Exhibit 1.1
Execution Version
5,812,247 Shares of Beneficial Interest
Issuable Upon Exercise of Transferable Rights
to Subscribe for Such Shares
DEALER MANAGER AGREEMENT
New York, New York
May 20, 2021
UBS Securities LLC
1285 Avenue of the Americas
New York, New York 10019
Ladies and Gentlemen:
Each of Aberdeen Income Credit
Strategies Fund, a Delaware statutory trust (the “Fund”) and Aberdeen Asset Managers Limited, a corporation organized
under the laws of Scotland (the “Investment Adviser”), and Aberdeen Standard Investments Inc., a Delaware corporation
(the “Sub-Adviser” and collectively with the Investment Adviser, the “Advisers”), hereby confirms
the agreement with and appointment of UBS Securities LLC to act as dealer manager (the “Dealer Manager”) in connection
with the issuance by the Fund to the holders of record (the “Record Date Shareholders”) at the close of business on
the record date set forth in the Prospectus (as defined herein) (the “Record Date”) transferable rights entitling such
Record Date Shareholders to subscribe for up to 5,812,247 common shares (each a “Share” and, collectively, the “Shares”)
of beneficial interest, par value $0.001 per share (the “Common Shares”), of the Fund (the “Offer”).
Pursuant to the terms of the Offer, the Fund is issuing each Record Date Shareholder one transferable right (each a “Right”
and, collectively, the “Rights”) for each Common Share held by such Record Date Shareholder on the Record Date. Such
Rights entitle their holders to acquire during the subscription period set forth in the Prospectus (the “Subscription Period”),
at the price set forth in such Prospectus (the “Subscription Price”), one (1) Share for each three (3) Rights exercised
(except that any Record Date Shareholder who owns fewer than three Common Shares as of the Record Date will be able to subscribe for one
full Share pursuant to the primary subscription), on the terms and conditions set forth in such Prospectus. No fractional shares will
be issued. Any Record Date Shareholder who fully exercises all Rights initially issued to such Record Date Shareholder (other than those
Rights that cannot be exercised because they represent the right to acquire less than one Share) will be entitled to subscribe for, subject
to certain limitations and subject to allocation, additional Shares (the “Over-Subscription Privilege”) on the terms
and conditions set forth in the Prospectus. The Rights are transferable and are expected to be admitted for trading on the New York Stock
Exchange (the “NYSE”) under the symbol “ACP.RT”.
The Fund has filed with
the Securities and Exchange Commission (the “Commission”) a registration statement on Form N-2 (File Nos.
333-253698 and 811-22485) including a related preliminary prospectus for the Offer (including the preliminary statement of
additional information incorporated by reference therein) under the Investment Company Act of 1940, as amended (the
“Investment Company Act”), the Securities Act of 1933, as amended (the “Securities Act”), and
the rules and regulations of the Commission under the Investment Company Act (the “Investment Company Act Rules and
Regulations”) and the rules and regulations of the Commission under the Securities Act (the “Securities Act Rules
and Regulations” and, together with the Investment Company Act Rules and Regulations, the “Rules and
Regulations”), and has filed such amendments to such registration statement on Form N-2, if any, as may have been required
to the date hereof. The registration statement was initially declared effective by the Commission on April 27, 2021. If any
prospectus contained in the registration statement omits certain information at the time of effectiveness pursuant to Rule 430B of
the Securities Act Rules and Regulations, a final prospectus containing such omitted information will promptly be filed by the Fund
with the Commission in accordance with Rule 424(b) of the Rules and Regulations. The term “Registration
Statement” means the registration statement, as amended, at the time it became effective, including financial statements
and all exhibits and all documents incorporated therein by reference, and any information deemed to be included by Rule 430B of the
Securities Act Rules and Regulations. Except where the context otherwise requires, “Base Prospectus,” as used
herein, means the prospectus dated April 27, 2021 (including the statement of additional information and all documents incorporated
therein by reference), included in the Registration Statement. Except where the context otherwise requires,
“Prospectus,” as used herein, means the Base Prospectus and the prospectus supplement (including the statement of
additional information and all documents incorporated therein by reference) as filed by the Fund with the Commission in accordance
with Rule 424(b) of the Rules and Regulations.
“Issuer Free Writing
Prospectus” means any “written communication” (as defined in Rule 405 under the 1933 Act) that constitutes an offer
to sell or solicitation of an offer to buy in connection with the Offer.
The Prospectus, any Issuer
Free Writing Prospectus and any letters to owners of Common Shares of the Fund, subscription certificates and other forms used to exercise
rights, brochures, wrappers, any letters from the Fund to securities dealers, commercial banks and other nominees and any newspaper announcements,
press releases and other offering materials and information that the Fund may use, approve, prepare or authorize for use in connection
with the Offer are collectively referred to hereinafter as the “Offering Materials.”
| 1. | Representations and Warranties. |
| (a) | The Fund and the Adviser jointly and severally represent and warrant to, and agree with, the Dealer Manager
as of the date hereof, as of the date of the commencement of the Offer (such date being hereinafter referred to as the “Representation
Date”) and as of the Expiration Date (as defined below) that: |
| (i) | The Fund meets the requirements for use of Form N-2 under the Securities Act and the Investment Company
Act and the Rules and Regulations. The Registration Statement became effective on April 27, 2021. At the time the Registration Statement
became effective under the Securities Act, the Registration Statement contained all statements required to be stated therein in accordance
with, and complied in all material respects with, the requirements of the Securities Act, the Investment Company Act and the Rules and
Regulations and did not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary in order to make the statements therein not misleading. From the time the Registration Statement became effective through
the expiration date of the Offer set forth in the Prospectus, as it may be extended as provided in the Prospectus (the “Expiration
Date”), the Offering Materials will not contain an untrue statement of a material fact or omit to state any 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; provided, however, that the representations and warranties in this subsection shall not apply to statements
in or omissions from the Registration Statement or Offering Materials made in reliance upon and in conformity with information relating
to the Dealer Manager furnished to the Fund in writing by the Dealer Manager for the express use in the Registration Statement or Offering
Materials. |
| (ii) | The Fund (A) has been duly organized and is validly existing as a statutory trust in good standing under
the laws of the State of Delaware, (B) has full power and authority to own, lease and operate its properties and conduct its business
as described in the Registration Statement and the Prospectus, (C) currently maintains all necessary licenses, permits, consents, orders,
approvals, and other authorizations (collectively, the “Licenses and Permits”) necessary to carry on its business as
contemplated in the Prospectus, (D) has made all necessary filings required under any federal, state, local or foreign law, regulation
or rule, and (E) is duly qualified to transact business and is in good standing in each jurisdiction wherein it owns or leases real property
or in which the conduct of its business requires such qualification, except in the case of (C), (D) and (E) to the extent that the failure
to maintain such Licenses and Permits, make such filings, be so qualified or be in good standing (x) could not reasonably be expected
to have a material adverse effect upon the Fund’s performance of this Agreement or the consummation of any of the transactions herein
contemplated or (y) could not reasonably be expected to have a material adverse effect on the condition (financial or other), business,
management, properties or results of operations (a “Fund Material Adverse Effect”). The Fund has no subsidiaries. |
| (iii) | The Fund is duly registered with the Commission under the Investment Company Act as a diversified, closed-end
management investment company; no order of suspension or revocation of such registration has been issued or proceedings therefor initiated
or, to the best of the Fund’s and the Advisers’ knowledge, threatened by the Commission; subject to the filing of the Prospectus
pursuant to Rule 424(b) of the Securities Act Rules and Regulations, if not already filed, all required action has been taken by the Fund
under the Securities Act and the Investment Company Act to make the Offer and to consummate the issuance of the Rights and the issuance
and sale of the Shares by the Fund upon exercise of the Rights; and the provisions of the Fund’s amended and restated declaration
of trust, by-laws and Instrument of Designation of Rights, dated May 20, 2021 (the “Instrument of Designation”) comply in
all material respects with the requirements of the Investment Company Act and the Investment Company Act Rules and Regulations. |
| (iv) | To the knowledge of the Fund and the Advisers, KPMG LLP, the independent registered public accounting
firm that certified the financial statements of the Fund set forth or incorporated by reference in the Registration Statement and the
Prospectus, is an independent registered public accounting firm as required by the Investment Company Act, the Securities Act, the Rules
and Regulations, the Exchange Act and the rules and regulations thereunder and by the rules of the Public Company Accounting Oversight
Board. |
| (v) | The financial statements of the Fund, together with the related notes and schedules thereto, set forth
or incorporated by reference in the Registration Statement and the Prospectus present fairly in all material respects the financial condition
of the Fund as of the dates or for the periods indicated in conformity with U.S. generally accepted accounting principles applied on a
consistent basis; and the information set forth in the Prospectus under the headings “Summary of Fund Expenses” and “Financial
Highlights” presents fairly in all material respects the information stated therein. |
| (vi) | The documents incorporated by reference in the Registration Statement and the Prospectus, at the time
they became effective or were filed with the Commission, as the case may be, complied in all material respects with the requirements of
the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as applicable, and the
Investment Company Act and the rules and regulations of the Commission thereunder, and none of such documents contained an untrue statement
of a material fact or omitted 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, and any further documents so filed and incorporated by reference
in the Registration Statement and the Prospectus, as amended or supplemented, when such documents become effective or are filed with the
Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act or the Exchange Act, as
applicable, and the Investment Company Act and the rules and regulations of the Commission thereunder and will not contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they are made, not misleading. |
| (vii) | The Fund has an authorized and outstanding capitalization as set forth in the Prospectus (subject to the
issuance of any Shares pursuant to the Dividend Reinvestment Plan (as defined below) after the date of such Prospectus); the issued and
outstanding Common Shares have been duly authorized and are validly issued, fully paid and non-assessable and conform in all material
respects to the description thereof in the Prospectus under the headings “Description of Common Shares” and “Description
of Capital Structure—Common Shares”; the Rights have been duly authorized by all requisite action on the part of the Fund
for issuance pursuant to the Offer; the certificates, if any, for the Shares are in due and proper form; the Shares have been duly authorized
by all requisite action on the part of the Fund for issuance and sale pursuant to the terms of the Offer and, when issued and delivered
by the Fund pursuant to the terms of the Offer against payment of the consideration set forth in the Prospectus, will be validly issued,
fully paid and non-assessable; and the Shares and the Rights conform in all material respects to the description thereof contained in
the Registration Statement, the Prospectus and the other Offering Materials. No person is entitled to any preemptive or other similar
rights or has registration rights with respect to the issuance of each of the Rights and the Shares. |
| (viii) | Except as set forth in the Prospectus, subsequent to the respective dates as of which information is given
in the Registration Statement and the Prospectus, (A) the Fund has not incurred any liabilities or obligations, direct or contingent,
or entered into any transactions, other than in the ordinary course of business, that are material to the Fund and (B) there has not been
any material change in the Common Shares or long-term debt of the Fund, or any event that resulted in a Fund Material Adverse Effect,
(C) there has been no dividend or distribution declared or paid in respect of the Fund’s Common Shares which has not been publicly
announced and (D) the Fund has not incurred any long-term debt, other than pursuant to the Fund’s senior secured revolving credit
facility described in the Prospectus. |
| (ix) | Each of this (A) agreement (the “Agreement”); (B) the Subscription Agent Agreement
(the “Subscription Agency Agreement”) dated as of May 17, 2021 by and among the Fund, Computershare Inc.
(“Computershare”) and Computershare Trust Company, N.A. (the “Trust Company” and, together with
Computershare, the “Subscription Agent”); (C) the Information Agent Letter of Agreement (the “Information
Agent Agreement”) dated as of May 4, 2021 between the Fund and Georgeson LLC. (the “Information Agent”);
(D) the Investment Advisory Agreement dated as of December 1, 2017 between the Fund and the Investment Adviser (the “Advisory
Agreement”); (E) the Sub-Advisory Agreement dated as of December 1, 2017 between the Fund, the Adviser and Aberdeen Standard
Investments Inc. (the “Sub-Advisory Agreement”); (F) the Administration Agreement dated as of December 1, 2017 between
the Fund and Aberdeen Standard Investments Inc. (f/k/a Aberdeen Asset Management Inc.) (the “Administration Agreement”);
(G) the Amended and Restated Master Custodian Agreement dated as of June 1, 2012 between the Fund and State Street Bank and Trust Company,
as amended on January 29, 2014, March 5, 2014, June 1, 2015 and December 1, 2017 (the “Custodian Agreement”); (H) the
Transfer Agency and Service Agreement dated as of December 15, 2010 by and between the Fund and State Street Bank and Trust Company (the
“Transfer Agency Agreement”); (I) the Credit Agreement dated as of November 30, 2018 between the Fund and BNP Paribas
acting as administrative agent and BNP Paribas Securities Corp. acting as sole lead arranger and sole book manager, as amended from time
to time (the “Credit Agreement”); (J) the Amended and Restated Investor Relations Services Agreement effective as of
September 8, 2018 between the Fund and Aberdeen Standard Investments Inc. (f/k/a Aberdeen Asset Management Inc.) (the “Investor
Relations Services Agreement”); and (K) the Expense Limitation Letter Agreement dated as of April 26, 2021 between the Fund
and the Adviser (the “Expense Limitation Agreement”) (collectively, all the foregoing are referred to herein as the
“Fund Agreements”), has been duly authorized, executed and delivered by the Fund; each of the Fund Agreements and the
Dividend Reinvestment Plan of the Fund (the “Dividend Reinvestment Plan”) complies with all applicable provisions of
the Investment Company Act, the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and the rules and
regulations under such Acts; and, assuming due authorization, execution and delivery by the other parties thereto, each of the Fund Agreements
constitutes a legal, valid, binding and enforceable obligation of the Fund, subject to the qualification that the enforceability of the
Fund’s obligations thereunder may be limited by U.S. bankruptcy, insolvency, reorganization, moratorium and other laws of general
applicability relating to or affecting creditors’ rights (whether statutory or decisional) and to general principles of equity (regardless
of whether enforceability is considered in a proceeding in equity or at law), except as enforcement of rights to indemnity and contribution
hereunder may be limited by federal or state securities laws or principles of public policy. |
| (x) | Neither the issuance of the Rights, nor the issuance and sale of the Shares upon the exercise of the Rights,
nor the execution, delivery, performance and consummation by the Fund of any other of the transactions contemplated in this Agreement,
or to the extent applicable to the Rights or the Shares in the Fund Agreements, nor the consummation of the transactions contemplated
in this Agreement or in the Registration Statement nor the fulfillment of the terms thereof will (A) violate the amended and restated
agreement and declaration of trust, by-laws or similar organizational documents of the Fund, (B) conflict with, result in a breach or
violation of, or constitute a default or an event of default under, or result in the creation or imposition of any lien,
charge or encumbrance upon any properties or assets of the Fund under the terms and provisions of any agreement, indenture, mortgage,
loan agreement, note, insurance or surety agreement, lease or other instrument to which the Fund is a party or by which it may be bound
or to which any of the property or assets of the Fund is subject, or (C) result in any violation of any order, law, rule or regulation
of any court or governmental agency or body having jurisdiction over the Fund or any of its properties, except in the case of clause (B)
or (C) above, where such contravention does not or would not have a Fund Material Adverse Effect. |
| (xi) | Except as set forth in the Registration Statement, there is no pending or, to the Fund’s or the
Advisers’ knowledge, threatened action, suit, claim, investigation or proceeding affecting the Fund or to which the Fund is a party
before or by any court or governmental agency, authority or body or any arbitrator which would result in any Fund Material Adverse Effect. |
| (xii) | There are no franchises, contracts or other documents of the Fund required to be described in the Registration
Statement or the Prospectus, or to be filed or incorporated by reference as exhibits to the Registration Statement which are not described
or filed or incorporated by reference therein as required by the Securities Act, the Investment Company Act or the Rules and Regulations. |
| (xiii) | No consent, approval, authorization, notification or order of, or filing with any federal, state, local
or foreign court or governmental or regulatory agency, commission, board, authority or body or with any self-regulatory organization or
other non-governmental regulatory authority is required for the consummation by the Fund of the transactions contemplated by the Fund
Agreements or the Registration Statement, except such as have been obtained, or if the Registration Statement filed with respect to the
Shares is not effective under the Securities Act as of the time of execution hereof, such as may be required (and shall be obtained prior
to commencement of the Offer) under the Investment Company Act, the Securities Act or the Exchange Act, the Financial Industry Regulatory
Authority, Inc. (“FINRA”) or the NYSE, or such as to which the failure to obtain would not have a Fund Material Adverse
Effect. |
| (xiv) | The Fund is not currently in breach of, or in default under, any written agreement or instrument to which
it is a party or by which it or its property is, to the knowledge of the Fund or the Advisers, bound or affected, except where such breach
or default would not have a Fund Material Adverse Effect. |
| (xv) | There are no material restrictions, limitations or regulations with respect to the ability of the Fund
to invest its assets as described in the Registration Statement and the Prospectus, other than as described therein. |
| (xvi) | No person has any right to the registration of any securities of the Fund because of the filing of the
Registration Statement with the Commission. No person has tag along rights or other similar rights included in the transaction contemplated
by this Agreement. |
| (xvii) | The Common Shares have been duly listed on the NYSE and, prior to their issuance, the Rights will
have been admitted for trading and the Shares duly approved for listing, subject to official notice of issuance, on the NYSE. The
Fund has not received any notice from the
NYSE that it is not in compliance with the listing or maintenance requirements of the NYSE with respect to the Common Shares |
| (xviii) | The Fund (A) has not taken, directly or indirectly, any action designed to cause or to result in, or that
has constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of
the Fund to facilitate the issuance of the Rights or the sale or resale of the Rights and the Shares, (B) has not since the filing of
the Registration Statement sold, bid for or purchased, or paid anyone any compensation for soliciting purchases of, Common Shares of the
Fund (except for the solicitation of exercises of the Rights pursuant to this Agreement) and (C) will not, until the later of the expiration
of the Rights or the completion of the distribution (within the meaning of Rule 100 of Regulation M under the Exchange Act) of the Shares,
sell, bid for or purchase, pay or agree to pay to any person any compensation for soliciting another to purchase any other securities
of the Fund (except for the solicitation of exercises of the Rights pursuant to this Agreement); provided that any action in connection
with the Fund’s Dividend Reinvestment Plan will not be deemed to be within the terms of this Section 1(a)(xviii). |
| (xix) | The Fund has complied in all previous tax years, and intends to direct the investment of the proceeds
of the Offer described in the Registration Statement and the Prospectus in such a manner as to continue to comply, with the requirements
of Subchapter M of the Internal Revenue Code of 1986, as amended (“Subchapter M of the Code”), and is qualified and
intends to continue to qualify as a regulated investment company under Subchapter M of the Code. |
| (xx) | Since commencing operations, the Fund has complied, and will direct the investment of the proceeds of
the Offer described in the Registration Statement and the Prospectus in such a manner as to continue to comply, with the asset coverage
requirements of the Investment Company Act. |
| (xxi) | The Fund has (a) appointed a Chief Compliance Officer and (b) adopted and implemented written policies
and procedures which the Board of Trustees of the Fund has determined are reasonably designed to prevent violations of the federal securities
laws (as defined by Rule 38a-1 under the Investment Company Act), and is in compliance in all material respects with such Rule. |
| (xxii) | Other than the Offering Materials, the Fund has not, without the written permission of the Dealer Manager,
used, approved, prepared or authorized any letters to beneficial owners of the Common Shares of the Fund, forms used to exercise rights,
any letters from the Fund to securities dealers, commercial banks and other nominees or any newspaper announcements or other offering
materials and information in connection with the Offer; provided, however, that any use of transmittal documentation and subscription
documentation independently prepared by the Dealer Manager, broker-dealers, trustees, nominees or other financial intermediaries shall
not cause a violation of this Section 1(a)(xxii). |
| (xxiii) | Any Offering Materials authorized in writing by or prepared by the Fund or the Advisers used in connection
with the Offer does not contain an untrue statement of a materials fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading. Moreover, all Offering Materials complied and will comply in
all material respects with the applicable requirements of the Securities Act, the Investment Company Act, the Rules and Regulations and
the rules and interpretations of FINRA.
