<SEC-DOCUMENT>0001104659-25-115015.txt : 20251121
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<ACCEPTANCE-DATETIME>20251121162207
ACCESSION NUMBER:		0001104659-25-115015
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20251121
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251121
DATE AS OF CHANGE:		20251121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Global Dynamic Dividend Fund
		CENTRAL INDEX KEY:			0001362481
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21901
		FILM NUMBER:		251508289

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN GLOBAL DYNAMIC DIVIDEND FUND
		DATE OF NAME CHANGE:	20180508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALPINE GLOBAL DYNAMIC DIVIDEND FUND
		DATE OF NAME CHANGE:	20060511
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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>


<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section 13 or 15(d)</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>of the Securities Exchange Act of 1934</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of earliest event reported)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified in its
charter)</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Former name or former address, if changed since
last report.)</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form&#160;8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&#160;12(b)&#160;of the Act:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities
Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with new or revised financial accounting standards provided pursuant
to Section&#160;13(a)&#160;of the Exchange Act.&#160;<span style="font-family: Wingdings">&#168;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></p>


<p style="margin: 0"></p>


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<p style="margin: 0">&#160;</p>


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</div><p style="margin: 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item 1.01.</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Entry into a Material Definitive Agreement.</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">On November&#160;21, 2025,
abrdn Global Dynamic Dividend Fund (NYSE: AGD) (the &#8220;Fund&#8221;) entered into a distribution agreement (the &#8220;Distribution
Agreement&#8221;) with ALPS Distributors,&#160;Inc. (the &#8220;Distributor&#8221;), pursuant to which the Fund may offer and sell up
to $25,000,000 of common shares of beneficial interest with no par value (&#8220;Common Shares&#8221;), from time to time through the
Distributor, in transactions deemed to be &#8220;at the market&#8221; as defined in Rule&#160;415 under the Securities Act of 1933, as
amended (the &#8220;Offering&#8221;). Under the Investment Company Act of 1940, as amended, the Fund may not sell any Common Shares at
a price below the current net asset value of such common shares, exclusive of any distributing commission or discount.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Distribution
Agreement, the Distributor may enter into sub-placement agent agreements with one or more selected dealers. The Distributor has entered
into a sub-placement agent agreement, dated November&#160;21, 2025 (the &#8220;Sub-Placement Agent Agreement&#8221;), with UBS Securities
LLC (the &#8220;Sub-Placement Agent&#8221;) relating to the Common Shares to be offered under the Distribution Agreement.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Offering is being made pursuant a prospectus
supplement, dated November&#160;21, 2025 and the accompanying prospectus, dated October&#160;30, 2025, each of which constitute part of
the Fund&#8217;s effective shelf registration statement on Form&#160;N-2 (File No.&#160;333-290833) previously filed with the Securities
and Exchange Commission (the &#8220;Registration Statement&#8221;).</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing descriptions of the Distribution
Agreement and the Sub-Placement Agent Agreement do not purport to be complete and are qualified in their entirety by reference to the
full text of the Distribution Agreement filed with this report as Exhibit&#160;1.1 and incorporated herein by reference, and the full
text of the Sub-Placement Agent Agreement filed with this report as Exhibit&#160;1.2 and incorporated herein by reference.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 1in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item 8.01.</b></span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Events</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">On November&#160;21, 2025,
the Fund commenced the Offering pursuant to the Fund&#8217;s Registration Statement. A copy of the opinion of Dechert LLP relating to
the legality of the Common Shares is filed as Exhibit&#160;5.1 to this report.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">The Fund incorporates by reference the exhibits
filed herewith into the Registration Statement.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Additionally, effective August&#160;1, 2025, Ruairidh
Finlayson left the Fund&#8217;s adviser and ceased serving as one of the portfolio managers having primary responsibility for the day-to-day
management of the Fund's portfolio. Josh Duitz, Martin Connaghan and Andrew Kohl are jointly and primarily responsible for the day-to-day
management of the Fund&#8217;s portfolio.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 1in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item 9.01</b></span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Statements and Exhibits. </b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(d)</i></span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration:underline">Exhibits</span></i></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><a href="tm2523786d7_ex1-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1 </span></a></td>
    <td><a href="tm2523786d7_ex1-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution Agreement between the Registrant and ALPS Distributors,&#160;Inc.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><a href="tm2523786d7_ex1-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2 </span></a></td>
    <td><a href="tm2523786d7_ex1-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sub-Placement Agent Agreement between ALPS Distributors,&#160;Inc. and UBS Securities LLC</span></a></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><a href="tm2523786d7_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</span></a></td>
    <td><a href="tm2523786d7_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Dechert LLP</span></a></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><a href="tm2523786d7_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</span></a></td>
    <td><a href="tm2523786d7_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Dechert LLP (included in Exhibit&#160;5.1)</span></a></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>104</td>
    <td>Cover Page Interactive Data File (embedded within the Inline XBRL document)</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&#160;</p><div>




</div><p style="margin: 0"></p><div>


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    </div><!-- Field: /Page --><div>


</div><p style="margin: 0">&#160;</p><div>


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</div><p style="margin: 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURE</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr>
<td style="vertical-align: top">&#160;</td>
<td colspan="2" style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">abrdn Global Dynamic Dividend Fund</span></td></tr>
<tr>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td></tr>
<tr>
<td style="vertical-align: top; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: November&#160;21,
2025</span></td>
<td style="vertical-align: bottom; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 45%">/s/ Robert Hepp</td></tr>
<tr>
<td style="vertical-align: top">&#160;</td>
<td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
<td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Hepp</span></td></tr>
<tr>
<td style="vertical-align: top">&#160;</td>
<td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
<td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</span></td></tr>
</table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




</div><p style="margin: 0"></p><div>


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</div><p style="margin: 0">&#160;</p><div>


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<DOCUMENT>
<TYPE>EX-1.1
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<FILENAME>tm2523786d7_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DISTRIBUTION AGREEMENT</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This DISTRIBUTION AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;)
made as of November&nbsp;21, 2025 by and between abrdn Global Dynamic Dividend Fund, a Delaware statutory trust (the &ldquo;<U>Fund</U>&rdquo;),
and ALPS Distributors,&nbsp;Inc., a Colorado corporation (the &ldquo;<U>Distributor</U>&rdquo;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>WITNESSETH</U>:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Fund is registered under the Investment
Company Act of 1940, as amended, and the rules&nbsp;and regulations thereunder (collectively, the &ldquo;<U>Investment Company Act</U>&rdquo;),
as a diversified, closed-end, management investment company;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Fund has filed a registration statement
on Form&nbsp;N-2 pursuant to the Investment Company Act and the Securities Act of 1933, as amended, and the rules&nbsp;and regulations
thereunder (collectively, the &ldquo;<U>Securities Act</U>&rdquo;), to register common shares of beneficial interest, no par value, of
the Fund (the &ldquo;<U>Common Shares</U>&rdquo;), which may be issued and sold from time to time through various specified transactions,
including at-the-market (&ldquo;<U>ATM</U>&rdquo;) offerings pursuant to Rule&nbsp;415 under the Securities Act;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Distributor is registered as a broker-dealer
under the provisions of the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations thereunder (collectively,
the &ldquo;<U>Exchange Act</U>&rdquo;), and is a member in good standing of the Financial Industry Regulatory Authority,&nbsp;Inc. (&ldquo;<U>FINRA</U>&rdquo;);
and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Fund and the Distributor wish to enter
into a distribution agreement with each other with respect to ATM offerings, from time to time, of the Common Shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW THEREFORE, the parties agree as follows:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1.&nbsp; <U>Appointment of the Distributor;
ATM Offerings</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Subject to the terms and conditions of this Agreement, the Fund hereby appoints the Distributor as its principal underwriter and placement
agent for the Common Shares of the Fund having an aggregate offering price of up to $25,000,000 to be offered pursuant to the registration
statement on Form&nbsp;N-2 (File No.&nbsp;333-290833 and 811-21901), filed by the Fund under the Securities Act and the Investment Company
Act (the &ldquo;Registration Statement&rdquo;) through ATM offerings from time to time (the &ldquo;<U>Shares</U>&rdquo;) and the Fund
agrees that it will issue such Shares as the Distributor may sell. The Distributor agrees to enter into sub-placement&nbsp; agent agreements
with selected dealers (&ldquo;Sub-Placement Agent Agreements&rdquo;), each of whom shall be registered as a broker-dealer under the provisions
of the Exchange Act and a member in good standing of FINRA who will use reasonable efforts to identify opportunities for the sale of Shares
(each, a &ldquo;<U>sub-placement agent</U>&rdquo;), but neither the Distributor nor any sub-placement agent is obligated to sell any specific
number of the Shares (though the Distributor will only be authorized to sell on any Offering Date (as defined herein) the maximum number
of Shares agreed to with the Fund pursuant to Section&nbsp;1(d)&nbsp;hereof). The Distributor will not purchase any Shares for its own
account. The Shares will only be sold on such days as shall be agreed to by the Distributor and the Fund (each, an &ldquo;<U>Offering
Date</U>&rdquo;). The Distributor hereby accepts such appointment.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor acknowledges that Shares will be offered and sold only as set forth from time to time in the Registration Statement including,
without limitation, pricing of Shares, handling of investor funds and payment of sales commissions.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund may suspend or terminate any ATM offering of its Shares at any time. Upon notice to the Distributor of the terms of such suspension
or termination, the Distributor shall suspend the ATM offering of Shares in accordance with such terms until the Fund notifies the Distributor
that such ATM offering may be resumed; <U>provided</U>, <U>however</U>, that such suspension or termination shall not affect or impair
the parties&rsquo; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The price per Share shall be determined by the Fund together with the Distributor or any sub-placement agent by reference to trades in
the Common Shares on the primary exchange for the Common Shares. In no&nbsp;event shall the price per Share be less than the then current
net asset value per Common Share (which net asset value shall be determined as of a time within twenty-four hours, excluding Sundays and
holidays, next preceding the time of such determination) plus the per Share amount of the commission to be paid to the Distributor (the
 &ldquo;<U>Minimum Price</U>&rdquo;). The Fund may establish a minimum sales price per Share on any Offering Date in excess of the Minimum
Price (the &ldquo;<U>Minimum Sales Price</U>&rdquo;), and the Fund shall communicate such Minimum Sales Price to the Distributor. The
Fund shall have sole discretion to establish a Minimum Sales Price for any Offering Date and may consider, among other factors, the degree
to which the market price per Common Share exceeds the Fund&rsquo;s net asset value per Common Share, and the amount of assets the Fund
desires to raise through ATM offerings. The Distributor shall suspend the sale of Shares if the per share price of the Shares is less
than the Minimum Price or the Minimum Sales Price. The Distributor or any sub-placement agent shall, together with the Fund, determine
the maximum number of Shares to be sold through the Distributor or through such sub-placement agent for any Offering Date, and the Distributor
or such sub-placement agent shall not be authorized to sell Shares on any Offering Date in excess of such maximum.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor will confirm to the Fund, following the close of trading on the Fund&rsquo;s primary exchange on each Offering Date for
the Shares, the number of Shares sold through the Distributor and through any sub-placement agent, the time of sale, the gross sales price
per Share and the compensation payable to the Distributor and such sub-placement agent, or to which the Distributor and such sub-placement
agent are entitled with respect to such sales. The Fund reserves the right to reject any order in whole or in part.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
Settlement for sales of the Shares pursuant to this Section&nbsp;1 will occur on the business day following the date on which such sales
