<SEC-DOCUMENT>0001104659-24-007874.txt : 20240130
<SEC-HEADER>0001104659-24-007874.hdr.sgml : 20240130
<ACCEPTANCE-DATETIME>20240129191447
ACCESSION NUMBER:		0001104659-24-007874
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20240130
DATE AS OF CHANGE:		20240129
EFFECTIVENESS DATE:		20240130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Morgan Stanley Direct Lending Fund
		CENTRAL INDEX KEY:			0001782524
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POS EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-276056
		FILM NUMBER:		24575377

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212 761 0380

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Morgan Stanley Direct Lending Fund LLC
		DATE OF NAME CHANGE:	20190923

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Morgan Stanley BDC LLC
		DATE OF NAME CHANGE:	20190715
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS EX
<SEQUENCE>1
<FILENAME>tm2229241-25_posex.htm
<DESCRIPTION>POS EX
<TEXT>
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    <title>tm2229241-25_posex - block - 2.6718775s</title>
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          <div style="text-align:center; width:541.31pt; line-height:8.5pt;font-weight:bold;">
            <font style="letter-spacing:-0.16pt;">As filed with the Securities and Exchange Commission on January 29, 2024</font>
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        <div style="margin-top:1pt; text-align:right; width:541.31pt; line-height:8.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">Securities Act File No. 333-276056</font>&#8203;</div>
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        <div style="margin-top:4.3pt; text-align:center; width:541.31pt; line-height:13pt;font-weight:bold;font-size:13pt;">
          <font style="letter-spacing:-0.26pt;">UNITED STATES</font>
          <br >
          <font style="letter-spacing:-0.26pt;">SECURITIES AND EXCHANGE COMMISSION</font>
        </div>
        <div style="margin-top:0.3pt; text-align:center; width:541.31pt; line-height:8.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">Washington, D.C. 20549</font><font style="font-weight:normal;letter-spacing:0.16pt;"> </font>
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        <div style="margin-top:3.8pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 3.8pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:6.3pt; text-align:center; width:541.31pt; line-height:13.5pt;font-weight:bold;font-size:13pt;">
          <font style="letter-spacing:-0.26pt;">FORM N-2</font>
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        <div style="margin-top:3.133pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 3.13333333333333pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:6.3pt; text-align:center; width:541.31pt; line-height:8pt;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">REGISTRATION STATEMENT</font>
          <br >
          <font style="letter-spacing:-0.16pt;">UNDER</font>
          <br >
          <font style="letter-spacing:-0.16pt;">THE SECURITIES ACT OF 1933&#8194;&#9746;</font><font style="font-weight:normal;letter-spacing:0.16pt;"> </font>
        </div>

          <div style="margin-top:4pt; text-align:center; width:541.31pt; line-height:8pt;font-weight:bold;">
            <font style="letter-spacing:-0.16pt;">Pre-Effective Amendment No. &#9744;</font>
            <br >
            <font style="letter-spacing:-0.16pt;">Post-Effective Amendment No. 1 &#9746;</font>
          </div>

