0001398344-23-012454 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • June 30th, 2023 • AFA Multi-Manager Credit Fund • Delaware

AGREEMENT made this XX day of April, 2023, by and among AFA Multi-Manager Credit Fund, a Delaware statutory trust (the “Fund”), Alternative Fund Advisors, LLC a Delaware LLC (the “Investment Manager”), and F.L. Putnam Investment Management Company, Inc., a Maine corporation (the “Sub-Adviser”).

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AMENDED AND RESTATED EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT
Expense Limitation and Reimbursement Agreement • June 30th, 2023 • AFA Multi-Manager Credit Fund

This AMENDED AGREEMENT made as of the [•]day of [•], 2023 by and among AFA Multi- Manager Credit Fund, a Delaware statutory trust (the “Fund”) and Alternative Fund Advisors, LLC, a Delaware limited liability company (the “Investment Manager”) amends and restates the Expense and Reimbursement Agreement dated July 1, 2022 by among the Fund and Investment Manager (the “Agreement”).

INVESTMENT SUB-ADVISORY AGREEMENT SECOND AMENDMENT
Investment Sub-Advisory Agreement Second Amendment • June 30th, 2023 • AFA Multi-Manager Credit Fund

This amendment (“Second Amendment”) to the Investment Sub-Advisory Agreement dated April 22, 2021 (“Agreement”), as amended on August 17, 2022 (“First Amendment”), is entered into as of March 8, 2023 by and among Aon Investments USA Inc., AFA Multi-Manager Credit Fund and Alternative Fund Advisors, LLC. All capitalized terms used in this Second Amendment and not defined herein shall have the meanings set forth in the Agreement.

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