are made (each such day, a &ldquo;<U>Settlement Date</U>&rdquo;), unless otherwise agreed to in writing by the parties hereto. On each
Settlement Date, the Shares sold through the Distributor and through any sub-placement agent for settlement on such date shall be delivered
by the Fund at the Distributor&rsquo;s request to such sub-placement&nbsp; agent&rsquo;s account at The Depository Trust Company through
its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties, against
payment of the gross sales proceeds for the sale of such Shares, less the sales commission to be paid to the Distributor and such sub-placement
agent.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
In selling Shares, the Distributor shall act solely as an agent of the Fund and not as principal.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.&nbsp; <U>Representations and Warranties
by the Fund</U>. The Fund represents, warrants to and agrees with the Distributor, as of the date hereof and as of each Offering Date
and Settlement Date, that:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Registration Statement (i)&nbsp;has been prepared by the Fund in conformity with the requirements of the Securities Act and the Investment
Company Act in all material respects; (ii)&nbsp;has been filed with the U.S. Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
under the Securities Act and the Investment Company Act; and (iii)&nbsp;heretofore became, and is, effective; the Registration Statement
sets forth the terms of the offering, sale and plan of distribution of the Shares and contains additional information concerning the Fund
and its business; no&nbsp;stop order of the Commission preventing or suspending the use of the Basic Prospectus (as defined herein), the
Prospectus Supplement (as defined herein) or the Prospectus (as defined herein), or the effectiveness of the Registration Statement, has
been issued, and no&nbsp;proceedings for such purpose have been instituted or, to the Fund&rsquo;s knowledge, have been threatened by
the Commission. Except where the context otherwise requires, &ldquo;<U>Registration Statement</U>,&rdquo; as used herein, means, collectively,
the various parts of the Registration Statement pertaining to the offering and sale of the Shares, as amended at the time of effectiveness
for purposes of Section&nbsp;11 of the Securities Act (the &ldquo;<U>Effective Time</U>&rdquo;), as such section applies to the Distributor,
including (1)&nbsp;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, and (2)&nbsp;any
information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the
Securities Act, to the extent such information is deemed to be part of the registration statement at the Effective Time. &ldquo;<U>Basic
Prospectus</U>,&rdquo; as used herein, means the final prospectus filed as part of the Registration Statement, including the related statement
of additional information, together with any amendments or supplements thereto as of the date of this Agreement. Except where the context
otherwise requires, &ldquo;<U>Prospectus Supplement</U>,&rdquo; as used herein, means the final prospectus supplement, including the related
statement of additional information, relating to the Shares, filed by the Fund with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under
the Securities Act, in the form furnished by the Fund to the Distributor in connection with the offering of the Shares. Except where the
context otherwise requires, &ldquo;<U>Prospectus</U>,&rdquo; as used herein, means the Prospectus Supplement together with the Basic Prospectus
attached to or used with the Prospectus Supplement. Any reference herein to the Registration Statement, the Basic Prospectus, the Prospectus
Supplement or the Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be
incorporated by reference, therein.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund is duly registered under the Investment Company Act as a closed-end management investment company. A notification of registration
of the Fund as an investment company under the Investment Company Act on Form&nbsp;N-8A (the &ldquo;<U>Investment Company Act Notification</U>&rdquo;)
has been prepared by the Fund in conformity with the Investment Company Act and has been filed with the Commission and, at the time of
filing thereof and at the time of filing any amendment or supplement thereto, conformed in all material respects with all applicable provisions
of the Investment Company Act. The Fund has not received any notice in writing from the Commission pursuant to Section&nbsp;8(e)&nbsp;of
the&#8239;Investment Company Act with respect to the Investment Company Act Notification
or the Registration Statement (or any amendment or supplement to either of them). No&nbsp;person is serving or acting as an officer, trustee
or investment adviser of the Fund except in accordance with the provisions of the Investment Company Act, provided that for purposes of
the foregoing representation with respect to officers of the Fund and the members of the board of trustees of the Fund (the &ldquo;Board&rdquo;),
the Fund shall be entitled to rely on representations from such officers and trustees.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Registration Statement, the Investment Company Act Notification and the Prospectus, as from time to time amended or supplemented,
each complied when it became effective or was filed (as the case may be), complies as of the date hereof and, as amended or supplemented,
will comply, at each time of purchase of Shares in connection with the ATM offerings, and at all times during which a prospectus is required
by the Securities Act to be delivered in connection with any sale of Shares, in all material respects, with the requirements of the Securities
Act and the Investment Company Act; the Registration Statement did not, as of the Effective Time, 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 not misleading; at no&nbsp;time
during the period that begins on the earlier of the date of the Basic Prospectus and the date the Basic Prospectus was filed with the
Commission and ends at the later of the time of purchase of Shares in connection with the ATM offerings, and the end of the period during
which a prospectus is required by the Securities Act to be delivered in connection with any sale of Shares did or will the Prospectus,
as from time to time amended or supplemented, include an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <U>provided</U>,
<U>however</U>, that the Fund does not make any representation or warranty with respect to any statement contained in the Registration
Statement, the Basic Prospectus or the Prospectus in reliance upon and in conformity with information furnished in writing by the Distributor
or any sub-placement&nbsp; agents, or on the Distributor&rsquo;s or any sub-placement&nbsp; agent&rsquo;s behalf, to the Fund expressly
for use in the Registration Statement or the Prospectus (the &ldquo;<U>Agent Provided Information</U>&rdquo;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The financial statements incorporated by reference in the Registration Statement or the Prospectus, together with the related notes and
schedules, present fairly in all material respects the financial position of the Fund as of the dates indicated and the results of operations,
cash flows and changes in shareholders&rsquo; equity of the Fund for the periods specified and have been prepared in compliance in all
material respects with the requirements of the Securities Act, the Investment Company Act and the Exchange Act, and in conformity in all
material respects with U.S. generally accepted accounting principles applied on a consistent basis during the periods involved; the other
financial and statistical data contained or incorporated by reference in the Registration Statement or the Prospectus are accurately and
fairly presented, in all material respects, and prepared on a basis consistent with the financial statements and books and records of
the Fund in all material respects; there are no&nbsp;financial statements that are required to be included or incorporated by reference
in the Registration Statement, the Basic Prospectus or the Prospectus by the Securities Act, the Investment Company Act or the Exchange
Act that are not included or incorporated by reference as required; and the Fund does not have any material liabilities or obligations,
direct or contingent (including any off-balance sheet obligations), not described in the Registration Statement (excluding the exhibits
thereto).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
As of the date of this Agreement, the Fund has an authorized and outstanding capitalization as set forth in the Registration Statement,
the Basic Prospectus and the Prospectus and, with respect to any issuance and sale under this Agreement, the Fund shall have as of the
date of the most recent amendment or supplement to the Registration Statement or Prospectus, an authorized and outstanding capitalization
as set forth in the Registration Statement and the Prospectus; all of the issued and outstanding Common Shares have been duly authorized
and validly issued and are fully paid and non-assessable, have been issued in material compliance with all applicable securities laws
and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
The Fund has been duly formed, has legal existence as a statutory trust and is in good standing under the laws of Delaware, with full
power and authority to own, lease and operate and conduct its business as described in the Registration Statement, the Basic Prospectus
and the Prospectus and to issue, sell and deliver the Shares as contemplated herein. The Fund is duly qualified to do business as a foreign
entity and is in good standing in each jurisdiction where the conduct of its business requires such qualification, except where the failure
to be so qualified and in good standing would not, individually or in the aggregate, have a material adverse effect on the business, properties,
financial condition or results of operations of the Fund.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Shares have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly
and validly issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, resale rights, rights of first
refusal and similar rights; the Shares, when issued and delivered against payment therefor as provided herein, will be free of any restriction
upon the voting or transfer thereof pursuant to the Fund&rsquo;s Agreement and Declaration of Trust, as further amended or supplemented,
the Fund&rsquo;s Amended and Restated By-Laws, as further amended or supplemented, or any agreement or other instrument to which the Fund
is a party. The Common Shares, including the Shares, conform in all material respects to the description thereof, if any, contained or
incorporated by reference in the Registration Statement, the Basic Prospectus or the Prospectus; and the certificates for the Shares,
if any, are in due and proper form.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund is in material compliance with the rules&nbsp;of the New York Stock Exchange (the &ldquo;<U>Stock Exchange</U>&rdquo;), including,
without limitation, the requirements for continued listing of the Shares on the Stock Exchange and the Fund has not received any written
notice from the Stock Exchange regarding the delisting of the Shares from the Stock Exchange. The Shares will be duly listed, and admitted
and authorized for trading, subject to official notice of issuance, on the Stock Exchange.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(it)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
No&nbsp;approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission,
board, body, authority or agency, or of or with any self-regulatory organization or other non-governmental regulatory authority (including,
without limitation, the Stock Exchange), or approval of the shareholders of the Fund that has not already been obtained, is required in
connection with the issuance and sale of the Shares or the consummation by the Fund of the transactions contemplated hereby, other than
(i)&nbsp;the registration of the Shares under the Securities Act, which has been effected, (ii)&nbsp;the listing of the Shares with the
Stock Exchange, upon official notice of issuance, (iii)&nbsp;any necessary qualification under the securities or blue sky laws of the
various jurisdictions in which the Shares are being offered by the Fund or (iv)&nbsp;any necessary qualification pursuant to the rules&nbsp;of
FINRA.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3.&nbsp; <U>Duties of the Fund</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund shall take, from time to time, but subject always to any necessary approval of the Board or of its shareholders, all necessary
action to fix the number of authorized Common Shares, to the end that the Fund will have a number of authorized but unissued Common Shares
at least equal to the number of Common Shares available for sale pursuant to this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
For purposes of the ATM offering of Shares, the Fund will furnish to the Distributor and any sub-placement&nbsp;agents copies of its most
recent amendment to its Registration Statement, its most recent Prospectus and all amendments and supplements thereto, and other documentation
the Distributor may reasonably request for use in the ATM offering of Shares. The Distributor and the sub-placement&nbsp;agents are authorized
to furnish to prospective investors only such information concerning the Fund and the ATM offering as may be contained in the Registration
Statement, the Prospectus, the Fund&rsquo;s publicly available formation documents, or any other documents (including sales material),
that are expressly approved by the Fund for such purpose.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund shall furnish to the Distributor copies of all financial statements of the Fund which the Distributor may reasonably request
for use in connection with its duties hereunder, and this shall include, upon request by the Distributor, one certified copy of all financial
statements prepared for the Fund by independent public accountants.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund shall use its best efforts to qualify and maintain, to the extent required by applicable law, the qualification of Shares for
sale under the securities laws of such jurisdictions as the Distributor and the Fund may approve, provided that the Fund shall not be
required in connection therewith to qualify as a foreign corporation or dealer in securities or to file a general consent to service of
process in any jurisdiction or meet any other requirement in connection with this Section&nbsp;3(d)&nbsp;deemed by the Fund to be unduly
burdensome. Any such qualification may be withheld, terminated or withdrawn by the Fund at any time in its discretion. The expense of
qualification and maintenance of qualification shall be borne by the Fund. The Distributor shall furnish such information and other material
relating to its affairs and activities as may be required by the Fund in connection with such qualification.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund will furnish, in reasonable quantities upon request by the Distributor, copies of its annual and semi-annual reports.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
The Fund will furnish the Distributor with such other documents as it may reasonably require, from time to time, for the purpose of enabling
it to perform its duties as contemplated by this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4.&nbsp; <U>Duties of the Distributor</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor shall use its best efforts to perform its duties hereunder. The services of the Distributor to the Fund hereunder are