        <div style="margin-top:3.8pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 3.80000000000001pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:6.3pt; text-align:center; width:541.31pt; line-height:13.5pt;font-weight:bold;font-size:13pt;">
          <font style="letter-spacing:-0.26pt;">MORGAN STANLEY DIRECT LENDING FUND</font>
        </div>
        <div style="margin-top:0.3pt; text-align:center; width:541.31pt; line-height:8pt;font-size:7.5pt;">
          <font style="letter-spacing:0.15pt;">(Exact Name of Registrant as Specified in Charter)</font>
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        <div style="margin-top:3.633pt; text-align:center; width:541.31pt;">
          <div style="margin-left: 40.024%; margin-right: 40.024%; margin-top: 3.63333333333333pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:6.3pt; text-align:center; width:541.31pt; line-height:8pt;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">1585 Broadway, 23rd Floor </font>
          <br >
          <font style="letter-spacing:-0.16pt;">New York, New York 10036</font>
        </div>
        <div style="margin-top:0.3pt; text-align:center; width:541.31pt; line-height:8pt;font-size:7.5pt;">
          <font style="letter-spacing:0.15pt;">(Address of Principal Executive Offices) </font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:541.31pt; line-height:8.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">(212) 761-4000</font>
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        <div style="margin-top:0.3pt; text-align:center; width:541.31pt; line-height:8pt;font-size:7.5pt;">
          <font style="letter-spacing:0.15pt;">(Registrant&#8217;s Telephone Number, Including Area Code) </font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:541.31pt; line-height:8pt;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">Jeffrey S. Levin </font>
          <br >
          <font style="letter-spacing:-0.16pt;">c/o MS Capital Partners Adviser Inc.</font>
          <br >
          <font style="letter-spacing:-0.16pt;">1585 Broadway, 23rd Floor</font>
          <br >
          <font style="letter-spacing:-0.16pt;">New York, NY 10036</font>
        </div>
        <div style="margin-top:0.3pt; text-align:center; width:541.31pt; line-height:8pt;font-size:7.5pt;">
          <font style="letter-spacing:0.15pt;">(Name and Address of Agent for Service) </font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:541.31pt; line-height:8.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">Copies to:</font><font style="font-weight:normal;letter-spacing:0.16pt;"> </font>
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        <table style="width:541.31pt;margin-top:4.5pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:7.5pt;">
          <tr style="line-height:8.5pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:7.5pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:264.66pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.15pt;">Thomas J. Friedmann</font>
                <br >
                <font style="letter-spacing:-0.15pt;">William J. Bielefeld</font>
                <br >
                <font style="letter-spacing:-0.15pt;">Matthew J. Carter</font>
                <br >
                <font style="letter-spacing:-0.15pt;">Jonathan H. Gaines</font>
                <br >
                <font style="letter-spacing:-0.15pt;">Dechert LLP</font>
                <br >
                <font style="letter-spacing:-0.15pt;">One International Place, 40th Floor</font>
                <br >
                <font style="letter-spacing:-0.15pt;">100 Oliver Street</font>
                <br >
                <font style="letter-spacing:-0.15pt;">Boston, Massachusetts 02110-2605</font>
                <br >
                <font style="letter-spacing:-0.15pt;">(617) 728-7100</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:264.65pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.15pt;">Paul D. Tropp</font>
                <br >
                <font style="letter-spacing:-0.15pt;">Brian D. McCabe</font>
                <br >
                <font style="letter-spacing:-0.15pt;">Ropes &amp; Gray LLP</font>
                <br >
                <font style="letter-spacing:-0.15pt;">1211 Avenue of the Americas</font>
                <br >
                <font style="letter-spacing:-0.15pt;">New York, NY 10036</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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        <div style="margin-left:20pt; margin-top:6.8pt; width:521.31pt; line-height:8.5pt;">
          <font style="letter-spacing:0.16pt;">&#9744;&nbsp;&nbsp;&nbsp;Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans. </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:8pt;">
          <font style="letter-spacing:0.16pt;">&#9744;&nbsp;&nbsp;&nbsp;Check box if any securities being registered in this Form will be offered on a delayed or continuous basis in reliance on Rule&#160;415 under the Securities Act of 1933 (&#8220;Securities Act&#8221;), other than securities offered in connection with a dividend reinvestment plan. </font>
        </div>
        <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:8.5pt;">
          <font style="letter-spacing:0.16pt;">&#9744;&nbsp;&nbsp;&nbsp;Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:8pt;">
          <font style="letter-spacing:0.16pt;">&#9744;&nbsp;&nbsp;&nbsp;Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule&#160;462(e) under the Securities Act. </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:8pt;">
          <font style="letter-spacing:0.16pt;">&#9744;&nbsp;&nbsp;&nbsp;Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of additional securities pursuant to Rule&#160;413(b) under the Securities Act. </font>
        </div>
        <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:8.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">Is it proposed that this filing will become effective (check appropriate box):</font><font style="font-weight:normal;letter-spacing:0.16pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:8.5pt;">
          <font style="letter-spacing:0.16pt;">&#9744;&nbsp;&nbsp;&nbsp;when declared effective pursuant to Section&#160;8(c) of the Securities Act </font>
        </div>
        <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:8.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">If appropriate, check the following box:</font><font style="font-weight:normal;letter-spacing:0.16pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:8.5pt;">
          <font style="letter-spacing:0.16pt;">&#9744;&nbsp;&nbsp;&nbsp;This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement]. </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:8pt;">
          <font style="letter-spacing:0.16pt;">&#9744;&nbsp;&nbsp;&nbsp;This form is filed to register additional securities for an offering pursuant to Rule&#160;462(b) under the Securities Act and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: &#8199;&#8199;. </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:8pt;">
          <font style="letter-spacing:0.16pt;">&#9744;&nbsp;&nbsp;&nbsp;This Form is a post-effective amendment filed pursuant to Rule&#160;462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: &#8199;&#8199;. </font>
        </div>