|
| (xxiv) | The Fund maintains a system of internal accounting controls sufficient to provide reasonable assurance
that (A) transactions are executed in accordance with management’s general or specific authorization; (B) transactions are recorded
as necessary to permit preparation of financial statements in conformity with U.S. generally accepted accounting principles and to maintain
accountability for assets; (C) access to assets is permitted only in accordance with management’s general or specific authorization;
and (D) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken
with respect to any differences. |
| (xxv) | The Fund has established and maintains disclosure controls and procedures (as such term is defined in
Rule 30a-3 under the Investment Company Act); such disclosure controls and procedures are designed to ensure that material information
relating to the Fund is made known to the Fund’s principal executive officer and its principal financial officer by others within
the Fund, and such disclosure controls and procedures are effective, based on the evaluation of these controls and procedures required
by Rule 30a-3(b) under the Investment Company Act and Rules 13a-15(b) or 15d-15(b) under the Exchange Act; the Fund’s independent
registered public accounting firm and the Audit Committee of the Board of Trustees of the Fund have been advised of: (A) any significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the Fund’s ability to record, process, summarize, and report financial information; (B) any fraud, whether or
not material, that involves management or other employees who have a significant role in the Fund’s internal control over financial
reporting; and (C) any material weaknesses in the Fund’s internal control over financial reporting have been identified for the
Fund’s independent registered public accounting firm; and since the date of the most recent evaluation of such disclosure controls
and procedures, there have been no significant changes in internal control over financial reporting or in other factors that could materially
affect internal control over financial reporting, including any corrective actions with regard to significant deficiencies and material
weaknesses. |
| (xxvi) | The Fund and its officers and trustees, in their capacities as such, are in compliance in all material
respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder. |
| (xxvii) | No 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. Except as disclosed in the Registration Statement and the Prospectus, no trustee of
the Fund is (A) an “interested person” (as defined in the Investment Company Act) of the Fund or (B) an “affiliated
person” (as defined in the Investment Company Act) of the Dealer Manager. |
| (xxviii) | The Fund’s Board of Trustees has validly appointed an audit committee whose composition
satisfies the requirements of Rules 303A.06 and 303A.07(a) of the NYSE Listed Company Manual (as modified by Rule 303A.00 of the
NYSE Listed Company Manual for closed-end funds)
and the Board of Trustees and/or the audit committee has adopted a charter that satisfied the requirements of Rule 303A.07(b) of the NYSE
Listed Company Manual (as modified by Rule 303A.00 of the NYSE Listed Company Manual for closed-end funds). The audit committee has reviewed
the adequacy of its charter within the past twelve months. |
| (xxix) | Any statistical, demographic or market-related data included in the Registration Statement, the Prospectus
or the other Offering Materials are based on or derived from sources that the Fund and the Advisers believe to be reasonably reliable
and accurate and all such data included in the Registration Statement, the Prospectus and the other Offering Materials accurately reflects
the materials upon which it is based or from which it was derived, and, to the extent required, the Fund has obtained the written consent
to the use of such data from such sources. |
| (xxx) | No transaction has occurred between or among the Fund and any of its officers or trustees, shareholders
or affiliates or any affiliate or affiliates of any such officer or trustee or shareholder or affiliate that is required to be described
in and is not described in the Registration Statement and the Prospectus. |
| (xxxi) | Neither the Fund nor, to the knowledge of the Fund or the Advisers, any employee or agent of the Fund
has made any payment of funds of the Fund or received or retained any funds on behalf of the Fund, which payment, receipt or retention
of funds is a character required to be disclosed in the Registration Statement or Prospectus and is not so disclosed. |
| (xxxii) | The Fund has filed all U.S. federal and all material state, local and foreign tax returns that are required
to be filed through the date hereof, which returns are true and correct in all material respects or has received timely extensions thereof,
and has paid all taxes shown on such returns and all assessments received by it to the extent that the same are material and have become
due. There are no tax audits or investigations pending which if adversely determined would have a Fund Material Adverse Effect; nor are
there any proposed additional tax assessments against the Fund. |
| (xxxiii) | The Fund is insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses in which it is engaged; all policies of insurance insuring the Fund or
its business, assets, employees, officers and trustees, including the Fund’s trustees and officers errors and omissions insurance
policy and its fidelity bond required by Rule 17g-1 of the Investment Company Act Rules and Regulations, are in full force and effect;
the Fund is in compliance with the terms of such policy and fidelity bond; and there are no claims by the Fund under any such policy or
fidelity bond as to which any insurance company is denying liability or defending under a reservation of rights clause; the Fund has not
been refused any insurance coverage sought or applied for; and the Fund has no reason to believe that it will not be able to renew its
existing insurance coverage and fidelity bond as and when such coverage and fidelity bond expires or to obtain similar coverage and fidelity
bond from similar insurers as may be necessary to continue its business. |
| (xxxiv) | The Fund owns or possesses, or can acquire on reasonable terms, adequate patents, patent rights,
licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or
confidential information, systems, or procedures), trademarks,
service marks, trade names or other intellectual property (collectively, “Intellectual Property”) necessary to carry
on the business operated by the Fund, except for that which the failure to own or possess would not reasonably be expected to have a Fund
Material Adverse Effect, and the Fund has not received any notice or is not otherwise aware of any infringement of or conflict with asserted
rights of others with respect to any Intellectual Property or of any facts or circumstances that, if the subject of an unfavorable decision,
ruling or finding, would have a Fund Material Adverse Effect. |
| (xxxv) | Neither the Fund nor, to the knowledge of the Fund or the Advisers, any trustee, officer, agent, employee
or representative of the Advisers acting on behalf of the Fund, including, without limitation, any trustee, officer, agent or employee
of the Fund, has while acting on behalf of the Fund (A) used any funds of the Fund for unlawful contributions, gifts, entertainment or
other unlawful expenses relating to political activity; (B) made any unlawful payment to foreign or domestic government officials or employees
or to foreign or domestic political parties or campaigns from corporate funds; (C) violated any provision of the Foreign Corrupt Practices
Act of 1977, as amended (“FCPA”); or (D) made any other unlawful payment. |
| (xxxvi) | The operations of the Fund are and have been conducted at all times in compliance in all material respects
with applicable financial recordkeeping and reporting requirements of the Bank Secrecy Act of 1970, as amended, the applicable money laundering
statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action,
suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Fund with respect
to the Money Laundering Laws is pending, or to the knowledge of the Fund, threatened. |
| (xxxvii) | Neither the Fund nor, to the knowledge of the Fund, any trustee, officer, agent or employee of the Fund
or an Adviser is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department
(“OFAC”); and the Fund will not directly or indirectly use the proceeds of the Offer, or lend, contribute or otherwise
make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities
of any person currently subject to any U.S. sanctions administered by OFAC. |
| (xxxviii) | The information provided to the Dealer Manager or to counsel for the Dealer Manager by the Fund and its
officers in connection with filings provided to FINRA pursuant to FINRA’s conduct rules is true, complete and correct in all material
respects. |
| (b) | The Advisers represent and warrant to, and agree with, the Dealer Manager as of the date hereof, as of
the Representation Date and as of the Expiration Date that: |
| (i) | The Adviser and Sub-Adviser have each been duly organized and are validly existing as a corporation,
the Adviser under the laws of Scotland and the Sub-Adviser under the laws of Delaware, and each has power and authority to own its properties and its assets and conduct
its business as described in the Registration Statement and the Prospectus, currently maintains all Licenses and Permits material to the
conduct of its business and necessary to enable the Advisers to continue to supervise investments in securities as contemplated in the
Registration Statement and Prospectus, except to the extent that the failure to own, possess or obtain and maintain such Licenses and
Permits could not reasonably be expected to have a material adverse effect on the condition (financial or otherwise), business prospects,
earnings, business affairs, properties, management, net assets or results of operations of the Advisers, whether or not arising from transactions
in the ordinary course of business of the Advisers, or the Offer (an “Adviser Material Adverse Effect”). Each Adviser
is duly licensed and qualified to do business and is in good standing in each jurisdiction where it owns or leases real property or in
which the conduct of its business requires such qualification, except where the failure to be so licensed and qualified or be in good
standing would not have an Adviser Material Adverse Effect. |
| (ii) | Each Adviser is duly registered with the Commission as an investment adviser under the Advisers Act, and
is not prohibited by the Advisers Act or the Investment Company Act, or the rules and regulations under such Acts, from acting as investment
adviser for the Fund as contemplated in the Prospectus, the Registration Statement and the Advisory Agreement and no order or suspension
or revocation of such registration has been issued or proceedings therefor initiated or, to the knowledge of each Adviser, threatened
by the Commission. |
| (iii) | Since the respective dates as of which information is given in the Registration Statement and the Prospectus,
except as otherwise stated therein, (A) there has been no Adviser Material Adverse Effect and (B) there have been no transactions entered
into by an Adviser which are material with respect to such Adviser other than those in the ordinary course of its business as described
in the Initial Registration Statement and the Prospectus. |
| (iv) | Each of this Agreement, the Advisory Agreement, the Sub-Advisory Agreement, the Administration Agreement,
the Investor Relations Services Agreement and the Expense Limitation Agreements (collectively, all the foregoing are referred to herein
as the “Advisers Agreements”) to which such Adviser is a party has been duly authorized, executed and delivered by
each applicable Adviser and complies in all material respects with all applicable provisions of the Investment Company Act, the Advisers
Act and the rules and regulations under such Acts, and is, assuming due authorization, execution and delivery by the other parties thereto,
a legal, valid, binding and enforceable obligation of such Adviser party thereto, subject to the qualification that the enforceability
of such Adviser’s obligations thereunder, as applicable, may be limited by U.S. bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance and other laws of general applicability relating to or affecting creditors’ rights (whether statutory or decisional)
and to general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law), except as
enforcement of rights to indemnity and contribution hereunder may be limited by federal or state securities laws or principles of public
policy. |
| (v) | Neither the execution, delivery, performance and consummation by each Adviser of its obligations under
the Advisers Agreements to which it is a party, nor the consummation of the transactions contemplated
therein or in the Prospectus or the Registration Statement nor the fulfillment of the terms thereof will (A) conflict with or violate
the articles of incorporation, by-laws or similar organizational documents of such Adviser, (B) conflict with, result in a breach or violation
of, or constitute a default or an event of default under, or result in the creation or imposition of any lien, charge or encumbrance upon
any properties or assets of such Adviser under the terms and provisions of any indenture, mortgage, loan agreement, note, insurance or
surety agreement, or any other material lease, instrument or agreement to which such Adviser is a party or by which it may be bound or
to which any of the property or assets of such Adviser is subject or (C) result in any violation of any order, law, rule or regulation
of any court, governmental agency or body having jurisdiction over such Adviser or any of its properties, except in the case of clauses
(B) or (C) above, where such contravention does not or would not have an Adviser Material Adverse Effect. |
| (vi) | Except as set forth in the Registration Statement, there is no pending or, to the best of each Adviser’s
knowledge, threatened action, suit or proceeding affecting such Adviser or to which such Adviser is a party before or by any court or
governmental agency, authority or body or any arbitrator, which would result in an Adviser Material Adverse Effect. |
| (vii) | No consent, approval, authorization, notification or order of, or filing with any court or governmental
agency or body is required for the consummation by each Adviser of the transactions contemplated by the Advisers Agreements to which such
Adviser is a party, except such as have been obtained or where the failure to obtain such consent, approval, authorization, notification
or order, or make such filing would not have an Adviser Material Adverse Effect. |
| (viii) | Each Adviser (A) has not taken any action designed to cause or to result in, or that has constituted
or which might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Fund to facilitate
the issuance of the Rights or the sale or resale of the Rights and the Shares, (B) has not since the filing of the Registration Statement
sold, bid for or purchased, or paid anyone any compensation for soliciting purchases of, Common Shares of the Fund (except for the solicitation
of exercises of the Rights pursuant to this Agreement) and (C) will not, until the later of the expiration of the Rights or the completion
of the distribution (within the meaning of Rule 100 of Regulation M under the Exchange Act) of the Shares, sell, bid for or purchase,
pay or agree to pay any person any compensation for soliciting another to purchase any other securities of the Fund (except for the solicitation
of exercises of the Rights pursuant to this Agreement); provided that any action in connection with the Fund’s Dividend Reinvestment
Plan will not be deemed to be within the terms of this Section 1(b)(vii). |
| (ix) | Each Adviser has adopted and implemented written policies and procedures under Rule 206(4)-7 under the
Advisers Act reasonably designed to prevent violation of the Advisers Act by such Adviser and its supervised persons. |
| (x) | Each Adviser owns or possesses, or can acquire on reasonable terms, the Intellectual Property
necessary to act as investment adviser for the Fund as contemplated in the Prospectus the Registration Statement, the Advisory Agreement and the Sub-Advisory Agreement,
except to the extent that the failure to own or possess such Intellectual Property would not have an Adviser Material Adverse Effect,
and each Adviser has not received any notice or is not otherwise aware of any infringement of or conflict with asserted rights of others
with respect to any Intellectual Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate
to protect the interest of the Investment Manager, except for that which if determined to be invalid or inadequate would not reasonably
be expected to have an Adviser Material Adverse Effect. |
| (xi) | Each Adviser or, to such Adviser’s knowledge, any affiliate under common control with such Adviser
including, without limitation, any director, officer, agent or employee of such Adviser, has not while acting on behalf of such Adviser
(A) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity;
(B) made any unlawful payment to foreign or domestic government officials or employees or to foreign or domestic political parties or
campaigns from corporate funds; (C) violated any provision of the FCPA; or (D) made any other unlawful payment. |
| (xii) | The operations of each Adviser are and have been conducted at all times in compliance with applicable
Money Laundering Laws and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving such Adviser with respect to the Money Laundering Laws is pending, or to the best knowledge of such Adviser, threatened. |
| (xiii) | Neither each Adviser nor, to the knowledge of such Adviser, any member, trustee, officer, agent, employee
or affiliate (as defined in Rule 405 of the Securities Act Rules and Regulations) of such Adviser is currently subject to any U.S. sanctions
administered by OFAC; and each Adviser will not direct the proceeds of the offering, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person
currently subject to any U.S. sanctions administered by OFAC. |
| (xiv) | Each Adviser intends to direct the proceeds of the Offer described in the Registration Statement and the
Prospectus in such a manner as to cause the Fund to comply with the requirements of Subchapter M of the Code. |
| (xv) | Each Adviser has the financial resources available to it necessary for the performance of its services
and obligations as contemplated by the Registration Statement and the Prospectus and the Advisory Agreement, Sub-Advisory Agreement, the
Administration Agreement, the Investor Relations Services Agreement and the Expense Limitation Agreements to which it is a party. |
| (xvi) | Each of the Advisory Agreement, Sub-Advisory Agreement, the Administration Agreement, the Investor Relations
Services Agreement and the Expense Limitation Agreements is in full force and effect and neither the Fund nor each Adviser party thereto
is in default thereunder, and no event has occurred which with the passage of time or the giving of notice or both would constitute a
default under such document, except to the extent that such default would not have an Adviser Material Adverse Effect. |
| (xvii) | All information furnished by each Adviser including, without limitation, the description of such Adviser,
for use in the Registration Statement and Prospectus does not contain any untrue statement of a material fact or omit to state any material
fact necessary to make such information, in light of the circumstances under which such statements were made, not misleading. |
| (xviii) | The Adviser is eligible for and has filed with the Commodity Futures Trading Commission (“CFTC”)
and the National Futures Association (“NFA”) a notice of eligibility for relief from inclusion within the definition of a
commodity pool operator pursuant to Section 4.5 of the general regulations under the Commodity Exchange Act, as amended (“CEA”),
with respect to the Fund. |
| (c) | Any certificate required by this Agreement that is signed by any officer of the Fund or each Adviser and
delivered to the Dealer Manager or counsel for the Dealer Manager shall be deemed a representation and warranty by the Fund or such Adviser,
as the case may be, to the Dealer Manager, as to the matters covered thereby. |
| 2. | Agreement to Act as Dealer Manager. |
| (a) | On the basis of the representations and warranties contained herein, and subject to the terms and conditions
of the Offer: |
| (i) | The Fund hereby appoints the Dealer Manager to solicit the exercise of Rights and authorizes the Dealer
Manager to sell Shares purchased by the Dealer Manager from the Fund through the exercise of Rights as described in the Prospectus and
in accordance with the Securities Act, the Investment Company Act and the Exchange Act; the Fund hereby authorizes the Dealer Manager
to form and manage a group of selling broker-dealers (each a “Selling Group Member” and collectively the “Selling
Group”) that enter into a Selling Group Agreement with the Dealer Manager in the form attached hereto as Exhibit A to solicit
the exercise of Rights and to sell Shares purchased by the Selling Group Member from the Dealer Manager as described herein. The Dealer
Manager hereby agrees to solicit the exercise of Rights in accordance with its customary practice subject to the terms and conditions
of this Agreement and the procedures described in the Registration Statement, the Prospectus; and the Dealer Manager hereby agrees to
form and manage the Selling Group to solicit the exercise of Rights and to sell to the Selling Group Shares purchased by the Dealer Manager
from the Fund through the exercise of Rights as described herein in accordance with its customary practice subject to the terms and conditions
of this Agreement, the procedures described in the Registration Statement, the Prospectus and, where applicable, the terms and conditions
of the Selling Group Agreement. |
The Fund hereby authorizes other soliciting
broker-dealers (each a “Soliciting Dealer” and collectively the “Soliciting Dealers”) to enter
into a Soliciting Dealer Agreement with the Dealer Manager in the form attached hereto as Exhibit B to solicit the exercise of Rights.
The Fund authorizes and directs the Dealer Manager to enter into, and the Dealer Manager agrees to enter into, a Soliciting Dealer Agreement
with each qualified Soliciting Dealer, as set forth in the Soliciting Dealer Agreement. All questions as to the form, validity and eligibility
(including time of receipt) of a Soliciting Dealer Agreement will be determined by the Fund, in its sole discretion, which determination
shall be final and binding.