not to be deemed exclusive and nothing herein contained shall prevent the Distributor from entering into like arrangements with other
investment companies so long as the performance of its obligations with respect to the Fund hereunder is not impaired thereby.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
In performing its duties hereunder, the Distributor shall comply with the requirements of all applicable laws relating to the sale of
securities in all material respects. Neither the Distributor nor any sub-placement&nbsp;agent having an agreement to offer and sell Shares
pursuant to Section&nbsp;5 hereof nor any other person is authorized by the Fund to give any information or to make any representations,
other than those contained in its Registration Statement, Prospectus and any sales literature specifically approved for such use by the
Fund.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor shall review and file with FINRA as applicable, all sales literature (advertisements, brochures and shareholder communications)
prepared in connection with the ATM offerings for the Fund.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor agrees to supply the following additional services, either on its own or in conjunction with the Fund&rsquo;s other service
providers, together with such other services as set forth throughout this Agreement:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
handling inquiries from sub-placement&nbsp;agents regarding the Fund;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
assisting in the enhancement of communications between sub-placement&nbsp;agents and the Fund;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
communicating the Minimum Price or Minimum Sales Price to any sub-placement&nbsp;agents and instructing any sub-placement&nbsp;agents
not to sell Shares if such sales cannot be effected at or above the Minimum Price or the Minimum Sales Price;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
communicating the maximum amount of Shares to be sold on any Offering Date to any sub-placement&nbsp;agents;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
notifying any sub-placement agents of any suspension or termination of the ATM offering of Shares, together with any corresponding resumption
of the ATM offering of Shares;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
coordinating delivery of any Shares sold through sub-placement&nbsp;agents to such sub-placement&nbsp;agents on the Settlement Date against
payment of the gross sales proceeds for the sale of such Shares, less any applicable sub-placement&nbsp;agent selling commission;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
delivering the Fund&rsquo;s Prospectus to any sub-placement&nbsp;agents;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
identifying potential sub-placement&nbsp;agents;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
monitoring the performance of sub-placement&nbsp;agents;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
providing any necessary reconciliation, accounting and recordkeeping services in respect of the ATM offerings of Shares, including with
respect to the underwriting compensation paid by the Fund to the Distributor in respect thereof; and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
providing such other information, assistance and services as may be reasonably requested by the Fund.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the avoidance of doubt, the Distributor shall
not sell any shares of the Fund directly to any investors.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor shall report to the Board at least quarterly, or more frequently, as requested by the Board, regarding: (i)&nbsp;the nature
of the services provided by the Distributor hereunder; (ii)&nbsp;the amount of compensation sub-placement agents, if any, are entitled
to retain or be paid by the Distributor; and (iii)&nbsp;the aggregate amount of underwriting compensation paid by the Fund to the Distributor
in respect of the ATM offerings of Shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
The Distributor represents and warrants to the Fund that it has all necessary licenses to perform the services contemplated hereunder
and will perform such services in compliance with all applicable rules&nbsp;and regulations.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5.&nbsp; <U>Agreements with Sub-Placement
Agents</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor may enter into Sub-Placement Agent Agreements, on such terms and conditions as the Distributor determines are not inconsistent
with this Agreement, with sub-placement agents to act as the Distributor&rsquo;s agents to effect the sale of the Shares in the ATM offerings.
Such sub-placement agents shall sell Shares only at market prices subject to the Minimum Price and the Minimum Sales Price. This Agreement
shall not be construed as authorizing any dealer or other person to accept orders for sale on the Fund&rsquo;s behalf or to otherwise
act as the Fund&rsquo;s agent for any purpose. The Distributor shall not be responsible for the acts of other dealers or agents except
as and to the extent that they shall be acting for the Distributor or under the Distributor&rsquo;s direction or authority.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor shall offer and sell Shares only through such sub-placement agents who are acting as brokers or dealers who are registered
as broker-dealers under the provisions of the Exchange Act and members in good standing of FINRA and who agree to abide by the rules&nbsp;of
FINRA.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor shall obtain assurance, reasonably satisfactory to the Fund, from any sub-placement agents which it engages of the compliance
by such sub-placement agents with the terms of this Agreement, applicable federal and state securities laws and the rules&nbsp;of FINRA.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;6.&nbsp; <U>Sales Commission; Compensation</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund shall pay the Distributor an amount equal to 1.00% of the gross sales price per Share of the Shares sold.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor shall pay to the sub-placement&nbsp; agents the sub-placement&nbsp; agent commissions agreed to between the Distributor
and such sub-placement&nbsp; agents, or may authorize such sub-placement&nbsp; agents to retain such sub-placement&nbsp; agent commissions
from the gross sales proceeds from the sale of such Shares, which shall be payable from the commissions payable to the Distributor under
Section&nbsp;6(a)&nbsp;hereof.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund hereby represents and warrants to the Distributor that (i)&nbsp;the terms of this Agreement, (ii)&nbsp;the fees and expenses
associated with this Agreement, and (iii)&nbsp;any benefits accruing to the Distributor or to the Fund&rsquo;s investment adviser or sponsor
or another affiliate of the Fund in connection with this Agreement, which the Fund has agreed to pay, including but not limited to any
fee waivers, conversion cost reimbursements, up-front payments, signing payments or periodic payments relating to this Agreement have
been fully disclosed to the Board and that, if required by applicable law, the Board has approved or will approve the terms of this Agreement,
any such fees and expenses, and any such benefits.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7.&nbsp; <U>Payment of Expenses</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund shall bear all of its own costs and expenses, including fees and disbursements of its counsel and auditors, in connection with
the preparation of its Prospectus, Statement of Additional Information, if any, the preparation and filing of any required registration
statements under the Securities Act and/or the Investment Company Act, and all amendments and supplements thereto, and in connection with
any fees and expenses incurred with respect to any filing requirements of FINRA and preparing and mailing annual and interim reports and
proxy materials to shareholders (including but not limited to the expense of setting in type any such Registration Statement, Prospectus,
interim reports or proxy materials).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund shall bear any cost and expenses of qualification of the Shares for sale pursuant to this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor shall bear the fees and expenses of Distributor&rsquo;s counsel (except for any FINRA filing fees or &ldquo;blue sky&rdquo;
fees paid on behalf of the Fund or the Distributor by such counsel) and all expenses incurred by Distributor in connection with its duties
and activities under this Agreement, including the compensation of sub-placement&nbsp; agents for sales of the Fund&rsquo;s Shares and
fees and expenses of sub-placement agent&rsquo;s counsel, provided that Distributor shall pay such sub-placement&nbsp; agents only for
so long as and to the extent that Distributor receives such compensation from the Fund.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;8.&nbsp; <U>Limitation of Liability;
Indemnification</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with
the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part
in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. The Distributor
shall not be liable for any damages arising out of any action or omission to act by any prior service provider of the Fund or for any
failure to discover any such error or omission (provided that this sentence shall not apply where the Distributor was the prior service
provider). Notwithstanding anything in this Agreement to the contrary, the Distributor shall not be liable for damages occurring directly
or indirectly by reason of circumstances beyond its reasonable control.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund agrees that it will indemnify, defend and hold harmless the Distributor, its several officers and directors, and any person who
controls the Distributor within the meaning of Section&nbsp;15 of the Securities Act, from and against any losses, claims, damages or
liabilities, joint or several, to which the Distributor, its several officers and directors, and any person who controls the Distributor
within the meaning of Section&nbsp;15 of the Securities Act, may become subject under the Securities Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions or proceedings in respect thereof) (i)&nbsp;arise out of, or are based upon any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectuses or in any application
or other document executed by or on behalf of the Fund or are based upon information furnished by or on behalf of the Fund filed in any
state in order to qualify the Shares under the securities or blue sky laws thereof (&ldquo;<U>Blue Sky Application</U>&rdquo;) or arise
out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading; or (ii)&nbsp;arise out of, or are based upon, any breach of the representations, warranties
or covenants of the Fund contained in this Agreement; <U>provided</U>, <U>however</U>, that the Fund shall not be liable in any case to
the extent that such loss, claim, damage or liability arises out of, or is based upon, any untrue statement, alleged untrue statement,
or omission or alleged omission made in the Registration Statement, the Prospectus or any Blue Sky Application with respect to the Fund
in reliance upon and in conformity with any information furnished in writing by the Distributor, or on the Distributor&rsquo;s behalf,
to the Fund expressly for use in the Registration Statement or the Prospectus, or arising out of the failure of the Distributor to deliver
a current Prospectus.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor will indemnify and hold harmless the Fund, its several officers and trustees, and any person who controls the Fund within
the meaning of Section&nbsp;15 of the Securities Act, from and against any losses, claims, damages or liabilities, joint or several, to
which any of them may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or
actions or proceedings in respect thereof) arise out of, or are based upon, any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement, the Prospectus or any Blue Sky Application, or arise out of, or are based upon, the omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
which statement or omission was made in reliance upon and in conformity with information furnished in writing to the Fund or any of its
several officers by or on behalf of the Distributor specifically for inclusion therein, and will reimburse the Fund, its several officers,
trustees and such controlling persons for any legal or other expenses reasonably incurred by any of them in investigating, defending or
preparing to defend any such action, proceeding or claim.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
At the request and direction of the Fund, the Distributor enters into Sub-Placement Agent Agreements.&nbsp; The Distributor will not be
obligated to make payments to any such Sub-Placement Agent unless the Distributor has received an authorized payment from the Fund.&nbsp;
In addition, to the extent that the Distributor is requested or required by the Fund to enter into Sub-Placement Agent Agreements, the
Distributor and each of its affiliates, members, shareholders, directors, officers, partners, employees, agents, successors or assigns
(&ldquo;Distributor Associates&rdquo;) shall not be liable to the Fund for any action or inaction of any Distributor Associate except
to the extent of direct Losses<SUP>1</SUP>&nbsp;finally determined by a court of competent jurisdiction to have resulted solely from
the gross negligence, willful misconduct or fraud of the Distributor in the performance of the Distributor&rsquo;s duties, obligations,
representations, warranties or indemnities under a Sub-Placement Agent Agreement.&nbsp; Under no&nbsp;circumstances shall Distributor
Associates be liable for Losses that are indirect, special, incidental, consequential, punitive, exemplary or enhanced or that represent
lost profits, opportunity costs or diminution of value.&nbsp; The Fund shall indemnify, defend and hold harmless Distributor Associates
from and against Losses (including legal fees and costs to enforce this provision) that Distributor Associates suffer, incur, or pay as
a result of any third-party claim or claim among the parties arising out of the subject matter of or otherwise in any way related to a
Sub-Placement Agent Agreement (&ldquo;Claims&rdquo;).&nbsp; Any expenses (including legal fees and costs) incurred by Distributor Associates
in defending or responding to any Claims (or in enforcing this provision) shall be paid by the Fund on a quarterly basis prior to the
final disposition of such matter upon receipt by the Fund of an undertaking by the Distributor to repay such amount if it shall be determined
that a Distributor Associate is not entitled to be indemnified.&#8239;Notwithstanding the foregoing, nothing contained in this paragraph
or elsewhere in this Agreement shall constitute a waiver by the Fund of any of its legal rights available under U.S. federal securities
laws or any other laws whose applicability is not permitted to be contractually waived.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
An indemnified person under this Section&nbsp;8 (the &ldquo;<U>Indemnified Party</U>&rdquo;) shall give written notice to the other party
(the &ldquo;<U>Indemnifying Party</U>&rdquo;) of any loss, damage, expense, liability or claim in respect of which the Indemnifying Party