          <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:8pt;">
            <font style="letter-spacing:0.16pt;">&#9746;&nbsp;&nbsp;&nbsp;This Form is a post-effective amendment filed pursuant to Rule&#160;462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: &#8199;&#8199;. </font>
          </div>

        <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:8.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.16pt;">Check each box that appropriately characterizes the Registrant:</font><font style="font-weight:normal;letter-spacing:0.16pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:8.5pt;">
          <font style="letter-spacing:0.16pt;">&#9744;&nbsp;&nbsp;&nbsp;Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (&#8220;Investment Company Act&#8221;)). </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:8pt;">
          <font style="letter-spacing:0.16pt;">&#9746;&nbsp;&nbsp;&nbsp;Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act). </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:8pt;">
          <font style="letter-spacing:0.16pt;">&#9744;&nbsp;&nbsp;&nbsp;Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule&#160;23c-3 under the Investment Company Act). </font>
        </div>
        <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:8.5pt;">
          <font style="letter-spacing:0.16pt;">&#9744;&nbsp;&nbsp;&nbsp;A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). </font>
        </div>
        <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:8.5pt;">
          <font style="letter-spacing:0.16pt;">&#9744;&nbsp;&nbsp;&nbsp;Well-Known Seasoned Issuer (as defined by Rule&#160;405 under the Securities Act). </font>
        </div>
        <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:8.5pt;">
          <font style="letter-spacing:0.16pt;">&#9746;&nbsp;&nbsp;&nbsp;Emerging Growth Company (as defined by Rule&#160;12b-2 under the Securities Exchange Act of 1934 (&#8220;Exchange Act&#8221;). </font>
        </div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:8pt;">
          <font style="letter-spacing:0.16pt;">&#9746;&nbsp;&nbsp;&nbsp;If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section&#160;7(a)(2)(B) of Securities Act. </font>
        </div>

          <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:8.5pt;">
            <font style="letter-spacing:0.16pt;">&#9744;&nbsp;&nbsp;&nbsp;New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar&#160;months preceding this filing). </font>
          </div>

        <div style="margin-top:4.9pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 4.90000000000009pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:1.4pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 1.39999999999998pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">

          <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <font style="letter-spacing:-0.2pt;">EXPLANATORY NOTE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <font style="letter-spacing:0.2pt;">This Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-276056) of Morgan Stanley Direct Lending Fund (as amended, the &#8220;Registration Statement&#8221;) is being filed solely for the purpose of updating certain exhibits to the Registration Statement. Other than Item&#160;16 of Part&#160;C of the Registration Statement, no changes have been made to the Registration Statement. Accordingly, this Post-Effective Amendment No. 1 consists only of the facing page, this explanatory note and Part&#160;C of the Registration Statement. The other contents of the Registration Statement are hereby incorporated by reference.</font>
          </div>

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      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PART C</font>
          <br >
          <font style="letter-spacing:-0.2pt;">OTHER INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;25.&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:12pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:12pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Financial Statements</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following financial statements of the Registrant are included in Part&#160;A of this Registration Statement: </font>
        </div>