| (ii) | The Fund hereby authorizes the Dealer Manager to buy, facilitate the sale of and exercise Rights, including
unexercised Rights delivered to the Subscription Agent for resale and Rights of Record Date Shareholders whose record addresses are outside
the United States held by the Subscription Agent for which no instructions are received, on the terms and conditions set forth in such
Prospectus, and to sell Shares to the public or to Selling Group Members at the offering price set by the Dealer Manager from time to
time. Sales of Shares by the Dealer Manager or Selling Group Members shall not be at a price higher than the offering price set by the
Dealer Manager from time to time. The proceeds from the sale of Rights will be remitted to the Record Date Shareholders as set forth in
the Prospectus. |
| (b) | To the extent permitted by applicable law, the Fund agrees to furnish, or cause to be furnished, to the
Dealer Manager, lists, or copies of those lists, showing the names and addresses of, and number of Common Shares held by, Record Date
Shareholders as of the Record Date, and the Dealer Manager agrees to use such information only in connection with the Offer to identify
those securities brokers and dealers that are subscribing to the offering, and not to furnish the information to any other person except
for securities brokers and dealers that have been identified by the Dealer Manager as soliciting exercises of Rights. |
| (c) | The Dealer Manager agrees to provide to the Fund, in addition to the services described in Section 2(a),
financial structuring and solicitation services in connection with the Offer. No fee, other than the fees provided for in Section 3 of
this Agreement and the reimbursement of the Dealer Manager’s out-of-pocket expenses as described in Section 5 of this Agreement,
will be payable by the Fund, or any other party hereto, to the Dealer Manager in connection with the financial structuring and solicitation
services provided by the Dealer Manager pursuant to this Section 2(c). |
| (d) | The Fund and the Dealer Manager agree that the Dealer Manager is an independent contractor with respect
to the solicitation of the exercise of the Rights, and that the Dealer Manager’s performance of financial structuring and solicitation
services for the Fund is pursuant to a contractual relationship created solely by this Agreement entered into on an arm’s length
basis, and in no event do the parties intend that the Dealer Manager act or be responsible as a fiduciary to the Fund, its management,
shareholders, creditors or any other person, including Selling Group Members and Soliciting Dealers, in connection with any activity that
the Dealer Manager may undertake or has undertaken in furtherance of its engagement pursuant to this Agreement, either before or after
the date hereof. The Dealer Manager hereby expressly disclaims any fiduciary or similar obligations to the Fund, either in connection
with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Fund hereby confirms its
understanding and agreement to that effect. The Fund and the Dealer Manager agree that they are each responsible for making their own
independent judgments with respect to any such transactions, and that any opinions or views expressed by the Dealer Manager to the Fund
regarding such transactions, including but not limited to any opinions or views with respect to the subscription price or market for the
Fund’s Shares, do not constitute advice or recommendations to the Fund. The Fund confirms its understanding and agreement that pursuant
to the applicable Selling Group Agreement or Soliciting Dealer Agreement each Selling Group Member and Soliciting Dealer will disclaim
any fiduciary or similar obligations to the Fund, either in connection with the transactions contemplated by this Agreement or any matters
leading up to such transactions. The Fund agrees that each Selling Group Member and Soliciting Dealer is responsible for making their
own independent judgments with respect to
any such transactions, and that any opinions or views expressed by the Selling Group Members or Soliciting Dealers to the Fund regarding
such transactions, including but not limited to any opinions or views with respect to the subscription price or market for the Fund’s
Shares, do not constitute advice or recommendations to the Fund. The Fund hereby waives and releases, to the fullest extent permitted
by law, any claims that the Fund may have against the Dealer Manager, Selling Group Members and Soliciting Dealers with respect to any
breach or alleged breach of any fiduciary or similar duty to the Fund in connection with the transactions contemplated by this Agreement
or any matters leading up to such transactions; provided that this release shall not protect or purport to protect the Dealer Manager,
Selling Group Members and Soliciting Dealers against any liability to which they would otherwise be subject by reason of willful misfeasance,
bad faith or gross negligence, in the performance of their duties, or by reason of their reckless disregard of their obligations and duties
under this Agreement. |
| (e) | In rendering the services contemplated by this Agreement, the Dealer Manager will not be subject to any
liability to the Fund or the Advisers or any of their affiliates, for any act or omission on the part of any Selling Group Members, Soliciting
Dealers or other soliciting broker or dealer (except with respect to the Dealer Manager acting in such capacity) or any other person,
and the Dealer Manager will not be liable for acts or omissions in performing its obligations under this Agreement, except for any losses,
claims, damages, liabilities and expenses that are finally judicially determined to have resulted primarily from the bad faith, willful
misconduct or gross negligence or reckless disregard of the Dealer Manager or by reason of the reckless disregard of the obligations and
duties of the Dealer Manager under this Agreement. |
| 3. | Dealer Manager Fees. In full payment for the financial structuring and solicitation services rendered
and to be rendered hereunder by the Dealer Manager, the Fund agrees to pay the Dealer Manager a fee (the “Dealer Manager Fee”)
equal to 3.50% of the aggregate Subscription Price for the Shares issued pursuant to the exercise of Rights and the Over-Subscription
Privilege, a portion of which may be reallowed to an affiliate of the Dealer Manager. In full payment for the soliciting and selling efforts
to be rendered by Selling Group Members, the Fund authorizes and directs the Dealer Manager to reallow, and the Dealer Manager agrees
to reallow, selling fees (the “Selling Fees”) to Selling Group Members equal to 2.00% of the Subscription Price per
Share for each Share issued pursuant to either (a) the exercise of Rights and the Over-Subscription Privilege where such Selling Group
Member is so designated on the subscription form or (b) the purchase for resale from the Dealer Manager in accordance with the Selling
Group Agreement. With respect to Shares purchased by a Selling Group Member from the Dealer Manager in accordance with the Selling Group
Agreement, such fee may from time to time vary from 2.00% of the Subscription Price per Share. In full payment for the soliciting efforts
to be rendered by Soliciting Dealers, the Fund authorizes and directs the Dealer Manager to reallow, and the Dealer Manager agrees to
reallow, soliciting fees (the “Soliciting Fees”) to Soliciting Dealers who comply with the procedures set forth in
the Soliciting Dealer Agreement equal to 0.50% of the Subscription Price per Share for each Share issued pursuant to the exercise of Rights
and the Over-Subscription Privilege where such Soliciting Dealer is so designated on the subscription form, subject to a maximum fee based
on the number of Common Shares held by such Soliciting Dealer through The Depository Trust Company (“DTC”) on the Record
Date. The Dealer Manager agrees to pay the Selling Fees or Soliciting Fees, as the case may be, to the broker-dealer designated on the
applicable portion of the form used by the holder to exercise Rights and the Over-Subscription Privilege, and if no broker-dealer is so
designated or a broker-dealer is otherwise not entitled to receive compensation pursuant to the terms of the Selling Group Agreement or
Soliciting Dealer Agreement, then the Dealer Manager shall retain such Selling Fee or Soliciting Fee for Shares issued pursuant to the
exercise of Rights and the Over-Subscription
Privilege. Payment to the Dealer Manager by the Fund will be in the form of a wire transfer of same day funds to an account or accounts
identified by the Dealer Manager. Such payment will be made on each date on which the Fund issues Shares after the Expiration Date. Payment
to a Selling Group Member or Soliciting Dealer will be made by the Dealer Manager directly to such Selling Group Member or Soliciting
Dealer by check to an address identified by such broker-dealer. Such payments shall be made on or before the tenth business day following
the day the Fund issues Shares after the Expiration Date. |
| (a) | The Fund covenants with the Dealer Manager as follows: |
| (i) | The Fund will use its best efforts to maintain the effectiveness of the Registration Statement under the
Securities Act. |
| (ii) | The Fund will notify the Dealer Manager immediately (A) of the effectiveness of any amendment to the Registration
Statement (including any post-effective amendment), (B) of the receipt of any comments from the Commission, (C) of any request by the
Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or for additional information,
(D) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of
any proceedings for that purpose and (E) of the receipt of any written notice regarding the suspension of the qualification of the Shares
or the Rights for offering or sale in any jurisdiction. The Fund will make every reasonable effort to prevent the issuance of any stop
order described in subsection (D) hereunder and, if any such stop order is issued, to obtain the lifting thereof at the earliest possible
moment. |
| (iii) | The Fund will give the Dealer Manager notice of its intention to file any amendment to the Registration
Statement (including any post-effective amendment) or any amendment or supplement to the Prospectus (including any revised prospectus
which the Fund proposes for use by the Dealer Manager in connection with the Offer, which differs from the prospectus on file at the Commission
at the time the Registration Statement becomes effective, whether or not such revised prospectus is required to be filed pursuant to Rule
424(b) of the Securities Act Rules and Regulations), whether pursuant to the Investment Company Act, the Securities Act, or otherwise,
and will furnish the Dealer Manager with copies of any such amendment or supplement a reasonable amount of time prior to such proposed
filing or use, as the case may be, and will not file any such amendment or supplement to which the Dealer Manager or counsel for the Dealer
Manager shall reasonably object. |
| (iv) | The Fund will file any Issuer Free Writing Prospectus to the extent required by Rule 433. |
| (v) | The Fund will, without charge, deliver to the Dealer Manager, as soon as practicable, the number of copies
of the Registration Statement as originally filed and of each amendment thereto as it may reasonably request, in each case with the exhibits
filed therewith. |
| (vi) | The Fund will, without charge, furnish to the Dealer Manager, from time to time during the period when
the Prospectus is required to be delivered under the Securities Act, such number of copies
of the Prospectus (as amended or supplemented) and any Issuer Free Writing Prospectus as the Dealer Manager may reasonably request for
the purposes contemplated by the Securities Act or the Securities Act Rules and Regulations. |
| (vii) | If any event shall occur as a result of which it is necessary, in the reasonable opinion of counsel for
the Dealer Manager, to amend or supplement the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus (or the other
Offering Materials) to make the Prospectus or any Issuer Free Writing Prospectus (or such other Offering Materials) not contain an untrue
statement of material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein not misleading in the light of the circumstances existing at the time it is delivered to a Record Date Shareholder, the Fund will
forthwith amend or supplement the Prospectus or any Issuer Free Writing Prospectus by preparing and filing with the Commission (and furnishing
to the Dealer Manager a reasonable number of copies of) an amendment or amendments of the Registration Statement or an amendment or amendments
of or a supplement or supplements to the Prospectus (in form and substance reasonably satisfactory to counsel for the Dealer Manager),
at the Fund’s expense, which will amend or supplement the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus
(or otherwise will amend or supplement such other Offering Materials) so that the Prospectus or any Issuer Free Writing Prospectus (or
such other Offering Materials) will not contain 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 existing at the time the Prospectus
or any Issuer Free Writing Prospectus (or such other Offering Materials) is delivered to a Record Date Shareholder, not misleading. |
| (viii) | The Fund will endeavor, in cooperation with the Dealer Manager and its counsel, to qualify the Rights
and the Shares for offering and sale under the applicable securities laws of such states and other jurisdictions of the United States
as the Dealer Manager may designate and maintain such qualifications in effect for the duration of the Offer; provided, however, that
the Fund will not be obligated to file any general consent to service of process, or to qualify as a foreign corporation or as a dealer
in securities in any jurisdiction in which it is not now so qualified. The Fund will file such statements and reports as may be required
by the laws of each jurisdiction in which the Rights and the Shares have been qualified as above provided. |
| (ix) | The Fund, during the period when the Prospectus is (or, but for the exception afforded by Rule 172 of
the Securities Act, would be) required to be delivered under the Securities Act, will file all documents required to be filed with the
Commission pursuant to the Exchange Act within the time periods required by the Exchange Act. |
| (x) | The Fund will make generally available to its security holders as soon as practicable, an earning statement
(which need not be audited) (in form complying with the provisions of Rule 158 of the Securities Act Rules and Regulations) covering a
twelve-month period beginning not later than the first day of the Fund’s fiscal semi-annual period next following the “effective”
date (as defined in said Rule 158) of the Registration Statement. |
| (xi) | For a period of 180 days from the date of this Agreement, the Fund will not, without the prior consent
of the Dealer Manager, offer or sell, or enter into any agreement to sell, any equity or equity related securities of the Fund or securities
convertible into such securities, other than the Rights and the Shares and the Common Shares issued in reinvestment of dividends or distributions. |
| (xii) | The Fund will use commercially reasonable efforts to cause the Rights to be admitted for trading and the
Shares to be duly authorized for listing by the NYSE prior to the time the Rights and the Shares are issued, respectively. |
| (xiii) | The Fund will use commercially reasonable efforts to maintain its qualification as a regulated investment
company under Subchapter M of the Code. |
| (xiv) | The Fund will apply the net proceeds from the Offer in such a manner as to continue to comply with the
requirements of the Prospectus as set forth under “Use of Proceeds” and the Investment Company Act. |
| (xv) | The Fund will advise or cause the Subscription Agent (A) to advise the Dealer Manager and, only where
specifically noted, each Selling Group Member who specifically requests, from day to day during the period of, and promptly after the
termination of, the Offer, the total number of Rights exercised by each Record Date Shareholder during the immediately preceding day,
indicating the total number of Rights verified to be in proper form for exercise, rejected for exercise and being processed and, for the
Dealer Manager and each Selling Group Member, the number of Rights exercised on subscription certificates indicating the Dealer Manager
or such Selling Group Member, as the case may be, as the broker-dealer with respect to such exercise, and as to such other information
as the Dealer Manager may reasonably request; and will notify the Dealer Manager and each Selling Group Member, not later than 5:00 P.M.,
New York City time, on the first business day following the Expiration Date, of the total number of Rights exercised and Shares related
thereto, the total number of Rights verified to be in proper form for exercise, rejected for exercise and being processed and, for the
Dealer Manager and each Selling Group Member, the number of Rights exercised on subscription certificates indicating the Dealer Manager
or such Selling Group Member, as the case may be, as the broker-dealer with respect to such exercise, and as to such other information
as the Dealer Manager may reasonably request; (B) to offer to sell any Rights received for resale from Record Date Shareholders, including
clients of Selling Group Members, exclusively to or through the Dealer Manager, which may, at its election, purchase such Rights as principal
or act as agent for the resale thereof, provided that if the Dealer Manager declines to purchase the Rights received by the Subscription
Agent for resale from Record Date Shareholders, the Subscription Agent may attempt to sell such Rights in the open market; and (C) to
issue Shares upon the Dealer Manager’s exercise of Rights prior to the Expiration Date at a price equal to the greater of 92.5%
of the last reported sale price of a Common Share on the NYSE on the date of such exercise or 87% of the last reported NAV on the date
of such exercise, such Shares to be issued no later than the close of business on the business day following the day that full payment
for such Shares has been received by the Subscription Agent.. |
| (b) | Neither the Fund nor the Advisers will take any action designed to cause or to result in, or that has
constituted or which might reasonably be expected to constitute, the stabilization or manipulation of the price of any security
of the Fund to facilitate the issuance of the Rights or the sale or resale of the Rights or the Shares; provided that any action
in connection with the Fund’s Dividend Reinvestment Plan will not be deemed to be within the meaning of this Section 4(b). |
| (c) | Except as required by applicable law, the use of any reference to the Dealer Manager in any Offering Materials
or any other document or communication prepared, approved or authorized by the Fund or the Advisers in connection with the Offer is subject
to the prior approval of the Dealer Manager, provided that if such reference to the Dealer Manager is required by applicable law, the
Fund and the Advisers agree to notify the Dealer Manager within a reasonable time prior to such use but the Fund and the Advisers are
nonetheless permitted to use such reference. |
| (a) | The Fund will pay all expenses incident to the performance of its obligations under this Agreement and
in connection with the Offer, including, but not limited to, (i) expenses relating to the printing and filing of the Registration Statement
as originally filed and of each amendment thereto, (ii) expenses relating to the preparation, issuance and delivery of the certificates,
if any, for the Shares and subscription certificates relating to the Rights, (iii) the fees and disbursements of the Fund’s counsel
(including the fees and disbursements of local counsel) and accountants, (iv) expenses relating to the qualification of the Rights and
the Shares under securities laws in accordance with the provisions of Section 4(a)(vii) of this Agreement, including filing fees, (v)
expenses relating to the printing or other production and delivery to the Dealer Manager of copies of the Registration Statement as originally
filed and of each amendment thereto and of the Prospectus and any amendments or supplements thereto, (vi) the fees and expenses incurred
with respect to filing with FINRA, including filing fees, if any, paid to FINRA by the Dealer Manager’s counsel with respect thereto,
(vii) the fees and expenses incurred in connection with the listing of the Rights and the Shares on the NYSE, (viii) expenses relating
to the printing or other production, mailing and delivery expenses incurred in connection with Offering Materials, including all reasonable
out-of-pocket fees and expenses, if any and not to exceed $10,000, incurred by the Dealer Manager, Selling Group Members, Soliciting Dealers
and other brokers, dealers and financial institutions in connection with their customary mailing and handling of materials related to
the Offer to their customers, (ix) the fees and expenses incurred with respect to the Subscription Agent and the Information Agent and
(x) all other fees and expenses (excluding the announcement, if any, of the Offer in The Wall Street Journal, the expenses of which
will be incurred by the Dealer Manager) incurred in connection with or relating to the Offer. The Fund agrees to pay the foregoing expenses
whether or not the transactions contemplated under this Agreement are consummated. |
| (b) | In addition to any fees that may be payable to the Dealer Manager under this Agreement, the Fund agrees
to reimburse the Dealer Manager upon request made from time to time for a portion of its reasonable out-of-pocket expenses incurred in
connection with its activities under this Agreement, including the reasonable fees and disbursements of its legal counsel (excluding fees
and expenses pursuant to Section 5(a)(iv) which are to be paid directly by the Fund), upon proper presentation of documentation therefor,
in an amount not to exceed $150,000. |
| (c) | If this Agreement is terminated by the Dealer Manager in accordance with the provisions of Section 6 or
Section 9(a), the Fund agrees to reimburse the Dealer Manager for all of its reasonable out-of-pocket expenses incurred
in connection with its performance hereunder, including the reasonable fees and disbursements of counsel for the Dealer Manager, in an
amount not to exceed $150,000. In the event the transactions contemplated hereunder are not consummated, the Fund agrees to pay all of
the costs and expenses set forth in paragraphs 5(a) and 5(b) which the Fund would have paid if such transactions had been consummated. |
| 6. | Conditions of the Dealer Manager’s Obligations. The obligations of the Dealer Manager hereunder
(including any obligation to pay for Shares issuable upon exercise of Rights by the Dealer Manager) are subject to the accuracy of the
respective representations and warranties of the Fund and the Advisers contained herein, to the performance by the Fund and the Advisers
of their respective obligations hereunder, and to the following further conditions: |
| (a) | The Prospectus and any amendment or supplement thereto shall have been filed with the Commission in the
manner and within the time period required by Rule 424(b) under the Securities Act; no stop order suspending the effectiveness of the
Registration Statement or any amendment thereto shall have been issued, and no proceedings for that purpose shall have been instituted
or threatened or, to the knowledge of the Fund, the Adviser or the Dealer Manager, shall be contemplated by the Commission; and the Fund
shall have complied with any request of the Commission for additional information (to be included in the Registration Statement, the Prospectus
or otherwise). |
| (b) | On the Representation Date and the Expiration Date, the Dealer Manager shall have received: |
| (i) | The opinion, dated the Representation Date and the Expiration Date, of Dechert LLP, counsel for the Fund,
substantially as set forth in Exhibit C hereto. In rendering such opinion, such counsel may rely as to matters of fact, to the extent
they deem proper, on certificates of responsible officers of the Fund and public officials. |
| (ii) | The opinion, dated the Representation Date and the Expiration Date, of Dechert LLP, counsel for the Adviser,
substantially as set forth in Exhibit D hereto. In rendering such opinion, such counsel may rely as to matters of fact, to the extent
they deem proper, on certificates of responsible officers of the Advisers and public officials. |
| (iii) | The opinion, dated the Representation Date and the Expiration Date, of Dentons UK and Middle East LLP,
special Scotland counsel for the Adviser, substantially as set forth in Exhibit E hereto. In rendering such opinion, such counsel may
rely as to matters of fact, to the extent they deem proper, on certificates of responsible officers of the Adviser and public officials. |
| (iv) | The opinion, dated the Representation Date and the Expiration Date, of Dechert LLP, counsel for the Sub-Adviser,
substantially as set forth in Exhibit F hereto. In rendering such opinion, such counsel may rely as to matters of fact, to the extent
they deem proper, on certificates of responsible officers of the Advisers and public officials. |
| (c) | The Dealer Manager shall have received from Skadden, Arps, Slate, Meagher & Flom LLP, counsel for
the Dealer Manager, such opinion or opinions, dated the Representation Date and the Expiration Date, with respect to the Offer, the Registration
Statement, the Prospectus and other related matters as
the Dealer Manager may reasonably require, and the Fund shall have furnished to such counsel such documents as they reasonably request
for the purpose of enabling them to pass upon such matters. |
| (d) | The Fund shall have furnished to the Dealer Manager certificates of the Fund, signed on behalf of the
Fund by the President or other senior officer of the Fund, dated the Representation Date and the Expiration Date, to the effect that the
signer(s) of such certificate carefully examined the Registration Statement, the Prospectus, any supplement to the Prospectus and this
Agreement and that, to the best of their knowledge: |
| (i) | the representations and warranties of the Fund in this Agreement are true and correct on and as of the
Representation Date or the Expiration Date, as the case may be, with the same effect as if made on the Representation Date or the Expiration
Date, as the case may be, and the Fund has complied with all the agreements and satisfied all the conditions on its part to be performed
or satisfied at or prior to the Representation Date or the Expiration Date, as the case may be (to the extent not waived in writing by
the Dealer Manager); |
| (ii) | no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings
for that purpose have been instituted or threatened by the Commission; and |
| (iii) | since the date of the most recent statement of assets and liabilities included or incorporated by reference
in the Prospectus, there has been no material adverse change, or any development involving a prospective material adverse change, in the
condition (financial or other), business, prospects, management, properties or results of operations of the Fund (excluding fluctuations
in the Fund’s net asset value due to investment activities in the ordinary course of business), except as set forth in or contemplated
in the Prospectus. |
| (e) | Each Adviser shall have furnished to the Dealer Manager certificates of such Adviser, signed on behalf
of such Adviser by the President or other senior official, dated the Representation Date and the Expiration Date, to the effect that the
signer(s) of such certificate carefully examined the Registration Statement, the Prospectus, any supplement to the Prospectus and this
Agreement and, to the best of their knowledge, that the representations and warranties with respect to each Adviser in this Agreement
are true and correct on and as of the Representation Date or the Expiration Date, as the case may be, with the same effect as if made
on the Representation Date or the Expiration Date, as the case may be. |
| (f) | KPMG LLP shall have furnished to the Dealer Manager letters, dated the Representation Date and the Expiration
Date, in form and substance satisfactory to the Dealer Manager, stating in effect that: |
| (i) | it is an independent registered public accounting firm with respect to the Fund within the meaning of
the Securities Act and the applicable Securities Act Rules and Regulations, and the rules and regulations adopted by the Commission and
the Public Company Accounting Oversight Board; |
| (ii) | in its opinion, the audited financial statements examined by it and included or incorporated by reference
in the Registration Statement comply as to form in all material respects with the applicable accounting requirements of the Securities
Act and the Investment Company Act and the
respective Rules and Regulations with respect to registration statements on Form N-2; |
| (iii) | it has performed specified procedures, not constituting an audit in accordance with generally accepted
auditing standards, including a reading of the unaudited financial information of the Fund for the period from the date of the latest
statement of assets and liabilities included in the Registration Statement to the date of the latest available unaudited financial information
of the Fund, a reading of the minute books of the Fund for the period from the Fund’s inception through a specified date note more
than five business days prior to the date of delivery of such letter, and inquiries of officials of the Fund responsible for financial
and accounting matters, and on the basis of such inquiries and procedures nothing came to its attention that caused it to believe that
at a specified date prior to the Representation Date or the Expiration Date, as the case may be, there was any change in the Common Shares,
any decrease in net assets or any increase in long-term debt of the Fund as compared with amounts shown in the most recent statement of
assets and liabilities included or incorporated by reference in the Registration Statement, except as the Registration Statement discloses
has occurred or may occur, or they shall state any specific changes, increases or decreases; and |
| (iv) | in addition to the procedures referred to in clause (iii) above, it has compared certain dollar amounts
(or percentages as derived from such dollar amounts) and other financial information regarding the operations of the Fund appearing in
the Registration Statement, which have previously been specified by the Dealer Manager and which shall be specified in such letter, and
have found such items to be in agreement with the accounting and financial records of the Fund. |
| (g) | Subsequent to the respective dates as of which information is given in the Registration Statement and
the Prospectus (excluding an amendment or supplement subsequent to the Representation Date), (i) there shall not have been any change,
increase or decrease specified in the letter or letters referred to in Section 6(f), (ii) no material adverse change, or any development
involving a prospective material adverse change, in the condition (financial or other), business, prospects, management, properties or
results of operations of the Fund shall have occurred or become known and (iii) no transaction which is material and adverse to the Fund
shall have been entered into by the Fund. |
| (h) | There shall not have been any decrease in or withdrawal of the rating of any securities of the Fund by
any “nationally recognized statistical rating organization” (as defined in Section 3(a)(62) of the Exchange Act) or any notice
given of any intended or potential decrease in or withdrawal of any such rating or of a possible change in any such rating that does not
indicate the direction of the possible change. |
| (i) | Prior to the Representation Date, the Fund shall have furnished to the Dealer Manager such further information
as the Dealer Manager may reasonably request. |
| (j) | If any of the conditions specified in this Section 6 shall not have been fulfilled when and as provided
in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory
in form and substance to the Dealer Manager and its counsel, this Agreement and all obligations of the Dealer Manager hereunder may be
canceled at, or at any time prior to, the Expiration Date by the Dealer Manager. Notice of such cancellation
shall be given to the Fund in writing or by telephone confirmed in writing. |
| 7. | Indemnity and Contribution. |
| (a) | Each of the Fund and each Adviser, jointly and severally, agrees to indemnify, defend and hold harmless
the Dealer Manager, each Selling Group Member and each Soliciting Dealer, and their respective partners, directors and officers, and any
person who controls the Dealer Manager, a Selling Group Member and or a Soliciting Dealer within the meaning of Section 15 of the Securities
Act or Section 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, jointly or severally, the Dealer Manager, a Selling
Group Member, a Soliciting Dealer or any such person may incur under the Securities Act, the Exchange Act, the Investment Company Act,
the Advisers Act, common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon any
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement
as amended by any post-effective amendment thereof by the Fund) or in a Prospectus (the term “Prospectus” for the purpose
of this Section 7 being deemed to include any preliminary prospectus, the Offering Materials, the Prospectus and the Prospectus as amended
or supplemented by the Fund), or arises out of or is based upon any omission or alleged omission to state a material fact required to
be stated in either such Registration Statement or Prospectus or necessary to make the statements made therein, in light of the circumstances
under which they were made, not misleading, except insofar as any such loss, damage, expense, liability or claim arises out of or is based
upon any untrue statement or omission or alleged untrue statement or omission of a material fact contained in and in conformity with information
furnished in writing by or on behalf of the Dealer Manager, Selling Group Members or Soliciting Dealers to the Fund or the Adviser for
use with reference to the Dealer Manager, Selling Group Members or Soliciting Dealers in such Registration Statement or such Prospectus. |
If any action, suit or proceeding (together,
a “Proceeding”) is brought against the Dealer Manager, a Selling Group Member, a Soliciting Dealer or any such person
in respect of which indemnity may be sought against the Fund or the Advisers pursuant to the foregoing paragraph, the Dealer Manager,
a Selling Group Member, a Soliciting Dealer or such person shall promptly notify the Fund and each Adviser in writing of the institution
of such Proceeding and the Fund shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory
to such indemnified party and payment of all reasonable fees and expenses; provided, however, that the failure to so notify the Fund and
each Adviser shall not relieve the Fund from any liability which the Fund or an Adviser may have to the Dealer Manager, a Selling Group
Member, a Soliciting Dealer or any such person or otherwise, unless such omission results in the forfeiture of substantive rights or defenses
by the indemnifying party. The Dealer Manager, a Selling Group Member, a Soliciting Dealer or such person shall have the right to employ
its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Dealer Manager, a
Selling Group Member, a Soliciting Dealer or of such person unless the employment of such counsel shall have been authorized in writing
by the Fund or the Advisers, as the case may be, in connection with the defense of such Proceeding or the Fund or the Advisers shall not
have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding
or such indemnified party or parties shall have reasonably concluded (based on advice from counsel) that there may be defenses available
to it or them which are different from, additional to or in conflict with those available to the Fund or the Advisers (in which case the
Fund or the Advisers shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties,
but the Fund or the Advisers may employ counsel and participate in the defense thereof, but the fees and expenses of such counsel shall
be at the expense of the Fund or the Advisers, as the case may be), in any of which events the reasonable fees and expenses shall be borne
by the Fund or the Advisers and paid as incurred (it being understood, however, that the Fund and the Advisers shall not be liable for
the expenses of more than one separate counsel (in addition to any local counsel) in any one Proceeding or series of related Proceedings
in the same jurisdiction representing the indemnified parties who are parties to such Proceeding). The Fund and the Advisers shall not
be liable for any settlement of any Proceeding effected without its written consent, but if a Proceeding is settled with the written consent
of the Fund or the Advisers, the Fund or the Advisers, as the case may be, agree to indemnify and hold harmless the Dealer Manager, a
Selling Group Member, a Soliciting Dealer and any such person from and against any loss or liability by reason of such settlement. Notwithstanding
the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party
for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the indemnifying party agrees that it
shall be liable for any settlement of any Proceeding effected without its written consent if (i) such settlement is entered into more
than 60 business days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have reimbursed
the indemnified party in accordance with such request prior to the date of such settlement and (iii) such indemnified party shall have
given the indemnifying party at least 30 days’ prior notice of its intention to settle. No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any
indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such
settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such
Proceeding and does not include an admission of fault, culpability or a failure to act, by or on behalf of such indemnified party unless
such indemnified party gives written consent to such admission of fault, culpability or a failure to act.