has a duty to indemnify such Indemnified Party under Section&nbsp;8(b)&nbsp;or (c)&nbsp;hereof (a &ldquo;<U>Claim</U>&rdquo;), specifying
in reasonable detail the nature of the loss, damage, expense, liability or claim for which indemnification is sought, except that any
delay or failure so to notify such Indemnifying Party shall only relieve such Indemnifying Party of its obligations hereunder to the extent,
if at all, that such Indemnifying Party is actually prejudiced by reason of such delay or failure.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> As used in this paragraph, the term &ldquo;Losses&rdquo;
means any and all compensatory, direct, indirect, special, incidental, consequential, punitive, exemplary, enhanced or other damages,
settlement payments, attorneys&rsquo; fees, costs, damages, charges, expenses, interest, applicable taxes or other losses of any kind.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
If a Claim results from any action, suit or proceeding brought or asserted against an Indemnified Party, the Indemnifying Party shall
assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all
fees and expenses. The Indemnified Party shall have the right to employ separate counsel in such action, suit or proceeding and participate
in such defense thereof, but the fees and expenses of such separate counsel shall be at the expense of the Indemnified Party unless (i)&nbsp;the
Indemnifying Party has agreed in writing to pay such fees and expenses, (ii)&nbsp;the Indemnifying Party has failed within a reasonable
time to assume the defense and employ counsel or (iii)&nbsp;the named parties to any such action, suit or proceeding (including any impleaded
parties) include both such Indemnified Party and Indemnifying Party and such Indemnified Party shall have been advised by its counsel
that representation of such Indemnified Party and Indemnifying Party by the same counsel would be inappropriate under applicable standards
of professional conduct (whether or not such representation by the same counsel has been proposed) due to actual or potential differing
interests between the Indemnifying Party and the Indemnified Party (in which case the Indemnifying Party shall not have the right to assume
the defense of such action, suit or proceeding on behalf of such Indemnified Party). It is understood, however, that the Indemnifying
Party shall, in connection with any one action, suit or proceeding or separate but substantially similar or related actions, suits or
proceedings in the same jurisdiction arising out of the same general allegations or circumstances be liable for the reasonable fees and
expenses of only one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties not having
actual or potential differing interests with the Indemnifying Party or among themselves, which firm shall be designated in writing by
an authorized representative of such parties and that all such fees and expenses shall be reimbursed promptly as they are incurred. The
Indemnifying Party shall not be liable for any settlement of any such action, suit or proceeding effected without its written consent,
but if settled with such written consent or if there be a final judgment for the plaintiff in any such action, suit or proceeding, the
Indemnifying Party agrees to indemnify and hold harmless any Indemnified Party from and against any loss, liability, damage or expense
by reason by such settlement or judgment.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
With respect to any Claim not within Section&nbsp;8(f)&nbsp;hereof, the Indemnifying Party shall have twenty (20) days from receipt of
notice from the Indemnified Party of such Claim within which to respond thereto. If the Indemnifying Party does not respond within such
twenty-day period, it shall be deemed to have accepted responsibility to make payment and shall have no&nbsp;further right to contest
the validity of such Claim. If the Indemnifying Party notifies the Indemnified Party within such twenty-day period that it rejects such
Claim in whole or in part, the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party under
applicable law.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
If the indemnification provided for in this Section&nbsp;8 is unavailable to an Indemnified Party or insufficient to hold an Indemnified
Party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable Indemnifying
Party shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, damages, expenses, liabilities
or claims in such proportion as is appropriate to reflect (i)&nbsp;the relative benefits received by the Indemnified Party, on the one
hand, and the Indemnifying Party, on the other hand, from the offering of the Shares; or (ii)&nbsp;if, but only if, the allocation provided
for in 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;but also the relative fault of the Indemnified Party, on the one hand, and of the Indemnifying Party, on
the other, in connection with any statements or omissions or other matters which resulted in such losses, damages, expenses, liabilities
or claims, as well as any other relevant equitable considerations. The relative fault of the parties hereto shall be determined by reference
to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates
to information supplied by such party, on one hand, or by the other party, on the other hand, and the parties&rsquo; relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party
hereto as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include
any legal or other fees or expenses reasonably incurred by such party in connection with investigating, preparing to defend or defending
any proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;8 were
determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred
to in this Section&nbsp;8(h). No&nbsp;person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding any other provisions in this Section&nbsp;8, no&nbsp;party shall be entitled to indemnification or contribution under
this Agreement against any loss, claim, liability, expense or damage arising by reason of such person&rsquo;s willful misfeasance, bad
faith or gross negligence in the performance of its duties hereunder or by reason of such person&rsquo;s reckless disregard of such person&rsquo;s
obligations and duties thereunder.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The indemnity and contribution agreements contained in this Section&nbsp;8 and the covenants, warranties and representations of the parties
contained in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Fund, its
trustees or officers or any person (including each officer or trustee of such person) who controls the Fund within the meaning of Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act, or by or on behalf of the Distributor, its directors or officers or any
person who controls the Distributor within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act,
and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
IN NO&nbsp;EVENT WILL ANY PARTY TO THIS AGREEMENT BE LIABLE TO ANY OTHER PERSON OR ANY THIRD PARTY FOR ANY CONSEQUENTIAL,&nbsp;INCIDENTAL,
SPECIAL OR INDIRECT DAMAGES (INCLUDING BUT NOT LIMITED TO LOST PROFITS), EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
LOSSES.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;9.&nbsp; <U>Duration and Termination
of this Agreement</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
This Agreement may be terminated at any time, without the payment of any penalty, by the Fund or by the Distributor, on sixty days&rsquo;
written notice to the other party.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Unless earlier terminated pursuant to Section&nbsp;9(a)&nbsp;hereof, this Agreement shall automatically terminate upon the issuance and
sale of all of the Shares through the Distributor or any sub-placement agents on the terms and subject to the conditions set forth herein.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This Agreement shall remain in full force and effect unless terminated pursuant to Sections 9(a)&nbsp;or 9(b)&nbsp;hereof.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided that such termination
shall not be effective until the close of business on the date of receipt of such notice by the other party. If such termination shall
occur prior to the Settlement Date for any sale of Shares, such Shares shall settle in accordance with the provisions of this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;10.&nbsp; <U>Amendments of this Agreement</U>.
This Agreement may be amended by the parties only pursuant to a written instrument executed by the Fund and the Distributor.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;11.&nbsp; <U>Governing Law</U>. This
Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement,
directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York. To the extent
that the applicable law of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Investment
Company Act, the latter shall control.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;12.&nbsp; <U>Waiver of Jury Trial</U>.&nbsp;
EACH OF THE FUND (ON ITS BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS AFFILIATES) AND THE DISTRIBUTOR (ON ITS
BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS MEMBERS AND AFFILIATES) WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) IN ANY WAY ARISING OUT OF OR RELATING TO THIS AGREEMENT.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;13.&nbsp; <U>Miscellaneous</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The captions in this Agreement are included for convenience of reference only and in no&nbsp;way define or delimit any of the provisions
hereof or otherwise affect their construction or effect.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written
and oral, among the parties hereto with regard to the subject matter hereof. If any provision of this Agreement shall be held or made
invalid by a court decision, statute, rule&nbsp;or otherwise, the remainder of this Agreement shall not be affected thereby.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted
assigns and the officers, directors, trustees, and controlling persons referred to in Section&nbsp;8 hereof. Neither party may assign
its rights or obligations under this Agreement without the prior written consent of the other party.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
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 the Shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The terms &ldquo;affiliated person&rdquo; and &ldquo;interested person,&rdquo; when used in this Agreement, shall have the respective
meanings specified in the Investment Company Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;14.&nbsp; <U>Proprietary and Confidential
Information</U>.&nbsp; The Distributor agrees on behalf of itself and its employees to treat confidentially and as proprietary information
of the Fund all records and other information relative to the Fund and prior, present or potential shareholders, and not to use such records
and information for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to
and approval in writing by the Fund, which approval shall not be unreasonably withheld and shall not be required where the Distributor
may be exposed to civil or criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted
authorities, or when so requested by the Fund. The provisions of this Section&nbsp;14 shall survive termination of this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything in this Agreement to the
contrary, each party hereto agrees that: (i)&nbsp;any Nonpublic Personal Information, as defined under Section&nbsp;248.3(t)&nbsp;of Regulation
S-P (&ldquo;<U>Regulation S-P</U>&rdquo;), promulgated under the Gramm-Leach-Bliley Act (the &ldquo;<U>Act</U>&rdquo;), disclosed by a
party hereunder is for the specific purpose of permitting the other party to perform the services set forth in this Agreement, and (ii)&nbsp;with
respect to such information, each party will comply with Regulation S-P and the Act and will not disclose any Nonpublic Personal Information
received in connection with this Agreement to any other party, except to the extent as necessary to carry out the services set forth in
this Agreement or as otherwise permitted by Regulation S-P or the Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;15.&nbsp; <U>Notices</U>.&nbsp; All
communications hereunder will be in writing and effective only on receipt, and will be mailed, delivered or emailed and confirmed to:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If to the Distributor:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">ALPS Distributors,&nbsp;Inc.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1290 Broadway, Suite&nbsp;1000</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Denver, Colorado 80203</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Attention: Stephen Kyllo</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Email: steve.kyllo@sscinc.com</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For all operational notices or communications:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If to the Fund:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">abrdn Global Dynamic Dividend Fund</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">c/o abrdn Inc.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1900 Market Street, Suite&nbsp;200</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Philadelphia, PA 19103</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Attention: Product Management</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Email: ProductManagementUS@abrdn.com</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>The remainder of this page&nbsp;is intentionally
left blank</I>]</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written. This Agreement may be executed by the parties hereto in any number of counterparts,
all of which shall constitute one and the same instrument.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABRDN <FONT STYLE="text-transform: uppercase">Global Dynamic Dividend</FONT> FUND</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Heather Hasson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Heather Hasson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALPS DISTRIBUTORS,&nbsp;INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Stephen Kyllo</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen Kyllo</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVP&nbsp;&amp; Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>








<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>tm2523786d7_ex1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2523786d7_ex1-2.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-7/tm2523786-7_8kseq1/users" -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.2</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUB-PLACEMENT AGENT AGREEMENT<BR>
ALPS Distributors,&nbsp;Inc.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1290 Broadway, Suite&nbsp;1000</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Denver, CO 80203</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November&nbsp;21, 2025</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UBS Securities LLC<BR>
11 Madison Avenue<BR>
New York, New York 10010</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">RE:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
At-the-Market Offerings by abrdn Global Dynamic Dividend Fund</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Ladies and Gentlemen:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time ALPS Distributors,&nbsp;Inc.