          <table style="width:456pt;height:350.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
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              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:419pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;text-align:center;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">PAGE </font>
                </div>
              </td>
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              <td style="padding:3.25pt 0pt 1.5pt 0pt; width:419pt;text-align:left;">
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:419pt;text-align:left;">
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">F-2 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:419pt;white-space:normal;text-align:left;">
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">F-3 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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                  <font style="letter-spacing:0.2pt;">2023 (unaudited) and September 30, 2022 (unaudited) </font>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">F-4 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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                  <font style="letter-spacing:0.2pt;">Consolidated Statements of Changes in Net Assets for the three and nine&#160;months period ended September&#160;30, 2023 (unaudited) and September&#160;30, 2022 (unaudited) </font>
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              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">F-5 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
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                  <font style="letter-spacing:0.2pt;">Consolidated Statements of Cash Flows for the nine&#160;months period ended September&#160;30, 2023 (unaudited) and September&#160;30, 2022 (unaudited) </font>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">F-6 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:419pt;white-space:normal;text-align:left;">
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                  <font style="letter-spacing:0.2pt;">Consolidated Schedule of Investments as of September&#160;30, 2023 (unaudited) and December&#160;31, 2022 </font>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">F-7 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:419pt;text-align:left;">
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">F-43 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:italic;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:9.5pt 0pt 1.5pt 0pt; width:419pt;text-align:left;">
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:419pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Report of Independent Registered Public Accounting Firm </font>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">F-66 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:419pt;text-align:left;">
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">F-67 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:419pt;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
                  <font style="letter-spacing:0.2pt;">Consolidated Statements of Operations for the Year ended December&#160;31, 2022, December 31, 2021 </font>
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                  <font style="letter-spacing:0.2pt;">and December&#160;31, 2020 </font>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">F-68 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:419pt;white-space:normal;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
                  <font style="letter-spacing:0.2pt;">Consolidated Statements of Changes in Net Assets for the Year ended December&#160;31, 2022, December&#160;31, 2021 and December&#160;31, 2020 </font>
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              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">F-69 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:419pt;white-space:normal;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
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              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">F-70 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:419pt;text-align:left;">
                <div style="white-space:nowrap;letter-spacing:0.2pt;">Consolidated Schedule of Investments as of December&#160;31, 2022 and 2021</div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">F-71 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:419pt;text-align:left;">
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">F-101</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
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      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;font-weight:bold;">
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          <br >
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        <div style=" line-height:12pt; text-align:left; margin-left:20pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Exhibits</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <table style="width:456pt;margin-bottom:5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(a)</font>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000104746919006370/a2240018zex-3_1.htm">Form of Certificate of Incorporation (Incorporated by reference to the Company&#8217;s Form 10-12G/A filed by the Company on November&#160;19, 2019 (File No. 000-56098)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(b)(1)</font>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000178252423000015/dlf_arbylaws.htm">Amended and Restated Bylaws (Incorporated by reference to Exhibit 3.1 to the Company&#8217;s Quarterly Report on Form 10-Q filed by the Company on May 10, 2023 (File No. 814-01332)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(b)(2)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000178252423000015/dlf_arbylaws.htm">Amended and Restated Bylaws (Incorporated by reference to Exhibit 3.1 to the Company&#8217;s Quarterly Report on Form 10-Q, filed by the Company on May 10, 2023 (File No. 814-01332))</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(c)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;">