| (b) | The Dealer Manager agrees to indemnify, defend and hold harmless the Fund and the Advisers, and their
directors or trustees (as applicable) and officers, and any person who controls the Fund or an Adviser, within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons to the same
extent as the foregoing indemnity from the Fund or the Advisers to the Dealer Manager, from and against any loss, damage, expense, liability
or claim (including the reasonable cost of investigation) which, jointly or severally, the Fund, the Advisers or any such person may incur
under the Securities Act, the Exchange Act, the Investment Company Act, the Advisers Act, the common law or otherwise, insofar as such
loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material
fact contained in and in conformity with information furnished in writing by or on behalf of the Dealer Manager, Selling Group Members
or Soliciting Dealers to the Fund for use with reference to the Dealer Manager in the Registration Statement (or in the Registration Statement
as amended by any post-effective amendment thereof by the Fund) or in a Prospectus, or arises out of or is based upon any omission or
alleged omission to state a material fact in connection with such information required to be stated in such Registration Statement or
such Prospectus or necessary to make such information not misleading (with
respect to the Prospectus, in light of the circumstances under which they were made). |
If any Proceeding is brought against the
Fund, the Advisers or any such person in respect of which indemnity may be sought against the Dealer Manager pursuant to the foregoing
paragraph, the Fund, the Advisers or such person shall promptly notify the Dealer Manager in writing of the institution of such Proceeding
and the Dealer Manager shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such
indemnified party and payment of all reasonable fees and expenses; provided, however, that the omission to so notify the Dealer Manager
shall not relieve the Dealer Manager from any liability which the Dealer Manager may have to the Fund or any such person or otherwise,
unless such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. The Fund, the Advisers or
such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the
expense of the Fund, the Advisers or such person, as the case may be, unless the employment of such counsel shall have been authorized
in writing by the Dealer Manager in connection with the defense of such Proceeding or such Dealer Manager shall not have, within a reasonable
period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party
or parties shall have reasonably concluded (based on advice from counsel) that there may be defenses available to it or them which are
different from or additional to or in conflict with those available to the Dealer Manager (in which case the Dealer Manager shall not
have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Dealer Manager may employ
counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Dealer Manager),
in any of which events the reasonable fees and expenses shall be borne by the Dealer Manager and paid as incurred (it being understood,
however, that the Dealer Manager shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel)
in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to
such Proceeding). The Dealer Manager shall not be liable for any settlement of any such Proceeding effected without the written consent
of the Dealer Manager but if settled with the written consent of the Dealer Manager, the Dealer Manager agrees to indemnify and hold harmless
the Fund, the Advisers and any such person from and against any loss or liability by reason of such settlement. Notwithstanding the foregoing
sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and
expenses of counsel as contemplated by the second sentence of this paragraph, then the indemnifying party agrees that it shall be liable
for any settlement of any Proceeding effected without its written consent if (i) such settlement is entered into more than 60 business
days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have reimbursed the indemnified
party in accordance with such request prior to the date of such settlement and (iii) such indemnified party shall have given the indemnifying
party at least 30 days’ prior notice of its intention to settle. No indemnifying party shall, without the prior written consent
of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or
could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional
release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an
admission of fault, culpability or a failure to act, by or on behalf of such indemnified party unless such indemnified party gives written
consent to such admission of fault, culpability or a failure to act.
| (c) | If the indemnification provided for in this Section 7 is unavailable to an indemnified party under subsections
(a) and (b) of this Section 7 in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable
indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, damages, expenses, liabilities or claims (i) in such proportion as is appropriate to reflect the relative
benefits received by the Fund or the Advisers on the one hand and the Dealer Manager, Selling Group Member(s) or Soliciting Dealer(s)
on the other hand from the offering of the Shares or (ii) if the allocation provided by clause (i) above is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative
fault of the Fund or the Advisers on the one hand and of the Dealer Manager on the other in connection with the statements or omissions
which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations with respect
to the Offer. The relative benefits received by the Fund or the Advisers on the one hand and the Dealer Manager, Selling Group Member(s)
or Soliciting Dealer(s) on the other shall be deemed to be in the same respective proportions as the total proceeds from the Offer (net
of the Dealer Manager Fee but before deducting expenses) received by the Fund or the Advisers and the total Dealer Manager Fee received
by the Dealer Manager, bear to the aggregate public offering price of the Shares. The relative fault of the Fund or the Advisers on the
one hand and of the Dealer Manager, Selling Group Member(s) or Soliciting Dealer(s) on the other 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 the Fund or the Advisers or the Dealer Manager and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party 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. |
| (d) | The Fund, the Advisers and the Dealer Manager agree that it would not be just and equitable if contribution
pursuant to this Section 7 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 subsection (c) above. Notwithstanding the provisions of this Section 7, neither the Dealer Manager
nor any Selling Group Member or Soliciting Dealer shall be required to contribute any amount in excess of the fees received by it. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. |
| (e) | Notwithstanding any other provisions in this Section 7, no 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’s willful
misfeasance, bad faith or gross negligence in the performance of its duties hereunder or by reason of such person’s reckless disregard
of such person’s obligations and duties thereunder. The parties hereto acknowledge that the foregoing provision shall not be construed
to impose upon any such parties any duties under this Agreement other than as specifically set forth herein (it being understood that
the Dealer Manager, Selling Group Members and Soliciting Dealers have no duty hereunder to the Fund or an Adviser to perform any due diligence
investigation). |
| (f) | The indemnity and contribution agreements contained in this Section 7 and the covenants, warranties and
representations of the Fund and the Advisers contained in this Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the Dealer Manager, a Selling Group Member, a Soliciting Dealer, and their respective partners, directors or officers
or any person (including each partner, officer or director of such person) who controls the Dealer Manager, a Selling Group Member or
a Soliciting Dealer within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, or by or on behalf of the
Fund or an Adviser, their directors, trustees or officers or any person who controls the Fund or the Advisers within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act, and shall survive any termination of this Agreement or the issuance and delivery
of the Rights. The Fund, the Advisers and the Dealer Manager agree promptly to notify each other of the commencement of any Proceeding
against it and, in the case of the Fund or an Adviser against any of their officers or directors in connection with the issuance of the
Rights, or in connection with the Registration Statement or Prospectus. |
| (g) | The Fund and the Adviser acknowledge that the statements under the heading “Distribution Arrangements”
in the Prospectus constitute the only information furnished in writing to the Fund by the Dealer Manager expressly for use in such document,
and the Dealer Manager confirms that such statements are correct in all material respects. |
| (h) | Any indemnification hereunder shall be subject to the requirements and limitations of Section 17 of the
Investment Company Act and Investment Company Act Release No. 11330. |
| 8. | Representations, Warranties and Agreements to Survive Delivery. The respective agreements, representations,
warranties, indemnities and other statements of the Fund or its officers, of the Advisers and of the Dealer Manager set forth in or made
pursuant to this Agreement shall survive the Expiration Date and will remain in full force and effect, regardless of any investigation
made by or on behalf of Dealer Manager or the Fund or an Adviser or any of their officers, directors or controlling persons referred to
in Section 7 hereof, and will survive delivery of and payment for the Shares pursuant to the Offer. The provisions of Sections 5 and 7
hereof shall survive the termination or cancellation of this Agreement. |
| 9. | Termination of Agreement. |
| (a) | The obligations of the Dealer Manager hereunder shall be subject to termination in the absolute
discretion of the Dealer Manager, by notice given to the Fund prior to 5:00 p.m., New York time on the Expiration Date, if (x) since
the time of execution of this Agreement or the earlier respective dates as of which information is given in the Registration
Statement and the Prospectus, there has been any material adverse change, or any development involving a prospective material
adverse change, in the condition (financial or otherwise), business, prospects, management, properties or results of operations of
the Fund, which would, in the Dealer Manager’s judgment, make it impracticable or inadvisable to proceed with the Offer on the
terms and in the manner contemplated in the Registration Statement and the Prospectus, or (y) since the time of execution of this
Agreement, there shall have occurred: (i) a suspension or material limitation in trading in securities generally on the NYSE, NYSE
American or the NASDAQ Stock Market; (ii) a suspension or material limitation in trading in the Fund’s Common Shares or in the
Rights on the NYSE; (iii) a general moratorium on commercial banking activities declared by either federal or New York State
authorities or a material disruption in commercial banking or securities settlement or clearance services in the
United States; (iv) a material adverse change in the financial or securities markets in the United States or the international financial
markets; (v) acts of terrorism or a material outbreak or escalation of hostilities involving the United States or a declaration by the
United States of a national emergency or war; or (vi) any other calamity or crisis or any change in financial, political, economic, currency,
banking or social conditions in the United States, if the effect of any such event specified in clause (v) or (vi) in the Dealer Manager’s
judgment makes it impracticable or inadvisable to proceed with the Offer on the terms and in the manner contemplated in the Registration
Statement and the Prospectus. |
| (b) | If this Agreement is terminated pursuant to this Section, such termination shall be without liability
of any party to any other party except as provided in Section 5 and the Dealer Manager shall not have any obligation to purchase any Shares
upon exercise of Rights. |
| 10. | Notices. All communications hereunder will be in writing and effective only on receipt, and, if
sent to the Dealer Manager, will be mailed, delivered or telegraphed and confirmed to UBS Securities LLC, 1285 Avenue of the Americas,
New York, New York 10019, Attn: Syndicate Group and, if to the Fund or the Advisers, shall be sufficient in all respects if delivered
or sent to the Fund or the Advisers at 1900 Market Street, Suite 200, Philadelphia, PA 19103, Attention in the case of the Fund: Legal
US, 1900 Market Street, Suite 200, Philadelphia, PA 19103, in the case of the Investment Adviser: Legal, Aberdeen Asset Managers Limited,
Bow Bells House, 1 Bread Street, London, United Kingdom, EC4M 9HH, and in the case of the Sub-Adviser: Legal US, 1900 Market Street, Suite
200, Philadelphia, PA 19103. |
| 11. | Successors and Assigns. This Agreement will inure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns and will inure to the benefit of the officers and directors and controlling persons
referred to in Section 7 hereof, and no other person will have any right or obligation hereunder. |
| 12. | Applicable Law. This Agreement will be governed by and construed in accordance with the laws of
the State of New York applicable to agreements made and performed in New York (without regard to the conflict of laws principles thereof). |
| 13. | Submission to Jurisdiction. Except as set forth below, no claim (a
“Claim”) which relates to the terms of this Agreement or the transactions contemplated hereby 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 District of New York, which courts shall have jurisdiction over the adjudication
of such matters, and each of the Fund and the Advisers consent to the jurisdiction of such courts and personal service with respect
thereto. The Dealer Manager consents to the jurisdiction of 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 District of New York and personal service with respect thereto.
Each of the Fund and the Advisers hereby consents to personal jurisdiction, service and venue in any court in which any Claim
arising out of or in any way relating to this Agreement is brought by any third party against the Dealer Manager or any indemnified
party. Each of the Dealer Manager, the Fund (on its behalf and, to the extent permitted by applicable law, on behalf of its
shareholders and affiliates) and the Advisers (on its behalf and, to the extent permitted by applicable law, on behalf of its
shareholders and affiliates) waive 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 of the Fund and the Advisers agrees that
a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the
Fund or such Adviser, as the case may be, and may be enforced in any other courts in the jurisdiction of which the Fund or the
Advisers is or may be subject, by suit upon such judgment. |
| 14. | Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original, but all of which together shall constitute one and the same instrument. |
[Signature Pages Follow]
If the foregoing is in accordance
with your understanding of our agreement, please so indicate in the space provided below for that purpose, whereupon this letter shall
constitute a binding agreement among the Fund, the Investment Adviser, the Sub-Adviser and the Dealer Manager.
| |
Very truly yours, |
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|
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ABERDEEN
INCOME CREDIT STRATEGIES FUND |
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|
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By: |
/s/Lucia
Sitar |
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|
By: Lucia Sitar |
| |
|
Title: Vice
President |
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|
|
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ABERDEEN
ASSET MANAGERS LIMITED |
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|
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By: |
/s/Fiona
McGowan |
| |
|
By:
Fiona McGowan |
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|
Title: Authorised
Signatory |
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|
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ABERDEEN
STANDARD INVESTMENTS INC. |
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|
| |
By: |
/s/Lucia
Sitar |
| |
|
By:
Lucia Sitar |
| |
|
Title: Vice
President |
[Signature Page to Dealer
Manager Agreement]
| The foregoing is hereby confirmed |
|
| and accepted as of the date first
above written. |
|
| |
|
| UBS SECURITIES LLC |
|
| |
|
| By: |
/s/Saawan Pathange |
|
| |
Name: Saawan Pathange |
|
| |
Title: Managing Director |
|
| |
|
|
| By: |
/s/Henry Du Pont |
|
| |
Name: Henry Du Pont |
|
| |
Title: Associate Director |
|
[Signature Page to Dealer Manager Agreement]
Exhibit A
ABERDEEN INCOME CREDIT STRATEGIES FUND
5,812,247 Shares of Beneficial Interest
Issuable Upon Exercise of Transferable Rights
to Subscribe for Such Shares
SELLING GROUP AGREEMENT
New York, New York
May 20, 2021
UBS Securities LLC
1285 Avenue of the Americas
New York, New York 10019
Ladies and Gentlemen:
We understand that Aberdeen
Income Credit Strategies Fund, a Delaware statutory trust (the “Fund”), proposes to issue to holders of record (the
“Record Date Shareholders”) as of the close of business on the record date (the “Record Date”) set
forth in the Prospectus (as defined in the Dealer Manager Agreement (the “Dealer Manager Agreement”), dated May 20,
2021, among the Fund, Aberdeen Asset Managers Limited (the “Investment Adviser”), Aberdeen Standard Investments Inc.
(the “Sub-Adviser” and collectively with the Investment Adviser, the “Advisers”) and UBS Securities
LLC, as the dealer manager (the “Dealer Manager”)) transferable rights entitling such Record Date Shareholders to subscribe
for up to 5,812,247 common shares (each, a “Share,” and collectively, the “Shares”) of beneficial
interest, par value $0.001 per share (the “Common Shares”), of the Fund (the “Offer”). Pursuant
to the terms of the Offer, the Fund is issuing each Record Date Shareholder one transferable right (each, a “Right,”
and collectively, the “Rights”) for each Common Share held by such Record Date Shareholder on the Record Date. Such
Rights entitle their holders to acquire during the subscription period set forth in the Prospectus (the “Subscription Period”),
at the price set forth in such Prospectus (the “Subscription Price”), one (1) Share for each three (3) Rights (except
that any Record Date Shareholder who owns fewer than three Common Shares as of the Record Date will be able to subscribe for one full
Share pursuant to the primary subscription), on the terms and conditions set forth in such Prospectus. No fractional shares will be issued.
Any Record Date Shareholder who fully exercises all Rights initially issued to such Record Date Shareholder (other than those Rights that
cannot be exercised because they represent the right to acquire less than one Share) will be entitled to subscribe for, subject to allocation,
additional Shares (the “Over-Subscription Privilege”) on the terms and conditions set forth in such Prospectus. The
Rights are transferable and are admitted for trading on the New York Stock Exchange under the symbol “ACP.RT”.
We further understand that
the Fund has appointed UBS Securities LLC to act as the Dealer Manager in connection with the Offer and has authorized the Dealer Manager
to form and manage a group of broker-dealers (each, a “Selling Group Member,” and collectively, the “Selling
Group”) to solicit the exercise of Rights and to sell Shares purchased by the Dealer Manager from the Fund through the exercise
of Rights.
We hereby express our interest
in participating in the Offer as a Selling Group Member.
We hereby agree with you as
follows:
| 1. | We have received and reviewed the Fund’s Prospectus relating to the Offer and we understand that additional copies of the Prospectus
(or of the Prospectus as it may be subsequently supplemented or amended, if applicable) and any other solicitation materials authorized
by the Fund relating to the Offer (“Offering Materials”) will be supplied to us in reasonable quantities upon our request
therefor to you. We agree that we will not use any solicitation material other than the Prospectus (as supplemented or amended, if applicable)
and such Offering Materials and we agree not to make any representation, oral or written, to any shareholders or prospective shareholders
of the Fund that are not contained in the Prospectus, unless previously authorized to do so in writing by the Fund. |
| 2. | From time to time during the Subscription Period commencing on May 20, 2021, and ending at 5:00 p.m., New York City time, on the Expiration
Date (the term “Expiration Date” means June 16, 2021, unless and until the Fund shall, in its sole discretion, have
extended the period for which the Offer is open, in which event the term “Expiration Date” with respect to the Offer will
mean the latest time and date on which the Offer, as so extended by the Fund, will expire), we may solicit the exercise of Rights in connection
with the Offer. We will be entitled to receive fees in the amounts and at the times described in Section 4 of this Selling Group Agreement
with respect to Shares purchased pursuant to the exercise of Rights and with respect to which Computershare Inc. and Computershare Trust
Company, N.A. (collectively, the “Subscription Agent”) have received, no later than 5:00 p.m., New York City time,
on the Expiration Date, either (i) a properly completed and executed Subscription Certificate identifying us as the broker-dealer having
been instrumental in the exercise of such Rights, and full payment for such Shares, or (ii) a Notice of Guaranteed Delivery guaranteeing
to the Subscription Agent by the close of business of the second business day after the Expiration Date a properly completed and duly
executed Subscription Certificate, similarly identifying us, and full payment for such Shares. We understand that we will not be paid
these fees with respect to Shares purchased pursuant to an exercise of Rights for our own account or for the account of any of our affiliates.
We also understand and agree that we are not entitled to receive any fees in connection with the solicitation of the exercise of Rights
other than pursuant to the terms of this Selling Group Agreement and, in particular, that we will not be entitled to receive any fees
under the Fund’s Soliciting Dealer Agreement. We agree to solicit the exercise of Rights in accordance with the Securities Act of
1933, as amended, the Securities Exchange Act of 1934, as amended, the Investment Company Act of 1940, as amended, and the rules and regulations
under each such Act, any applicable securities laws of any state or jurisdiction where such solicitations may be lawfully made, the applicable
rules and regulations of any self-regulatory organization or registered national securities exchange and customary practice and subject
to the terms of the Subscription Agent Agreement between the Fund and the Subscription Agent and the procedures described in the Fund’s
registration statement on Form N-2 (File Nos. 333-253698 and 811-22485), as amended (the “Registration Statement”).
For the avoidance of doubt and without limiting the foregoing, we acknowledge and agree that the Dealer Manager has no responsibility
for compliance by any person other than the Dealer Manager and its affiliated purchasers (“Affiliated Purchasers”), as that
term is defined in Rule 100 of Regulation M (“Regulation M”) under
the Exchange Act, with Regulation M, including with respect to all bids for, purchases of, or attempts to induce any person to bid for
or purchase, including any solicitation of, the Rights or Shares. |
| 3. | From time to time during the Subscription Period, we may indicate interest in purchasing Shares from the Dealer Manager. We understand
that from time to time the Dealer Manager intends to offer Shares obtained or to be obtained by the Dealer Manager through the exercise
of Rights to Selling Group Members who have so indicated interest at prices which shall be determined by the Dealer Manager (the “Offering
Price”). We agree that, with respect to any such Shares purchased by us from the Dealer Manager, the sale of such Shares to
us shall be irrevocable, and we will offer them to the public at the Offering Price at which we purchase them from the Dealer Manager.