(the &ldquo;<I>Distributor</I>,&rdquo; &ldquo;<I>we</I>&rdquo; or &ldquo;<I>us</I>&rdquo;) will act as manager of registered at-the-market
offerings by abrdn Global Dynamic Dividend Fund, a Delaware statutory trust (the &ldquo;<I>Fund</I>&rdquo;), having an aggregate offering
price of up to $25,000,000 of&nbsp;common shares (the &ldquo;<I>Shares</I>&rdquo;) of beneficial interest, no par value, of the Fund (the
 &ldquo;<I>Common Shares</I>&rdquo;).&nbsp; In the case of such offerings, the Fund has agreed with the Distributor to issue and sell through
the Distributor, as sales agent, the Shares (the &ldquo;<I>Distribution Agreement</I>&rdquo;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby agree to retain UBS Securities LLC (the
 &ldquo;<I>Agent</I>&rdquo; or &ldquo;<I>you</I>&rdquo;) as a sub-placement agent with respect to the offerings of the Shares to be issued
and sold by the Fund (the &ldquo;<I>Offerings</I>&rdquo;) as the Fund and the Distributor may indicate from time to time, and you agree
to act in such capacity, all upon, and subject to, the terms and conditions set forth below:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;1.&nbsp; <U>Description of Offerings</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Shares are to be sold on a daily basis or otherwise as shall be determined by the Fund together with the Distributor or the Agent
on any day (each, an &ldquo;<I>Offering Date</I>&rdquo;) that is a trading day for the exchange on which the Fund&rsquo;s Shares are listed
and primarily trade (the &ldquo;<I>Stock Exchange</I>&rdquo;) (other than a day on which the Stock Exchange is scheduled to close prior
to its regular weekday closing time). Promptly after the Fund together with the Distributor or the Agent have determined the maximum amount
of the Shares to be distributed by the Distributor for any Offering Date, which shall not in any event exceed the amount available for
issuance under the currently effective Registration Statement (as defined herein) (the &ldquo;<I>Maximum Daily Amount</I>&rdquo;), and
the minimum price per Share below which the Shares may not be sold by the Agent on any Offering Date (the &ldquo;<I>Minimum Daily Price</I>&rdquo;),
the Distributor shall advise the Agent of the Maximum Daily Amount and the Minimum Daily Price. Subject to the terms and conditions hereof,
the Agent shall use its reasonable best efforts to sell all of the Shares designated in accordance with the plan of distribution set forth
in the Prospectus Supplement (as defined herein); provided, however, that in no&nbsp;event shall the Agent sell Shares in excess of the
Maximum Daily Amount or for a price per Share below the Minimum Daily Price. The gross sales price of the Shares sold under this Section&nbsp;1(a)&nbsp;shall
be the market price at which the Agent sells such Shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Notwithstanding the foregoing, the Distributor or the Fund may instruct the Agent by telephone (confirmed promptly by e-mail or other
electronic means) of a revised Minimum Daily Price and/or a revised Maximum Daily Amount and the Agent shall not sell Shares for a price
per Share below such revised Minimum Daily Price, or in a quantity in excess of such revised Maximum Daily Amount, after the giving of
such notice. In addition, the Distributor or the Fund may, upon notice to the Agent by telephone (confirmed promptly by e-mail or other
electronic means), suspend the offering of the Shares at any time; provided, however, that such suspension or termination shall not affect
or impair the parties&rsquo; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Agent agrees not to make any sales of the Shares pursuant to this Section&nbsp;1, other than through transactions for which compliance
with Rule&nbsp;153 under the Securities Act of 1933, as amended (collectively with the rules&nbsp;and regulations thereunder, the &ldquo;<I>Securities
Act</I>&rdquo;), will satisfy the prospectus delivery requirements of Section&nbsp;5(b)(2)&nbsp;of the Securities Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The compensation to the Agent, as a sub-placement agent for each sale of the Shares pursuant to this Section&nbsp;1, shall be the Applicable
Selling Agent Commission (as set forth on the Addendum hereto) with respect to the Shares sold, multiplied by the Gross Sales Proceeds
(as defined in the Addendum attached hereto) (the &ldquo;<I>Agent Compensation</I>&rdquo;), as further described in the Addendum to this
Sub-Placement Agent Agreement (the &ldquo;<I>Agreement</I>&rdquo;). The Agent shall not be responsible for any fees imposed by any governmental
or self-regulatory organization on the Fund or the Distributor in respect of such sales. The Distributor may pay the Agent Compensation
to the Agent, or may authorize the Agent to retain the Agent Compensation from the Gross Sales Proceeds. The Agent Compensation shall
be payable solely out of the compensation the Distributor receives from the Fund pursuant to the Distribution Agreement (the &ldquo;<I>Related
Compensation</I>&rdquo;).&nbsp; Notwithstanding anything to the contrary in any other provision of this Agreement (or, for the avoidance
of doubt, in the Addendum hereto), the Distributor shall have no&nbsp;obligation to pay any portion of the Agent Compensation to the Agent,
or authorize the retention by the Agent of any portion of the Agent Compensation from the Gross Sales Proceeds, until the Distributor
receives at least an equivalent amount of Related Compensation, and the Distributor&rsquo;s obligation to the Agent for the Agent Compensation
is limited solely to amounts payable out of the Related Compensation.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Agent shall provide written confirmation to the Distributor following the close of trading on the Stock Exchange on each Offering
Date setting forth for each sale the number of Shares sold, the time of sale, the Gross Sales Price (as defined in the Addendum attached
hereto) per Share, and the compensation that the Agent is owed with respect to such sales.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Settlement for sales of the Shares pursuant to this Section&nbsp;1 will occur on the business day following the date on which such sales
are made (each such day, a &ldquo;<I>Settlement Date</I>&rdquo;), unless otherwise agreed to in writing by the parties hereto. On each
Settlement Date, the Shares sold through the Agent for settlement on such date shall be delivered by the Fund at the request of the Distributor
to the Agent against payment of (i)&nbsp;the Gross Sales Proceeds for the sale of such Shares or (ii)&nbsp;to the extent authorized by
the Distributor, the Gross Sales Proceeds, less the Related Compensation. If the Agent is authorized by the Distributor to retain the
Agent Compensation from the Gross Sales Proceeds for the sale of the Shares, then the Agent shall (i)&nbsp;pay to the Distributor an amount
equal to the Related Compensation minus the Agent Compensation in same day funds delivered to the account(s)&nbsp;designated by the Distributor
and (ii)&nbsp;remit to the Fund the Gross Sales Proceeds, less the Related Compensation. If the Distributor shall default on its obligation
to deliver the Shares on any Settlement Date, subject to the terms of Section&nbsp;5 herein, the Distributor shall (A)&nbsp;hold the Agent
harmless against any reasonable loss, claim or damage arising from or as a result of such default by the Distributor and (B)&nbsp;pay
the Agent any commission to which it would otherwise be entitled absent such default. If the Agent breaches this Agreement by failing
to deliver proceeds on any Settlement Date for the Shares delivered by the Distributor, subject to the terms of Section&nbsp;5 herein,
the Agent shall (A)&nbsp;hold the Distributor harmless against any reasonable loss, claim or damage arising from or as a result of such
default by the Agent, (B)&nbsp;deliver such proceeds to the Distributor as soon as practicable and (C)&nbsp;pay the Distributor interest
based on the effective overnight Federal Funds rate.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In connection with this Agreement and the Offerings, the Distributor shall, no&nbsp;more than once per calendar quarter in which the Fund
and the Distributor have requested, or anticipate requesting, that the Agent sell Shares pursuant to an Offering, provide to the Agent
such certificates and other documents, in any case, as the Agent may reasonably request upon reasonable notice (but in no&nbsp;event upon
notice of less than five business days) relating to authorization, capacity, enforceability and compliance matters. Any such certifications
shall be made as of the end of the calendar quarter immediately preceding the calendar quarter in which such request by the Agent is made.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
In connection with this Agreement and the Offerings, the Agent will promptly notify the Distributor of any material non-confidential claim
or complaint, any material enforcement action or other material proceeding by a regulatory authority with respect to the Fund, the Shares
or the Offerings against or directed at or to the Agent or its principals, affiliates, officers, directors, employees or agents, or any
person who controls the Agent, within the meaning of Section&nbsp;15 of the Securities Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
In connection with this Agreement and the Offerings, the Agent will promptly notify the Distributor of any examination by any regulatory
agency or self-regulatory organization that has resulted in a material compliance deficiency in connection with the Offerings.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;2.&nbsp; <U>Representations and Warranties
by the Distributor</U>.&nbsp; The Distributor represents, warrants to and agrees with the Agent, as of the date hereof and as of each
Offering Date and Settlement Date, that:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Based upon the representations made by the Fund to the Distributor in the Distribution Agreement, a registration statement on Form&nbsp;N-2
(File No.&nbsp;333-290833 and 811-21901) (the &ldquo;<I>Registration Statement</I>&rdquo;) (i)&nbsp;has been prepared by the Fund in conformity
with the requirements of the Securities Act and the Investment Company Act of 1940, as amended, and the rules&nbsp;and regulations thereunder
(collectively, the &ldquo;<I>1940 Act</I>&rdquo;) in all material respects; (ii)&nbsp;has been filed with the U.S. Securities and Exchange
Commission (the &ldquo;<I>Commission</I>&rdquo;) under the Securities Act and the 1940 Act; and (iii)&nbsp;heretofore became, and is,
effective; the Registration Statement sets forth the terms of the offering, sale and plan of distribution of the Shares and contains additional
information concerning the Fund and its business; no&nbsp;stop order of the Commission preventing or suspending the use of the Basic Prospectus
(as defined herein), the Prospectus Supplement (as defined herein) or the Prospectus (as defined herein), or the effectiveness of the
Registration Statement, has been issued, and no&nbsp;proceedings for such purpose have been instituted or, to the Fund&rsquo;s knowledge,
have been threatened by the Commission. Except where the context otherwise requires, &ldquo;<I>Registration Statement</I>,&rdquo; as used
herein, means, collectively, the various parts of the Registration Statement pertaining to the offering and sale of the Shares, as amended
at the time of effectiveness for purposes of Section&nbsp;11 of the Securities Act (the &ldquo;<I>Effective Time</I>&rdquo;), as such
section applies to the Distributor, including (1)&nbsp;all documents filed as a part thereof or incorporated or deemed to be incorporated
by reference therein, and (2)&nbsp;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant
to Rule&nbsp;424(b)&nbsp;under the Securities Act, to the extent such information is deemed to be part of the registration statement at
the Effective Time. &ldquo;<I>Basic Prospectus</I>,&rdquo; as used herein, means the final prospectus filed as part of the Registration
Statement, including the related statement of additional information, together with any amendments or supplements thereto as of the date
of the Agreement. Except where the context otherwise requires, &ldquo;<I>Prospectus Supplement</I>,&rdquo; as used herein, means the final
prospectus supplement, including the related statement of additional information, relating to the Shares, filed by the Fund with the Commission
pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act, in the form furnished by the Fund to the Distributor in connection with the
offering of the Shares. Except where the context otherwise requires, &ldquo;<I>Prospectus</I>,&rdquo; as used herein, means the Prospectus
Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement. Any reference herein to the Registration
Statement, the Basic Prospectus, the Prospectus Supplement or the Prospectus shall be deemed to refer to and include the documents, if
any, incorporated by reference, or deemed to be incorporated by reference, therein.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Based upon the representations made by the Fund to the Distributor in the Distribution Agreement, (i)&nbsp;the Fund is duly registered
under the 1940 Act as a closed-end management investment company; (ii)&nbsp;a notification of registration of the Fund as an investment
company under the 1940 Act on Form&nbsp;N-8A (the &ldquo;<I>1940 Act Notification</I>&rdquo;) has been prepared by the Fund in conformity
with the 1940 Act and has been filed with the Commission and, at the time of filing thereof and at the time of filing any amendment or
supplement thereto, conformed in all material respects with all applicable provisions of the 1940 Act; (iii)&nbsp;the Fund has not received
