;any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is
assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary
obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term
&#147;<B><I>Guarantee</I></B>&#148; as a verb has a corresponding meaning. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 4 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>House Margin Requirement</I></B>&#148; shall be, with respect to Eligible Securities
included in the Borrowing Base, the aggregate margin requirement for such Eligible Securities determined in accordance with <B><I>Schedule II</I></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Indebtedness</I></B>&#148; means, as to any Person at a particular time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with Applicable Accounting Principles: (a)&nbsp;all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or
other similar instruments, (b)&nbsp;all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers&#146; acceptances, bank guaranties, surety bonds and similar instruments,
(c)&nbsp;the net obligations of such Person under any Swap Contract, (d)&nbsp;all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business and, in
each case, not past due for more than 90 days after the date on which such trade account payable was created), (e) all indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including
indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse, (f)&nbsp;all capital leases and synthetic lease obligations,
(g)&nbsp;all commitments of such Person to make an investment in another Person or to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such Person or any other Person, valued, in the case of a
redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends, (h)&nbsp;all obligations of such Person to post margin or collateral (however characterized) under any prime
brokerage, securities account, options or similar agreements, (i)&nbsp;all Guarantees of such Person in respect of any of the foregoing. For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or
joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made
<FONT STYLE="white-space:nowrap">non-recourse</FONT> to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the swap termination value thereof as of such date. The amount of any capital lease or
synthetic lease obligation as of any date shall be deemed to be the amount of attributable indebtedness in respect thereof in accordance with Applicable Accounting Principles as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Indemnified Taxes</I></B>&#148; means Taxes other than Excluded Taxes imposed on or with respect to any payment made by or on
account of any Obligation of Borrower hereunder or under any other Facility Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Indemnitee</I></B>&#148; has the
meaning specified in <B><I>Section&nbsp;8.04(b)</I></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Interest Payment Date</I></B>&#148; means, with respect to each
Interest Period, the fifth (5<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>) Business Day of the following Interest Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Interest Period</I></B>&#148; means (a)&nbsp;initially, the period commencing on the Closing Date and ending on the last day of
the calendar month in which the Closing Date occurs and (b)&nbsp;thereafter, each calendar month during the term hereof, provided, that no Interest Period shall extend beyond the Maturity Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Investment Adviser</I></B>&#148; means Legg Mason Partners Fund Advisor, LLC or any successor Qualified Investment Advisor
appointed by Borrower not in contravention of this Agreement, as the Qualified Investment Adviser of Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Investment
Company Act</I></B>&#148; means the United States Investment Company Act of 1940. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 5 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Investment Policies</I></B>&#148; means the investment objectives, policies, and
restrictions of Borrower as in effect as of the Closing Date as described in Borrower&#146;s Organization Documents or Offering Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>IRS</I></B>&#148; means the United States Internal Revenue Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Judgment Currency</I></B>&#148; has the meaning specified in <B><I>Section&nbsp;8.13</I></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Law</I></B>&#148; means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lender</I></B>&#148; has the meaning specified therefore in the preamble hereto, and shall include any permitted assignee of
Lender, and its permitted assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lending Office</I></B>&#148; means, with respect to Lender, the office of Lender specified
as its &#147;Lending Office&#148; in <B><I>Section&nbsp;8.02</I></B> hereto, or such other office of Lender as Lender may from time to time specify in writing to Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lien</I></B>&#148; means any lien (statutory or otherwise), pledge, security interest, mortgage, deed of trust or other charge or
encumbrance of any kind, or any other type of preferential arrangement including the lien or retained security title of a conditional vendor and the interest of a lessor under a lease intended as security. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Margin Deficiency</I></B>&#148; means, as of any date of determination, the Total Accrued Loan Amount as of such date exceeds the
Borrowing Base as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Margin Deficiency Notice</I></B>&#148; has the meaning specified in<B><I>
Section&nbsp;2.06(c)</I></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Material Adverse Effect</I></B>&#148; means a material adverse effect on (a)&nbsp;the ability
of Borrower to perform any of its obligations under any of the Facility Documents, (b)&nbsp;the legality, validity or enforceability of any provision of this Agreement or any other Facility Document, (c)&nbsp;the business, condition (financial or
otherwise), assets, or results of operations of Borrower or Investment Adviser, or (d)&nbsp;the priority of Lender&#146;s security interest in the Collateral securing the Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Maturity Date</I></B>&#148; means the earliest of (a)&nbsp;the Termination Date, or (b)&nbsp;the date on which Lender&#146;s
commitment to make Advances otherwise terminates pursuant to <B><I>Section&nbsp;6.01</I></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Maximum Lawful
Rate</I></B>&#148; has the meaning specified in <B><I>Section&nbsp;2.05(b)</I></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>NAV</I></B>&#148; means, as of any date
of determination, the net asset value of Borrower as determined in accordance with Borrower&#146;s Organization Documents, Offering Documents and applicable Law (including, without limitation, the Investment Company Act). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Notice of Borrowing</I></B>&#148; has the meaning specified in <B><I>Section&nbsp;2.01(b)</I></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Obligations</I></B>&#148; means all Advances to, and debts, liabilities, obligations, covenants and duties of, Borrower arising
under any Facility Document or otherwise with respect to any Advance, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and
fees that accrue after the commencement by or against Borrower of any proceeding under any Debtor Relief Law naming Borrower as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 6 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Offering Documents</I></B>&#148; means the prospectus (including the statement of
additional information), and all supplements, amendments and modifications thereto, as filed with the Securities and Exchange Commission, and including modifications of the Borrower&#146;s investment objectives, strategies and restrictions contained
in shareholder reports, press releases or proposals contained in a proxy statement of the Borrower (such proposals having been approved by shareholders of the Borrower) of the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Organization Documents</I></B>&#148; means, (a)&nbsp;with respect to any corporation, the certificate or articles of incorporation
and the bylaws (or equivalent or comparable constitutive documents with respect to any <FONT STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or
organization and the limited liability company agreement or operating agreement; and (c)&nbsp;with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of
formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization
and, if applicable, any certificate or articles of formation or organization of such entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Other Connection
Taxes</I></B>&#148; means, with respect to any Lender, Taxes imposed as a result of a present or former connection between such Lender and the jurisdiction imposing such Tax (other than connections arising from such Lender having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced this Agreement or any other Facility Document, or sold
or assigned an interest in this Agreement or any other Facility Document). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Other Taxes</I></B>&#148; means all present or
future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Facility Document or from the execution, delivery or enforcement of, or otherwise with
respect to, this Agreement or any other Facility Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Participant</I></B>&#148; has the meaning specified in
<B><I>Section&nbsp;8.06(b)</I></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Permitted Encumbrances</I></B>&#148; means (a)&nbsp;Liens imposed by Law for Taxes that
are not yet due or are being contested in good faith by appropriate proceedings which stay the imposition of any penalty, fine or lien resulting from the <FONT STYLE="white-space:nowrap">non-payment</FONT> thereof and with respect to which adequate
reserves in conformity with Applicable Accounting Principles have been set aside for the payment thereof; (b)&nbsp;Liens in favor of Custodian to secure reasonable and customary fees and expenses; (c)&nbsp;Liens created under <B><I>Article
VII</I></B> herein; and (d)&nbsp;Liens securing judgments for the payment of money to the extent such judgments do not constitute an Event of Default under <B><I>Section&nbsp;6.01(l)</I></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Person</I></B>&#148; means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Qualified Investment Adviser</I></B>&#148; means an &#147;investment
adviser&#148; as defined in the Investment Company Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Regulation U</I></B>&#148; means Regulation U issued by the FRB. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Regulation X</I></B>&#148; means Regulation X issued by the FRB. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 7 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Regulatory Event</I></B>&#148; means (a)&nbsp;any investigation of Investment Adviser
or Borrower made by any Governmental Authority for fraud or material <FONT STYLE="white-space:nowrap">non-compliance</FONT> with applicable Law by Investment Adviser or Borrower to the extent that (x)&nbsp;such investigation is initially or
subsequently based on the specific actions or omissions of Investment Adviser, but is not a general investigations conducted on an industry wide basis of Persons in substantially similar lines of business as Investment Adviser or Borrower, as
applicable, or (y)&nbsp;could reasonably likely to result in a Material Adverse Effect, or (b)&nbsp;the revocation, suspension or termination of any license, permit or approval held by Borrower that, in the reasonable judgment of Lender, is
(i)&nbsp;necessary for the conduct of the business of Borrower, or (ii)&nbsp;could reasonably result in a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Related Party</I></B>&#148; means, with respect to any Person, any Affiliate of such Person or partner, director, officer,
employee, agent, trustee or advisor of such Person or its Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Responsible Officer</I></B>&#148; of a Person means its
chief executive officer or its chief financial officer (whether or not the Person performing such duties is so designated) or any authorized designee thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Sanctioned Country</I></B>&#148; means, at any time, a country, region or territory which is the subject or target of
comprehensive, country-wide or territory-wide Sanctions (as of the Closing Date, Crimea, <FONT STYLE="white-space:nowrap">so-called</FONT> Donetsk and Luhansk People&#146;s Republics regions of Ukraine, Cuba, Iran, North Korea, and Syria). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Sanctioned Person</I></B>&#148; means, at any time, (a)&nbsp;any Person listed in any Sanctions-related list of designated Persons
maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, any European Union member state, Her Majesty&#146;s Treasury of the United Kingdom, or other relevant sanctions authority, (b)&nbsp;any Person
operating, organized or resident in a Sanctioned Country, (c) any Person owned or Controlled by any such Person or Persons described in the foregoing clauses (a)&nbsp;or (b), or (d)&nbsp;any Person otherwise the subject of any Sanctions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Sanctions</I></B>&#148; means any sanction administered or enforced by the United States Government (including, without
limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty&#146;s Treasury, the Government of Canada or other relevant sanctions authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Securities Act</I></B>&#148; means the Securities Act of 1933, as amended from time to time, and any successor statute. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>SOFR</I></B>&#148; means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for
such Business Day published by the SOFR Administrator on the SOFR Administrator&#146;s Website on the immediately succeeding Business Day; provided that if such rate shall be less than zero, then 0.00% shall apply. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>SOFR Administrator</I></B>&#148; means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight
financing rate). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>SOFR Administrator&#146;s Website</I></B>&#148; means the website of the Federal Reserve Bank of New York,
currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Spread</I></B>&#148; means (a)&nbsp;for any day on which Utilization is less than 40%, 1.0% (100 basis points) per annum, or
(b)&nbsp;for any day on which Utilization is equal to or greater than 40%, 0.75% (75 basis points) per annum. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Stated
Rate</I></B>&#148; has the meaning specified in<B><I> Section&nbsp;2.05(b)</I></B>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 8 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Subsidiary</I></B>&#148; means, with respect to any Person, any corporation,
partnership, limited liability company or other entity of which more than fifty percent (50%) of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other
persons performing similar functions of such corporation, partnership, limited liability company or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such corporation,
partnership, limited liability company or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or Controlled by such Person or one or more Subsidiaries of such
Person or by such Person and one or more Subsidiaries of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Swap Contract</I></B>&#148; means (a)&nbsp;any and all
rate swap transactions, basis swaps, total return swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond
index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions,
cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b)&nbsp;any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the
International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a &#147;<B><I>Master Agreement</I></B>&#148;),
including any such obligations or liabilities under any Master Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Taxes</I></B>&#148; means all present or future
taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax and penalties applicable thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Termination Date</I></B>&#148; means the date pursuant to <B><I>Section&nbsp;2.07</I></B> that is (i) 179 days after Lender
provides written notice of its termination of this Agreement or (ii) 60 days after Borrower provides written notice of its termination of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Threshold Amount</I></B>&#148; means, as of any date of determination, three percent (3%) of the NAV of Borrower as of close of
business on the Business Day immediately preceding such date of determination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Threshold Debt</I></B>&#148; has the meaning
specified in <B><I>Section&nbsp;6.01(j)</I></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Total Accrued Loan Amount</I></B>&#148; means, at any time, the aggregate