Shares not sold by us at such Offering Price may be offered by us after the next succeeding Offering Price is set at the latest Offering
Price set by the Dealer Manager. The Dealer Manager agrees that, if requested by any Selling Group Member, and subject to applicable law,
the Dealer Manager will set a new Offering Price prior to 4:00 p.m., New York City time, on any business day. We agree to advise the Dealer
Manager from time to time upon request, prior to the termination of this Selling Group Agreement, of the number of Shares remaining unsold
which were purchased by us from the Dealer Manager and, upon the Dealer Manager’s request, we will resell to the Dealer Manager
any of such Shares remaining unsold at the purchase price thereof if in the Dealer Manager’s opinion such Shares are needed to make
delivery against sales made to other Selling Group Members. Any shares purchased hereunder from the Dealer Manager shall be subject to
regular way settlement through the facilities of The Depository Trust Company (“DTC”). |
| 4. | We understand that you will remit to us on or before the tenth business day following the day the Fund issues Shares after the Expiration
Date, following receipt by you from the Fund of the Dealer Manager Fee (as defined in the Dealer Manager Agreement), a fee (the “Selling
Fee”) equal to 2.00% of the Subscription Price per Share for (A) each Share issued pursuant to the exercise of Rights or the
Over-Subscription Privilege pursuant to each Subscription Certificate upon which we are designated, as certified to you by the Subscription
Agent, as a result of our solicitation efforts in accordance with Section 2 and (B) each Share sold by the Dealer Manager to us in accordance
with Section 3 less any Shares resold to the Dealer Manager in accordance with Section 3. We understand that with respect to each Share
sold by the Dealer Manager to us in accordance with Section 3 less any Shares resold to the Dealer Manager in accordance with Section
3, such fee may from time to time vary from 2.00% of the Subscription Price per Share. Your only obligation with respect to payment of
the Selling Fee to us is to remit to us amounts owing to us and actually received by you from the Fund. Except as aforesaid, you shall
be under no liability to make any payments to us pursuant to this Selling Group Agreement. We also understand that the Fund and the Advisers
have agreed to indemnify us pursuant to the terms set forth in the Dealer Manager Agreement. |
| 5. | We agree that you, as Dealer Manager, have full authority to take such action as may seem advisable to you in respect of all
matters pertaining to the Offer. You are authorized to approve on our behalf any amendments or supplements to the Registration
Statement or the Prospectus. |
| 6. | We represent that we are a member in good standing of the Financial Industry Regulatory Authority, Inc. (“FINRA”)
and, in making sales of Shares, agree to comply with all applicable rules of FINRA including, without limitation, FINRA Rules 2040, 5130
and 5141. We understand that no action has been taken by you or the Fund to permit the solicitation of the exercise of Rights or the sale
of Shares in any jurisdiction (other than the United States) where action would be required for such purpose. We agree that we will not,
without your approval in advance, buy, sell, deal or trade in, on a when-issued basis or otherwise, the Rights or the Shares or any other
option to acquire or sell Shares for our own account or for the accounts of customers, except as provided in Sections 2 and 3 hereof and
except that we may buy or sell Rights or Shares in brokerage transactions on unsolicited orders which have not resulted from activities
on our part in connection with the solicitation of the exercise of Rights and which are executed by us in the ordinary course of our brokerage
business. We will keep an accurate record of the names and addresses of all persons to whom we give copies of the Registration Statement,
the Prospectus, any preliminary prospectus (or any amendment or supplement thereto) or any Offering Materials and, when furnished with
any subsequent amendment to the Registration Statement and any subsequent prospectus, we will, upon your request, promptly forward copies
thereof to such persons. |
| 7. | We expressly disclaim any fiduciary or similar obligations to the Fund, either in connection with the transactions contemplated by
the Dealer Manager Agreement or any matters leading up to such transactions, and understand that pursuant to the Dealer Manager Agreement
the Fund has confirmed its understanding and agreement with respect to such disclaimer. |
| 8. | Nothing contained in this Selling Group Agreement will constitute the Selling Group Members partners with the Dealer Manager or with
one another or create any association between those parties, or will render the Dealer Manager or the Fund liable for the obligations
of any Selling Group Member. The Dealer Manager will be under no liability to make any payment to any Selling Group Member other than
as provided in Section 4 of this Selling Group Agreement, and will be subject to no other liabilities to any Selling Group Member, and
no obligations of any sort will be implied. We agree to indemnify and hold harmless the Fund, the Advisers, you and each other Selling
Group Member and each person, if any, who controls you and any such Selling Group Member within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act, against loss or liability caused by any breach by us of the terms of this Selling Group
Agreement. |
| 9. | We agree to pay any transfer taxes which may be assessed and paid on account of any sales or transfers for our account. |
| 10. | All communications to you relating to the Offer will be addressed to: UBS Securities LLC, 1285 Avenue of the Americas New York, New
York 10019, Attn: Syndicate Group. |
| 11. | This Selling Group Agreement will be governed by the internal laws of the State of New York. |
[Signature Page Follows]
A signed copy of this Selling
Group Agreement will be promptly returned to the Selling Group Member at the address set forth below.
| |
Very truly yours, |
| |
|
| |
UBS SECURITIES LLC |
| |
|
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By: |
|
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|
Name: |
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|
Title: |
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|
|
| |
By: |
|
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|
Name: |
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|
Title: |
| PLEASE COMPLETE THE INFORMATION BELOW |
|
| |
|
| Printed Firm Name |
Address |
|
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|
|
| Contact at Selling Group Member |
|
| |
|
| Authorized Signature |
Area Code and Telephone |
|
| |
|
|
| Number |
|
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|
| Name and Title |
Facsimile Number |
|
| |
|
|
| Dated: |
|
| |
|
| Payment of the Selling Fee shall be
mailed |
|
| by check to the following address: |
|
Exhibit B
ABERDEEN INCOME CREDIT STRATEGIES FUND
5,812,247 Shares of Beneficial Interest
Issuable Upon Exercise of Transferable Rights
to Subscribe for Such Shares
SOLICITING DEALER AGREEMENT
THE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY
TIME,
June 16, 2021, UNLESS EXTENDED
New York, New York
May 20, 2021
To Securities Dealers and Brokers:
Aberdeen Income Credit Strategies
Fund, a Delaware statutory trust (the “Fund”), is issuing to its shareholders of record (“Record Date Shareholders”)
as of the close of business on May 20, 2021 (the “Record Date”) transferable rights (“Rights”) to
subscribe for an aggregate of up to 5,812,247 common shares (the “Shares”) of beneficial interest, par value $0.001
per share (the “Common Shares”), of the Fund upon the terms and subject to the conditions set forth in the Fund’s
Prospectus (the “Offer”). Each such Record Date Shareholder is being issued one (1) Right for each full Common Share
owned on the Record Date. Such Rights entitle their holders to acquire during the Subscription Period (as hereinafter defined) at the
Subscription Price (as hereinafter defined) one Share for each three (3) Rights (except that any Record Date Shareholder who owns fewer
than three (3) Common Shares as of the Record Date will be able to subscribe for one full Share pursuant to the primary subscription),
on the terms and conditions set forth in such Prospectus. No fractional shares will be issued. Any Record Date Shareholder who fully exercises
all Rights initially issued to such Record Date Shareholder (other than those Rights that cannot be exercised because they represent the
right to acquire less than one Share) will be entitled to subscribe for, subject to allocation, additional Shares (the “Over-Subscription
Privilege”) on the terms and conditions set forth in such Prospectus. The Rights are transferable and are admitted for trading
on the New York Stock Exchange (the “NYSE”) under the symbol “ACP.RT.”
The Subscription Price will
be determined based on a formula equal to 92.5% of the average of the last reported sales price of a Common Share on the NYSE on the date
on which the Offer expires, as such date may be extended from time to time, and each of the four (4) preceding trading days (the “Formula
Price”). If, however, the Formula Price is less than 87% of the net asset value (“NAV”) per Common Share at the
close of trading on the NYSE on the date on which the Offer expires, as such date may be extended from time to time, then the Subscription
Price will be 87% of the NAV per Common Share at the close of trading on the NYSE on that day. The Subscription Period will commence on
May 20, 2021, and end at 5:00 p.m., New York City time on the Expiration Date (the term “Expiration Date” means June
16, 2021, unless and until the Fund shall, in its sole discretion, have extended the period for which the Offer is open, in which event
the term “Expiration Date” with respect to the Offer will mean the latest time and date on which the Offer, as so extended
by the Fund, will expire).
For the duration of the
Offer, the Fund has authorized and directed the Dealer Manager (as hereinafter defined) to reallow, and the Dealer Manager has
agreed to reallow, a fee to any qualified broker or dealer executing a Soliciting Dealer Agreement who solicits the exercise of
Rights and the Over-Subscription Privilege in connection with the Offer and who complies with the procedures described below (a
“Soliciting Dealer”). Upon timely delivery to Computershare Inc. and Computershare Trust Company, N.A.,
collectively the Fund’s Subscription Agent for the Offer, of payment for Shares purchased pursuant to the exercise of Rights
and the Over-Subscription Privilege and of properly completed and executed documentation as set forth in this Soliciting Dealer
Agreement, a Soliciting Dealer will be entitled to receive a fee (the “Soliciting Fee”) equal to 0.50% of the
Subscription Price per Share so purchased subject to a maximum fee based on the number of Common Shares held by such Soliciting
Dealer through The Depository Trust Company (“DTC”) on the Record Date; provided, however, that no payment shall be due
with respect to the issuance of any Shares until payment therefor is actually received. A qualified broker or dealer is a broker or
dealer which is a member of a registered national securities exchange in the United States or the Financial Industry Regulatory
Authority, Inc. (“FINRA”) or any foreign broker or dealer not eligible for membership who is not making
solicitations outside the United States, who is relying on Rule 15a-6 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), to be exempt from registration in the United States as a broker or dealer, and who agrees to
conform to the Rules of FINRA, including, without limitation, FINRA Rules 2040, 5130 and 5141 thereof, in making solicitations in
the United States to the same extent as if it were a member thereof.
The Fund has authorized and
directed the Dealer Manager to pay, and the Dealer Manager has agreed to pay, the Soliciting Fees payable to the undersigned Soliciting
Dealer, and the Fund and the Advisers have agreed to indemnify such Soliciting Dealer on the terms set forth in the Dealer Manager Agreement
(the “Dealer Manager Agreement”), dated May 20, 2021, among the Fund, Aberdeen Asset Managers Limited (the “Investment
Adviser”), Aberdeen Standard Investments Inc. (the “Sub-Adviser” and collectively with the Investment Adviser,
the “Advisers”) and UBS Securities LLC, as the dealer manager (the “Dealer Manager”). Solicitation
and other activities by Soliciting Dealers may be undertaken only in accordance with the applicable rules and regulations of the Securities
and Exchange Commission and only in those states and other jurisdictions where such solicitations and other activities may lawfully be
undertaken and in accordance with the laws thereof. Compensation will not be paid for solicitations in any state or other jurisdiction
in which, in the opinion of counsel to the Fund or counsel to the Dealer Manager, such compensation may not lawfully be paid. No Soliciting
Dealer shall be paid Soliciting Fees with respect to Shares purchased pursuant to an exercise of Rights and the Over-Subscription Privilege
for its own account or for the account of any affiliate of the Soliciting Dealer. No Soliciting Dealer or any other person is authorized
by the Fund or the Dealer Manager to give any information or make any representations in connection with the Offer other than those contained
in the Prospectus and other authorized solicitation material furnished by the Fund through the Dealer Manager. No Soliciting Dealer is
authorized to act as agent of the Fund or the Dealer Manager in any connection or transaction. In addition, nothing herein contained shall
constitute the Soliciting Dealers partners with the Dealer Manager or with one another, or agents of the Dealer Manager or of the Fund,
or create any association between such parties, or shall render the Dealer Manager or the Fund liable for the obligations of any Soliciting
Dealer. The Dealer Manager shall be under no liability to make any payment to any Soliciting Dealer, and shall be subject to no other
liabilities to any Soliciting Dealer, and no obligations of any sort shall be implied.
In order for a
Soliciting Dealer to receive Soliciting Fees, the Subscription Agent must have received from such Soliciting Dealer no later than
5:00 p.m., New York City time, on the Expiration Date, either (i) a properly completed and duly executed Subscription Certificate
with respect to Shares purchased pursuant to the exercise of Rights and the Over-Subscription Privilege and full payment for such
Shares or (ii) a Notice of Guaranteed Delivery guaranteeing delivery to the Subscription Agent by close of business on the second
business day after the Expiration Date of (a) a properly completed and duly executed Subscription Certificate with respect to Shares
purchased pursuant to the exercise of Rights and the Over-Subscription Privilege and (b) full payment for such Shares. Soliciting
Fees will only be paid after receipt by the Subscription Agent of a properly completed and duly executed Soliciting Dealer Agreement
and a Subscription Certificate designating the Soliciting Dealer in the applicable portion hereof. In the case of a Notice of
Guaranteed Delivery, Soliciting Fees will only be paid after delivery in accordance with such Notice of Guaranteed Delivery has been
effected. Soliciting Fees will be paid by the Fund (through the Subscription Agent) to the Soliciting Dealer by check to an address
designated by the Soliciting Dealer below by the tenth business day following the day the Fund issues Shares after the Expiration
Date.
All questions as to the form,
validity and eligibility (including time of receipt) of this Soliciting Dealer Agreement will be determined by the Fund, in its sole discretion,
which determination shall be final and binding. Unless waived, any irregularities in connection with a Soliciting Dealer Agreement or
delivery thereof must be cured within such time as the Fund shall determine. None of the Fund, the Dealer Manager, the Subscription Agent,
the Information Agent for the Offer or any other person will be under any duty to give notification of any defects or irregularities in
any Soliciting Dealer Agreement or incur any liability for failure to give such notification.
The acceptance of
Soliciting Fees from the Fund by the undersigned Soliciting Dealer shall constitute a representation by such Soliciting Dealer to
the Fund that: (i) it has received and reviewed the Prospectus; (ii) in soliciting purchases of Shares pursuant to the exercise of
the Rights and the Over-Subscription Privilege, it has complied with the applicable requirements of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), the applicable rules and regulations thereunder, any applicable securities
laws of any state or jurisdiction where such solicitations were made, and the applicable rules and regulations of any
self-regulatory organization or registered national securities exchange; (iii) in soliciting purchases of Shares pursuant to the
exercise of the Rights and the Over-Subscription Privilege, it has not published, circulated or used any soliciting materials other
than the Prospectus and any other authorized solicitation material furnished by the Fund through the Dealer Manager and has not made
any written representations concerning the Fund to any holders or prospective holders of Shares or Rights other than those contained
in such materials or otherwise previously authorized in writing by the Fund or otherwise permitted by applicable law; (iv) it has
not purported to act as agent of the Fund or the Dealer Manager in any connection or transaction relating to the Offer; (v) the
information contained in this Soliciting Dealer Agreement is, to its best knowledge, true and complete; (vi) it is not affiliated
with the Fund; (vii) it will not accept Soliciting Fees paid by the Fund pursuant to the terms hereof with respect to Shares
purchased by the Soliciting Dealer pursuant to an exercise of Rights and the Over-Subscription Privilege for its own account or the
account of any affiliates; (viii) it will not remit, directly or indirectly, any part of Soliciting Fees paid by the Fund pursuant
to the terms hereof to any beneficial owner of Shares purchased pursuant to the Offer; and (ix) it has agreed to the amount of the
Soliciting Fees and the terms and conditions set forth herein with respect to receiving such Soliciting Fees. For the avoidance of
doubt and without limiting clause (ii) of the foregoing sentence, the undersigned Soliciting Dealer acknowledges and agrees that the
undersigned Soliciting Dealer is solely responsible for compliance by it and its Affiliated Purchasers with Rule 101 of Regulation M
under the Exchange Act, including with respect to all bids for, purchases of, or attempts to induce any person to bid for or
purchase, including any solicitation of, the Rights or Shares, and that the Dealer Manager has no responsibility for ensuring that
that the Soliciting Dealer’s solicitation activities comply with Regulation M. By returning a Soliciting Dealer Agreement and
accepting Soliciting Fees, a Soliciting Dealer will be deemed to have agreed to indemnify the Fund, the Advisers and the Dealer
Manager against losses, claims, damages and liabilities to which the Fund may become subject as a result of the breach of such
Soliciting Dealer’s representations made herein and described above. In making the foregoing representations, Soliciting
Dealers are reminded of the possible applicability of the anti-manipulation rules under the Exchange Act if they have bought, sold,
dealt in or traded in any Shares for their own account since the commencement of the Offer. By returning a Soliciting Dealer
Agreement, the Soliciting Dealer expressly disclaims any fiduciary or similar obligations to the Fund, either in connection with the
transactions contemplated by the Dealer Manager Agreement or any matters leading up to such transactions, and understand that
pursuant to the Dealer Manager Agreement the Fund has confirmed its understanding and agreement with respect to such disclaimer.
Upon expiration of the Offer,
no Soliciting Fees will be payable to Soliciting Dealers with respect to Shares purchased thereafter.
Capitalized terms not otherwise
defined herein shall have the meanings ascribed to them in the Dealer Manager Agreement or, if not defined therein, in the Prospectus.
This Soliciting Dealer Agreement
will be governed by the laws of the State of New York.
Please execute this Soliciting
Dealer Agreement below accepting the terms and conditions hereof and confirming that you are a member firm of FINRA or a foreign broker
or dealer not eligible for membership who is not making solicitations outside the United States, who is relying on Rule 15a-6 under the
Exchange Act to be exempt from registration in the United States, and who has conformed to the Rules of FINRA, including, without limitation,
FINRA Rules 2040, 5130 and 5141 thereof, in making solicitations of the type being undertaken pursuant to the Offer in the United States
to the same extent as if you were a member thereof, and certifying that you have solicited the purchase of the Shares pursuant to exercise
of the Rights and the Over-Subscription Privilege, all as described above, in accordance with the terms and conditions set forth in this
Soliciting Dealer Agreement. Please forward two executed copies of this Soliciting Dealer Agreement to: UBS Securities LLC, 1285 Avenue
of the Americas, New York, New York 10019, Attn: Syndicate Group.
[Signature Page Follows]
A signed copy of this Soliciting
Dealer Agreement will be promptly returned to the Soliciting Dealer at the address set forth below.
| |
Very truly yours, |
| |
|
| |
UBS SECURITIES LLC |
| |
|
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By: |
|
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|
Name: |
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Title: |
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By: |
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|
Name: |
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|
Title: |
PLEASE COMPLETE THE INFORMATION BELOW
| Printed Firm Name |
Address |
| |
|
| Contact at Soliciting Dealer |
|
| |
|
| Authorized Signature |
Area Code and Telephone |
| |
|
| Number |
|
| |
|
| Name and Title |
Facsimile Number |
| |
|
| Dated: |
|
Payment of the Soliciting Fee shall be mailed
by check to the following address:
EXHIBIT C
FORM OF OPINION OF
DECHERT LLP, COUNSEL FOR THE FUND
UBS Securities LLC
1285 Avenue of the Americas
New York, New York 10019
| Re: |
Aberdeen Income Credit Strategies Fund |
| |
Issuance of Transferable Rights to Purchase up to [•] Common Shares of Beneficial Interest |
·
Ladies and Gentlemen:
We have acted as counsel to
Aberdeen Income Credit Strategies Fund, a Delaware statutory trust (the “Fund”), in connection with the issuance by
the Fund to the holders of the Fund’s common shares of beneficial interest, par value $0.001 per share (the “Common Shares”),
of transferable rights (the “Rights”) entitling the holders of such Rights to purchase upon the exercise of the Rights,
up to an aggregate of [•] Common Shares (the “Shares”), pursuant to a dealer manager agreement dated May 20, 2021
(the “Dealer Manager Agreement”), by and among (i) the Fund, (ii) Aberdeen Asset Managers Limited, a Scottish corporation
(the “Investment Adviser”), (iii) Aberdeen Standard Investments Inc., a Delaware corporation (the “Sub-Adviser”)
and you as the dealer manager (the “Dealer Manager”). This opinion is given pursuant to Section 6(b)(i) of the Dealer
Manager Agreement. Except as otherwise indicated, capitalized terms used in this letter have the meanings given to them in the Dealer
Manager Agreement.