any notice in writing from the Commission pursuant to Section&nbsp;8(e)&nbsp;of the 1940 Act with respect to the 1940 Act Notification
or the Registration Statement (or any amendment or supplement to either of them); and (iv)&nbsp;no&nbsp;person is serving or acting as
an officer, trustee or investment adviser of the Fund except in accordance with the provisions of the 1940 Act, provided that for purposes
of the foregoing representation with respect to officers and trustees of the Fund, the Fund shall be entitled to rely on representations
from such officers and trustees.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
Based upon the representations made by the Fund to the Distributor in the Distribution Agreement, the Registration Statement, the 1940
Act Notification and the Prospectus, as from time to time amended or supplemented, each complied when it became effective or was filed
(as the case may be), complies as of the date hereof and, as amended or supplemented, will comply, at each time of purchase of Shares
in connection with each Offering, and at all times during which a prospectus is required by the Securities Act to be delivered in connection
with any sale of Shares, in all material respects, with the requirements of the Securities Act and the 1940 Act; the Registration Statement
did not, as of the Effective Time, 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 not misleading; at no&nbsp;time during the period that begins on the earlier of the
date of the Basic Prospectus and the date the Basic Prospectus was filed with the Commission and ends at the later of each time of purchase
of Shares in connection with each Offering, and the end of the period during which a prospectus is required by the Securities Act to be
delivered in connection with any sale of Shares, did or will the Prospectus, as from time to time amended or supplemented, include an
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading; provided, however, that the Distributor does not make any representation
or warranty with respect to any statement contained in the Registration Statement, the Basic Prospectus or the Prospectus in reliance
upon and in conformity with information furnished in writing by the Agent or on the Agent&rsquo;s behalf to the Distributor or the Fund
expressly for use in the Registration Statement or the Prospectus (the &ldquo;<I>Agent Provided Information</I>&rdquo;). The Agent confirms
that (i)&nbsp;the Agent&rsquo;s name on the front cover and under the heading &ldquo;Prospectus Supplement Summary&mdash;The Offering&rdquo;
and (ii)&nbsp;the eleventh paragraph and the second sentence of the twelfth paragraph under the heading &ldquo;Plan of Distribution&rdquo;
in the Prospectus Supplement was the only information furnished in writing to the Distributor or the Fund by or on behalf of the Agent
expressly for use in the Registration Statement or Prospectus.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Based upon the representations made by the Fund to the Distributor in the Distribution Agreement, the financial statements incorporated
by reference in the Registration Statement or the Prospectus, together with the related notes and schedules, present fairly in all materials
respects the financial position of the Fund as of the dates indicated and the results of operations, cash flows and changes in shareholders&rsquo;
equity of the Fund for the periods specified and have been prepared in compliance in all material respects with the requirements of the
Securities Act, the 1940 Act and the Securities Exchange Act of 1934, as amended (the &ldquo;<I>Exchange Act</I>&rdquo;), and in conformity
in all material respects with U.S. generally accepted accounting principles applied on a consistent basis during the periods involved;
the other financial and statistical data contained or incorporated by reference in the Registration Statement or the Prospectus are accurately
and fairly presented, in all material respects, and prepared on a basis consistent with the financial statements and books and records
of the Fund in all material respects; there are no&nbsp;financial statements that are required to be included or incorporated by reference
in the Registration Statement, the Basic Prospectus or the Prospectus by the Securities Act, the 1940 Act or the Exchange Act that are
not included or incorporated by reference as required; and the Fund does not have any material liabilities or obligations, direct or contingent
(including any off-balance sheet obligations), not described in the Registration Statement (excluding the exhibits thereto).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Based upon the representations made by the Fund to the Distributor in the Distribution Agreement, as of the date of this Agreement, the
Fund has an authorized and outstanding capitalization as set forth in the Registration Statement, the Basic Prospectus and the Prospectus
and, with respect to any issuance and sale under this Agreement, the Fund shall have as of the date of the most recent amendment or supplement
to the Registration Statement or Prospectus, an authorized and outstanding capitalization as set forth in the Registration Statement and
the Prospectus; all of the issued and outstanding shares of beneficial interest of the Fund have been duly authorized and validly issued
and are fully paid and non-assessable, have been issued in material compliance with all applicable securities laws and were not issued
in violation of any preemptive right, resale right, right of first refusal or similar right.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Based upon the representations made by the Fund to the Distributor in the Distribution Agreement, (i)&nbsp;the Fund has been duly formed,
has legal existence as a statutory trust and is in good standing under the laws of Delaware, with full power and authority to own, lease
and operate and conduct its business as described in the Registration Statement, the Basic Prospectus and the Prospectus and to issue,
sell and deliver the Shares as contemplated herein; and (ii)&nbsp;the Fund is duly qualified to do business as a foreign entity and is
in good standing in each jurisdiction where the conduct of its business requires such qualification, except where the failure to be so
qualified and in good standing would not, individually or in the aggregate, have a material adverse effect on the business, properties,
financial condition or results of operations of the Fund.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Based upon the representations made by the Fund to the Distributor in the Distribution Agreement, (i)&nbsp;the Shares have been duly and
validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued, fully
paid and non-assessable and free of statutory and contractual preemptive rights, resale rights, rights of first refusal and similar rights;
(ii)&nbsp;the Shares, when issued and delivered against payment therefor as provided herein, will be free of any restriction upon the
voting or transfer thereof pursuant to the Fund&rsquo;s Agreement and Declaration of Trust, as further amended or supplemented, the Fund&rsquo;s
Amended and Restated By-Laws, as further amended or supplemented, or any agreement or other instrument to which the Fund is a party; (iii)&nbsp;the
Common Shares, including the Shares, conform in all material respects to the description thereof, if any, contained or incorporated by
reference in the Registration Statement, the Basic Prospectus or the Prospectus; (iv)&nbsp;the certificates for the Shares, if any, are
in due and proper form; (v)&nbsp;the Fund is in material compliance with the rules&nbsp;of the Stock Exchange, including, without limitation,
the requirements for continued listing of the Common Shares on the Stock Exchange and the Fund has not received any written notice from
the Stock Exchange regarding the delisting of the Common Shares from the Stock Exchange; and (vi)&nbsp;the Shares will be duly listed,
and admitted and authorized for trading, subject to official notice of issuance, on the Stock Exchange.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor has full corporate power and authority to enter into this Agreement and the transactions contemplated hereby. This Agreement
has been duly authorized, executed and delivered by the Distributor. Assuming due authorization, execution and delivery of this Agreement
by the Agent, this Agreement constitutes a valid and binding agreement of the Distributor and is enforceable against the Distributor in
accordance with its terms, except as the enforceability hereof and thereof may be limited by applicable bankruptcy, insolvency, reorganization
and similar laws affecting creditors&rsquo; rights generally and moratorium laws in effect from time to time and by equitable principles
restricting the availability of equitable remedies.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Based upon the representations made by the Fund to the Distributor in the Distribution Agreement, no&nbsp;approval, authorization, consent
or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency,
or of or with any self-regulatory organization or other non-governmental regulatory authority (including, without limitation, the Stock
Exchange), or approval of the shareholders of the Fund that has not already been obtained, is required in connection with the issuance
and sale of the Shares or the consummation by the Fund of the transactions contemplated hereby, other than (i)&nbsp;the registration of
the Shares under the Securities Act, which has been effected, (ii)&nbsp;the listing of the Shares with the Stock Exchange, upon official
notice of issuance, (iii)&nbsp;any necessary qualification under the securities or blue sky laws of the various jurisdictions in which
the Shares are being offered through the Agent or (iv)&nbsp;any necessary qualification pursuant to the rules&nbsp;of the Financial Industry
Regulatory Authority,&nbsp;Inc. (&ldquo;<I>FINRA</I>&rdquo;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;3.&nbsp; <U>Representations and Warranties
by the Agent</U>.&nbsp; The Agent represents, warrants to and agrees with the Distributor, as of the date hereof and as of each Offering
Date and Settlement Date, that:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Agent has full corporate power and authority to enter into this Agreement and the transactions contemplated hereby. This Agreement
has been duly authorized, executed and delivered by the Agent. Assuming due authorization, execution and delivery by the Distributor,
this Agreement constitutes a valid and binding agreement of the Agent and is enforceable against the Agent in accordance with its terms,
except as the enforceability hereof and thereof may be limited by applicable bankruptcy, insolvency, reorganization and similar laws affecting
creditors&rsquo; rights generally and moratorium laws in effect from time to time and by equitable principles restricting the availability
of equitable remedies.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Agent Provided Information is or will be complete and accurate in all material respects and does not or will not, as from time to
time amended or supplemented, include an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
The Agent has adopted and implemented written policies and procedures reasonably designed to prevent violation of federal and state securities
laws, including policies and procedures that provide oversight of compliance by each registered representative of the Agent.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
To the extent applicable, the Agent shall file with FINRA necessary documents in compliance with FINRA Rule&nbsp;5110 (Corporate Financing
Rule-Underwriting Terms and Arrangements).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;4.&nbsp; <U>Additional Covenants</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Agent hereby confirms that it is actually engaged in the investment banking and securities business and is a member in good standing
with FINRA and hereby agrees that it will undertake to comply with all applicable FINRA rules&nbsp;(as amended from time to time, including
without limitation, any successor provision) in connection with acting as sub-placement agent for the sale of the Shares. The Agent further
agrees that in acting as sub-placement agent for the sale of the Shares, it will comply with all applicable laws, rules&nbsp;and regulations,
including the applicable provisions of the Securities Act and the Exchange Act, the applicable rules&nbsp;and regulations of the Commission
thereunder, and the applicable rules&nbsp;and regulations of any state or any securities exchange or self-regulatory organization having
jurisdiction over the relevant Offering.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Agent hereby agrees that in acting as sub-placement agent for the sale of the Shares, it will not use, authorize use of, refer to,
or participate in the planning for use of any written communication (as defined in Rule&nbsp;405 under the Securities Act) concerning
any Offering, other than the Prospectus. The Agent further agrees that in acting as sub-placement agent for the sale of the Shares, it
is not authorized by the Distributor or the Fund or any other seller of the Shares offered pursuant to the Prospectus to give any information
or to make any representation not contained in the Prospectus in connection with the sale of such Shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
The Distributor shall not be under any obligation to the Agent except for obligations assumed hereunder or in writing by the Distributor
in connection with any Offering. Nothing contained herein or in any communication in writing from us shall constitute the Distributor
and the Agent an association or partners with one another. If such parties should be deemed to constitute a partnership for Federal income
tax purposes, then the Agent elects to be excluded from the application of Subchapter K, Chapter 1, Subtitle A of the Internal Revenue