outstanding principal amount of all Advances plus all past due interest thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Transfer Fees</I></B>&#148; has the meaning
specified in <B><I>Section&nbsp;2.09(b)</I></B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Utilization</I></B>&#148; means, as of any date of determination, the ratio
(expressed as a percentage) of the outstanding principal amount of all Advances as of such date of determination to the Facility Limit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Value</I></B>&#148; means the market value as determined by Lender in accordance with the methodology applied to all other
customers of Lender or its affiliates on the same margin platform. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 1.02 Times of Day</B>. Unless otherwise specified, all
references herein to times of day shall be references to New York City time (daylight or standard, as applicable). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 9 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 1.03 Accounting Terms</B><B>.</B> All accounting terms not specifically defined herein
shall be construed in accordance with the Applicable Accounting Principles. If at any time any change in the Applicable Accounting Principles would affect the computation of any financial ratio or requirement set forth in any Facility Document, and
Borrower shall so request, Lender and Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in the Applicable Accounting Principles; provided that, until so amended,
(a)&nbsp;such ratio or requirement shall continue to be computed in accordance with the Applicable Accounting Principles prior to such change therein and (b)&nbsp;Borrower shall provide to Lender financial statements and other documents required
under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in the Applicable Accounting Principles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 1.04 Principles of Construction.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words &#147;include,&#148; &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by the phrase &#147;without limitation.&#148; The
word &#147;will&#148; shall be construed to have the same meaning and effect as the word &#147;shall.&#148; Unless the context requires otherwise, (i)&nbsp;any definition of or reference to any agreement, instrument or other document (including any
Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set
forth herein or in any other Facility Document), (ii) any reference herein to any Person shall be construed to include such Person&#146;s successors and assigns, (iii)&nbsp;the words &#147;herein,&#148; &#147;hereof&#148; and &#147;hereunder,&#148;
and words of similar import when used in any Facility Document, shall be construed to refer to such Facility Document in its entirety and not to any particular provision thereof, (iv)&nbsp;all references in a Facility Document to Articles, Sections,
Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Facility Document in which such references appear, (v)&nbsp;any reference to any Law
shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such Law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or
supplemented from time to time, and (vi)&nbsp;the words &#147;asset&#148; and &#147;property&#148; shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including Cash,
securities, accounts and contract rights. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In the computation of periods of time from a specified date to a later specified date, the
word &#147;from&#148; means &#147;from and including;&#148; the words &#147;to&#148; and &#147;until&#148; each mean &#147;to but excluding;&#148; and the word &#147;through&#148; means &#147;to and including.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Section headings herein and in the other Facility Documents are included for convenience of reference only and shall not affect the
interpretation of this Agreement or any other Facility Document. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) All valuations and calculations herein or under any other Facility
Document shall be in Dollars. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 10 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMOUNTS AND TERMS OF THE ADVANCES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2.01 The Advances.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Lender agrees, on the terms and conditions set forth herein, to make loans in Dollars to Borrower (each such loan, an
&#147;<B><I>Advance</I></B>&#148;), from time to time, on any Business Day during the period from the Closing Date until the Maturity Date, in an aggregate principal amount not to exceed, at any time outstanding, the Facility Limit; provided,
however, that Lender shall not be obligated to make an Advance (i)&nbsp;following the occurrence of a Default or an Event of Default, (ii)&nbsp;if a Margin Deficiency exists or would result therefrom, (iii)&nbsp;if an Excess Amount exists or would
result therefrom, or (iv)&nbsp;if such Advance would result in the aggregate amount of the Advances exceeding the amount permitted to be borrowed under applicable Law, including Regulation U or X. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each Advance shall be made on written notice (a &#147;<B><I>Notice of Borrowing</I></B>&#148;) from Borrower to Lender, given no later than
1:00 p.m. on the Business Day prior to the requested date for such Advance. Each Notice of Borrowing shall be in substantially the form of <B><I>Exhibit A</I></B> hereto, specifying therein (i)&nbsp;the requested date of such Advance, which must be
a Business Day, (ii)&nbsp;the amount of such Advance, and (iii)&nbsp;the account to which such Advance shall be made. Borrower shall provide Lender with all information required in a Notice of Borrowing, including schedules thereto. If a Notice of
Borrowing is not delivered by the time referred to above then, it shall be deemed to have been given on the next Business Day. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Each
Notice of Borrowing shall be irrevocable and binding on Borrower. Borrower shall indemnify Lender against any loss, cost or expense reasonably incurred by Lender or any of its Affiliates as a result of any failure by Borrower to borrow such Advance
(including as a result of Borrower&#146;s failure to fulfill, on or before the date of an Advance, the applicable conditions set forth in <B><I>Article III</I></B>) and the liquidation or <FONT STYLE="white-space:nowrap">re-employment</FONT> of
deposits or other funds acquired by Lender (or any such Affiliate) to fund any Advance to be made by Lender as part of such borrowing. A certificate of Lender as to the amount of such losses, costs and expenses, submitted to Borrower by Lender and
showing in reasonable detail the basis for the calculation thereof, shall be conclusive as to the amount of such losses, costs and expenses, absent manifest error. The obligation of Borrower in this subsection shall survive the termination of the
Facility and the repayment, satisfaction or discharge of all the other Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2.02 Repayment of Advances. </B>Borrower
shall repay to Lender in full the principal amount of each Advance, and each Advance shall mature, on the Maturity Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2.03
Interest.</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Ordinary Interest</U>. Borrower shall pay interest on the unpaid principal amount of each Advance, from the date of
such Advance until such principal amount shall be paid in full, at a rate per annum equal to the Applicable Rate, monthly in arrears by 5:00 p.m. on each Interest Payment Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Default Interest</U>. Notwithstanding the foregoing, if any Event of Default shall have occurred, Borrower shall pay, on demand (and in
any event in arrears on the date such amount shall be due and payable hereunder) interest on: (i)&nbsp;the unpaid principal amount of each Advance, at a rate per annum equal at all times to two percent (2%) above the Applicable Rate; and
(ii)&nbsp;the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, at a rate per annum equal at all times to two percent (2%) above
the Applicable Rate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Computation of Interest</U>. Interest shall be calculated on the basis of a
<FONT STYLE="white-space:nowrap">360-day</FONT> year for the actual days elapsed. Each determination of an interest rate by Lender pursuant to any provision of this Agreement shall be conclusive and binding on Borrower in the absence of manifest
error. Lender shall, at the request of Borrower, deliver to Borrower a statement showing the quotations used by Lender in determining any interest rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2.04 Fees.</B> Borrower shall pay Lender a commitment fee on the daily undrawn portion of the entire Facility Limit on each day
from the Closing Date through and including the day immediately preceding the Maturity Date, at a rate equal to (a)&nbsp;for any day on which Utilization is less than 50% as of such day, 0.15% (15 basis points) per annum, or (b)&nbsp;for any day on
which Utilization is equal to or greater than 50% as of such day, 0.10% (10 basis points) per annum, in each case calculated on the basis of the actual days elapsed and a year of 360 days and payable for each Interest Period in arrears on each
Interest Payment Date. The foregoing commitment fee shall accrue at all times during the term of this Facility, including at any time during which one or more of the conditions in <B><I>Article III</I></B> is not met. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 11 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2.05 Maximum Interest. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) In no event shall the interest charged with respect to any Advance, or any other Obligations of Borrower hereunder exceed the maximum
amount permitted under the Laws of the State of New York or any other applicable jurisdiction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything to the
contrary herein or elsewhere, if at any time the rate of interest payable for the account of Lender (the &#147;<B><I>Stated Rate</I></B>&#148;) would exceed the highest rate of interest permitted under any applicable Law to be charged by Lender (the
&#147;<B><I>Maximum Lawful Rate</I></B>&#148;), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; <U>provided</U>, that if at any time thereafter the Stated Rate
is less than the Maximum Lawful Rate, Borrower shall, to the extent permitted by Law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received by Lender is equal to the total interest which Lender would have
received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate, in
which event this provision shall again apply. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In no event shall the total interest received by Lender exceed the amount which Lender
could lawfully have received had the interest been calculated for the full term hereof at the Maximum Lawful Rate, <U>provided</U> that to the extent the Maximum Lawful Rate fluctuates during the term of this Facility, the foregoing calculation
shall be based on the then applicable Maximum Lawful Rate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If Lender has received interest hereunder in excess of the Maximum Lawful
Rate, such excess amount shall be applied to the reduction of the principal balance of the Advances or to other amounts (other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part
thereof remaining shall be paid to Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2.06 Prepayments of Advances; Withdrawal or Substitution of Collateral.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Borrower may at any time prepay the outstanding principal amounts of the Advances, in whole or in part, without premium or penalty,
together with accrued interest to the date of such prepayment on the principal amount prepaid, so long as Borrower shall have given Lender notice (via email or otherwise in a form mutually agreed to by the parties) of any such prepayment not later
than 10:00 a.m. on the Business Day of any such prepayment. All prepayments received by Lender after 5:00 p.m. shall be deemed received on the next Business Day and any applicable interest or fee shall continue to accrue thereon. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If there is any Excess Amount at any time, then such Excess Amount shall be immediately due and payable, and Borrower shall prepay the
outstanding Advances in an amount greater than or equal to such Excess Amount to Lender within one Business Day of the first occurrence thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If a Margin Deficiency occurs, Lender may notify Borrower of the occurrence of such Margin Deficiency (such notice, a &#147;<B><I>Margin
Deficiency Notice</I></B>&#148;). If Lender delivers a Margin Deficiency Notice to Borrower, Borrower shall, not later than (i) 5:00 p.m. on the date Lender delivers such Margin Deficiency Notice if such Margin Deficiency Notice is delivered on or
before 10:00 a.m. or (ii) 12:00 noon on the next succeeding Business Day if such Margin Deficiency Notice is delivered after 10:00 a.m., either prepay the outstanding Advances (in accordance with <B><I>Subsection (a)</I></B>&nbsp;of this Section
provided that no notice from Borrower shall be required) or deposit additional Eligible Securities (satisfactory to Lender in its sole discretion) into the Collateral Account, in an amount necessary to, after giving effect to such payment or
deposit, cure such Margin Deficiency. For purposes of this section, client reports provided to Borrower by electronic communication (email) shall constitute a Margin Deficiency Notice. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 12 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Borrower shall not be permitted to request a withdrawal or substitution of any Collateral
from the Collateral Account, except that Borrower shall be permitted to withdraw or substitute Collateral from the Collateral Account, on any Business Day, if all of the following conditions are met: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Borrower delivers, or causes to be delivered, a notice of withdrawal or substitution (in a form mutually agreed to by
Lender and Borrower) to Lender on or before 10:00 a.m. on the Business Day of the requested date of the withdrawal or substitution; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) prior to and after giving effect to such withdrawal or substitution, no Default has occurred or would occur; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) all representations and warranties in the Facility Documents are true and correct in all material respects as of the date
of the requested withdrawal or substitution as if made on such date, except to the extent such representations and warranties relate to an earlier date in which case such representations and warranties shall be true and correct in all material
respects as of such earlier date </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) prior to and after giving effect to such withdrawal or substitution, there is no
Excess Amount; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) prior to and after giving effect to such withdrawal or substitution, no Margin Deficiency exists; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) prior to and after giving effect to such withdrawal or substitution, the Asset Coverage Ratio is at least 300%; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) the withdrawal or substitution of such amount of Collateral shall not violate any Law, including Regulation U, or X, as
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any withdrawal or substitution of Collateral shall require the delivery of a consent for such transaction from Lender to
Custodian. To the extent Borrower is permitted to withdraw or substitute Collateral pursuant to this Subsection, Lender agrees to promptly deliver the required consent to the Custodian. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2.07 Termination or Reduction of Commitments.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Termination of Commitments</U>. Borrower shall have the right, upon not less than 60 days&#146; prior written notice to Lender, to
terminate this Agreement and Lender&#146;s commitment to make Advances hereunder in full, but not in part. Lender shall have the right, upon not less than 179 days&#146; prior written notice to Borrower, to terminate this Agreement and Lender&#146;s
commitment to make Advances hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Reduction of Commitments</U>. Borrower shall have the right, upon not less than five
(5)&nbsp;Business Days&#146; prior written notice to Lender, to partially reduce the Facility Limit under this Agreement, provided that any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in
excess thereof; provided further that the Facility Limit shall not be reduced to an amount less than $125,000,000. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 13 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2.08 Increased Costs.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Increased Costs Generally</U>. If any Change in Law shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, Lender; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) subject