As to matters of fact relating
to our opinions, we have relied upon written representations of the parties in the Documents (as defined below), written representations
made by the Fund, and written representations of officers and other representatives of the Fund, and we have examined originals, or certified
copies or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the “Documents”),
without independent verification of the accuracy of such representations or of the information contained in the Documents.
| 1. | The notification of registration on Form N-8A (File No. 811-22485) of the Fund filed with the U.S. Securities
and Exchange Commission (the “Commission”) under the Investment Company Act of 1940, as amended (the “1940
Act”), on October 19, 2010; |
| 2. | The registration statement on Form N-2 filed by the Fund with the Commission under the Securities Act
of 1933, as amended (the “1933 Act”), and the 1940 Act (1933 Act File No. 333-253698 and 1940 Act File No. 811-22485);
the registration statement, as amended at the time when it became effective, including the information deemed to be part thereof at the
time of effectiveness pursuant to Rule 430B under the 1933 Act, being hereinafter referred to as the “Registration Statement”; |
| 3. | The prospectus, dated April 27, 2021, in the form it was filed with the Commission on April 26, 2021,
pursuant to Rule 424(b) promulgated under the 1933 Act, including the Statement of Additional Information, dated April 27, 2021, included
in such filing (the “Base Prospectus”); |
| 4. | [The Issuer Free Writing Prospectus, in the form it was filed with the Commission on May [•], 2021
pursuant to Rule 433 promulgated under the 1933 Act;] |
| 5. | The prospectus supplement, dated May 20, 2021, in the form it was filed with the Commission on May 20,
2021, pursuant to Rule 424(b) promulgated under the 1933 Act (the “Prospectus Supplement” and, together with the Base
Prospectus, the “Prospectus”); |
| 6. | An executed copy of the officer’s certificate of Lucia Sitar, Vice President of the Fund, dated
the date hereof (the “Officer’s Certificate”); |
| 7. | An executed copy of the secretary’s certificate of Megan Kennedy, Secretary of the Fund, dated the
date hereof (the “Secretary’s Certificate”); |
| 8. | A certificate from the Secretary of State of the State of Delaware as to the existence and good standing
of the Fund, as of a recent date (the “Delaware Certificate”); |
| 9. | The Amended and Restated Agreement and Declaration of Trust of the Fund (as amended, the “Declaration
of Trust”), including the statement of preferences relating to the Preferred Shares, certified pursuant to the Secretary’s
Certificate; |
| 10. | The bylaws of the Fund (the “Bylaws” and, together with the Declaration of Trust, the
“Organizational Documents”), certified pursuant to the Secretary’s Certificate; |
| 11. | Copies of certain resolutions of the Board of Trustees of the Fund (the “Board of Trustees”),
adopted on May 10, 2021 certified pursuant to the Secretary’s Certificate; |
| 12. | The form of subscription certificate evidencing the Rights (the “Subscription Certificate”),
certified as of the date hereof by an officer of the Fund; |
| 13. | An executed copy of the Dealer Manager Agreement; |
| 14. | An executed copy of the Subscription Agent Agreement between the Fund and Computershare Trust Company,
N.A. and Computershare Inc. (together, “Computershare”), dated as of [•], 2021 (the “Subscription Agent
Agreement”); |
| 15. | An executed copy of the Information Agent Agreement between the Fund and Georgeson LLC, dated as of [•],
2021 (the “Information Agent Agreement”) |
| 16. | An executed copy of the investment advisory agreement dated December 1, 2017, by and between the Fund
and the Investment Adviser (the “Advisory Agreement”); |
| 17. | An executed copy of the investment sub-advisory agreement dated December 1, 2017, by and among the Fund,
the Investment Adviser and the Sub-Adviser (the “Sub-Advisory Agreement,” and together with the Dealer Manager Agreement,
the Subscription Agent Agreement, the Information Agent Agreement and the Advisory Agreement, the “Transaction Documents”);
and |
| 18. | An executed copy of the Expense Limitation Letter Agreement dated as of April 26, 2021, by and between
the Investment Adviser and the Fund (the “Expense Limitation Agreement”). |
In addition, we have examined
originals or copies of such other corporate records of the Fund, the Investment Adviser and the Sub-Adviser, certificates of public officials
and officers of such persons and agreements and other documents as we have deemed necessary or appropriate as a basis for the opinions
expressed below.
In our examination, we have
assumed the genuineness of all signatures, the legal capacity and competence of all natural persons, the authenticity of all documents
submitted to us as originals and the conformity with the originals of all documents submitted to us as copies. We have further assumed
that there has been no oral modification of, or amendment or supplement (including any express or implied waiver however arising) to,
the Dealer Manager Agreement or any other instrument or document used by us to form the basis of the opinions expressed herein. Representatives
of this firm also attended meetings of the board of directors of the Fund at which certain actions were taken. In addition, we have assumed
that (i) all natural persons who are signatories to the Dealer Manager Agreement have the legal capacity to enter into and perform their
respective obligations under the Dealer Manager Agreement, (ii) each of the parties thereto (other than the Fund) is duly organized, validly
existing and in good standing under the laws of its jurisdiction of organization, (iii) each of the parties thereto (other than the Fund)
has the legal power and authority to enter into and perform all of its respective obligations under the Dealer Manager Agreement, (iv)
the Dealer Manager Agreement has been duly authorized, executed and delivered by each of the parties thereto (other than the Fund) and
(v) the Dealer Manager Agreement is the legal, valid and binding obligation of each party thereto (other than the Fund), enforceable against
such persons in accordance with its terms. We further assume after due inquiry that (a) there has been no mutual mistake of fact or misunderstanding
or fraud, duress or undue influence in connection with the negotiation, delivery and execution of the Dealer Manager Agreement and (b) there
are and have been no agreements or understandings among parties, written or oral, and there is and has been no usage of trade or course
of prior dealing among the parties that would, in either case, vary, supplement or qualify the terms of the Dealer Manager Agreement.
When an opinion set forth
below refers to “our knowledge” or any similar expressions as used herein, it is limited to the actual knowledge of the attorneys
of this firm who have rendered substantive legal services to the Fund in connection with the transactions contemplated by the Dealer Manager
Agreement and our attorneys who have principal responsibility for representing the Fund on other matters in areas relevant to the opinions
being rendered, which knowledge has been obtained by such attorneys in such capacity. Except to the extent expressly set forth in this
letter, we have not undertaken any independent investigation to determine the existence or absence of those facts, and no inference as
to the knowledge of the existence or absence of those facts should be drawn from our representation of the Fund. Without limiting the
generality of the foregoing, it is expressly understood that no opinion is expressed with regard to: (a) the financial ability of the
Investment Advisor to meet its obligations under the Advisory Agreement or the Sub-Advisory Agreement; (b) the financial ability of the
Sub-Adviser to meet its obligations under the Sub-Advisory Agreement; (c) the truthfulness or accuracy of any applications, reports, plans,
documents or financial statements furnished to the Dealer Manager by (or on behalf of) the Fund in connection with the Dealer Manager
Agreement, the Registration Statement or the Prospectus; or (d) the truthfulness or accuracy of any representations or warranties made
by the Fund in the Dealer Manager Agreement, the Registration Statement, the Prospectus or other documents described herein, which are
not the subject of any of the opinions stated herein. Other than as set forth herein, we have not undertaken, for purposes of this opinion,
any independent investigation to determine the existence or the absence of such facts, and no inference as to our knowledge of the existence
or absence of such facts should be drawn from the fact of our representation of the Fund. Moreover, we have not searched the dockets of
any court, administrative body, agency or other filing office in any jurisdiction.
We received telephonic confirmation
from the staff at the Commission that the Registration Statement most recently became effective under the Securities Act on April 27,
2021.
Based upon and subject to
the foregoing and such examination of law as we have deemed necessary and subject to the limitations, qualifications, exceptions and assumptions
set forth herein, we are of the opinion that:
| i. | Based solely on our review of the Delaware Certificate, the Fund is in good standing and has a valid existence
under the Delaware Statutory Trust Act (“DSTA”). |
| ii. | The Fund has the power and authority under the Declaration of Trust to operate as and carry on the business
of an investment company, and exercise all the powers necessary and appropriate to the conduct of such operations, in each case as described
in the Prospectus; |
| iii. | The Fund has the statutory trust power and authority under the DSTA to execute and deliver the Dealer
Manager Agreement, Subscription Agent Agreement and Information Agent Agreement and to consummate the issuance of the Rights and the issuance
and sale of the Shares upon the exercise of the Rights. |
| iv. | The Fund is registered with the Commission under the 1940 Act as a diversified, closed-end management
investment company. |
| v. | To our knowledge, the Fund Agreements are in full force and effect and, to our knowledge, neither the
Fund nor any other party to any such agreement is in default thereunder, and to our knowledge, no event has occurred which with the passage
of time or the giving of notice or both would constitute a default thereunder. |
| vi. | Each of the Dealer Manager Agreement, Subscription Agent Agreement and Information Agent Agreement has
been duly authorized, executed and delivered by all requisite action on the part of the Fund under the DSTA. |
| vii. | Each of the Subscription Agent Agreement, Information Agent Agreement, Advisory Agreement, Sub-Advisory
Agreement and Expense Limitation Agreement is a valid and binding obligation of the Fund, enforceable against the Fund, in accordance
with its terms. |
| viii. | Each of the Dealer Manager Agreement, Advisory Agreement, Sub-Advisory Agreement and Expense Limitation
Agreement complies in all material respects with the applicable provisions of the laws of the State of New York, the 1940 Act, the general
rules and regulations adopted under the 1940 Act, the Investment Advisers Act of 1940, as amended (the “Advisers Act”),
and the rules and regulations adopted under the Advisers Act. |
| ix. | The execution and delivery by the Fund of, and the performance by the Fund of its obligations under, the
Dealer Manager Agreement, Subscription Agent Agreement and Information Agent Agreement, and the issuance of the Rights and the issuance
and sale of the Shares upon the exercise of the Rights as contemplated by the Dealer Manager Agreement will not conflict with the Organizational
Documents. The performance by the Fund of its obligations under Advisory Agreement and Sub-Advisory Agreement will not conflict with the
Organizational Documents. |
| x. | The execution and delivery by the Fund of, and the performance by the Fund of its obligations under, the
Dealer Manager Agreement, the Subscription Agent Agreement and the Information Agent Agreement, and the issuance of the Rights and the
issuance and sale of the Shares upon the exercise of the Rights as contemplated by the Dealer Manager Agreement, (i) will not contravene:
(a) any provision of the laws of the State of New York, the DSTA or any federal law of the United States of America that in our experience
is normally applicable to Delaware statutory trusts of the same type as the Fund in relation to transactions of the type contemplated
by the Transaction Agreements, provided that we express no opinion as to federal, state or foreign securities or Blue Sky laws (other
than the 1940 Act); (b) any agreement or other
instrument binding upon the Fund that is filed or incorporated by reference as an exhibit to the Registration Statement; or (c) to our
knowledge, any judgment, injunction, order or decree binding upon the Fund, and (ii) will not cause the creation of any security interest
or lien upon any of the property of the Fund. The performance by the Fund of its obligations under Advisory Agreement and Sub-Advisory
Agreement (i) will not contravene: (a) any provision of the laws of the State of New York, the DSTA or any federal law of the United States
of America that in our experience is normally applicable to Delaware statutory trust of the same type as the Fund in relation to transactions
of the type contemplated by the Transaction Agreements, provided that we express no opinion as to federal, state or foreign securities
or Blue Sky laws (other than the 1940 Act); (b) any agreement or other instrument binding upon the Fund that is filed or incorporated
by reference as an exhibit to the Registration Statement; or (c) to our knowledge, any judgment, injunction, order or decree binding upon
the Fund, and (ii) will not cause the creation of any security interest or lien upon any of the property of the Fund. |
| xi. | No consent, approval, authorization, or order of, or qualification with, any governmental body, agency
or, to our knowledge, court, under the laws of the State of New York, the DSTA or any federal law of the United States of America that
in our experience is normally applicable to Delaware statutory trusts of the same type as the Fund in relation to transactions of the
type contemplated by the Transaction Agreements is required for the performance by the Fund of its obligations under the Dealer Manager
Agreement, the Subscription Agent Agreement or the Information Agent Agreement, except for: (a) the registration of the Shares and of
the offering of the Rights under the 1933 Act pursuant to the Registration Statement, under the Exchange Act and under the 1940 Act; (b)
such as may be required under state or foreign securities or Blue Sky laws as to which we express no opinion and (c) such other approvals
as have been obtained. No consent, approval, authorization, or order of, or qualification with, any governmental body, agency or, to our
knowledge, court, under the laws of the State of New York, the DSTA or any federal law of the United States of America that in our experience
is normally applicable to Delaware statutory trusts of the same type as the Fund in relation to transactions of the type contemplated
by the Transaction Agreements is required for the enforceability of the Advisory Agreement or Sub-Advisory Agreement against the Fund,
except for: (a) such as may be required under state or foreign securities or Blue Sky laws as to which we express no opinion and (b) such
other approvals as have been obtained. |
| xii. | The provisions of the Organizational Documents do not violate the 1940 Act and the applicable rules and
regulations under the 1940 Act. |
| xiii. | The Fund has authority to issue an unlimited number of Common Shares in accordance with the provisions
set forth in the Declaration of Trust. The Rights and the Shares have been duly authorized by all requisite action on the part of the
Fund under the DSTA and, when issued upon the exercise of the Rights in accordance with the terms of the Subscription Certificate, the
Shares will be validly issued and fully paid and nonassessable, and free and clear of any preemptive rights or any similar rights arising
under the DSTA or the Organizational Documents. |
| xiv. | The statements in the Prospectus under the caption “Description of Securities” insofar
as such statements purport to summarize certain provisions of the Organizational Documents, 1940 Act or the DSTA fairly summarize
such provisions in all material respects. The statements in the Prospectus under the captions “U.S. Federal Income Tax
Consequences” and “Tax Matters,” insofar
as they purport to describe provisions of U.S. federal income tax laws or legal conclusions with respect thereto, in our opinion fairly
and accurately summarize the matters referred thereto in all material respects. |
The opinions stated herein
are subject to the following qualifications:
| i. | The opinions expressed herein are limited by principles of equity (regardless of whether considered in
a proceeding in equity or at law) that may limit the availability of certain rights and remedies and do not reflect the effect of bankruptcy
(including preferences), insolvency, fraudulent conveyance, receivership, reorganization, moratorium and other laws or decisions relating
to or affecting debtors’ obligations or creditors’ rights generally and, as to rights of indemnification and contribution,
by principles of public policy. The opinions expressed above also do not reflect the effect of laws and equitable doctrines (including
requirements that the parties to agreements act reasonably and in good faith and, with respect to collateral, in a commercially reasonable
manner, and give reasonable notice prior to exercising rights and remedies) or the effect of the exercise of discretion of the court before
which any proceeding may be brought. |
| ii. | Without limiting the generality of the foregoing, we express no opinion with respect to: (1) provisions
in the Dealer Manager Agreement that provide that certain rights or obligations are absolute or unconditional; (2) provisions that restrict
access to or waive legal or equitable remedies or access to courts; (3) provisions that affect or confer jurisdiction or purport to bind
the Fund to the exclusive jurisdiction of any particular court or courts; (4) any provision of the Dealer Manager Agreement that may be
construed as a forfeiture or penalty; or (5) any provision of the Dealer Manager Agreement that purports to provide that the terms thereof
may not be varied or waived except in writing or that the express terms thereof supersede any inconsistent course of performance and/or
usage of the trade. |
| iii. | Except to the extent expressly stated herein, we do not express any opinion as to (a) the compliance or
non-compliance of any party (other than the Fund) to any of the Transaction Agreements with any state, federal or other laws or regulations
applicable to such party or (b) the legal or regulatory status or the nature of the business of such party. |
| iv. | Except to the extent expressly stated herein with respect to the Fund, we do not express any opinion with
respect to any law, rule or regulation that is applicable to any party to any of the Transaction Agreements or the transactions contemplated
thereby solely because such law, rule or regulation is part of a regulatory regime applicable to any such party or any of its affiliates
as a result of the specific assets or business operations of such party or such affiliates. |
| v. | Except with respect to the 1940 Act and the rules and regulations under the 1940 Act, to the extent referred
to in paragraphs (xii) and (xiv) above, we do not express any opinion with respect to any securities, antifraud, consumer credit, debt
collection, privacy, derivatives or commodities laws, rules or regulations or Regulations T, U or X of the Board of Governors of the Federal
Reserve System or laws, rules or regulations relating to national security. |
| vi. | Except to the extent expressly stated in the opinions contained herein, the opinions stated herein are
limited to the agreements and documents specifically identified in the opinions contained herein without regard to any agreement or other
document referenced in such agreement or document (including agreements or other documents incorporated by reference or attached or annexed
thereto). |
| vii. | We do not express any opinion whether the execution or delivery of the Dealer Manager Agreement by the
Fund, or the performance by the Fund of its obligations under any Transaction Agreement, including the issuance of the Rights and the
issuance and sale of the Shares upon the exercise of the Rights, will constitute a violation of, or a default under, any covenant, restriction
or provision with respect to financial ratios or tests or any aspect of the financial condition or results of operations of the Fund. |
| viii. | We do not express any opinion with respect to the enforceability of any provision contained in any Transaction
Agreement relating to any indemnification, contribution, non-reliance, exculpation, release, limitation or exclusion of remedies, waiver
or other provisions having similar effect that may be contrary to public policy or violative of federal or state securities laws, rules
or regulations, or to the extent any such provision purports to, or has the effect of, waiving or altering the statute of limitations. |
| ix. | We do not express any opinion with respect to the enforceability of any provision contained in any Transaction
Agreement purporting to prohibit, restrict or condition the assignment of rights under such Transaction Agreement to the extent that such
prohibition, restriction or condition on assignability is ineffective pursuant to the Uniform Commercial Code. |
| x. | We have assumed that all conditions precedent contained in Section 6 of the Dealer Manager Agreement,
which conditions require the delivery of documents, evidence or other items satisfactory in form, scope and/or substance to the Dealer
Manager or the satisfaction of which is otherwise in the discretion or control of the Dealer Manager, have been, or contemporaneously
with the delivery hereof will be, fully satisfied or waived. |
| xi. | We do not express any opinion with respect to the enforceability of any provision of any Transaction Agreement
to the extent that such provision purports to bind the Fund to the exclusive jurisdiction of any particular court or courts. |
| xii. | Irrespective of the agreement of the parties to any Transaction Agreement concerning personal jurisdiction
over them, a court may decline to hear a case on grounds of forum non conveniens or other doctrine limiting the availability of such court
as a forum for resolution of disputes. In addition, we do not express any opinion with respect to the subject matter jurisdiction of the
federal courts of the United States of America in any action arising out of or relating to any Transaction Agreement. |
| xiii. | We do not express any opinion with respect to the enforceability of any provision contained in the Transaction
Agreements with respect to the choice of law or choice of forum of the parties to the Transaction Agreements. |
| xiv. | We do not express any opinion with respect to any of the fees paid or payable pursuant to any of the Transaction
Agreements. |
| xv. | We do not express any opinion with respect to the enforceability of any provision contained in any Transaction
Agreement granting any person any right to set off or apply any deposit, property or indebtedness except to the extent that the debt between
the Fund and such person is a mutual debt. |
| xvi. | We do not express any opinion with respect to any of Section 13 of the Dealer Manager Agreement to the
extent that such section provides for a waiver of trial by jury. |
| xvii. | Certain of the remedial and procedural provisions with respect to the security contained in the Transaction
Agreements may be unenforceable in whole or in part. |
| xviii. | We do not express any opinion with respect to the enforceability of any provision contained in any Transaction
Agreements providing any waiver, release, disclaimer or any other variation of any right or duty of any party to the extent that any such
waiver, release, disclaimer or other variation is not enforceable pursuant to Sections 1-302 or 9-602 of the Uniform Commercial Code. |
| xix. | We do not express any opinion with respect to the creation, perfection or priority of any security interest. |
In addition, in rendering the foregoing
opinions we have assumed that:
| i. | the Organizational Documents are the only governing instruments, as defined under the DSTA, of the Fund;
the Fund has, and since the time of its formation has had, at least one validly admitted and existing trustee of the Fund and (i) no procedures
have been instituted for, and no other event has occurred, including, without limitation, any action taken by the Fund or its Board of
Trustees or beneficial holders, as applicable, that would result in the liquidation, dissolution or winding-up of the Fund, (ii) no event
has occurred that has adversely affected the good standing of the Fund under the DSTA, and the Fund has taken all actions required by
the laws of the State of Delaware to maintain such good standing and (iii) no grounds exist for the revocation or forfeiture of the Fund’s
Declaration of Trust; and |
We express no opinion herein
as to any matters governed by any laws other than the laws of the State of New York, the DSTA, and the federal securities laws of the
United States of America normally applicable to transactions of the type contemplated by the Dealer Manager Agreement by closed-end management
investment companies registered under the 1940 Act.
The opinions expressed herein
are limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. This
opinion speaks only as of the date hereof. We assume no obligation to supplement these opinions if any applicable law changes after the
date hereof or if we become aware of any fact that might change the opinions expressed herein after the date hereof.
The opinions expressed herein
are solely for your benefit in connection with the transactions contemplated by the Dealer Manager Agreement and, without our express
written consent, neither our opinion nor this opinion letter may be assigned or provided to or relied upon by any other person or by you
for any other purpose (in each case other than the successor in interest of the Dealer Manager by means of merger, consolidation, transfer
of business or other similar transaction).
Very truly yours,
EXHIBIT D
FORM OF OPINION OF
DECHERT LLP, COUNSEL FOR THE ADVISER
UBS Securities LLC
1285 Avenue of the Americas
New York, New York 10019
| Re: |
Aberdeen Asset Managers Limited |
Ladies and Gentlemen:
We have acted as counsel for
Aberdeen Asset Managers Limited, a corporation organized under the laws of Scotland (the “Investment Adviser”), in
connection with the transactions contemplated by the Dealer Manager Agreement dated as of May 20, 2021 (the “Dealer Manager Agreement”),
by and among (i) Aberdeen Income Credit Strategies Fund (the “Fund”),
(ii) the Adviser, (iii) Aberdeen Standard Investments Inc. (the “Sub-Adviser”)
and (iv) you as the dealer manager (the “Dealer Manager”). This opinion is given pursuant to Section 6(b)(ii) of the
Dealer Manager Agreement. Except as otherwise indicated, capitalized terms used in this letter have the meanings given to them in the
Dealer Manager Agreement.