Code of 1986 and agrees not to take any position inconsistent with that election. The Agent authorizes the Distributor, in its discretion,
to execute and file on its behalf such evidence of that election as may be required by the Internal Revenue Service. In connection with
any Offering, each party shall be liable for its proportionate amount of any tax, claim, demand or liability that may be asserted against
it alone, based upon the claim that either of them constitutes an association, an unincorporated business or other entity, including,
in each case, its proportionate amount of any expense incurred in defending against any such tax, claim, demand or liability.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The parties acknowledge and agree that all share related numbers contained in this Agreement shall be adjusted to take into account any
stock split effected with respect to the Shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
The Agent shall at all times comply with the offering requirements as set forth herein and under the heading &ldquo;Plan of Distribution&rdquo;
in the Prospectus.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;5.&nbsp; <U>Indemnification and Contribution</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Distributor agrees to indemnify, defend and hold harmless the Agent, its partners, directors and officers, and any person who controls
the Agent within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and the successors and assigns
of all of the foregoing persons, from and against any reasonable loss, damage, expense, liability or claim (including the reasonable cost
of investigation) which the Agent or any such person may incur under the Securities Act, the 1940 Act, the Exchange Act, the common law
or otherwise, insofar as such loss, damage, expense, liability or claim (or any actions or proceedings in respect thereof) arises out
of or is based upon (i)&nbsp;any material breach of any representation, warranty, covenant or agreement of the Distributor contained in
this Agreement, (ii)&nbsp;any material violation by the Distributor of any law, rule&nbsp;or regulation (including any rule&nbsp;of any
self-regulatory organization) applicable to the Offerings, or (iii)&nbsp;any untrue statement or alleged untrue statement of a material
fact appearing in the Registration Statement or Prospectus or omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading, except
to the extent such statements were included in the Registration Statement or Prospectus in reliance upon and in conformity with the Agent
Provided Information.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Agent agrees to indemnify, defend and hold harmless the Distributor, the Fund, their partners, directors, trustees and officers, and
any person who controls the Distributor or the Fund within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of
the Exchange Act, and the successors and assigns of all of the foregoing persons, from and against any loss, damage, expense, liability
or claim (including the reasonable cost of investigation) which the Distributor, the Fund or any such other person may incur under the
Securities Act, the 1940 Act, the Exchange Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim
(or any actions or proceedings in respect thereof) arises out of or is based upon&nbsp; (i)&nbsp;any material breach of any representation,
warranty, covenant or agreement of the Agent contained in this Agreement or (ii)&nbsp;any material violation by the Agent of any law,
rule&nbsp;or regulation (including any rule&nbsp;of any self-regulatory organization), or (iii)&nbsp;any untrue statement or alleged untrue
statement or omission or alleged omission made in the Registration Statement or the Prospectus in reliance upon and in conformity with
the Agent Provided Information.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
An indemnified person under Section&nbsp;5 of this Agreement (the &ldquo;<I>Indemnified Party</I>&rdquo;) shall give written notice to
the other party (the &ldquo;<I>Indemnifying Party</I>&rdquo;) of any loss, damage, expense, liability or claim in respect of which the
Indemnifying Party has a duty to indemnify such Indemnified Party under Section&nbsp;5(a)&nbsp;or (b)&nbsp;of this Agreement (a &ldquo;<I>Claim</I>&rdquo;),
specifying in reasonable detail the nature of the loss, damage, expense, liability or claim for which indemnification is sought, except
that any delay or failure so to notify such Indemnifying Party shall only relieve such Indemnifying Party of its obligations hereunder
to the extent, if at all, that such Indemnifying Party is actually prejudiced by reason of such delay or failure.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
If a Claim results from any action, suit or proceeding brought or asserted against an Indemnified Party, the Indemnifying Party shall
assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all
fees and expenses. The Indemnified Party shall have the right to employ separate counsel in such action, suit or proceeding and participate
in such defense thereof, but the fees and expenses of such separate counsel shall be at the expense of the Indemnified Party unless (i)&nbsp;the
Indemnifying Party has agreed in writing to pay such fees and expenses, (ii)&nbsp;the Indemnifying Party has failed within a reasonable
time to assume the defense and employ counsel or (iii)&nbsp;the named parties to any such action, suit or proceeding (including any impleaded
parties) include both such Indemnified Party and Indemnifying Party and such Indemnified Party shall have been advised by its counsel
that representation of such Indemnified Party and Indemnifying Party by the same counsel would be inappropriate under applicable standards
of professional conduct (whether or not such representation by the same counsel has been proposed) due to actual or potential differing
interests between the Indemnifying Party and the Indemnified Party (in which case the Indemnifying Party shall not have the right to assume
the defense of such action, suit or proceeding on behalf of such Indemnified Party). It is understood, however, that the Indemnifying
Party shall, in connection with any one action, suit or proceeding or separate but substantially similar or related actions, suits or
proceedings in the same jurisdiction arising out of the same general allegations or circumstances be liable for the reasonable fees and
expenses of only one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties not having
actual or potential differing interests with the Indemnifying Party or among themselves, which firm shall be designated in writing by
an authorized representative of such parties and that all such fees and expenses shall be reimbursed promptly as they are incurred. The
Indemnifying Party shall not be liable for any settlement of any such action, suit or proceeding effected without its written consent,
but if settled with such written consent or if there be a final judgment for the plaintiff in any such action, suit or proceeding, the
Indemnifying Party agrees to indemnify and hold harmless any Indemnified Party from and against any loss, liability, damage or expense
by reason by such settlement or judgment.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
With respect to any Claim not within Paragraph (d)&nbsp;of Section&nbsp;5 hereof, the Indemnifying Party shall have 20 days from receipt
of notice from the Indemnified Party of such Claim within which to respond thereto. If the Indemnifying Party does not respond within
such twenty-day period, it shall be deemed to have accepted responsibility to make payment and shall have no&nbsp;further right to contest
the validity of such Claim. If the Indemnifying Party notifies the Indemnified Party within such twenty-day period that it rejects such
Claim in whole or in part, the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party under
applicable law.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;
If the indemnification provided for in this Section&nbsp;5 is unavailable to an Indemnified Party or insufficient to hold an Indemnified
Party harmless in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable Indemnifying
Party shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, damages, expenses, liabilities
or claims in such proportion as is appropriate to reflect (i)&nbsp;the relative benefits received by the Indemnified Party, on the one
hand, and the Indemnifying Party, on the other hand, from the offering of the Shares; or (ii)&nbsp;if, but only if, the allocation provided
for in 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;but also the relative fault of the Indemnified Party, on the one hand, and of the Indemnifying Party, on
the other, in connection with any statements or omissions or other matters which resulted in such losses, damages, expenses, liabilities
or claims, as well as any other relevant equitable considerations. The relative benefits received by the Distributor, on the one hand,
and the Agent, on the other, shall be deemed to be in the same respective proportions as the total compensation received by the Distributor
from sales of the Shares bears to the total compensation received by the Agent from sales of the Shares. The relative fault of the parties
hereto shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material
fact or omission or alleged omission relates to information supplied by such party, on one hand, or by the other party, on the other hand,
and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The amount paid or payable by a party hereto as a result of the losses, damages, expenses, liabilities and claims referred to in this
subsection shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating,
preparing to defend or defending any proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant
to this Section&nbsp;5 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in this subsection (f). No&nbsp;person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Notwithstanding
the foregoing provisions of this subsection (f), the Agent shall not be required to contribute any amount in excess of the commissions
received by it under this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
The indemnity and contribution agreements contained in this Section&nbsp;5 and the covenants, warranties and representations of the parties
contained in this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the Agent, its
partners, directors or officers or any person (including each partner, officer or director of such person) who controls the Agent within
the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, or by or on behalf of the Distributor, its
directors or officers or any person who controls the Distributor within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery of the Shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
IN NO&nbsp;EVENT WILL ANY PARTY TO THIS AGREEMENT BE LIABLE TO ANY OTHER PERSON OR ANY THIRD PARTY FOR ANY CONSEQUENTIAL,&nbsp;INCIDENTAL,
SPECIAL OR INDIRECT DAMAGES (INCLUDING BUT NOT LIMITED TO LOST PROFITS), EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
LOSSES.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;6.&nbsp; <U>Termination</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
This Agreement shall continue in full force and effect until terminated by either party, including by written instruction by the Fund
to the Distributor, by five days&rsquo; written notice to the other party; provided, that if this Agreement has become effective with
respect to any Offering pursuant to this Agreement, this Agreement may not be terminated by either party with respect to such Offering.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
This Agreement shall remain in full force and effect unless terminated pursuant to Section&nbsp;6(a)&nbsp;hereof or otherwise by mutual
agreement of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide that Section&nbsp;5
shall remain in full force and effect.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided that in any event such
termination shall not be effective until any earlier than the close of business on the fifth day after receipt of such notice by the Distributor
or the Agent, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of the Shares, such sale shall
settle in accordance with the provisions of Section&nbsp;1 hereof.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;7.&nbsp; <U>Notices</U>.&nbsp; Except
as otherwise herein provided, all statements, requests, notices and agreements under this Agreement shall be in and delivered by hand,
overnight courier, mail or email and shall be sufficient in all respects if delivered or sent to: If to the Distributor:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">If to the Distributor:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">ALPS Distributors,&nbsp;Inc.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Attn: Stephen Kyllo</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">1290 Broadway, Suite&nbsp;1000</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Denver, Colorado 80203<BR>
Email: stephen.kyllo@sscinc.com</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">If to the Agent:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">UBS Securities LLC<BR>
11 Madison Avenue<BR>
New York, New York 10010<BR>
Attn: Saawan Pathange<BR>
Email: saawan.pathange@ubs.com</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;8.&nbsp; <U>Parties in Interest</U>.&nbsp;
The Agreement herein set forth has been and is made solely for the benefit of the Distributor, the Fund and the Agent and, to the extent
provided in Section&nbsp;5 hereof, the partners, directors, trustees, officers and controlling persons (within the meaning of Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act) referred to in such section, and their respective successors and assigns.
