0001398344-21-009241 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 30th, 2021 • Cliffwater Corporate Lending Fund • Delaware

This AGREEMENT is made this 1st day of March, 2021, by and among Cliffwater Corporate Lending Fund, a Delaware statutory trust (the “Fund”), Cliffwater LLC, a Delaware limited liability company (the “Investment Manager”), and BlackRock Capital Investment Advisors, LLC, a Delaware limited liability company (the “Sub-Adviser”).

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INTERIM SUB-ADVISORY AGREEMENT
Interim Sub-Advisory Agreement • April 30th, 2021 • Cliffwater Corporate Lending Fund • Delaware

This Interim Sub-Advisory Agreement (this “Agreement”), made this 5th day of January, 2021, by and among Cliffwater Corporate Lending Fund, a Delaware statutory trust (the “Fund”), Cliffwater LLC, a Delaware limited liability company (the “Investment Manager”), and Crescent Capital Group LP, a Delaware limited partnership (the “Sub-Adviser”).

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 30th, 2021 • Cliffwater Corporate Lending Fund • Delaware

This AGREEMENT is made this 1st day of March, 2021, by and among Cliffwater Corporate Lending Fund, a Delaware statutory trust (the “Fund”), Cliffwater LLC, a Delaware limited liability company (the “Investment Manager”), and Audax Management Company (NY), LLC, a Delaware limited liability company (the “Sub-Adviser”).

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