As to matters of fact relating
to our opinions, we have relied upon written representations of the parties in the Documents (as defined below), written representations
made by the Investment Adviser, and written representations of officers and other representatives of the Investment Adviser, and we have
examined originals, or certified copies or otherwise identified to our satisfaction, of the following documents (hereinafter collectively
referred to as the “Documents”), without independent verification of the accuracy of such representations or of the
information contained in the Documents.
| 1. | The registration statement on Form N-2 filed by the Fund with
the U.S. Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “1933
Act”), and the Investment Company Act of 1940, as amended (the “1940 Act”) (1933 Act File No. 333-253698 and 1940 Act
File No. 811-22485); the registration statement, as amended at the time when it became effective, including the information deemed to
be part thereof at the time of effectiveness pursuant to Rule 430B under the 1933 Act, being hereinafter referred to as the “Registration
Statement”; |
| 2. | The prospectus, dated April 27, 2021, in the form it was filed
with the Commission on April 26, 2021, pursuant to Rule 424(b) promulgated under the 1933 Act, including the Statement of Additional
Information, dated April 27, 2021, included in such filing (the “Base Prospectus”); |
| 3. | The prospectus supplement, dated May 20, 2021, in the form it
was filed with the Commission on May 20, 2021, pursuant to Rule 424(b) promulgated under the 1933 Act (the “Prospectus Supplement”
and, together with the Base Prospectus, the “Prospectus”); |
| 4. | An executed copy of the officer’s certificate of Fiona
McGowan, Authorised Signatory of the Investment Adviser, dated the date hereof (the “Officer’s Certificate”); |
| 5. | An executed copy of the secretary’s certificate of SLA
Corporate Secretary Limited, Company Secretary of the Investment Adviser, dated the date hereof (the “Secretary’s Certificate”); |
| 6. | A copy of the Articles of Association of the Investment Adviser,
as amended, and certified pursuant to the Secretary’s Certificate; |
| 7. | A copy of the Investment Adviser’s Uniform Application
for Investment Adviser Registration, filed on Form ADV; |
| 8. | An executed copy of the Dealer Manager Agreement; |
| 9. | An executed copy of the investment advisory agreement dated
December 1, 2017, by and between the Fund and the Investment Adviser (the “Advisory Agreement”); |
| 10. | An executed copy of the investment sub-advisory agreement dated
December 1, 2017, by and among the Fund, the Investment Adviser and the Sub-Adviser (the “Sub-Advisory Agreement,” and together
with the Dealer Manager Agreement and the Advisory Agreement, the “Transaction Documents”); and |
| 11. | An executed copy of the Expense Limitation Letter Agreement
, dated as of April 26, 2021, by and between the Fund and the Investment Adviser (the “Expense Limitation Agreement”). |
In addition, we have examined
originals or copies of such other corporate records of the Fund, the Investment Adviser and the Sub-Adviser, certificates of public officials
and officers of such persons and agreements and other documents as we have deemed necessary or appropriate as a basis for the opinions
expressed below.
In making such examination
and rendering the opinions set forth below, we have assumed the genuineness of all signatures, the legal capacity and competence of all
persons, the authenticity of all documents submitted to us as originals, and the conformity to authentic original documents of all documents
submitted to us as certified, conformed, photostatic or electronic copies of such documents. We have also assumed that each individual
executing a Transaction Document on behalf of a party (other than the Investment Adviser) is authorized to do so, and that each of the
parties (other than the Investment Adviser) executing any of the Transaction Documents had the requisite corporate, trust, limited liability
company or partnership power to enter into and perform all obligations under such Transaction Documents and has validly executed and delivered
each of the Transaction Documents to which such party is a signatory, and such party’s obligations set forth therein are valid and
binding and are enforceable against such party in accordance with their terms. In addition, we have assumed that: (a) each of the parties
to the Transaction Documents (other than the Investment Adviser) is validly existing and in good standing under the laws of the jurisdiction
of its organization or formation; and (b) each of the parties to the Transaction Documents has received all agreed upon consideration
for each Transaction Document to which it purports to be a party. We assume that (a) there has been no mutual mistake of fact, or misunderstanding
or fraud, duress or undue influence in connection with the negotiation, delivery and execution of the Transaction Documents and (b) there
are and have been no agreements or understandings among the parties, written or oral, and there is and has been no usage of trade or course
of prior dealing among the parties that would, in either case, vary, supplement or qualify the terms of the Transaction Documents.
When an opinion set
forth below refers to “our knowledge” or any similar expressions as used herein, it is limited to the actual knowledge
of the attorneys of this firm who have rendered substantive legal services to the Investment Adviser in connection with the
transactions contemplated by the Dealer Manager Agreement and our attorneys who have principal responsibility for representing the
Investment Adviser on other matters in areas relevant to the opinions being rendered, which knowledge has been obtained by such
attorneys in such capacity. Except to the extent expressly set forth in this letter, we have not undertaken any independent
investigation to determine the existence or absence of those facts, and no inference as to the knowledge of the existence or absence
of those facts should be drawn from our representation of the Investment Adviser. Without limiting the generality of the foregoing,
it is expressly understood that no opinion is expressed with regard to: (a) the financial ability of the Sub-Adviser to meet its
obligations under the Sub-Advisory Agreement; (b) the truthfulness or accuracy of any applications, reports, plans, documents or
financial statements furnished to the Dealer Manager by (or on behalf of) the Investment Adviser in connection with the Dealer
Manager Agreement, the Registration Statement or the Prospectus; or (c) the truthfulness or accuracy of any representations or
warranties made by the Investment Adviser in the Dealer Manager Agreement, the Registration Statement, the Prospectus or other
documents described herein, which are not the subject of any of the opinions stated herein. Other than as set forth herein, we have
not undertaken, for purposes of this opinion, any independent investigation to determine the existence or the absence of such facts,
and no inference as to our knowledge of the existence or absence of such facts should be drawn from the fact of our representation
of the Investment Adviser. Moreover, we have not searched the dockets of any court, administrative body, agency or other filing
office in any jurisdiction.
We have not obtained special
written rulings of the Commission, state securities commissions or other administrative bodies or officials charged with the administration
of such statutes, regulations and rulings and we have not obtained and do not rely on opinions of other counsel in connection with our
representation of the Investment Adviser as counsel.
Based on, and subject to,
the foregoing, the assumptions, limitations and qualifications stated herein and such examination of law as we have deemed necessary,
we are of the opinion that:
| i. | The Investment Adviser is registered with the Commission as an investment adviser under the Investment
Advisers Act of 1940, as amended (the “Advisers Act”), and, to our knowledge, is not prohibited by the Advisers Act
or the 1940 Act from acting under the Investment Advisory Agreement as an Investment Adviser to the Fund as contemplated by the Registration
Statement or the Prospectus. |
| ii. | The Dealer Manager Agreement has been duly authorized, executed and delivered by the Investment Adviser. |
| iii. | Each of the Advisory Agreement, the Sub-Advisory Agreement and Expense Limitation Agreement constitutes
a valid and binding obligation of the Investment Adviser, enforceable against the Investment Adviser in accordance with its terms under
the laws of the State of New York. |
| iv. | The execution and delivery by the Investment Adviser of, and the performance by the Investment Adviser
of its obligations under, the Dealer Manager Agreement will not to our knowledge constitute a breach or default under or result in the
creation or imposition of any lien, charge or encumbrance upon any properties or assets of the Adviser under the Advisory Agreement, the
Sub-Advisory Agreement or any other material agreement, indenture, lease or other instrument to which the Investment Adviser is a party
or any of its property or assets is subject, except where such breach, default, lien, charge or encumbrance does not or could not materially
and adversely affect the ability of the Adviser to perform its obligations under the Dealer Manager Agreement. |
| v. | The performance by the Investment Adviser of its obligations under the Advisory Agreement, the Sub-Advisory
Agreement, the Expense Limitation Agreement and the Dealer Manager Agreement does not violate the applicable laws of the State of New
York, the 1940 Act, the general rules and regulations adopted under the 1940 Act, the Advisers Act or the rules and regulations adopted
under the Advisers Act. |
| vi. | The description in the Registration Statement and the Prospectus of the Investment Adviser and its business
complies in all material respects with all applicable requirements of the 1933 Act and the 1940 Act. |
| vii. | No consent, approval, authorization, or license with any governmental authority under any law, rule or
regulation of the State of New York or any federal law of the United States of America is required for the performance by the Investment
Adviser of its obligations under each of the Transaction Documents and the Expense Limitation Agreement, except such as have been obtained
or such as to which the failure to obtain would have neither (a) an Adviser Material Adverse Effect nor (b) an adverse effect on the consummation
of the transactions contemplated by the Dealer Manager Agreement. |
The opinions stated herein
are subject to the following qualifications:
| i. | We call to your attention that irrespective of the agreement
of the parties to the Dealer Manager Agreement, the Advisory Agreement or the Sub-Advisory Agreement concerning personal jurisdiction
over them, a court may decline to hear a case on grounds of forum non conveniens or other doctrine limiting the availability of such
court as a forum for resolution of disputes; in addition, we call to your attention that we do not express any opinion with respect to
the subject matter jurisdiction of the federal courts of the United States of America in any action arising out of or relating to the
Dealer Manager Agreement, the Advisory Agreement or the Sub-Advisory Agreement. |
| ii. | Except to the extent expressly stated herein, we do not express
any opinion as to (a) the compliance or noncompliance of any other party (other than the Investment Adviser) to the Dealer Manager Agreement,
the Advisory Agreement and the Sub-Advisory Agreement with any state, federal or other laws or regulations applicable to such party or
(b) the legal or regulatory status or the nature of the business of such party. |
| iii. | Except to the extent expressly stated in the opinions contained
herein, the opinions stated herein are limited to the agreements specifically identified herein without regard to any agreement or other
document referenced in such agreement (including agreements or other documents incorporated by reference or attached or annexed thereto). |
| iv. | We do not express any opinion with respect to any of the fees
to be paid pursuant to the Advisory Agreement or the Sub-Advisory Agreement. |
| v. | We express no opinion as to whether the execution, delivery
or performance by the Investment Adviser of the Dealer Manager Agreement, the Advisory Agreement and the Sub-Advisory Agreement will
constitute a violation of, or a default under, any covenant, restriction or provision with respect to financial ratios or tests or any
aspect of the financial condition or results of operations of the Investment Adviser or any of its subsidiaries. |
| vi. | The opinion set forth in paragraph (iv) above is based solely
on our discussions with the officers or other representatives of the Investment Adviser responsible for the matters discussed therein,
our review of documents furnished to us by the Investment Adviser and our reliance on the representations and warranties of the Investment
Adviser contained in the Dealer Manager Agreement, Advisory Agreement, Sub-Advisory Agreement, Officer’s Certificate and Secretary’s
Certificate. In addition, we call to your attention that we have not been engaged by, nor have we rendered any advice to, the Investment
Adviser in connection with any legal or governmental proceedings. Accordingly, we do not have any special knowledge with respect to such
matters. |
| vii. | We have assumed that there are no actions, suits or proceedings
pending or threatened to which the Investment Adviser is a party, before any court, governmental agency or arbitrator which would reasonably
be expected to affect adversely the registration of the Investment Adviser with the Commission. |
We express no opinion herein
as to any matters governed by any laws other than the laws of the State of New York and the federal securities laws of the United States
of America that are normally applicable to transactions of the type contemplated by the Dealer Manager Agreement by closed-end management
investment companies registered under the 1940 Act.
The opinions expressed herein
are limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. This
opinion speaks only as of the date hereof. We assume no obligation to supplement these opinions if any applicable law changes after the
date hereof or if we become aware of any fact that might change the opinions expressed herein after the date hereof.
The opinions expressed herein
are solely for the benefit of the Dealer Manager in connection with the transactions contemplated by the Dealer Manager Agreement and,
without our express written consent, this opinion letter may not be assigned or provided to or relied upon by any other person for any
other purpose (in each case other than the successor in interest of the Dealer Manager by means of merger, consolidation, transfer of
business or other similar transaction).
Very truly yours,
EXHIBIT E
FORM OF OPINION OF
DENTONS, SCOTLAND COUNSEL OF THE ADVISER
Dear Sirs
Legal Opinion on Aberdeen Asset Managers Limited (the Company)
We are legal advisers to Aberdeen Asset Managers Limited
which is incorporated under the United Kingdom Companies Act 1985 with registered number SC108419. The Company is a wholly owned subsidiary
of Aberdeen Asset Management PLC.
We have produced this opinion in accordance with Section
6(b)(iii) of the Dealer Management Agreement (as defined in Schedule 1). In our capacity as solicitors, regulated by the Law Society of
Scotland in Scotland, we are authorised to issue legal opinions relating to Scottish law.
Words and expressions defined in Schedule 1 shall bear the
same meanings in this opinion and Relevant Documents means the documents listed in Part 1 of Schedule 1.
We have examined copies of, and base our opinion on, the
documents listed in Schedule 1.
We have not made any other enquires
concerning the Company and in particular we have not investigated or verified any matter of fact or opinion (whether set out in any of
the Relevant Documents or elsewhere) other than as expressly stated in this opinion.
We have not made any investigation of
and do not express any opinion as to the laws of any jurisdiction outside Scotland and this opinion relates only to the laws of Scotland
as they exist at the date hereof.
We have not been asked to advise you
in connection with the preparation of the Relevant Documents and we therefore express no opinion on the commercial or financial implications
of the Relevant Documents or on whether the Relevant Documents give effect to the intentions of the parties.
This opinion is strictly limited to
the matters specifically stated herein and is not to be read as extending by implication to any other matter.
In providing this opinion, we have relied on the assumptions
set out in Schedule 2.
Based upon and subject to the assumptions set out in Schedule
2 and subject to the qualifications set out in Schedule 3 and to any matters not disclosed to us, we are of the opinion that:
The Company has been duly organised
and is validly existing as a limited liability company under the laws of Scotland and has full corporate power under its Articles to conduct
its business as described in the Registration Statement, the Prospectus and the Prospectus Supplement and has the requisite corporate
power to enter into and perform its obligations under the Relevant Documents.
The Company is authorised and regulated
in the United Kingdom by the Financial Conduct Authority in the conduct of investment business within the meaning of the Financial Services
and Markets Act 2000 and is authorised to carry out certain Regulated Activities (within the meaning of the Financial Services and Markets
Act (Regulated Activities) Order 2001) as set out in the FCA Register.
As far as we are aware, the Company
has made all necessary filings with the UK Registrar of Companies in respect of its financial statements, confirmation statements and
annual returns.
[The Company is in good standing in
Scotland.]1
The execution and delivery by the Company
of the Relevant Documents and the performance of its obligations thereunder (a) have been duly authorised by all requisite corporate action
on its part, (b) do not contravene any of the provisions of the Articles or the Certificate of Incorporation, and (c) do not contravene
any provisions of Scottish law relating to companies generally.
The obligations of the Company under
each of the Relevant Documents would be recognised as valid and binding by the Scottish courts.
The implementation of the transactions
contemplated by the Dealer Management Agreement do not contravene any provisions of the laws of Scotland.
It is not necessary or advisable to
file, register or record any of the Relevant Documents with any court or authority in Scotland.
With the exception of the FCA permissions
referred to in opinion 6.2, no consents, licences, approvals or authorisations of any governmental or other regulatory authority or agency
in Scotland are required by law in connection with the execution, delivery and performance of the Relevant Documents by the Company.
To the best of our knowledge and belief, and without any
independent investigation, there are no material actions, suits or proceedings involving the Company by or before any Scottish Courts.
1
Dentons Note: Subject to receipt of the Certificate of Good Standing from the Registrar.
This opinion is subject to the qualifications set out in
Schedule 3.
This opinion shall be governed by and construed in accordance
with the law of Scotland.
This opinion is provided solely for the benefit of the person
to whom it is addressed and may not be disclosed to or relied upon by any other person, firm or company whatsoever without our prior written
consent.
Yours faithfully
Dentons UK and Middle East LLP
– Documents Examined
– Relevant Documents
A dealer management agreement dated
[●] May 2021 between the Company, Aberdeen Income Credit Strategies Fund (the Fund), Aberdeen Standard Investments Inc (the
Sub- Adviser) and UBS Securities LLC (the Dealer Manager) (Dealer Management Agreement).
A copy of an investment advisory agreement
between the Fund and the Company dated 1 December 2017 (Advisory Agreement).
A copy of a sub-advisory agreement between
the Fund, the Company and the Sub-Adviser dated 1 December 2017 (Sub-Advisory Agreement).
– Other Documents
A certified copy of the Articles of
Association of the Company (Articles).
The following sections from a copy of
a prospectus dated 27 April 2021 filed by the Company with the United States Securities and Exchange Commission (Prospectus):
Adviser and Sub-Adviser (page
2);
Summary of Fund Expenses (paragraph
7 only);
The Fund (paragraph 3 only)
(page 25);
Investment Objectives and Principal
Investment Strategy (paragraph 6 only) (page 26);
The Adviser (paragraph 1 only)
(page 35); and
Advisory Agreements (paragraphs
1 and 4 only) (pages 35 and 36).
The following sections from a copy of
a statement of additional information dated 27 April 2021 filed by the Company with the United States Securities and Exchange Commission
(SAI):
Trustees and Officers (lines
3 and 4 only) (page S-5);
The Adviser (page S-9);
Advisory Agreements (paragraphs
1, 2, 3, 6, 8, 9 and 11 only) (pages S-9 and S-10); and
Potential Conflicts of Interest of
the Advisers (paragraphs 1, 2, 3, 5 and 6 only) (pages S-11 and S-12).
The following sections from a copy of
a prospectus supplement dated [●] May 2021 filed by the Company with the United States Securities and Exchange Commission (the Prospectus
Supplement):
Principal Investment Strategy; Leverage
(lines 10 and 11 only) (page iii);
Distribution Arrangements (line
2 only) (page S-5);
Adviser and Sub-Adviser (lines
1 and 2 only) (page S-5);
Summary of Fund Expenses (line
1 of note 4 and lines 1 to 7 of note 8 only) (pages S-6 and S-7);
Benefits to the Advisers (lines
1 and 2 only) (page S-20); and
Distribution Arrangements (lines
1 to 3 of paragraph 2 and line 1 of paragraph 3 only) (page S-22).
The following sections from a copy of
the annual report of the Fund dated 31 October 2020 (the Annual Report):
Total Investment Returns (lines
1 and 2 of paragraph 2 only) (page 8);
Agreements and Transactions with
Affiliates (paragraph 1 only) (page 25);
Board of Trustees' Consideration
of Advisory and Sub-Advisory Agreements (line 5 of paragraph 1 only) (page 32); and
Corporate Information (under
the heading Investment Adviser only) (page 80).
The following sections from a copy of
the proxy statement of the Fund dated 31 March 2021 (the Proxy Statement):
The Proposal: Election of Common
Share Trustee (line 2 of paragraph 1 only) (page 5);
Board Oversight of Risk Management
(lines 3 and 4 only) (page 15); and
Relationship of Trustees or Nominees
with the Investment Adviser, Sub-Adviser and Administrator (line 1 only) (page 17).
A certified copy of the certificate
of incorporation of the Company as a private company limited by shares with Companies House, Cardiff (Certificate of Incorporation).
Certified copies of change of name certificates
of the Company dated 22 March 1991 and 21 July 1997 (Change of Name Certificates).
An online report relating to the Company
obtained from the Registrar of Companies in Scotland on [20] May 2021 (the Company Search).
An online search of the Register of
Insolvencies against the Company carried out on [20] May 2021 (the Insolvency Search).
Extract minutes of a Committee of the
Board of Directors of the Company held on 30 June 2020 confirming the Company's authorised signatories (the Board Minutes).
A certificate from the secretary in
the form set out in Schedule 4 dated [20] May 2021 (the Certificate).
An extract of the United Kingdom Financial
Conduct Authority (FCA) Register as at [20] May 2021 (firm reference 121891) evidencing the regulatory authorisation by the FCA
of the Company as a company carrying out regulated activities including advising, arranging and dealing (as agent and principal) in investments,
making arrangements with a view to transactions in investments and managing investments (FCA Register).
[A certificate of good standing relating
to the Company obtained from Companies House on [●] 2021 (Certificate of Good Standing).]
A copy of the Company's approved signatory
list, dated 31 October 2017.
A copy of the Company's approved signatory
list, dated 30 June 2020.
– Assumptions
We have assumed for the purposes of this opinion:
the capacity, power and authority of
each of the parties to the Relevant Documents other than the Company to enter into and perform its obligations under the Relevant Documents
and the due execution and delivery of the Relevant Documents by such party;
that the meeting of a Committee of the
Board of Directors of the Company held on 30 June 2020 was duly convened and held and that the general authority granted to Fiona McGowan
to enter into contracts on behalf of the Company contained in such board resolutions set out in the minutes relating to such meeting were
duly passed and have not been amended, modified or revoked and that such minutes contain a true and accurate record of the proceedings
at such meeting;
that the meeting of a Committee of the
Board of Directors of the Company held on 31 October 2017 was duly convened and held and that the general authority granted to Gordon
Brough to enter into contracts on behalf of the Company contained in such board resolutions set out in the minutes relating to such meeting
were duly passed and have not been amended, modified or revoked and that such minutes contain a true and accurate record of the proceedings
at such meeting;
that the Advisory Agreement and the
Sub-Advisory Agreement have been duly executed by Gordon Brough on behalf of the Company and have been duly delivered and have been duly
executed by the Company in accordance with the law governing the formal validity thereof and have been duly delivered;
that the Dealer Management Agreement
has been duly executed by Fiona McGowan on behalf of the Company and has been duly delivered and has been duly executed by the Company
in accordance with the law governing the formal validity thereof and has been duly delivered;
that Fiona McGowan, who is named in
the Company's approved signatory list dated 30 June 2020, continues to be authorised to sign documents on behalf of the Company;
the conformity to original documents
of all documents supplied to us as photocopy, specimen, electronic or facsimile copies and that none of such documents has been amended,
varied or terminated;
that each of the statements contained
in the Certificate (on which we have relied without further inquiry) is true and correct as of the date of this opinion;
that the information disclosed by the
Company Search reveals all matters required by law to be notified to the Registrar of Companies, that such information is complete and
accurate in all respects and that a further search as at the time of this opinion is issued would not have revealed any additional information
which could have affected this opinion;
that the Insolvency Search is complete
and accurate in all respects and does not fail to disclose any material information and that a further search as at the time of this opinion
is issued would not have revealed any additional information which could have affected this opinion;
that the Dealer Management Agreement
constitutes a valid and binding obligation of the parties thereto under the law of the state of New York to which it is expressed to
be subject and that the performance of such obligations is not illegal or unenforceable by virtue of the law of any jurisdiction (other
than Scotland) in which they are to be performed and that the Advisory Agreement and the Sub-Advisory Agreement constitutes valid and
binding obligations of the parties thereto under the law of the state of Delaware to which they are expressed to be subject and that
the performance of such obligations is not illegal or unenforceable by virtue of the law of any jurisdiction (other than Scotland) in
which they are to be performed;
that the execution and delivery of the
Relevant Documents by the Company and the performance of its obligations thereunder are in the interests of the Company and likely to
promote the success of the Company, that the Relevant Documents have been entered into for bona fide commercial reasons and on arm's length
terms by each of the parties thereto and that the Company derives the requisite corporate benefit from being a party to each of the Relevant
Documents;
that all regulatory requirements and
other legal requirements set out in the laws of the state of New York relating to the issue and sale of securities which apply to the
transactions contemplated by the Dealer Management Agreement have been complied with by the Company;
that the Company is not unable nor is
it deemed unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986 and will not become so unable to pay its
debts in consequence of entering into and performing its obligations under the Relevant Documents; and
that the net assets of the Company will
not be reduced by the execution of any of the Relevant Documents or, to the extent that such execution would reduce the net assets of
the Company, the amount of such reduction will not exceed the amount of the distributable profits of the Company.