Lender to any Tax of any kind whatsoever with respect to this Agreement, or any Advance made by it, or change the basis of taxation of payments to Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered by
<B><I></I></B><I></I><B><I>Section&nbsp;2.09</I></B><I></I><B><I></I></B> and the imposition of, or any change in the rate of, any Excluded Tax payable by Lender); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) impose on Lender any other condition, cost or expense affecting this Agreement or any Advance made hereunder; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and the result of any of the foregoing shall be to increase the cost to Lender by an amount which the Lender reasonably deems material, or to reduce the
amount of any sum received or receivable by Lender hereunder (whether of principal, interest or any other amount) then, upon request of Lender, Borrower will pay to Lender, promptly upon demand (and in any event within thirty (30)&nbsp;calendar days
after demand by Lender), such additional amount or amounts as will compensate Lender for such additional costs incurred or reduction suffered. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Capital Requirements</U>. If Lender reasonably determines that any Change in Law affecting Lender or its Lending Office or Lender&#146;s
holding company, if any, regarding capital requirements has or would have the effect of materially reducing the rate of return on Lender&#146;s capital or on the capital of Lender&#146;s holding company, if any, as a consequence of this Agreement or
the Advances made by Lender, to a level below that which Lender or Lender&#146;s holding company could have achieved but for such Change in Law (taking into consideration Lender&#146;s policies and the policies of Lender&#146;s holding company with
respect to capital adequacy) and Lender provides reasonably prompt notice to Borrower of such Change in Law, then from time to time Borrower will pay to Lender, promptly upon demand (and in any event within 30 calendar days after demand by Lender),
such additional amount or amounts as will compensate Lender or Lender&#146;s holding company for any such reduction suffered. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)
<U>Certificates for Reimbursement</U>. A certificate of Lender setting forth the amount or amounts necessary to compensate Lender or its holding company, as the case may be, as specified in <B><I>Subsection</I></B> <B><I>(a)</I></B>&nbsp;or
<B><I>(b)</I></B> of this Section and delivered to Borrower shall be conclusive absent manifest error (with respect to the amount or amounts of compensation). Borrower shall pay Lender the amount shown as due on any such certificate within thirty
(30)&nbsp;calendar days after receipt thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)<U> Delay in Requests.</U> Failure or delay on the part of Lender to demand compensation
pursuant to this Section shall not constitute a waiver of Lender&#146;s right to demand such compensation, <U>provided</U> that Borrower shall not be required to compensate Lender pursuant to the foregoing provisions of this Section for any
increased costs incurred or reductions suffered more than 180 days prior to the date that Lender notifies Borrower of the Change in Law giving rise to such increased costs or reductions and of Lender&#146;s intention to claim compensation therefor
(except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the <FONT STYLE="white-space:nowrap">180-day</FONT> period referred to above shall be extended to include the period of retroactive effect
thereof). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Survival</U>. All of Borrower&#146;s Obligations under this Section shall survive termination of the Facility and
repayment of all other Obligations hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 14 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2.09 Taxes.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Payments Free of Taxes</U>. Any and all payments by or on account of any Obligation of Borrower hereunder or under any other Facility
Document shall be made free and clear of and without deduction or withholding for any Indemnified Taxes or Other Taxes, <U>provided</U> that if Borrower shall be required by applicable Law to deduct any Indemnified Taxes (including any Other Taxes)
from such payments, then (i)&nbsp;the sum payable shall be increased as necessary so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable under this Section) Lender
receives an amount equal to the sum it would have received had no such deductions or withholdings been made, (ii)&nbsp;Borrower shall make such deductions, and (iii)&nbsp;Borrower shall timely pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable Law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Payment of Other Taxes by Borrower</U>. Without limiting the provisions
of <B><I>Subsection (a)</I></B>&nbsp;of this Section, Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Law. Notwithstanding the foregoing or anything to the contrary in <B><I>Subsection
(a)</I></B>&nbsp;or <B><I>(c)</I></B> of this Section, Borrower shall not be required to pay any additional amounts under <B><I>Subsection (a)</I></B>&nbsp;or have any indemnification obligations under <B><I>Subsection (c)</I></B>&nbsp;of this
Section in respect of, any Other Taxes imposed on any transfer or assignment of, or any participation in, this Agreement or any other Facility Document (or any portion thereof) by Lender or any direct or indirect assignee or Participant of Lender
(the <B><I>&#147;Transfer Fees&#148;</I></B>). For the avoidance of doubt, other than with respect to the Transfer Fees, the foregoing sentence shall not reduce Borrower&#146;s Obligations herein to an assignee of Lender or a Participant. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Indemnification by Borrower</U>. Borrower shall indemnify Lender for the full amount of any Indemnified Taxes or Other Taxes (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by Lender for the account of Borrower, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Borrower shall make such payment within ten (10)&nbsp;Business Days after demand therefor. A certificate as to
the amount of such payment or liability delivered to Borrower by Lender shall be conclusive absent manifest error. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)<U> Evidence of
Payments</U>. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by Borrower to a Governmental Authority, Borrower shall deliver to Lender the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Tax Documentation.</U> Lender shall deliver to Borrower, at the time or times prescribed by applicable Laws, as well as when reasonably
requested by Borrower, such properly completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction as will permit Borrower to determine (i)&nbsp;whether or not payments made hereunder or under
any other Facility Document are subject to Taxes, (ii)&nbsp;if applicable, the required rate of withholding or deduction, and (iii)&nbsp;Lender&#146;s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all
payments to be made to Lender by Borrower pursuant to this Agreement or otherwise to establish Lender&#146;s status for withholding tax purposes in the applicable jurisdiction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Treatment of Certain Refunds</U>. If Lender determines, in its sole discretion, that it has actually received a refund of any Taxes or
Other Taxes as to which it has been indemnified by Borrower or with respect to which Borrower has paid additional amounts pursuant to this Section, it shall promptly pay to Borrower an amount equal to such refund plus any interest paid thereon by
the relevant Governmental Authority (but only to the extent of the aggregate indemnity payments made, or additional amounts paid, by </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 15 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Borrower under this Section on account of the Taxes or Other Taxes giving rise to such refund), reduced by all <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses of Lender, as the case may be, and by the amount of any Taxes payable by Lender in connection with its receipt of such refund and interest, provided
that Borrower, upon the request of Lender, agrees to repay the amount paid over to Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to Lender in the event Lender is required to repay such refund
to such Governmental Authority. This paragraph shall not be construed to require Lender to make available its tax returns (or any other information relating to its Taxes that it deems confidential) to Borrower or any other Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Survival</U>. All of Borrower&#146;s obligations under this Section shall survive termination of the Facility, and repayment of all
other Obligations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2.10 Illegality</B><B>.</B> Notwithstanding any other provision of this Agreement, if Lender
reasonably determines that any Law makes it unlawful, or any Governmental Authority asserts that it is unlawful, for Lender to perform its obligations to make Advances hereunder, the obligation of Lender to make the Advances shall be terminated and
all Advances of Lender, all interest thereon and all other amounts payable under this Agreement to Lender shall become due and payable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2.11 Evidence of Indebtedness.</B> No promissory note shall be required to evidence the Advances by Lender to Borrower. Lender
shall, on behalf of itself and Borrower, maintain in accordance with its usual practice an account or accounts or records evidencing the Indebtedness of Borrower to Lender resulting from the Advances made by Lender, including the amounts of
principal and interest payable and paid to Lender from time to time hereunder, as well as the amount of each participation by Lender and name of each direct Participant of Lender in relation thereto. The entries maintained in Lender&#146;s accounts
shall be prima facie evidence of the existence and amounts of the obligations therein recorded; <U>provided</U>, <U>however</U>, that the failure of Lender to maintain such accounts or any error therein shall not in any manner affect the obligation
of Borrower to repay such Obligations in accordance with their terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The provisions of this Section constitute a promissory note for the
benefit of Lender. In furtherance of the foregoing, Borrower hereby promises to pay to Lender, in accordance with the provisions of this Agreement, the principal amount of the Advances from time to time made by Lender to Borrower. In addition,
Borrower promises to pay interest on the unpaid principal amount of the Advances made to Borrower, from the date of such Advance until such principal amount is paid in full, at such interest rates and at such times as provided in this Agreement. No
other promissory note shall be required to evidence the Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2.12 Payments and Computations.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Borrower shall make all payments under this Agreement in Dollars, in immediately available funds, and without condition or deduction for
any counterclaim, defense, recoupment or setoff. Borrower shall make each payment hereunder not later than 2:00 p.m. (other than payments pursuant to <B><I>Section&nbsp;2.06(a)</I></B> or (c)&nbsp;and interest payments pursuant to
<B><I>Section&nbsp;2.03(a)</I></B>) on the day when due. Except as set forth above, all payments received by Lender after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to
accrue. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Whenever any payment hereunder would be due on a day other than a Business Day, such payment shall be extended to the next
succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or any fees, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) All payments (including prepayments and any other amounts received hereunder in connection with the exercise of Lender&#146;s rights after
the occurrence of an Event of Default) made by Borrower to Lender under any Facility Document shall be applied to amounts then due and payable in the following order: (i)&nbsp;to any expenses and indemnities payable by Borrower to Lender under any
Facility Document; (ii)&nbsp;to any accrued and unpaid interest and fees due under this Agreement; (iii)&nbsp;to principal payments on the outstanding Advances; and (iv)&nbsp;to the extent of any excess, to the payment of all other Obligations under
the Facility Documents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 16 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONDITIONS PRECEDENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 3.01 Conditions Precedent to Closing.</B> The effectiveness of this Agreement and the obligation of Lender to make the initial
Advance is subject to the fulfillment, to the satisfaction of Lender, of each of the following conditions precedent on or before the Closing Date: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Lender shall have received each of the following documents in form and substance satisfactory to Lender: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) duly executed counterpart of this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;duly executed Control Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;duly executed Custody Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) certified copies of (A)&nbsp;the Organization Documents (including any amendments or supplements thereto) of Borrower,
(B)&nbsp;the resolutions authorizing and approving the execution, delivery and performance by Borrower of this Agreement and the other Facility Documents and the Advances hereunder, and otherwise satisfactory to Lender, and (C)&nbsp;documents
evidencing all other necessary company action, governmental approvals and third-party consents, if any, with respect to this Agreement and any other Facility Document; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) a certificate of Borrower certifying the names and true signatures of the Responsible Officers of Borrower authorized to
sign this Agreement and any other Facility Document to be delivered hereunder or thereunder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) certificates evidencing
the good standing of each of Borrower in its jurisdiction of formation and each other jurisdiction where it is qualified to do business dated a date not earlier than thirty (30)&nbsp;Business Days prior to the Closing Date as to the good standing of
Borrower; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) opinions of counsel to Borrower in form and substance satisfactory to Lender; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) the results of Tax, judgment and Lien searches on Borrower obtained by and satisfactory to Lender, as of a recent date.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Collateral Account has been established by Borrower. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Any fees required to be paid on or before the Closing Date shall have been paid. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Borrower shall have provided any form requested by Lender necessary to comply with Regulation U, or X, or any other provisions of the
regulations of the FRB. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Lender shall have completed its due diligence review with respect to Borrower and Investment Adviser and is
satisfied, in its sole and absolute discretion, with the result of its due diligence review, including its due diligence review of Borrower&#146;s Investment Policies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 17 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 3.02 Conditions Precedent to Each Advance.</B> The obligation of Lender to make an
Advance (including any Advance made on the Closing Date) shall be subject to the following conditions precedent: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Borrower shall have
delivered to Lender a Notice of Borrowing in accordance with the requirements of <B><I>Section&nbsp;2.01(b);</I></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) each of the
representations and warranties contained in <B><I>Article IV</I></B> shall be true and correct in all material respects as of the date of such Advance as if made on such date, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)
no event shall have occurred and be continuing, or would result from such Advance or from the application of the proceeds therefrom, which constitutes a Default or an Event of Default; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(d) prior to and after giving effect to such Advance, there is no Excess Amount; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(e) prior to and after giving effect to such Advance, no Margin Deficiency exists; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) prior to and after giving effect to such Advance, the Asset Coverage Ratio shall be at least 300%; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) the absence of any material action, suit, investigation or proceeding pending or, to the knowledge of Borrower, threatened in any court or
before any arbitrator or Governmental Authority that could reasonably be expected to result in a Material Adverse Effect. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV.