                <font style="letter-spacing:0.2pt;">Not applicable. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(d)(1)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000104746919006370/a2240018z10-12ga.htm">Description of Securities (Incorporated by reference to the Company&#8217;s Form 10-12G/A filed by the Company on November&#160;19, 2019 (File No. 000-56098)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(d)(2)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000178252422000033/a41dlf-baseindenturewithus.htm">Indenture, dated as of February&#160;11, 2022, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit&#160;4.1 to the Company&#8217;s Current Report on Form 8-K, filed by the Company on February&#160;11, 2022 (File No.&#160;814-01332)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(d)(3)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000178252422000033/a42dlf-firstsupplementalin.htm">First Supplemental Indenture, dated as of February&#160;11, 2022, relating to the 4.500% Notes due 2027, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit&#160;4.2 to the Company&#8217;s Current Report on Form 8-K, filed by the Company on February&#160;11, 2022 (File No. 814-01332)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(d)(4)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000178252422000033/a42dlf-firstsupplementalin.htm">Form of 4.500% Notes due 2027 (Incorporated by reference to Exhibit&#160;4.2 to the Company&#8217;s Current Report on Form 8-K, filed by the Company on February&#160;11, 2022 (File No. 814-01332)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(e)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;">
                <a style="-sec-extract:exhibit" href="tm2229241d26_ex99-e.htm">Amended and Restated Dividend Reinvestment Plan.</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(f)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;">
                <font style="letter-spacing:0.2pt;">Not applicable.</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(g)(1)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000104746919006370/a2240018zex-10_2.htm">Form of Waiver Letter Agreement to the Investment Advisory Agreement (Incorporated by reference to the Company&#8217;s Form 10-12G/A filed by the Company on November&#160;19, 2019 (File No. 000-56098)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(g)(2)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;">
                <a style="-sec-extract:exhibit" href="tm2229241d26_ex99-xgx2.htm">Amended and Restated Investment Advisory Agreement, dated as of January 24, 2024.</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(h)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="tm2229241d26_ex99-h.htm">Underwriting Agreement, dated as of January 23, 2024 by and among Morgan Stanley Direct Lending Fund, MS Capital Partners Adviser Inc., Morgan Stanley &amp; Co. LLC, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and each of the underwriters named in Schedule A thereto.</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(i)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:415pt;">
                <font style="letter-spacing:0.2pt;">Not applicable. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(j)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000104746919006370/a2240018zex-10_4.htm">Form of Custody Agreement (Incorporated by reference to the Company&#8217;s Form 10-12G/A filed by the Company on November&#160;19, 2019 (File No. 000-56098)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(k)(1)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000104746919006370/a2240018zex-10_3.htm">Form of Administration Agreement (Incorporated by reference to the Company&#8217;s Form 10-12G/A filed by the Company on November&#160;19, 2019 (File No. 000-56098)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(k)(2)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000104746919006370/a2240018zex-10_6.htm">Form of Indemnification Agreement (Incorporated by reference to the Company&#8217;s Form 10-12G/A filed by the Company on November&#160;19, 2019 (File No. 000-56098)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(k)(3)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000104746919006370/a2240018zex-10_5.htm">Form of License Agreement (Incorporated by reference to the Company&#8217;s Form 10-12G/A filed by the Company on November&#160;19, 2019 (File No. 000-56098)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(k)(4)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000110465920116416/tm2033866d3_ex10-1.htm">Purchase and Sale Agreement, dated as of October&#160;14, 2020, between DLF Financing SPV LLC, as purchaser, and Morgan Stanley Direct Lending Fund, as seller (Incorporated by reference to Exhibit&#160;10.2 to the Company&#8217;s Current Report on Form 8-K, filed by the Company on October&#160;20, 2020 (File No. 814-01332)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(k)(5)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000110465920116416/tm2033866d3_ex10-1.htm">Revolving Credit and Security Agreement, dated as of October&#160;14, 2020, among DLF Financing SPV LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Morgan Stanley Direct Lending Fund, as equity holder and servicer, and U.S. Bank National Association, as collateral agent (Incorporated by reference to Exhibit&#160;10.1 to the Company&#8217;s Current Report on Form 8-K, filed by the Company on October&#160;20, 2020 (File No. 814-01332)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