– Qualifications
Discretionary remedies
We do not express any view on the particular remedies available
on enforcement, such as specific performance or injunction, which are discretionary remedies.
Corporate status
Although neither the Company Search nor the Insolvency Search
reveals that the Company has passed a voluntary winding-up resolution, or that any petition has been presented or order made by any court
for the winding up, dissolution or administration of the Company or that any receiver, trustee, administrator or similar official has
been appointed in relation to the Company or any of its assets or revenues, such Searches are not conclusive and accordingly this opinion
is given on the basis that no such event has occurred in relation to the Company.
General principles of law affecting
enforcement
The enforcement of the Relevant Documents
may be limited by applicable laws relating to prescription, limitation, bankruptcy, liquidation, receivership, administration, insolvency
or other laws relating to creditors' rights generally or by the application of rules of equity or public policy. As at the date of this
opinion and subject to the other statements made in this opinion, we are not aware of any circumstances concerning the enforcement of
the Relevant Documents which would give rise to a Scottish Court holding that the enforcement of the Relevant Documents would violate
Scottish public policy.
The Insolvency Act 1986 (as amended
by the Insolvency Act 2000) allows a company which is an "eligible" company as part of the company voluntary arrangement procedure
to obtain protection from its creditors during a "moratorium" period of 28 days (with the option for creditors to extend the
protection period for a further two months). The effect of a moratorium is that no insolvency or administration procedures may be commenced
in relation to that company, any security created by that company over its property cannot be enforced, no administrative receiver may
be appointed pursuant to any security and no other legal process can be taken in relation to that company during such period except with
the consent of the Court. The moratorium does not extend to proceedings brought in foreign courts.
The enforcement of the obligations of
the parties to the Relevant Documents may be limited by the provisions of Scottish law applicable to agreements held to have been frustrated
by events happening after their execution.
A party to a contract may be able to
avoid its obligations under that contract (and may have other remedies) if it has been induced to enter into that contract by misrepresentation
or where there has been error, fraud, coercion or duress.
A claim may be or become subject to
the defence of set-off or counterclaim.
Enforcement of specific provisions
The award of costs in legal proceedings in Scotland is discretionary
and accordingly a Scottish court may refuse to give effect to any provisions of the Relevant Documents providing for the payment of costs
and expenses in respect of such proceedings.
Jurisdiction and judgments
We express no opinion on whether a clause
purporting to confer exclusive jurisdiction on the courts of a state outside the United Kingdom will be upheld against a defendant who
is domiciled in Scotland or on whether proceedings instigated against such a defendant may be stayed on the grounds of forum non conveniens.
Although monetary judgments of Scottish
courts would normally be expressed in sterling, in monetary claims for foreign currency Scottish courts may (but are not obliged to) issue
a judgment expressed as an order to pay the appropriate amount of foreign currency. The judgment will, however, require to be converted
into sterling for the purpose of diligence and enforcement. Indebtedness denominated in a foreign currency claimed in the winding-up of
a Scottish company must be converted into sterling for this purpose.
Enforcement of New York and Delaware
judgments
The Courts of Scotland will give effect
to a judgment rendered by a court in New York or Delaware without examination of the merits of any such judgment provided the following
criteria are satisfied in relation to such a judgment:
the New York or Delaware court is regarded
by Scottish law as having jurisdiction in the international sense;
the action is not of a penal or revenue
nature;
the judgment has not been obtained by
the fraud of one of the parties and the New York or Delaware court has acted judicially in passing the judgment; and
the judgment is final and not merely
interlocutory.
The Scottish courts may refuse to enforce
a foreign judgment if (a) that judgment is one prohibited by the terms of the Protection of Trading Interests Act 1980 or (b) when the
action giving rise to that judgment would not have been competent in the Scottish courts on the grounds of public policy.
FCA Permissions
We are not qualified to and nor do we express any opinion
on the scope, extent and appropriateness of the Part IV permissions granted to the Company by the FCA under the Financial Services and
Markets Act 2000 and recorded in the FCA Register in relation to the performance by the Company of its obligations under the Relevant
Documents. The Secretary's Certificate confirms that the scope of such permissions is appropriate in relation to the Company's obligations
under the Relevant Documents.
– Secretary's Certificate
We, authorised signatory of SLA Corporate Secretary Limited of 1 George
Street, Edinburgh, Scotland, EH2 2LL, hereby certify as follows:
SLA Corporate Secretary Limited is the
Corporate Secretary of Aberdeen Asset Managers Limited (the Company).
The copy of the Articles of Association
of the Company attached hereto and marked 'A' is true and complete in all respects and incorporates all amendments prior to the signing
hereof.
The meeting of the Board of Directors
held on 21 October 2017 was duly convened and held; each of the Directors of the Company having any interest in the matters under consideration
duly disclosed that interest; the resolutions set out in the minutes of the meeting attached hereto and marked 'B' were duly passed and
have not been amended, modified or revoked; and the minutes contain a true and correct record of the proceedings at the meeting.
The meeting of the Board of Directors
held on 30 June 2020 was duly convened and held; each of the Directors of the Company having any interest in the matters under consideration
duly disclosed that interest; the resolutions set out in the minutes of the meeting attached hereto and marked 'C' were duly passed and
have not been amended, modified or revoked; and the minutes contain a true and correct record of the proceedings at the meeting.
That Fiona McGowan, who is named in
the Company's approved signatory list dated 30 June 2020, continues to be authorised to sign documents on behalf of the Company.
The Company is not unable and has not
been deemed unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986.
The net assets of the Company will not
be reduced by the execution of any of the Relevant Documents or, to the extent that such execution would reduce the net assets of the
Company, the amount of such reduction will not exceed the amount of the distributable profits of the Company.
No order has been made or resolution
passed for the compulsory or voluntary winding up of the Company and, to the best of our knowledge and belief having made all reasonable
enquiry, (a) no petition has been presented for the compulsory or voluntary winding up of the Company or the making of an administration
order in respect of the Company and (b) no receiver, administrative receiver or administrator has been appointed in respect of the Company
or any part of its undertaking or assets.
We have examined a signed original of
the documents listed on the paper attached hereto and marked 'D' and the document was duly executed by Fiona McGowan, who was approved
as an authorised signatory of the Company when such document was executed and the signature appearing on the document is her genuine signature
and the document has been duly delivered.
The Company has obtained the correct
scope of permissions under the Financial Services and Markets Act 2000 required (as set out in the FCA Register) in order to carry out
its obligations under each of the Relevant Documents.
The Company has not received any notice
of any, nor has it raised any, material actions, suits or proceedings involving the Company by or before any Scottish courts.
The Company has made all necessary filings
with the UK Registrar of Companies in respect of its financial statements, confirmation statements and annual returns.
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EXHIBIT F
FORM OF OPINION OF
DECHERT LLP, COUNSEL FOR THE SUB-ADVISER
UBS Securities LLC
1285 Avenue of the Americas
New York, New York 10019
Re: Aberdeen Standard Investments Inc.
Ladies and Gentlemen:
We have acted as counsel for
Aberdeen Standard Investments Inc., a Delaware corporation (the “Sub-Adviser”), in connection with the transactions
contemplated by the Dealer Manager Agreement dated as of May 20, 2021 (the “Dealer Manager Agreement”), by and among
(i) Aberdeen Income Credit Strategies Fund (the “Fund”), (ii) Aberdeen
Asset Managers Limited, a Scottish corporation (the “Investment Adviser”), (iii) the Sub-Adviser and (iv) you
as the dealer manager (the “Dealer Manager”). This opinion is given pursuant to Section 6(b)(iv) of the Dealer Manager
Agreement. Except as otherwise indicated, capitalized terms used in this letter have the meanings given to them in the Dealer Manager
Agreement.
As to matters of fact relating
to our opinions, we have relied upon written representations of the parties in the Documents (as defined below), written representations
made by the Sub-Adviser, and written representations of officers and other representatives of the Sub-Adviser, and we have examined originals,
or certified copies or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the
“Documents”), without independent verification of the accuracy of such representations or of the information contained
in the Documents.
| 12. | The registration statement on Form N-2 filed by the Fund with
the U.S. Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “1933
Act”), and the Investment Company Act of 1940, as amended (the “1940 Act”) (1933 Act File No. 333-253698 and 1940 Act
File No. 811-22485); the registration statement, as amended at the time when it became effective, including the information deemed to
be part thereof at the time of effectiveness pursuant to Rule 430B under the 1933 Act, being hereinafter referred to as the “Registration
Statement”; |
| 13. | The prospectus, dated April 27, 2021, in the form it was filed
with the Commission on April 26, 2021, pursuant to Rule 424(b) promulgated under the 1933 Act, including the Statement of Additional
Information, dated April 27, 2021, included in such filing (the “Base Prospectus”); |
| 14. | The prospectus supplement, dated May 20, 2021, in the form it
was filed with the Commission on May 20, 2021, pursuant to Rule 424(b) promulgated under the 1933 Act (the “Prospectus Supplement”
and, together with the Base Prospectus, the “Prospectus”); |
| 15. | An executed copy of the officer’s certificate of Lucia
Sitar, Vice President of the Sub-Adviser, dated the date hereof (the “Officer’s Certificate”); |
| 16. | An executed copy of the secretary’s certificate of Robert
Hepp, Secretary of the Sub-Adviser, dated the date hereof (the “Secretary’s Certificate”); |
| 17. | A copy of the certificate of formation of the Sub-Adviser, certified
as of October 29, 2018 by the Secretary of State of the State of Delaware and certified pursuant to the Secretary’s Certificate; |
| 18. | The Certificate of Incorporation of the Sub-Adviser, as filed
with the Secretary of State of the State of Delaware (the “Secretary of State”) on January 26, 1994, as amended by the Certificate
of Amendment of Certificate of Incorporation, as filed with the Secretary of State on February 15, 1996, as amended by the Certificate
of Amendment of Certificate of Incorporation, as filed with the Secretary of State on December 4, 2003, as amended by the Certificate
of Amendment of Certificate of Incorporation, as filed with the Secretary of State on December 20, 2005, as amended by the Certificate
of Amendment of Certificate of Incorporation, as filed with the Secretary of State on October 22, 2018, as amended by the Certificate
of Amendment of Certificate of Incorporation, as filed with the Secretary of State on October 23, 2019 (collectively, the “Certificate
of Incorporation”), certified pursuant to the Secretary’s Certificate; |
| 19. | The Bylaws of the Sub-Adviser (the “Bylaws”), certified
pursuant to the Secretary’s Certificate; |
| 20. | A copy of the Sub-Adviser’s Uniform Application for Investment
Adviser Registration, filed on Form ADV; |
| 21. | A certificate, dated May [•], 2021, from the Secretary
of State of the State of Delaware with respect to the Sub-Adviser’s formation, good standing and existence in the State of Delaware
(the “Delaware Certificate”); |
| 22. | An executed copy of the Dealer Manager Agreement; and |
| 23. | An executed copy of the investment sub-advisory agreement dated
December 1, 2017, by and among the Fund, the Investment Adviser and the Sub-Adviser (the “Sub-Advisory Agreement,” and together
with the Dealer Manager Agreement, the “Transaction Documents”). |
In addition, we have examined
originals or copies of such other corporate records of the Fund, the Investment Adviser and the Sub-Adviser, certificates of public officials
and officers of such persons and agreements and other documents as we have deemed necessary or appropriate as a basis for the opinions
expressed below.
In making such examination
and rendering the opinions set forth below, we have assumed the genuineness of all signatures, the legal capacity and competence of all
persons, the authenticity of all documents submitted to us as originals, and the conformity to authentic original documents of all documents
submitted to us as certified, conformed, photostatic or electronic copies of such documents. We have also assumed that each individual
executing a Transaction Document on behalf of a party (other than the Sub-Adviser) is authorized to do so, and that each of the parties
(other than the Sub-Adviser) executing any of the Transaction Documents had the requisite corporate, trust, limited liability company
or partnership power to enter into and perform all obligations under such Transaction Documents and has validly executed and delivered
each of the Transaction Documents to which such party is a signatory, and such party’s obligations set forth therein are valid
and binding and are enforceable against such party in accordance with their terms. In addition, we have assumed that: (a) each of the
parties to the Transaction Documents (other than the Sub-Adviser) is validly existing and in good standing under the laws of the jurisdiction
of its organization or formation; and (b) each of the parties to the Transaction Documents has received all agreed upon consideration
for each Transaction Document to which it purports to be a party. We assume that (a) there has been no mutual mistake of fact, or misunderstanding
or fraud, duress or undue influence in connection with the negotiation, delivery and execution of the Transaction Documents and (b) there
are and have been no agreements or understandings among the parties, written or oral, and there is and has been no usage of trade or course
of prior dealing among the parties that would, in either case, vary, supplement or qualify the terms of the Transaction Documents.
When an opinion set forth
below refers to “our knowledge” or any similar expressions as used herein, it is limited to the actual knowledge of the attorneys
of this firm who have rendered substantive legal services to the Sub-Adviser in connection with the transactions contemplated by the Dealer
Manager Agreement and our attorneys who have principal responsibility for representing the Sub-Adviser on other matters in areas relevant
to the opinions being rendered, which knowledge has been obtained by such attorneys in such capacity. Except to the extent expressly set
forth in this letter, we have not undertaken any independent investigation to determine the existence or absence of those facts, and no
inference as to the knowledge of the existence or absence of those facts should be drawn from our representation of the Sub-Adviser. Without
limiting the generality of the foregoing, it is expressly understood that no opinion is expressed with regard to: (a) the financial ability
of the Sub-Adviser to meet its obligations under the Sub-Advisory Agreement; (b) the truthfulness or accuracy of any applications, reports,
plans, documents or financial statements furnished to the Dealer Manager by (or on behalf of) the Sub-Adviser in connection with the Dealer
Manager Agreement, the Registration Statement or the Prospectus; or (c) the truthfulness or accuracy of any representations or warranties
made by the Sub-Adviser in the Dealer Manager Agreement, the Registration Statement, the Prospectus or other documents described herein,
which are not the subject of any of the opinions stated herein. Other than as set forth herein, we have not undertaken, for purposes of
this opinion, any independent investigation to determine the existence or the absence of such facts, and no inference as to our knowledge
of the existence or absence of such facts should be drawn from the fact of our representation of the Sub-Adviser. Moreover, we have not
searched the dockets of any court, administrative body, agency or other filing office in any jurisdiction.
We have not obtained special
written rulings of the Commission, state securities commissions or other administrative bodies or officials charged with the administration
of such statutes, regulations and rulings and we have not obtained and do not rely on opinions of other counsel in connection with our
representation of the Sub-Adviser as counsel.
Based on, and subject to,
the foregoing, the assumptions, limitations and qualifications stated herein and such examination of law as we have deemed necessary,
we are of the opinion that:
| viii. | The Sub-Adviser is validly existing as a corporation under the
General Corporation Law of the State of Delaware (“General Corporation Law”) and in good standing under the laws of the State
of Delaware and has the corporate power and authority under the General Corporation Law to own, lease and operate its property and to
conduct its business as described in the Registration Statement and the Prospectus. |
| ix. | The Sub-Adviser is registered with the Commission as an investment
adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and, to our knowledge, is not prohibited
by the Advisers Act or the 1940 Act from acting under the Sub-Advisory Agreement as a Sub-Adviser to the Fund as contemplated by the
Registration Statement or the Prospectus. |
| x. | The Dealer Manager Agreement has been duly authorized, executed
and delivered by the Sub-Adviser. |
| xi. | The Sub-Advisory Agreement constitutes a valid and binding obligation
of the Sub-Adviser, enforceable against the Sub-Adviser in accordance with its terms under the laws of the State of New York. |
| xii. | The execution and delivery by the Sub-Adviser of, and the performance
by the Sub-Adviser of its obligations under, the Dealer Manager Agreement will not (a) violate the General Corporation Law, any applicable
laws of the State of New York, the 1940 Act, the general rules and regulations adopted under the 1940 Act, the Advisers Act or the rules
and regulations adopted under the Advisers Act, (b) conflict with any provision of the Certificate of Incorporation or Bylaws, or (c)
to our knowledge constitute a breach or default under or result in the creation of any lien, charge or encumbrance upon any properties
or assets of the Sub-Adviser under any material agreement or instrument to which the Sub-Adviser is a party or by which the Sub-Adviser
is bound or to which any of the property or assets of the Sub-Adviser is subject, except where such breach, default, lien, charge or
encumbrance does not or could not materially and adversely affect the ability of the Sub-Adviser to perform its obligations under the
Dealer Manager Agreement. |
| xiii. | The performance by the Sub-Adviser of its obligations under
the Sub-Advisory Agreement does not violate any applicable laws of the State of New York, the 1940 Act, the general rules and regulations
adopted under the 1940 Act, the Advisers Act or the rules and regulations adopted under the Advisers Act. |
| xiv. | The description in the Registration Statement and the Prospectus
of the Sub-Adviser and its business complies in all material respects with all applicable requirements of the 1933 Act and the 1940 Act. |
| xv. | No consent, approval, authorization, or license with any governmental
authority under the General Corporation Law, any law, rule or regulation of the State of New York or any federal law of the United States
of America is required for the performance by the Sub-Adviser of its obligations under the Transaction Documents, except such as have
been obtained or such as to which the failure to obtain would have neither (a) an Adviser Material Adverse Effect nor (b) an adverse
effect on the consummation of the transactions contemplated by the Dealer Manager Agreement. |
The opinions stated herein are subject to the following qualifications:
| viii. | We call to your attention that irrespective of the agreement
of the parties to the Dealer Manager Agreement or the Sub-Advisory Agreement concerning personal jurisdiction over them, a court may
decline to hear a case on grounds of forum non conveniens or other doctrine limiting the availability of such court as a forum for resolution
of disputes; in addition, we call to your attention that we do not express any opinion with respect to the subject matter jurisdiction
of the federal courts of the United States of America in any action arising out of or relating to the Dealer Manager Agreement or the
Sub-Advisory Agreement. |
| ix. | Our opinion set forth in paragraph (i) above relating to good
standing and valid existence of the Sub-Adviser is based solely upon our review of the Delaware Certificate. Schedule 1 |
| x. | Except to the extent expressly stated herein, we do not express
any opinion as to (a) the compliance or noncompliance of any other party (other than the Sub-Adviser) to the Dealer Manager Agreement
and the Sub-Advisory Agreement with any state, federal or other laws or regulations applicable to such party or (b) the legal or regulatory
status or the nature of the business of such party. |
| xi. | Except to the extent expressly stated in the opinions contained
herein, the opinions stated herein are limited to the agreements specifically identified herein without regard to any agreement or other
document referenced in such agreement (including agreements or other documents incorporated by reference or attached or annexed thereto). |
| xii. | We do not express any opinion with respect to any of the fees
to be paid pursuant to the Sub-Advisory Agreement. |
| xiii. | We express no opinion as to whether the execution, delivery
or performance by the Sub-Adviser of the Dealer Manager Agreement and the Sub-Advisory Agreement will constitute a violation of, or a
default under, any covenant, restriction or provision with respect to financial ratios or tests or any aspect of the financial condition
or results of operations of the Sub-Adviser or any of its subsidiaries. |
| xiv. | The opinion set forth in paragraph (v)(c) above is based solely
on our discussions with the officers or other representatives of the Sub-Adviser responsible for the matters discussed therein, our review
of documents furnished to us by the Sub-Adviser and our reliance on the representations and warranties of the Sub-Adviser contained in
the Dealer Manager Agreement, Sub-Advisory Agreement, Officer’s Certificate and Secretary’s Certificate. In addition, we
call to your attention that we have not been engaged by, nor have we rendered any advice to, the Sub-Adviser in connection with any legal
or governmental proceedings. Accordingly, we do not have any special knowledge with respect to such matters. |
| |
xv. |
We have assumed that there are no actions, suits or proceedings pending or threatened to which the Sub-Adviser is a party, before any
court, governmental agency or arbitrator which would reasonably be expected to affect adversely the registration of the Sub-Adviser with
the Commission. |
We express no opinion
herein as to any matters governed by any laws other than the laws of the State of Delaware (to the limited extent set forth herein with
respect to the General Corporation Law), the State of New York and the federal securities laws of the United States of America that are
normally applicable to transactions of the type contemplated by the Dealer Manager Agreement by closed-end management investment companies
registered under the 1940 Act.
The opinions expressed herein
are limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. This
opinion speaks only as of the date hereof. We assume no obligation to supplement these opinions if any applicable law changes after the
date hereof or if we become aware of any fact that might change the opinions expressed herein after the date hereof.
The opinions expressed herein
are solely for the benefit of the Dealer Manager in connection with the transactions contemplated by the Dealer Manager Agreement and,
without our express written consent, this opinion letter may not be assigned or provided to or relied upon by any other person for any
other purpose (in each case other than the successor in interest of the Dealer Manager by means of merger, consolidation, transfer of
business or other similar transaction).
Very truly yours,