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 4.01 Representations and Warranties of Borrower.</B> Borrower represents and warrants to Lender that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Existence, Qualification and Power</U>. The Borrower (i)&nbsp;is duly organized, validly existing and in good standing under the Laws of
the jurisdiction of its organization, (ii)&nbsp;is duly qualified and in good standing as a foreign company in each other jurisdiction in which it owns or leases property or in which the conduct of its business requires it to so qualify or be
licensed and where, in each case, failure to so qualify and be in good standing would reasonably be expected to result in a Material Adverse Effect, (iii)&nbsp;has all requisite company power and authority to own or lease and operate its properties
and to carry on its business as now conducted and to execute, deliver and perform its obligations under each Facility Document, (iv)&nbsp;has all requisite governmental licenses, authorizations, consents and approvals to own or lease and operate its
properties and to carry on its business as now conducted, except where the failure to have such licenses, authorities, consents and approvals would not reasonably be expected to have a Material Adverse Effect and (v)&nbsp;has all requisite
governmental licenses, authorizations, consents and approvals to execute, deliver and perform its obligations under each Facility Document. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Authorization; No Contravention.</U> The Organization Documents of the Borrower authorize the Borrower to borrow money. The execution,
delivery and performance by Borrower of this Agreement and the other Facility Documents (when delivered) and the grant of the security interest contemplated hereby with respect to the Collateral are within its company powers, have been duly
authorized by all necessary company action, and do not (i)&nbsp;contravene Borrower&#146;s Organization Documents, (ii)&nbsp;contravene, in any material respect, any contractual restriction binding on it or require any consent under any agreement or
instrument to which it is a party or by which any of its properties or assets is bound, (iii)&nbsp;result in or require the creation or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 18 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">imposition of any Liens upon any property or assets of Borrower other than Liens in favor of Lender in connection
with the Facility Documents, or (iv)&nbsp;violate any applicable Law (including, without limitation, the Securities Act, the Exchange Act, and the Investment Company Act and the regulations promulgated thereunder) or writ, judgment, injunction,
determination or award. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Governmental Authorizations; Other Consents</U>. Except for any applicable UCC filings or filings
contemplated by this Agreement, no order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption or waiver by, any Governmental Authority or any other third party (except as have been
obtained or made and are in full force and effect), is required to authorize, or is required in connection with, (i)&nbsp;the execution, delivery and performance by Borrower of any Facility Document or (ii)&nbsp;the legality, validity, binding
effect or enforceability of any Facility Document. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Compliance with Laws.</U> Each of Borrower and Investment Adviser is in
compliance in all material respects with the requirements of all applicable Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which such requirement of Law or order, writ,
injunction or decree is being contested in good faith by appropriate proceedings diligently conducted. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Binding Effect</U>. This
Agreement and the other Facility Documents are and will be legal, valid and binding Obligations of Borrower enforceable against Borrower in accordance with their respective terms in all respects, except as enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance or similar laws affecting creditors&#146; rights generally and generally principles of equity (regardless of whether the application of such principles is considered in a proceeding inequity or at law).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>No Default.</U> No Default has occurred and is continuing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>No Change of Management, Regulatory Event or Material Adverse Effect.</U> Since April&nbsp;30, 2021, (i) no event or condition has
resulted in, or could reasonably be expected to cause, either individually or in the aggregate, a Material Adverse Effect, and (ii)&nbsp;no Change of Management or Regulatory Event has occurred and is. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Absence of Litigation.</U> There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of a Responsible
Officer of Borrower, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against (i)&nbsp;Borrower or against any of its properties or revenues that could reasonably result in a Material Adverse
Effect or (ii)&nbsp;that challenge the legality, validity or enforceability of this Agreement, any Facility Document, or that involves a substantial likelihood of prohibiting, restricting, delaying or otherwise materially affecting the performance
of any of the Facility Documents or the making of the Advances. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Investment Company Act.</U> Borrower is an &#147;<I>investment
company</I>&#148; and is classified as a <FONT STYLE="white-space:nowrap">&#147;closed-end</FONT> company&#148; and is subject to the regulation under the Investment Company Act. The business and other activities of Borrower, including but not
limited to, the making of the Advances by Lender, the application of the proceeds and repayment thereof by Borrower and the consummation of the transactions contemplated by the Facility Documents do not result in any violation of the provisions of
the Investment Company Act, or any rules, regulations or orders issued by the Securities and Exchange Commission thereunder. Borrower is compliance in all material respects with Rule <FONT STYLE="white-space:nowrap">18f-4</FONT> promulgated by the
Securities and Exchange Commission (or, prior to August&nbsp;19, 2022, Release 10666 and related guidance issued by the Securities and Exchange Commission). Investment Adviser is a Qualified Investment Adviser. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <U>Asset Coverage Ratio</U>. As of the Closing Date, the Asset Coverage Ratio of Borrower is at least 300%. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 19 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <U>Regulatory Compliance</U>. The Facility Documents, including the Advances and the
withdrawal and substitution rights of Borrower, do not contemplate any actions that would violate Regulation U, or X, as applicable. Borrower has not taken any actions under the Facility Documents that could result in a violation of Regulation U or
X, as applicable, and no part of the proceeds of any Advance will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that entails a violation of Regulation U or X, as applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <U>Ownership of Collateral</U>. Borrower has good and marketable title to the Collateral free and clear of Liens, other than Permitted
Encumbrances. Borrower has not made any registrations, filings or recordations in any jurisdiction evidencing a security interest in any of the Collateral including, but not limited to, the filing of a register of mortgages, charges and other
encumbrances or filings of <FONT STYLE="white-space:nowrap">UCC-1</FONT> financing statements, other than with respect to Permitted Encumbrances. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <U>Taxes</U>. Borrower has filed all material federal income tax returns and all other material tax returns which are required to be filed
by it in all jurisdictions except to the extent not delinquent (after giving effect to any extension granted by the applicable tax authority) and has paid all material Taxes, assessments, claims, governmental charges or levies imposed on it or its
properties, except as otherwise permitted herein or for Taxes contested in good faith through proceedings diligently pursued and as to which adequate reserves have been provided in accordance with the Applicable Accounting Principles. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <U>Solvency</U>. (i)&nbsp;The present fair market value of Borrower&#146;s assets exceeds the total amount of Borrower&#146;s liabilities
(including, without limitation, contingent liabilities); (ii) Borrower has capital and assets sufficient to carry on its businesses; (iii)&nbsp;Borrower is not engaged and is not about to engage in a business or a transaction for which its remaining
assets are unreasonably small in relation to such business or transaction; and (iv)&nbsp;Borrower does not intend to incur or believe that it will incur debts beyond its ability to pay as they become due. Borrower will not be rendered insolvent by
the execution, delivery and performance of documents relating to this Agreement or by the consummation of the transactions contemplated under this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) <U>No Immunity</U>. None of Borrower or any of its assets, properties or, to its knowledge, revenues has any right of immunity on the
grounds of sovereignty or otherwise from jurisdiction of any court or from setoff or any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the applicable Law
of any jurisdiction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) <U>Recourse</U>. The Advances are made with full recourse to Borrower and constitute direct, general,
unconditional and unsubordinated Indebtedness of Borrower. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) <U>Disclosure</U>. All written information provided with respect to
Borrower by or on behalf of Borrower to Lender in connection with the negotiation, execution and delivery of this Agreement and the other Facility Documents or the transactions contemplated hereby and thereby including, but not limited to, any
financial statements of Borrower provided to Lender other than any projections or forward looking statements (the &#147;<B><I>Projections</I></B>&#148;) (for which Borrower makes the representations in the next sentence) was, taken as a whole, on or
as of the applicable date of provision thereof, complete and correct in all material respects and did not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not
misleading in light of the time and circumstances under which such statements were made. All Projections that have been prepared by or on behalf of Borrower and that have been made available to Lender by or on behalf of Borrower in connection with
this Agreement have been prepared in good faith based on assumptions believed by Borrower to be reasonable at the time of delivery thereof (although Borrower gives no assurances that such Projections will, in fact, be achieved and results may vary
significantly), it being understood that (i)&nbsp;the Projections are not to be viewed as facts and that actual results during the period or periods covered by any such Projections may differ significantly from the projected results and such
differences may be material and (ii)&nbsp;the Projections are subject to significant uncertainties and contingencies and no assurance can be given that the projected results will be realized. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 20 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) <U>Licenses; Approvals</U>. All licenses, permits, approvals, concessions or other
authorizations necessary to the conduct of the business of Borrower or Investment Adviser have been duly obtained and are in full force and effect, except where the failure to obtain and maintain any of the foregoing could not reasonably be expected
to result in a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) <U>Compliance with Applicable Accounting Principles</U>. All financial statements concerning
Borrower which have been or will hereafter be furnished by Borrower to Lender pursuant to this Agreement have been or will be prepared in accordance with Applicable Accounting Principles consistently applied and do or will, in all material respects,
present fairly the financial condition of the Persons covered thereby as at the dates thereof and the results of their operations for the periods then ended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) <U>ERISA</U>. Borrower does not maintain or have any liability (contingent or otherwise) to any defined benefit plans, as defined in
Section&nbsp;3(35) of the Employee Retirement Income Security Act of 1974 (as amended, &#147;<B><I>ERISA</I></B>&#148;), or other similar Laws in any jurisdiction, which could reasonably result in a Material Adverse Effect. Borrower is not a
&#147;benefit plan investor&#148; as defined in Section&nbsp;3(42) of ERISA and the regulations promulgated thereunder, as modified by Section&nbsp;3(42) of ERISA. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) <U>Anti-Corruption Laws and Sanctions</U>. Borrower has implemented and maintains in effect policies and procedures designed to ensure
compliance in all material respects by Borrower and its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions; and Borrower and its Subsidiaries and, to the knowledge of a
Responsible Officer of Borrower, each of the officers, employees, directors and agents of Borrower and its Subsidiaries are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (i)&nbsp;Borrower, or
(ii)&nbsp;to the knowledge of a Responsible Officer of Borrower, any of the directors, officers, or employees of Borrower, or any agents of Borrower that will act in any capacity in connection with or benefit from the Advances made hereby, is a
Sanctioned Person. No Advance, use of proceeds or other transaction contemplated by this Agreement will violate the Anti-Corruption Laws or applicable Sanctions. No part of the proceeds of the Advances will be used, directly or indirectly,
(x)&nbsp;for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or
obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended (the &#147;<B><I>FCPA</I></B>&#148;), or (y)&nbsp;to fund or facilitate any business with or involving a Sanctioned Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) <U>Limitation on Transactions</U>. Borrower is in compliance with (i)&nbsp;the Trading with the Enemy Act, as amended, and each of the
foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto (collectively, the &#147;<B><I>Trading with the Enemy
Act</I></B>&#148;), (ii) the Act and (iii)&nbsp;the Currency and Foreign Transactions Reporting Act (31 U.S.C. &#167;&#167; 5311-5330 and 12 U.S.C. &#167;&#167; 1818(s), 1820(b) and 1951-1959) (also known as the &#147;Bank Secrecy Act&#148;)
(together with the Trading with the Enemy Act and the Act, &#147;<B><I>Anti-Terrorism Laws</I></B>&#148;). Borrower is not, and to the knowledge of a Responsible Officer of Borrower, no director, officer, employee, or agent of Borrower is
(A)&nbsp;currently (i) the subject of any Sanctions or (ii)&nbsp;located, organized or residing in any Sanctioned Country or (B)&nbsp;has been engaged in any transaction with any Person who, to the knowledge of Borrower, is now or was then the
subject of Sanctions or located, organized or residing in a Sanctioned Country. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) <U>Use of Proceeds</U> Borrower will use the proceeds
of the Advances for portfolio investments and general corporate purposes of Borrower as an investment company registered under the Investment Company Act; provided that Borrower will not, directly or indirectly, use any part of such proceeds for any
purpose which would violate any provision of its Investment Policies, Offering Documents, Organization Documents or any applicable law (including, without limitation, the Securities Act, the Exchange Act, and the Investment Company Act and the
regulations promulgated thereunder). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 21 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) <U>Investment Policies</U>. The Investment Policies are fully and accurately described in all
material respects in Borrower&#146;s Offering Documents, as supplemented by any annual report included within Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> filed with the Securities and Exchange Commission. Except as supplemented in any such
annual report, there has been no change in the Investment Policies and Borrower has at all times complied in all material respects with such Investment Policies. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COVENANTS OF
BORROWER </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 5.01 Affirmative Covenants.</B> On and after the Closing Date and so long as Lender has a commitment to make an
Advance or any Obligations have not been indefeasibly paid in full: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Existence</U>. Borrower shall preserve and maintain its
existence and material rights and franchises. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Reporting Requirements</U>. Borrower will furnish to Lender or cause to be furnished
to Lender: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) as soon as possible and in any event within five (5)&nbsp;Business Days after (A)&nbsp;the deadline for
filing thereof with the Securities and Exchange Commission or any successor or analogous Governmental Authority, copies of all annual, semi-annual and quarterly reports to shareholders and (B)&nbsp;the filing thereof with the Securities and Exchange
Commission or any successor or analogous Governmental Authority, copies of any material amendments and supplements to the registration statement, the prospectus, <FONT STYLE="white-space:nowrap">non-routine</FONT> proxy statements, financial
statements and other materials of a material nature; provided that publication of such information on Borrower&#146;s website or public availability as posted on EDGAR shall constitute delivery for purposes of this
<B><I>Section&nbsp;5.01(b)(i).</I></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the means (website access, daily reports) allowing Lender to daily monitor, on
a real-time basis directly from the Custodian, all activities occurring in the Collateral Account; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) within five