No&nbsp;other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Distributor) shall acquire
have any right under or by virtue of this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;9.&nbsp; <U>No&nbsp;Fiduciary Relationship</U>.&nbsp;
The Distributor hereby acknowledges that the Agent is acting solely as sub-placement agent in connection with the sale of the Shares and
that the Agent is acting pursuant to a contractual relationship created solely by this Agreement entered into on length basis, and in
no&nbsp;event do the parties intend that the Agent act or be responsible as a fiduciary to the Distributor or the Fund, their respective
management, shareholders or creditors, or any other person in connection with any activity that the Agent may undertake or have undertaken
in furtherance of the sale of the Shares, either before or after the date hereof.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;10.&nbsp; <U>Entire Agreement</U>.&nbsp;
This Agreement constitutes the entire agreement and supersedes all other prior and contemporaneous agree and undertakings, both written
and oral, among the parties hereto with regard to the subject matter hereof.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;11.&nbsp; <U>Counterparts; Heading</U>.&nbsp;
This Agreement may be signed by the parties in one or more counterparts which together shall constitute one and the same agreement among
the parties. The Section&nbsp;headings in this Agreement have been inserted as a matter of convenience of reference and are not a part
of this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;12.&nbsp; <U>Law; Construction</U>.&nbsp;
This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement
(&ldquo;<I>Dispute</I>&rdquo;), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of State
of New York.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;13.&nbsp; <U>Submission to Jurisdiction</U>.&nbsp;
Except as set forth below, no&nbsp;Dispute may be commenced, prosecuted or continued in any court other than the courts of the State of
New York located in the City and County of New York or in the United States District Court for the Southern of New York, which courts
shall have jurisdiction over the adjudication of such matters, and each party hereto consents to the jurisdiction of such courts and personal
service with respect thereto. Each party hereto hereby consents to personal jurisdiction, service and venue in any court in any Dispute
arising out of or in any way relating to this Agreement that is brought by any third party against any Indemnified Party. Each party hereto
(on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial
by jury in any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating
to this Agreement. Each party hereto agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court
shall be conclusive and binding upon such party and may be enforced in any other courts to the jurisdiction of which such party is or
may be subject, by suit upon such judgment.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;14.&nbsp; <U>Successors and Assigns</U>.&nbsp;
This Agreement shall be binding upon the Distributor and the Agent and their successors and permitted assigns and any successor or permitted
assign of any substantial portion of the Distributor&rsquo;s or the Agent&rsquo;s respective businesses and/or assets.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Agreement may not be transferred or assigned
without the consent of the non-transferring or non-assigning party; provided, however, that no&nbsp;such consent shall be required to
transfer or assign this Agreement to an entity controlling, controlled by or under common control with, the transferring or assigning
party.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;15.&nbsp; <U>Severability</U>.&nbsp;
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law. If, however, any provision of this Agreement is held, under applicable law, to be invalid, illegal or unenforceable in any respect,
such provision shall be ineffective only to the extent of such invalidity, and the validity, legality and enforceability of the remaining
provisions of this Agreement shall not be affected or impaired in any way and shall be interpreted to give effect to the intent of the
parties manifested thereby.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;16.&nbsp; <U>Investigations and Proceedings</U>.&nbsp;
The parties to this Agreement agree to cooperate fully in any securities regulatory investigation or proceeding or any judicial proceeding
with respect to each party&rsquo;s activities under this Agreement and promptly to notify the other party of any such investigation or
proceeding.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SECTION&nbsp;17.&nbsp; <U>Modification, Waiver
and Amendment</U>.&nbsp; No&nbsp;modification, alteration or amendment of this Agreement will be valid or binding unless in writing and
signed by all parties. No&nbsp;waiver of any term or condition of this Agreement will be construed as a waiver of any other term or condition;
nor will any waiver of any default or breach under this Agreement be construed as a waiver of any other default or breach. No&nbsp;waiver
will be binding unless in writing and signed by the party waiving the term, condition, default or breach. Any failure or delay by any
party to enforce any of its rights under this Agreement will not be deemed a continuing waiver or modification hereof and such party,
within the time provided by law, may commence appropriate legal proceedings to enforce any or all of such right.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>The remainder of this page&nbsp;is intentionally
left blank</I>]</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing correctly sets forth the understanding
between the Distributor and the Agent, please so indicate in the space provided below for that purpose, whereupon this Agreement and your
acceptance shall constitute a binding agreement between the Distributor and the Agent. Alternatively, the execution of this Agreement
by the Distributor and the acceptance by or on behalf of the Agent may be evidenced by an exchange of telegraphic or other written communications.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALPS DISTRIBUTORS,&nbsp;INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Steve Kyllo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Steve Kyllo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVP and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACCEPTED as of the date first above written</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">UBS SECURITIES LLC<BR>
 (as sub-placement agent)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Saawan Pathange</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Saawan Pathange</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Yuan Xia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yuan Xia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Associate Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>[Signature
Page&nbsp;to Sub-Placement Agent Agreement for abrdn Global Premier Properties Fund]</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADDENDUM<BR>
TO<BR>
SUB-PLACEMENT AGENT AGREEMENT<BR>
BETWEEN<BR>
ALPS DISTRIBUTORS,&nbsp;INC.<BR>
AND<BR>
UBS SECURITIES LLC</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Compensation payable to the Agent for acting as
a sub-placement agent with respect to a specified sale of Shares pursuant to this Agreement shall be determined by multiplying the Gross
Sales Proceeds by the Applicable Selling Agent Commission as set forth below:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicable<BR> Selling Agent<BR> Commission</FONT></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.80%</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Where:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Gross Sales Proceeds&rdquo; with respect
to each sale of Shares shall be the Gross Sales Price multiplied by the number of Shares sold;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Gross Sales Price&rdquo; with respect to
each sale of Shares sold pursuant to this Agreement shall be the gross sales price per share of such Shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>tm2523786d7_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2523786d7_ex5-1.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2523786-7/tm2523786-7_8kseq1/users" -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 75%"><IMG SRC="tm2523786d7_5-1img001.jpg" ALT=""></TD>
<TD STYLE="font-size: 10pt; width: 25%"><FONT STYLE="font-size: 10pt">1900 K Street, NW<BR> Washington, DC 20006-1110<BR>
+1 202 261 3300 Main <BR>
+1 202 261 3333 Fax <BR>
www.dechert.com &nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November&#8239;21, 2025</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Global Dynamic Dividend Fund</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1900 Market Street,</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&nbsp;200</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Registration Statement on Form&nbsp;N-2</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as counsel
for abrdn Global Dynamic Dividend Fund, a statutory trust organized under the laws of the State of Delaware (the &ldquo;<U>Fund</U>&rdquo;),
in connection with the preparation and filing of a Registration Statement on Form&nbsp;N-2 (as may be amended, the &ldquo;<U>Registration
Statement</U>&rdquo;), as originally filed on October&nbsp;10, 2025, with the U.S. Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), and the prospectus supplement, dated November&nbsp;21,
2025 (as amended, supplemented or otherwise modified, the &ldquo;<U>Prospectus Supplement</U>&rdquo; and, together with the base prospectus,
dated as of October&nbsp;30, 2025, included in the Registration Statement, the &ldquo;<U>Prospectus</U>&rdquo;) in connection with the
issuance by the Fund of common shares of beneficial interest with no par value having an aggregate offering price of up to $25,000,000
(the &ldquo;<U>Common Shares</U>&rdquo;), filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion letter is being
furnished to the Fund in accordance with the requirements of Item&nbsp;25 of Form&nbsp;N-2 under the Investment Company Act of 1940, as
amended, and we express no opinion herein as to any matter other than as to the legality of the Common Shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In rendering the opinions
expressed below, we have examined and relied upon originals or copies, certified or otherwise identified to our satisfaction, of such
corporate records, documents, certificates and other instruments as in our judgment are necessary or appropriate to enable us to render
the opinions expressed below.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In our examination, we have
assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us,
the conformity with the respective originals to original documents of all documents submitted to us as certified, telecopies, or reproduced
copies.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not express any opinion
with respect to the laws of any jurisdiction other than the Delaware Statutory Trust Act (the &ldquo;<U>DSTA</U>&rdquo;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2523786d7_5-1img001.jpg" ALT=""></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the basis of the foregoing
and subject to the assumptions, qualifications and limitations set forth in this letter, we are of the opinion that the Common Shares
have been duly authorized by all requisite statutory trust action on the part of the Fund under the DSTA and the Common Shares, when (a)&nbsp;duly
issued and sold in accordance with the Registration Statement and Prospectus Supplement and (b)&nbsp;delivered to the purchaser or purchasers
thereof against receipt by the Fund of such lawful consideration therefor as the Board of Trustees (or a duly authorized committee thereof)
may lawfully determine and at a price per share not less than the per share par value of the Common Shares, will be validly issued, fully
paid and nonassessable.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The opinions set forth herein
as to enforceability of obligations of the Fund are subject to: (i)&nbsp;bankruptcy, insolvency, reorganization, fraudulent conveyance,
moratorium or similar laws now or hereinafter in effect affecting the enforcement of creditors&rsquo; rights generally, and by general
principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and the discretion of the court
or other body before which any proceeding may be brought; (ii)&nbsp;the unenforceability under certain circumstances under law or court
decisions of provisions providing for the indemnification of, or contribution to, a party with respect to a liability where such indemnification
or contribution is contrary to public policy; (iii)&nbsp;provisions of law which may require that a judgment for money damages rendered
by a court in the United States be expressed only in U.S. dollars; (iv)&nbsp;requirements that a claim with respect to any Notes denominated
other than in U.S. dollars (or a judgment denominated other than in U.S. dollars in respect of such claim) be converted into U.S. dollars
at a rate of exchange prevailing on a date determined pursuant to applicable law; and (v)&nbsp;governmental authority to limit, delay
or prohibit the making of payments outside the United States or in foreign currency or composite currency.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We express no opinion as to
the validity, legally binding effect or enforceability of any provision in any agreement or instrument that (i)&nbsp;requires or relates
to payment of any interest at a rate or in an amount which a court may determine in the circumstances under applicable law to be commercially
unreasonable or a penalty or forfeiture or (ii)&nbsp;relates to governing law and submission by the parties to the jurisdiction of one
or more particular courts.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to the filing
of this opinion as an exhibit to the Current Report on Form&nbsp;8-K being filed on the date hereof and incorporated by reference into
the Registration Statement. We also consent to the reference to this firm, as counsel to the Fund, in the Registration Statement, until
such time as we revoke such consent. In giving such consent, we do not thereby admit that we are in the category of persons whose consent
is required under Section&nbsp;7 of the Securities Act or the rules&nbsp;and regulations of the Commission thereunder.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Dechert LLP</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <import namespace="http://xbrl.sec.gov/country/2025" schemaLocation="https://xbrl.sec.gov/country/2025/country-2025.xsd" />
    <import namespace="http://fasb.org/srt/2025" schemaLocation="https://xbrl.fasb.org/srt/2025/elts/srt-2025.xsd" />
    <import namespace="http://fasb.org/srt-types/2025" schemaLocation="https://xbrl.fasb.org/srt/2025/elts/srt-types-2025.xsd" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>agd-20251121_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 6.2b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
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    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
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    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>agd-20251121_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
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<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Nov. 21, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov. 21,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">811-21901<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">abrdn Global Dynamic Dividend Fund<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001362481<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">20-4924557<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1900 Market Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite&#160;200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Philadelphia<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">PA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">19103<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">522-5465<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Shares of Beneficial Interest<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AGD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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