(5)&nbsp;Business Days after the end of each calendar month, a compliance certificate (substantially the form of <B><I>Exhibit B</I></B> hereto) executed by the Borrower, certifying (A)&nbsp;Borrower&#146;s Asset Coverage Ratio as of the end of such
month and (B)&nbsp;that Borrower is, as of the date thereof, in compliance in all respects with the Asset Coverage Ratio requirements set forth in this Agreement and that no Default or Event of Default has occurred or is continuing as a result of
any violation of such provisions; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) as soon as possible and in any event within two (2)&nbsp;Business Days after the
occurrence of (A)&nbsp;any Event of Default or Default or (B)&nbsp;any actual litigation which could reasonably result in a Material Adverse Effect, a statement of a Responsible Officer of Borrower setting forth the details thereof and the action
which Borrower has taken and proposes to take with respect thereto; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) promptly after request therefor, such other
business and financial information respecting the condition or operations, financial or otherwise, of Borrower as Lender may from time to time reasonably request. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 22 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Use of Proceeds</U>. Borrower shall use the proceeds of the Advances for portfolio
investments and general corporate purposes of Borrower as an investment company registered under the Investment Company Act; provided that Borrower will not, directly or knowingly indirectly, use any part of such proceeds for any purpose which would
violate any provision of its Investment Policies, Offering Documents, Organization Documents or any applicable law (including, without limitation, the Securities Act, the Exchange Act, and the Investment Company Act and the regulations promulgated
thereunder, including, without limitation, Regulation U and Regulation X). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Payment of Obligations</U>. Borrower shall pay and
discharge as the same shall become due and payable: (i)&nbsp;all material Taxes, assessments, claims and governmental charges or levies imposed upon it or upon its property; provided, however, that Borrower shall not be required to pay or discharge
any such Tax, assessment, claim or charge that is being diligently contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained; and (ii)&nbsp;all Indebtedness, as and when due and payable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Inspection Rights</U>. Borrower shall, at any reasonable time during normal business hours and upon reasonable prior written notice,
from time to time permit Lender or any agent or representative thereof (not to exceed one time a year unless an Event of Default has occurred and in each case, subject to <B><I>Section&nbsp;8.11</I></B>) to visit and inspect the properties of
Borrower and discuss the affairs, finances, assets and accounts of Borrower with any of the officers, directors or other representatives of Borrower, all at the expense of the Lender; provided, however, that after the occurrence of an Event of
Default, Lender or any agent or representative thereof may do any of the foregoing at the expense of Borrower at any time during normal business hours and with reasonable advance notice. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Collateral Requirement</U>. Borrower shall comply with the Collateral Requirement in all respects and shall promptly notify Lender as
soon as it has knowledge that Lender&#146;s Lien thereon has been or may be materially impaired. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Keeping of Books</U>. Borrower
shall keep proper books of record and accounts as are necessary to prepare financial statements in accordance with Appropriate Accounting Principles. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Compliance with Laws</U>. Borrower shall comply in all material respects with the requirements of all Laws (including, without
limitation, the Securities Act, the Exchange Act, and the Investment Company Act and the regulations promulgated thereunder (including, without limitation, Rule <FONT STYLE="white-space:nowrap">18f-4,</FONT> or, prior to August&nbsp;19, 2022,
Release 10666 and related guidance issued by the Securities and Exchange Commission)) and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which such requirement of Law or order,
writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Compliance with
Investment Policies</U>. Borrower shall comply with its Investment Policies in all material respects at all times. Borrower shall furnish to Lender, prior to its effective date, prompt notice of any changes in the Investment Policies and shall not
agree to or otherwise permit to occur any modification of the Investment Policies in any manner that (i)&nbsp;could reasonably be expected to adversely affect the rights and remedies of Lender under any Facility Document or (ii)&nbsp;otherwise fails
to comply with the terms of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <U>Material Agreements</U>. Borrower shall comply with the terms of each provision of any
indenture, mortgage, deed of trust, credit agreement, loan agreement or any other material agreement or instrument to which Borrower is a party or by which Borrower or any of its properties or assets is bound in which the failure to comply could
reasonably be expected to result in a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <U>Further Assurances</U>. Borrower agrees that upon the request of
Lender, it shall execute and/or deliver any additional agreements, documents and instruments, and take such further actions as Lender may reasonably deem necessary (i)&nbsp;to assure Lender is perfected with a first priority Lien on the Collateral
and (ii)&nbsp;to carry out the provisions and purposes of the Facility Documents. Such agreements, documents or instruments or actions shall be reasonably satisfactory to Lender. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 23 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 5.02 Negative Covenants.</B> So long as Lender has a commitment to make an Advance or
any Advance or other Obligation hereunder shall remain unpaid or unsatisfied: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Indebtedness</U>. Borrower shall not create, incur,
assume or suffer to exist any Indebtedness, except Indebtedness of Borrower incurred (a)&nbsp;under the Facility Documents, (b)&nbsp;under the Custody Agreement in favor of the Custodian to the extent (i)&nbsp;incurred in the ordinary course of
business, (ii)&nbsp;incurred solely for temporary purposes with repayment in full within thirty days and without any renewal or extension thereof, (iii)&nbsp;not in excess of 5% of the value of the total assets of Borrower at the time at which any
such Indebtedness is incurred (calculated in accordance with the Investment Company Act), and (iv)&nbsp;not secured by a Lien (other than Permitted Encumbrances) on the Collateral Account or any of the Collateral, (c)&nbsp;in the form of reverse
repurchase transactions or derivative transactions to the extent in compliance with Rule <FONT STYLE="white-space:nowrap">18f-4</FONT> promulgated by the Securities and Exchange Commission (or, prior to August&nbsp;19, 2022, Release 10666 and
related guidance issued by the Securities and Exchange Commission), or (d)&nbsp;in the form of mandatory redeemable preferred shares issued in accordance with the Investment Company Act; and, in each case, which is not otherwise prohibited by law,
is in the ordinary course of business, and is not in contravention of Borrower&#146;s Offering Documents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Liens</U>. Borrower shall
not (i)&nbsp;create, incur, assume or suffer to exist any Lien upon any Collateral, except Permitted Encumbrances, or (ii)&nbsp;post any securities that have not been fully paid for in the Collateral Account as Collateral. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Mergers, Etc</U>. Without the prior written consent of Lender, Borrower shall not merge or consolidate with or into another Person, or
convey, transfer, lease or otherwise dispose of, whether in one transaction or in a series of transactions, all or substantially all of the property and assets (whether now owned or hereafter acquired) of Borrower. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>No New Business</U>. Borrower shall not engage in any business other than as described in its Organization Documents and Offering
Documents and consistent in all respects with its Investment Policies. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>No Amendment of Investment Policies or Organization
Documents</U>. Borrower shall not effect and shall not consent to any material amendment, supplement or other material modification of any of the terms or provisions of its Investment Policies or Organization Documents that (i)&nbsp;could reasonably
be expected to adversely affect the rights and remedies of Lender under any Facility Document, (ii)&nbsp;could reasonably be expected to result in a Material Adverse Effect, or (iii)&nbsp;otherwise fails to comply with the terms of this Agreement or
any other Facility Document. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Distribution, Etc</U>. Borrower will not declare or make any dividend payment or other distribution of
assets, property, Cash, rights, obligations or securities from the Collateral on account of any Equity Interests in Borrower, or purchase, redeem, retire or otherwise acquire for value any Equity Interests in Borrower, now or hereafter outstanding
from any assets, property, Cash, rights, obligations or securities constituting Collateral that would, or could reasonably be expected to, result in a Default or an Event of Default. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Transactions with Affiliates</U>. Borrower shall not enter into any transaction with or make any payment or transfer to any Affiliate of
Borrower (including, without limitation, Investment Adviser), except in compliance with the Investment Company Act and the rules thereunder, as interpreted by the Securities and Exchange Commission. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 24 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Fund Administration</U>. Borrower shall not terminate the services of Investment Adviser
or Custodian without the prior written consent of Lender. Borrower shall not enter into any other custody agreement or equivalent arrangement with any other Person unless such Person, Borrower, and Lender have entered into a control agreement in
form and substance satisfactory to Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Subsidiary</U>. Borrower shall not form any Subsidiary. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EVENTS OF
DEFAULT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 6.01 Events of Default.</B> If any of the following events (each, an &#147;<B><I>Event of Default</I></B>&#148;)
shall occur: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Borrower shall fail to pay (i)&nbsp;any of the outstanding principal of any Advance when due; (ii)&nbsp;the amounts
required to be prepaid pursuant to <B><I>Section&nbsp;2.06(b)</I></B> when due; or (iii)&nbsp;accrued interest on any Advance or other amounts or fees owing pursuant to any of the Facility Documents within three (3)&nbsp;Business Days of when due;
or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Borrower shall fail to provide Lender with the reports required to be delivered under <B><I>Section&nbsp;5.01(b)</I></B> on the
date required for such delivery, and such failure shall not be cured within two (2)&nbsp;Business Days; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) Borrower shall fail to
perform or observe any term, covenant, or agreement contained in </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Section&nbsp;5.01(a), (b), (c), (f), </I></B>or<B><I> (i), 5.02, </I></B>or<B><I>
Article VII;</I></B> or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) without obtaining the prior written consent of Lender, Borrower submits unilateral instructions to Custodian
for a withdrawal of Collateral from the Collateral Account in contravention of the Control Agreement; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;(i) the Custody
Agreement shall have been terminated without the prior written consent of Lender, or (ii)&nbsp;Custodian (A) transfers or otherwise permits the withdrawal of Collateral in contravention of the terms of the Control Agreement, or (B)&nbsp;fails to
comply with a notice of exclusive control (or any transfer instructions thereafter) from Lender in accordance with the terms of the Control Agreement, or (C)&nbsp;otherwise fails to comply with any other material provision of the Control Agreement;
or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Borrower shall fail to pay to Custodian, when due, any fees, expenses or charges, individually or collectively in excess of
$250,000, payable by the Borrower under the Custody Agreement and such failure continues for ten (10)&nbsp;Business Days and such failure entitles the Custodian to seek repayment of such fees, expenses or charges from the Collateral Account; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Borrower shall fail to perform or observe (i)&nbsp;any other term, covenant or agreement contained in this Agreement or any other Facility
Document (in each case, not otherwise specified in <B><I>Subsections (a)</I></B>&nbsp;to <B><I>(f)</I></B> of this Section) to which such Person is a party or (ii)&nbsp;any term, covenant or agreement contained in any other agreement between Lender,
on the one hand, and Borrower, on the other hand, to be performed or observed by Borrower and such failure remains unremedied for thirty (30)&nbsp;days, except in the case of a failure related to any other Facility Document in which case such
failure remains unremedied for five (5)&nbsp;Business Days following the expiration of the applicable cure period provided for under the applicable Facility Document; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) any representation, warranty, certification or statement of fact made or deemed made by or on behalf of Borrower herein, in any other
Facility Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading when made or deemed made in any material respect; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 25 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any provision of any Facility Document, at any time after its execution and delivery and for
any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect in any material respect; or Borrower, Custodian or any other Person contests in any manner the
validity or enforceability of any provision of any Facility Document; or Borrower denies that it has any or further liability or obligation under any Facility Document, or purports to revoke, terminate or rescind any provision of any Facility
Document; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;(i) Borrower (A) fails to make any payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise and after giving effect to any applicable notice requirement or grace period) in respect of all Indebtedness (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal
amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount (the &#147;<B><I>Threshold Debt</I></B>&#148;), or
(B)&nbsp;fails to observe or perform any other agreement or condition relating to any such Threshold Debt or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or
other event is to cause such Threshold Debt to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise) after giving effect to any applicable notice requirement or grace period, or an offer to
repurchase, prepay, defease or redeem such Threshold Debt to be made, prior to its stated maturity; or (ii)&nbsp;there occurs under any Swap Contract, an Early Termination Date (as defined in such Swap Contract) resulting from (A)&nbsp;any event of
default under such Swap Contract as to which Borrower is the Defaulting Party (as defined in such Swap Contract) or (B)&nbsp;any Termination Event (as so defined) under such Swap Contract as to which Borrower is an Affected Party (as so defined)
and, in either event, the Swap Termination Value (as so defined) owed by Borrower as a result thereof under all such Swap Contracts is greater than the Threshold Amount; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;(i) Borrower becomes unable or admits in writing its inability or fails generally to pay its debts as they become due; (ii)&nbsp;any
writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of Borrower and is not released, vacated or fully bonded within thirty days after its issue or levy;
(iii)&nbsp;Borrower institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors, or applies for or consents to the appointment of any receiver, trustee, custodian,
conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; (iv)&nbsp;any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the
application or consent of Borrower and the appointment continues undischarged or unstayed for sixty calendar days; (v)&nbsp;any proceeding under any Debtor Relief Law relating to Borrower or to all or any material part of its property is instituted
without the consent of Borrower and continues undismissed or unstayed for sixty calendar days, or an order for relief is entered in any such proceeding; or (vi)&nbsp;Borrower shall take any action to authorize any of the actions set forth above in
this Subsection; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) There is entered against Borrower (i)&nbsp;one or more final judgments or orders for the payment of money in an
aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage), or (ii)&nbsp;any one or more <FONT
STYLE="white-space:nowrap">non-monetary</FONT> final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A)&nbsp;enforcement proceedings are commenced by any
creditor upon such judgment or order, or (B)&nbsp;there is a period of thirty (30)&nbsp;consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 26 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;(i) Borrower shall deny in writing its Obligations under this Agreement, any other
Facility Document (to which it is a party) or under any other agreement or instrument between Borrower or any Affiliate thereof, on the one hand, and Lender or any of its Affiliates, on the other hand, (ii)&nbsp;any Law shall purport to render
invalid, or preclude enforcement of, any provision of this Agreement or any other Facility Document or impair performance of the obligations hereunder or under any other Facility Document of Borrower, or (iii)&nbsp;any dominant authority asserting
or exercising de jure or de facto governmental or police powers shall, by moratorium Law or otherwise, cancel, suspend or defer the obligation of Borrower to pay; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) any Governmental Authority shall have condemned, nationalized, seized, or otherwise expropriated all or any substantial part of the
property, shares of capital stock or equity or other assets of Borrower or shall have assumed custody or control of such property or other assets or of the business or operations of Borrower or shall have taken any action for the dissolution or
disestablishment of Borrower or any action that would prevent Borrower or its officers or directors from carrying on the business of Borrower or a substantial part thereof; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) a Change of Management shall occur; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) a Regulatory Event shall occur; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) the Collateral Requirement shall cease to be satisfied, as reasonably determined by Lender, or Lender shall cease to have a first priority
perfected Lien in the Collateral, subject only to Permitted Encumbrances; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) any officer of Borrower or Investment Adviser that has
material involvement with the investment activities of Borrower or Investment Adviser shall have been indicted, with respect to a Governmental Authority in a jurisdiction in the United States, or criminally charged with an offense by any other
Governmental Authority that is punishable by deprivation of liberty for a maximum term which shall be greater than one year, for a fraudulent act, a violation of securities or banking laws, or for a willful act related to Borrower or its business;
or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) a Margin Deficiency shall occur and such deficiency is not cured within the cure period set forth in
<B><I>Section&nbsp;2.06(c);</I></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) Borrower&#146;s Asset Coverage Ratio is at any time less than 275% and such failure is not cured
within five (5)&nbsp;Business Days of the first occurrence thereof; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) Borrower fails to make any material filing (including, without
limitation, Forms <FONT STYLE="white-space:nowrap">N-CSR</FONT> and <FONT STYLE="white-space:nowrap">N-CSRS)</FONT> with the Securities and Exchange Commission or any other Governmental Authority, as required by applicable Law, in each case, within
the time period prescribed by applicable Law but after giving effect to any extension provided by filing a notification pursuant to Rule <FONT STYLE="white-space:nowrap">12b-25</FONT> under the Exchange Act and any required approval by the
applicable Governmental Authority; <U>provided</U> that to the extent such failure is caused by an error or omission of an administrative or operational nature, such failure shall not constitute an Event of Default unless such failure continues for
three (3)&nbsp;Business Days; <U>provided</U> <U>further</U> that, (i)&nbsp;the foregoing cure period shall not apply with respect to filings of Forms <FONT STYLE="white-space:nowrap">N-CSR</FONT> and <FONT STYLE="white-space:nowrap">N-CSRS,</FONT>
and (ii)&nbsp;no such cure period shall apply to the extent two (2)&nbsp;filing failures have already occurred during the then current calendar year; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">then, and in any such event, Lender may (i)&nbsp;declare the Advances, all accrued interest thereon, all fees and all other accrued amounts
payable under this Agreement and the other Facility Documents to be forthwith due and payable, whereupon the Advances, all such interest and fees and all such other amounts hereunder and under the Facility Documents shall become forthwith due and
payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by Borrower and (ii)&nbsp;declare the obligation of Lender to make any Advance to be terminated, whereupon the same shall forthwith
terminate; provided, however, that upon the occurrence of any event in <B><I>Section&nbsp;6.01(k)</I></B>, (x) the Advances, all accrued interest and all accrued other amounts payable, including fees, under this Agreement and under the other
Facility Documents shall automatically become and be due and payable, without presentment, demand, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 27 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
protest or any notice of any kind, all of which are hereby expressly waived by Borrower and (y)&nbsp;the obligation of Lender to make Advances shall automatically be terminated. In addition to
the foregoing, upon the occurrence of an Event of Default, Lender may, at its option, instruct the Custodian to transfer the whole or any part of the Collateral into the name of Lender or the name of its nominee, notify the obligors on any
Collateral to make payment to Lender or its nominee of any amounts due thereon, take control or grant its nominee the right to take control of any proceeds of the Collateral, liquidate any or all of the Collateral, withdraw and/or sell any or all of
the Collateral and apply any such Collateral as well as the proceeds of any such Collateral to all unpaid Obligations in such order as Lender determines in its sole discretion, and exercise any other rights and remedies under any Facility Document,
at law or in equity. Borrower will be responsible for any decrease in the value of the Collateral occurring prior to liquidation. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECURITY
AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 7.01 Collateral</B>. Subject to the terms and conditions of the Control Agreement, to secure the payment and
performance of all of the Obligations, Borrower hereby grants to Lender a continuing security interest in all right, title and interest of Borrower in the following property, whether now owned or existing or hereafter acquired or arising and
wherever located: (a)&nbsp;the Collateral Account, (b)&nbsp;all financial assets held therein or credited thereto, all security entitlements in respect thereof, and all other assets, including all interests of Borrower in any entity, indicated on
the Custodian&#146;s books and records as being credited to or recorded in the Collateral Account; (c)&nbsp;Borrower&#146;s deposit account linked to the Collateral Account having account #294608 maintained with the Custodian and all amounts
credited thereto; (d)&nbsp;all accounts and general intangibles (including all of its rights under the account agreement) related to the Collateral Account or any of the foregoing, and (e)&nbsp;all products and proceeds of any of the foregoing
(including, without limitation, all dividends, distributions and payments received thereon or in exchange or substitution thereof), together with all books, records, writings, databases, information and other property evidencing, embodying or
incorporating any of the foregoing (all such property, collectively, the &#147;<B><I>Collateral</I></B>&#148;). Capitalized terms used herein that are defined in Article 1, Article 8 or Article 9 of the Uniform Commercial Code as in effect from time
to time in the State of New York shall have the meanings specified therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 7.02 Preservation of Collateral and Perfection of
Security Interests Therein.</B> Borrower irrevocably authorizes Lender at any time, and from time to time, to file in any jurisdiction any initial financing statements and amendments thereto that contain any information required by Section&nbsp;5 of
Article 9 of the UCC of the jurisdiction wherein such financing statement or amendment is filed regarding the sufficiency or filing office acceptance of any financing statement or amendment, including whether Borrower is an organization, the type of
organization and any organization identification number issued to Borrower. Borrower agrees to furnish any such information to Lender promptly upon its request. Without limiting the generality of the foregoing, to perfect and keep, as a first
priority perfected security interest (subject only to Liens permitted pursuant to <B><I>Section&nbsp;5.02(a)</I></B>), the security interest and Liens in the Collateral granted by Borrower to Lender to secure the payment and performance of all of
the Obligations, and to otherwise protect and preserve the Collateral and Lender&#146;s security interest and Liens therein or to enforce Lender&#146;s security interests and Liens in the Collateral, Borrower (a)&nbsp;shall execute and deliver to
Lender, concurrently with the execution of this Agreement, and at any time or times hereafter, at the request of Lender, all instruments or other documents (and pay the cost of filing or recording the same in all public offices deemed necessary by
Lender) and do such acts as Lender may reasonably request, in form and substance reasonably satisfactory to Lender, and (b)&nbsp;irrevocably authorizes Lender at any time, and from time to time, to file (and if necessary to execute) in any
jurisdiction any financing statements and any amendment to any financing statement. Borrower further ratifies and affirms its authorization for any financing statements and/or amendments thereto filed by Lender in any jurisdiction on or prior to the
date of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 28 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 7.03 <FONT STYLE="white-space:nowrap">Set-off</FONT></B>. Borrower agrees that Lender
has all rights of <FONT STYLE="white-space:nowrap">set-off</FONT> and banker&#146;s lien provided by applicable Law with respect to Borrower and the Collateral and, in addition thereto, Borrower agrees that (in addition to Lender&#146;s rights with
respect to proceeds of Collateral) at any time after the occurrence and during the continuance of an Event of Default any amount owing by it under this Agreement or any other Facility Document is then due, Lender may apply to the payment of the
Obligations any and all balances, credits, deposits, accounts or monies of Borrower then or thereafter with Lender. Without limitation of the foregoing and in addition to Lender&#146;s rights with respect to the proceeds of the Collateral, Borrower
agrees that upon and after the occurrence and during the continuance of an Event of Default, Lender and each of its branches and offices is hereby authorized, at any time and from time to time, without notice, (a)&nbsp;to <FONT
STYLE="white-space:nowrap">set-off</FONT> against, and to appropriate and apply to the payment of, the Obligations (whether matured or unmatured, fixed or contingent or liquidated or unliquidated) any and all amounts owing by Lender or any such
office or branch to Borrower (whether matured or unmatured, and, in the case of deposits, whether general or special, time or demand and however evidenced) and (b)&nbsp;pending any such action, to the extent necessary, to hold such amounts as
collateral to secure such Obligations and to return as unpaid for insufficient funds any and all checks and other items drawn against any deposits so held as Lender may elect in its sole discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 7.04 Safekeeping</B>. Lender shall not be responsible for: (a)&nbsp;the safekeeping of the Collateral, (b)&nbsp;any diminution in
the value of the Collateral, or (c)&nbsp;any act or default of Custodian or any other Person with respect to the Collateral. All risk of loss, damage, destruction or diminution in value of the Collateral shall be borne by Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 7.05 Other Actions</B>. To further the attachment, perfection and first priority (subject only to Liens permitted under
<B></B><B><I>Section&nbsp;5.02(a)</I></B>)<B><I></I></B><B></B> of, and the ability of Lender to enforce, its Liens in or on the Collateral, and without limitation Borrower&#146;s other obligations in this Agreement, Borrower agrees, at the request
and option of Lender, to take any and all other actions Lender may reasonably require to the extent necessary for the attachment, perfection and first priority of (subject only to Liens permitted under
<B></B><B><I>Section&nbsp;5.02(a)</I></B>)<B><I></I></B><B>,</B> and the ability of Lender to enforce, its Liens on and in any and all of the Collateral. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION
8.01 Amendments, Etc</B><B>.</B>. Except as otherwise provided in this Agreement, including, without limitation, no amendment or waiver of any provision of this Agreement or any other Facility Document, and no consent to any departure by Borrower or
Lender therefrom, shall be effective unless in writing signed by Lender and Borrower, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.02 Notices</B>; <B>Effectiveness; Electronic Communications</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in
<B><I>Subsection (b)</I></B>&nbsp;of this Section), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
facsimile, if to Borrower, to it at its address (or facsimile number) set forth below, and if to Lender, to it at its address (or facsimile number) set forth below. Notices sent by hand or overnight courier service shall be deemed to have been given
when received; notices sent by certified or registered mail shall be deemed to have been given three Business Days after mailing; and notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices delivered through electronic communications to the extent provided in <B><I>Subsection
(b)</I></B>&nbsp;of this Section, shall be effective as provided in such <B><I>Subsection (b)</I></B>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 29 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Borrower&#146;s Address for Notices: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Western Asset High Income Fund II Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">c/o Legg Mason Partners Fund Advisor, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">620 Eighth Avenue, 47<SUP STYLE="font-size:75%; vertical-align:top">h</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">New York, New York 10018 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Telephone:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">203-703-7026/212-805-3488</FONT></FONT></FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Facsimile: N/A / <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">646-502-7723</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: George Hoyt/Raymond Lui </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><U>Email: George.Hoyt@franklintempleton.com</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><U>Raymond.Lui@franklintempleton.com</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><U>LMCEFundOPS@franklintempleton.com</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Lender&#146;s Lending Office/Address for Notices: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Bank of America, N.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">One
Bryant Park </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">New York, NY 10036 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: Michael Balbick </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Email: <U>Michael.balbick@bofa.com</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Facsimile <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.&nbsp;646-822-1055</FONT></FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">with a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Moore&nbsp;&amp; Van Allen PLLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">100 North Tryon Street, Suite 4700 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Charlotte, NC 28202 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention:
Todd Ransom </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Email: <U>toddransom@mvalaw.com</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Facsimile No: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">704-378-2034</FONT></FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notices and other communications to Lender hereunder may be delivered or furnished by electronic communication (including <FONT
STYLE="white-space:nowrap">e-mail</FONT> and Internet or intranet websites) pursuant to procedures approved by Lender. Lender or Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. Unless Lender otherwise prescribes, (i)&nbsp;notices and other communications sent to an <FONT
STYLE="white-space:nowrap">e-mail</FONT> address shall be deemed received upon the sender&#146;s receipt of an acknowledgement from the intended recipient (such as by the &#147;return receipt requested&#148; function, as available, return <FONT
STYLE="white-space:nowrap">e-mail</FONT> or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been
sent at the opening of business on the next Business Day for the recipient, and (ii)&nbsp;notices or communications posted to an Internet or intranet website shall be deemed received upon the receipt by the intended recipient at its <FONT
STYLE="white-space:nowrap">e-mail</FONT> address as described in the foregoing <B><I>clause (i)</I></B> of notification that such notice or communication is available and identifying the website address therefor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Any party hereto may change its address or facsimile number for notices and other communications hereunder by written notice to the other
party hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 30 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.03 No Waiver</B>; <B>Securities Contract; Private Loan</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) No failure on the part of Lender to exercise, and no delay in exercising, any right hereunder or under any other Facility Document shall
operate as a waiver thereof, nor shall the single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies
provided by Law. No notice to or demand on Borrower in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of Lender to any other or further action in any
circumstances without notice or demand. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Borrower and Lender acknowledge that this Agreement is a &#147;securities contract&#148;
within the meaning of the Bankruptcy Code and that each delivery, transfer, payment and grant of a security interest made or required to be made hereunder or contemplated hereby or made, required to be made or contemplated in connection herewith is
a &#147;transfer&#148; and a &#147;margin payment&#148; or a &#147;settlement payment&#148; within the meaning of Section&nbsp;362(b)(6), (7), (17) and/or (27)&nbsp;and Sections 546(e), (f), (g) and/or (j)&nbsp;of the Bankruptcy Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Borrower and Lender acknowledge that this Facility is a privately arranged loan and is not intended to be publicly distributed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.04 Costs and Expenses; Indemnification; Damage Waiver</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Costs and Expenses</U>. Borrower shall pay all expenses incurred by Lender and its Affiliates in connection with the enforcement or
protection of its rights (i)&nbsp;in connection with this Agreement and the other Facility Documents, including its rights under this Section, or (ii)&nbsp;in connection with the Advances made hereunder, including all expenses incurred during any
workout, restructuring or negotiations in respect of such Advances. Notwithstanding any provision of this Agreement to the contrary, Lender shall be (and Borrower shall not be) responsible for all of its costs and expenses incurred in connection
with the closing of the transactions under this Agreement and the other Facility Documents and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated hereby or thereby
are consummated). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Indemnification by Borrower</U>. Borrower shall indemnify Lender and each Related Party of Lender (each such
Person being called an &#147;<B><I>Indemnitee</I></B>&#148;) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of any
counsel for any Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any third party or by Borrower or any Related Party of Borrower arising out of, in connection with, or as a result of (i)&nbsp;the execution or delivery of
this Agreement, any other Facility Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby, (ii)&nbsp;any Advance or the use or proposed use of the proceeds therefrom, (iii)&nbsp;any Indemnitee acting in reliance on any instruction given by Borrower or any Indemnitee failing to follow the unlawful or
unreasonable instructions of Borrower, or (iv)&nbsp;any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or
by Borrower or any other Related Party of Borrower, and regardless of whether any Indemnitee is a party thereto; <U>provided</U> that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses (x)&nbsp;are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y)&nbsp;result from a claim
brought by Borrower or any Related Party of Borrower against an Indemnitee for breach in bad faith of such Indemnitee&#146;s obligations hereunder or under any other Facility Document, if Borrower or such Related Party has obtained a final and
nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction; <U>provided</U> <U>further</U> that such indemnity shall not include Indemnified Taxes or Other Taxes, to the extent governed by
<B><I>Section&nbsp;2.09</I></B>, or Excluded Taxes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 31 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Waiver of Consequential Damages, Etc</U>. (i)&nbsp;To the fullest extent permitted by
applicable Law, Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement, any other Facility Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby, any Advance or the use of the proceeds thereof and
(ii)&nbsp;other than with respect to any third party claims for which Borrower has indemnification obligation pursuant to <B><I>Subsection (b)</I></B>&nbsp;of this Section, to the fullest extent permitted by applicable Law, Lender shall not assert,
and hereby waives, any claim against Borrower, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any
other Facility Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Advance or the use of the proceeds thereof. No Indemnitee referred to in <B><I>Subsection (b)</I></B>&nbsp;of this
Section shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this
Agreement or the other Facility Documents or the transactions contemplated hereby or thereby. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Payments</U>. All amounts due under
this Section shall be payable not later than ten Business Days after notice from Lender setting forth the amount of expenses or losses Lender has incurred. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Survival</U>. The agreements in this Section shall survive the termination of the Facility and the repayment, satisfaction or discharge
of all other Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.05 Payments Set Aside</B>. To the extent that any payment by or on behalf of Borrower is made to
Lender, or Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement
entered into by Lender) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then to the extent of such recovery, the obligation or part thereof originally intended to be
satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.06 Assignments and Participations.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Assignments</U>. Lender may, with prior notice to and consent of Borrower (which consent will not be unreasonably withheld or delayed),
assign to any Person all or a portion of its respective rights and obligations under this Agreement (including all or a portion of the Advances); <U>provided</U>, <U>however</U>, that no such prior notice or consent shall be required if (i)&nbsp;the
assignment is to an Affiliate of Lender or (ii)&nbsp;an Event of Default shall have occurred. Borrower may not assign its rights and Obligations under this Agreement or any other Facility Document, or any portion thereof, without the prior written
consent of Lender. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Participations</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Lender may at any time, without the consent of, or notice to, Borrower, sell participations to any Affiliate (each, a
&#147;<B><I>Participant</I></B>&#148;), but no other Person, in all or a portion of Lender&#146;s rights and/or obligations under this Agreement (including all or a portion of its commitment and/or the Advances owing to it); <U>provided</U> that
(i)&nbsp;Lender&#146;s obligations under this Agreement shall remain unchanged, (ii)&nbsp;Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii)&nbsp;Borrower shall continue to deal
solely and directly with Lender in connection with Lender&#146;s rights and obligations under this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 32 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Any agreement or instrument pursuant to which Lender sells such a
participation shall provide that Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; <U>provided</U> that such agreement or instrument may provide that
Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification of any provision of this Agreement the effect of which would (A)&nbsp;postpone any date fixed by this Agreement for the payment of
principal, interest, fees or other amounts due to Lender hereunder, (B)&nbsp;reduce the principal of, or the rate of interest specified on, any Advance or any fees or other amounts payable hereunder; <U>provided</U> <U>however</U>, that only the
consent of Lender shall be necessary to (1)&nbsp;amend <B><I>Section&nbsp;2.03(b) </I></B>or waive any obligation of Borrower to pay interest at the rate specified in <B><I>Section&nbsp;2.03(b)</I></B> or (2)&nbsp;to amend any covenant hereunder (or
an defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Advance or to reduce any fee payable hereunder, or (C)&nbsp;release all or substantially all of the Collateral. Subject to the
succeeding <B><I>clause (iii)</I></B>, Borrower agrees that each Participant, through the participating Lender, shall be entitled to the benefits of <B><I>Sections 2.08</I></B> and <B><I>2.09</I></B> to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to this Section. To the extent permitted by Law, each Participant also shall be entitled to the benefits of <B><I>Section&nbsp;8.13</I></B> as though it were a Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) A Participant shall not be entitled to receive any greater payment under either
<B></B><B><I>Section&nbsp;2.08</I></B><B></B> or <B></B><B><I>2.09</I></B><B></B> than Lender would have been entitled to receive under each respective section with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with Borrower&#146;s prior written consent. A Participant shall not be entitled to the benefits of <B></B><B><I>Section&nbsp;2.09</I></B><B></B> until Borrower is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of Borrower, to comply with <B></B><B><I>Section&nbsp;2.09</I></B><B></B> as though it were a Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.07 Governing Law; Submission to Jurisdiction</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Governing Law</U>. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York, without
giving effect to its conflict of laws provisions other than <FONT STYLE="white-space:nowrap">Section&nbsp;5-1401</FONT> or <FONT STYLE="white-space:nowrap">5-1402</FONT> of the New York General Obligations Law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Submission to Jurisdiction</U>. Borrower irrevocably and unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of the United States District Court of the Southern District of the State of New York, and all appropriate appellate courts or, if jurisdiction in such court is lacking, any New York State court of competent jurisdiction sitting in New
York (and all appropriate appellate courts), in any action or proceeding arising out of or relating to this Agreement or any other Facility Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable Law, in such Federal court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Facility Document
shall affect any right that Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Facility Document against Borrower or its properties in the courts of any jurisdiction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Waiver of Venue</U>. Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent permitted by applicable
Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Facility Document in any court referred to in the first full sentence of
<B><I>Subsection (b)</I></B>&nbsp;of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any
such court. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 33 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Service of Process</U>. Each party hereto irrevocably consents to service of process in
the manner provided for notices in <B><I>Section&nbsp;8.02(a)</I></B>. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable Law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>WAIVER OF JURY TRIAL</U>. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND (B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER FACILITY DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SUBSECTION. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.08 Severability</B>. In case any provision in this Agreement or any other Facility Document shall be held to be invalid, illegal
or unenforceable, such provision shall be severable from the rest of this Agreement or such other Facility Document, as the case may be, and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
impaired thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.09 Counterparts; Integration; Effectiveness; Electronic Execution. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Counterparts; Integration; Effectiveness</U>. This Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Except as provided in <B><I>Article III</I></B>, this Agreement shall become effective when it shall have
been executed by Lender and when Lender shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by
telecopier shall be effective as delivery of a manually executed counterpart of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Electronic Execution of
Assignments</U>. The words &#147;execution,&#148; &#147;signed,&#148; and &#147;signature&#148; shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity
or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state Laws based on the Uniform Electronic Transactions Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.10 Survival of Representations</B>. All representations and warranties made hereunder and in any other Facility Document or other
document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by Lender, regardless of any
investigation made by Lender or on its behalf and notwithstanding that Lender may have had notice or knowledge of any Default or Event of Default at the time of any Advance and shall continue in full force and effect as long as any Advance or any
other Obligation hereunder shall remain unpaid or unsatisfied. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 34 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.11 Confidentiality. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Lender agrees to maintain the confidentiality of the Confidential Information, except that Confidential Information may be disclosed
(i)&nbsp;to Lender&#146;s Affiliates and its and their respective partners, directors, officers, employees, agents, advisors and other representatives who need to know such Confidential Information in relation to the transactions contemplated by
this Agreement (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Confidential Information and instructed to keep such Confidential Information confidential), (ii) to the extent
requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority), (iii) to the extent required by applicable Law or regulations or by any subpoena or similar legal process, (iv)&nbsp;in
connection with the exercise of any remedies hereunder or under any other Facility Document or any action or proceeding relating to this Agreement or any other Facility Document or the enforcement of rights hereunder or thereunder, (v)&nbsp;subject
to an agreement containing provisions substantially the same as those of this Section, to any permitted assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement,
(vi)&nbsp;with the consent of Borrower or (vii)&nbsp;to the extent such Confidential Information (X)&nbsp;becomes publicly available other than as a result of a breach of this Section or (Y)&nbsp;becomes available to Lender or any of its Affiliates
on a nonconfidential basis from a source other than Borrower. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Borrower agrees to maintain the confidentiality of the content of
<B><I>Schedule II</I></B>, except that such content may be disclosed (i)&nbsp;to its Investment Adviser, each of its and its Investment Adviser&#146;s directors, officers, employees, agents, advisors and other representatives who need to know the
contents of <B><I>Schedule II</I></B> in relation to the transactions contemplated by this Agreement (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Schedule and instructed to
keep such Schedule confidential), (ii) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority), (iii) to the extent required by applicable Law or regulations or by any
subpoena or similar legal process, or (iv)&nbsp;with the consent of Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.12 No Advisory or Fiduciary Relationship</B>. In
connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Facility Document), Borrower acknowledges and agrees that: (a)&nbsp;the Facility
provided by Lender is <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transactions between Borrower and its Affiliates, on the one hand, and Lender and its Affiliates, on the other hand, (b)&nbsp;Borrower has consulted its own
legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (c)&nbsp;Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the
other Facility Documents. Borrower acknowledges that Lender&#146;s Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of Borrower or its Affiliates, and Lender&#146;s Affiliates have no
obligation to disclose any of such interests to Borrower or its Affiliates. To the fullest extent permitted by law, Borrower hereby waives and releases any claims that it may have against Lender or Lender&#146;s Affiliates with respect to any breach
or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.13
Judgment Currency</B>. If a judgment, order or award is rendered by any court or tribunal for the payment of any amounts owing to Lender under this Agreement or any other Facility Document or for the payment of damages in respect of a judgment or
order of another court or tribunal for the payment of such amount or damages, such judgment, order or award being expressed in a currency (the &#147;<B><I>Judgment Currency</I></B>&#148;) other than Dollars, Borrower agrees (a)&nbsp;that its
obligations in respect of any such amounts owing shall be discharged only to the extent that on the Business Day following Lender&#146;s receipt of any sum adjudged in the Judgment Currency, Lender may purchase Dollars with the Judgment Currency,
and (b)&nbsp;to indemnify and hold harmless Lender against any deficiency in terms of Dollars in the amounts actually received by Lender following any such purchase (after deduction of any premiums and costs of exchange </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 35 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">payable in connection with the purchase of, or conversion into, Dollars). The indemnity set forth in the
preceding sentence shall (notwithstanding any judgment referred to in the preceding sentence) constitute an Obligation of Borrower separate and independent from its other Obligations hereunder, shall apply irrespective of any indulgence granted by
Lender, and shall survive the termination of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.14 Headings Descriptive</B>. The headings of the sections and
subsections of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.15 USA PATRIOT Act Notice</B>. Lender hereby notifies Borrower that pursuant to the requirements of the USA PATRIOT Act (Title
III of Pub. L. <FONT STYLE="white-space:nowrap">107-56</FONT> (signed into law October&nbsp;26, 2001)) (the &#147;<B><I>Act</I></B>&#148;), Lender is required to obtain, verify and record information that identifies Borrower, which information
includes the name and address of Borrower and other information that will allow Lender to identify Borrower in accordance with the Act. Borrower agrees to promptly provide Lender with all of the information requested by Lender to the extent Lender
deems such information reasonably necessary to identify Borrower in accordance with the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8.16 Entire Agreement</B>. This
Agreement and the other Facility Documents constitute the entire agreement between the parties hereto relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, between the parties hereto
relating to the subject matter hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[END OF TEXT] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 36 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective officers or representatives thereunto duly authorized, as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>BORROWER</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>WESTERN ASSET HIGH INCOME FUND II INC.</B>, as Borrower</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jane E. Trust</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Name: Jane E. Trust</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Title: Chairman, President and Chief</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Executive Officer</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Additional signature page follows] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Signature Page to Loan Agreement </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>LENDER</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BANK OF AMERICA, N.A.</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael Balbick</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Michael Balbick</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Signature Page to Loan Agreement </I></B></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(4)
<SEQUENCE>4
<FILENAME>d406551dex99k4.htm
<DESCRIPTION>EX-99.(K)(4)
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.(k)(4)</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Execution Version </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIRST AMENDMENT TO MARGIN LOAN AND SECURITY AGREEMENT </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This First Amendment to Margin Loan
and Security Agreement (this <B>&#147;</B><B><I>Amendment</I></B><B>&#148;</B>) is executed as of October&nbsp;6, 2022, by and between Western Asset High Income Fund II Inc., a Maryland corporation registered as a diversified, <FONT
STYLE="white-space:nowrap">closed-end</FONT> management investment company (&#147;<B><I>Borrower</I></B>&#148;), and Bank of America, N.A. (&#147;<B><I>Lender</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Borrower and Lender have previously entered into that certain Margin Loan and Security Agreement dated as of May&nbsp;6, 2022 (the
&#147;<B><I>Loan Agreement</I></B>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Borrower and Lender have agreed to make certain amendments to the Loan Agreement
as more particularly set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the covenants set forth in this Amendment, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree that the Loan Agreement is hereby amended and modified as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1</B>. <B><U>Definitions</U></B>. All capitalized terms used herein but not defined herein shall have the meaning ascribed
thereto in the Loan Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><I>&nbsp;</I><B>2</B><I></I><B>. </B><B><U>Amendments to Loan Agreement</U></B>. The
reference to &#147;75%&#148; in <B><I>clause (iv)</I></B><I></I>&nbsp;of the definition of Corporate Bond set forth on <B><I>Schedule I</I></B> of the Loan Agreement is hereby deleted and replaced with &#147;70%&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3</B>. <B><U>Conditions to this Amendment</U></B>. This Amendment shall be effective upon satisfaction of the following
conditions precedent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Lender shall have received duly executed counterparts of this Amendment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) No Default or Event of Default shall exist under the Loan Documents or would result from the execution of this Amendment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The representations and warranties of Borrower contained in <B><I>Article IV</I></B> of the Loan Agreement shall be true and correct in all
material respects as of the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4</B>. <B><U>Acknowledgment, Ratification and Reaffirmation of
Obligations</U></B>. Borrower hereby acknowledges and reaffirms its Obligations under the Loan Agreement and the other Loan Documents, as modified by this Amendment, and ratifies and confirms the continued effectiveness of the Loan Agreement and the
other Loan Documents, as modified by this Amendment. Except as modified hereby, the Loan Agreement and each of the other Loan Documents remains unmodified and in full force and effect and the valid, binding and enforceable obligations of Borrower,
subject to applicable bankruptcy, insolvency and similar laws affecting the rights of creditors generally, and general principles of equity. All terms, covenants and conditions of the Loan Agreement and the other Loan Documents, in each case as
amended by this Amendment, arc hereby ratified and confirmed in all respects by Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5</B>. <B><U>No Claims; Offsets
or Defenses</U></B>. Borrower hereby acknowledges and agrees that, as of the date hereof, no such party has any existing defenses (other than the defenses of actual payment and performance), counterclaims, offsets, cross-complaints, causes of
action, claims or demands of any kind or nature whatsoever, in each case with respect to causes of action, claims or demands known to such party as of the date hereof, against Lender, any loan participant, any servicer or any of their respective
affiliates (including, without limitation, any usury or lender liability claims or defenses) arising out of the Obligations or the Loan Documents or, in connection with the Obligations. Borrower further acknowledges that any such claim is hereby,
fully, finally and irrevocably released by Borrower. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6</B>. <B><U>No Oral Modification</U></B>. This Amendment may not be amended
except pursuant to a written agreement executed by all of the parties hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;7</B>. <B><U>Binding Upon Successors and
Assigns</U></B>. This Amendment shall inure to the benefit of, and shall be binding upon, the parties hereto and their respective successors and permitted assigns under the Loan Agreement, as amended hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;8</B>. <B><U>Headings</U></B>. The headings of the sections and subsections of this Amendment are for convenience of reference
only and shall not be considered a part hereof nor shall they be deemed to limit or otherwise affect any of the terms or provisions hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9</B>. <B><U>Validity of Provisions</U></B>. Any provision of this Amendment which may prove unenforceable under law shall not
affect the validity of the other provisions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;10</B>. <B><U>Conflicting Provisions</U></B>. In the event of any
conflict between this Amendment and the terms of the Loan Agreement or any of the other Loan Documents, the terms of this Amendment shall govern and control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;11</B>. <B><U>No Waiver</U></B>. Nothing contained in this Amendment shall be construed as a waiver by Lender of (i)&nbsp;any
rights or remedies available to Lender pursuant to the Loan Agreement or any of the other Loan Documents or (ii)&nbsp;any past, present or future breach or default on the part of Borrower under the Loan Agreement or the other Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;12</B>. <B><U>Authorization and Power</U></B>. Borrower has the full power and requisite authority to execute, deliver and
perform its obligations under this Amendment and any other document executed by Borrower in connection herewith and is duly authorized to, and has taken all action necessary to authorize it to, execute, deliver and fully perform its obligations
under this Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;13</B>. <B><U>Valid and Binding Obligations</U></B>. This Amendment constitutes legal, valid and
binding obligations of Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting the rights of creditors generally, and general principles of equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;14</B>. <B><U>Consents, Etc</U></B>. No consent, approval, authorization or order of any court or Governmental Authority or
any third party is required in connection with the execution and delivery by Borrower of this Amendment or to consummate the transactions contemplated hereby, which consent has not been obtained. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;15</B>. <B><U>Conforming Modifications</U></B>. This Amendment modifies and amends the Loan Agreement and the other Loan
Documents. This Amendment shall constitute a &#147; Loan Document&#148; as that term is defined in the Loan Agreement. References made in the Loan Agreement or any Loan Document to any other Loan Document shall be to such documents as modified by
this Amendment (as applicable) and references therein to terms defined in the Loan Agreement or the other Loan Documents shall be to terms defined therein as modified by this Amendment (as applicable). Except as specifically modified and amended
hereby, all other terms, conditions, and covenants contained in the Loan Agreement and the other Loan Documents shall remain unmodified and in full force and effect and the valid, binding and enforceable obligations of Borrower, subject to
applicable bankruptcy, insolvency and similar laws affecting the rights of creditors generally, and general principles of equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;16</B>. <B><U>Counterparts; Electronic Signatures</U></B>. This Amendment may be executed in one or more counterparts with the
same effect as if all parties hereto had signed the same document. All such counterparts shall be construed together and shall constitute one instrument, but in making proof hereof it shall only be necessary to produce one such counterpart. This
Amendment shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 2 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
by means of: (a)&nbsp;an original manual signature; (b)&nbsp;a faxed, scanned, or photocopied manual signature, or (c)&nbsp;any other electronic signature permitted by the Federal Electronic
Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code, in each case to the
extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto
shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or
otherwise verify the validity or authenticity thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;17</B>. <B><U>Further Assurances</U></B>. Borrower agrees to
execute, acknowledge, deliver, file, record and publish, at its sole cost and expense, such further reasonable certificates, amendments, legal opinions, instruments and documents, and do all such other reasonable acts and things as may be required
by law, or as may be reasonably requested by Lender from time to time, to carry out the intent and purposes of this Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;18</B>. <B><U>Governing Law</U></B>. This Amendment shall be subject to the provisions of <B><I>Section 8.07</I></B> of the
Loan Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;19</B>. <B><U>Entire Agreement</U></B>. This Amendment, the Loan Agreement, the other Loan Documents and
the documents executed and delivered by Borrower in connection herewith constitute the entire agreement among the parties with respect to the subject matter hereof, and all understandings (oral or written) and agreements heretofore had among the
parties are merged in or contained in this Amendment and such documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature page follows] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Page 3 </I></B></P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
duly authorized representatives as of the date first written Above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>BORROWER</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>WESTERN ASSET HIGH INCOME FUND II INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jane Trust</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jane Trust</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President and CEO</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>LENDER</U>:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>BANK OF AMERICA, N.A.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael Balbick</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Michael Balbick</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Signature Page to First Amendment to Margin Loan and Security Agreement </I></B></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(L)(1)
<SEQUENCE>5
<FILENAME>d406551dex99l1.htm
<DESCRIPTION>EX-99.(L)(1)
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.(l)(1)</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LETTERHEAD OF VENABLE LLP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">December&nbsp;9, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Western Asset High Income
Fund II Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">620 Eighth Avenue, 47<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10018 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2:</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">1933 Act File No.: <FONT STYLE="white-space:nowrap">333-261721</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">1940 Act File No.: <FONT STYLE="white-space:nowrap">811-08709</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We have served as
Maryland counsel to Western Asset High Income Fund II Inc., a Maryland corporation registered under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), as a <FONT STYLE="white-space:nowrap">closed-end</FONT> management
investment company (the &#147;Company&#148;), in connection with certain matters of Maryland law arising out of the issuance of shares (the &#147;Shares&#148;) of common stock, $0.001 par value per share (the &#147;Common Stock&#148;), of the
Company having an aggregate sales price of up to $143,970,507, covered by the above-referenced Registration Statement, and all amendments thereto (the &#147;Registration Statement&#148;), filed by the Company with the United States Securities and
Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;), and the 1940 Act. The Shares are to be issued from time to time in public offerings at market or negotiated prices pursuant to
a Prospectus Supplement, dated December 9, 2022 (the &#147;Prospectus Supplement&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In connection with our representation of the
Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the &#147;Documents&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. The Registration Statement and the related form of prospectus included therein; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. The Prospectus Supplement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.
The charter of the Company (the &#147;Charter&#148;), certified by the State Department of Assessments and Taxation of Maryland (the &#147;SDAT&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4. The Third Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5. A certificate of the SDAT as to the good standing of the Company, dated as of a recent date; </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Western Asset High Income Fund II Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 9, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6. Resolutions (the &#147;Resolutions&#148;) adopted by the Board of Directors of the
Company, and a duly authorized committee thereof, relating to the registration and issuance of the Shares, certified as of the date hereof by an officer of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7. A certificate executed by an officer of the Company, dated as of the date hereof; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8. Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the
assumptions, limitations and qualifications stated herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In expressing the opinion set forth below, we have assumed the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. Each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3. Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the
Documents to which such party is a signatory, and such party&#146;s obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4. All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not
differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all such
Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral or
written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5. Upon any issuance of the Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number of
shares of Common Stock that the Company is then authorized to issue under the Charter. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Western Asset High Income Fund II Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 9, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Based upon the foregoing, and subject to the assumptions, limitations and qualifications
stated herein, it is our opinion that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. The Company is a corporation duly incorporated and existing under and by virtue of the laws of
the State of Maryland and is in good standing with the SDAT. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. The issuance of the Shares has been duly authorized and, when issued and
delivered by the Company pursuant to the Resolutions and the Registration Statement against payment of the consideration set forth therein, the Shares will be validly issued, fully paid and nonassessable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning any other law. We
express no opinion as to the applicability or effect of the 1940 Act or other federal securities laws, or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the
matters expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the
filing of this opinion as an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section&nbsp;7 of the
1933 Act. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">/s/ Venable LLP</P></TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