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      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <table style="width:456pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(k)(6)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000178252421000040/a20201231exhibit1014.htm">Amendment No. 1 to Revolving Credit and Security Agreement, dated as of December&#160;11, 2020, among DLF Financing SPV LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Morgan Stanley Direct Lending Fund, as equity holder and servicer, and U.S. Bank National Association, as collateral agent (Incorporated by reference to Exhibit&#160;10.14 to the Company&#8217;s Annual Report on Form 10-K, filed by the Company on March&#160;19, 2021 (File No. 814-01332)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(k)(7)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000178252421000040/a20201231exhibit1015new.htm">Amendment No. 2 to Revolving Credit and Security Agreement, dated as of March&#160;2, 2021, among DLF Financing SPV LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Morgan Stanley Direct Lending Fund, as equity holder and servicer, and U.S. Bank National Association, as collateral agent (Incorporated by reference to Exhibit&#160;10.15 to the Company&#8217;s Annual Report on Form 10-K, filed by the Company on March&#160;19, 2021 (File No. 814-01332)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(k)(8)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000178252421000105/a2021722-exhibit1.htm">Senior Secured Revolving Credit Agreement, dated as of July&#160;16, 2021, among Morgan Stanley Direct Lending Fund, as Borrower, the Lenders and Issuing Banks party thereto, Truist Bank, as Administrative Agent, and Truist Securities, Inc., as Joint Lead Arranger and Sole Book Runner (Incorporated by reference to Exhibit&#160;10.1 to the Company&#8217;s Current Report on Form 8-K, filed by the Company on July&#160;22, 2021 (File No. 814-01332)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(k)(9)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000178252422000035/msdlf-firstamendmenttocred.htm">Amendment No. 1 to Senior Secured Revolving Credit Agreement, dated as of December&#160;3, 2021, among Morgan Stanley Direct Lending Fund, as Borrower, the Lenders and Issuing Banks party thereto, Truist Bank, as Administrative Agent, and Truist Securities, Inc., as Joint Lead Arranger and Sole Book Runner (Incorporated by reference to Exhibit&#160;10.17 to the Company&#8217;s Annual Report on Form 10-K, filed by the Company on March&#160;18, 2022 (File No. 814-01332 )).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(k)(10)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000178252422000033/a44msdlfnotes-registration.htm">Registration Rights Agreement, dated as of February 11, 2022, relating to the 4.500% Notes due 2027, by and among the Company and SMBC Nikko Securities America, Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc. and Truist Securities, Inc., as the representatives of the Initial Purchasers (Incorporated by reference to Exhibit&#160;4.4 to the Company&#8217;s Current Report on Form 8-K, filed by the Company on February&#160;11, 2022 (File No. 814-01332)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(k)(11)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000178252422000104/dlf-ex101for8xkxmasternote.htm">Master Note Purchase Agreement, dated as of September 13, 2022, by and among Morgan Stanley Direct Lending Fund and the Purchasers party thereto (Incorporated by reference to Exhibit&#160;10.1 to the Company&#8217;s Current Report on Form 8-K, filed by the Company on September&#160;14, 2022 (File No. 814-01332)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(k)(12)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000178252422000072/truist_msdlf-secondamendme.htm">Amendment No. 2 to Senior Secured Revolving Credit Agreement, dated May 20, 2022, among Morgan Stanley Direct Lending Fund, as Borrower, the Lenders party thereto, and Truist Bank, as Administrative Agent (Incorporated by reference to Exhibit&#160;10.01 to the Company&#8217;s Current Report on Form 8-K, filed by the Company on May 20, 2022 (File No. 814-01332)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(k)(13)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000178252423000004/thirdamendmenttoseniorsecu.htm">Amendment No. 3 to Senior Secured Revolving Credit Agreement, dated as of January 31, 2023, among Morgan Stanley Direct Lending Fund, as Borrower, the Lenders and Issuing Banks party thereto, Truist Bank, as Administrative Agent, Truist Securities, Inc, as Joint Lead Arranger and Sole Book Runner, and ING Capital LLC, MUFG Bank, LTD and Sumitomo Mitsui Banking Corporation, as Joint Lead Arrangers (Incorporated by reference to Exhibit&#160;10.1 to the Company&#8217;s Current Report on Form 8-K, filed by the Company on February 6, 2023 (File No.&#160;814-01332)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(k)(14) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000178252423000030/thirdamendmenttodlfrevolvi.htm">Amendment No. 3 to Revolving Credit and Security Agreement, dated as of September 22, 2023, among DLF Financing SPV LLC, as borrower, the lenders from time to time parties thereto, BNP&#160;Paribas, as administrative agent and lender, Morgan Stanley Direct Lending Fund, as equity holder and servicer, and U.S. Bank National Association, as collateral agent (Incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K, filed by the Company on September 28, 2023 (File No. 814-01332)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(l)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000110465924004109/none-20240116xex99dl.htm">Opinion and Consent of Dechert LLP (Incorporated by reference to the Company&#8217;s Registration Statement on Form&#160;N-2 filed by the Company on January&#160;16, 2024 (File No.&#160;333-276056)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(m)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.833pt 0pt; width:415pt;">
                <font style="letter-spacing:0.2pt;">Not applicable. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
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      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <table style="width:456pt;height:265pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(n)(1)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000110465924004109/none-20240116xex99dn1.htm">Consent of Independent Registered Public Accounting Firm (Incorporated by reference to the Company&#8217;s Registration Statement on Form&#160;N-2 filed by the Company on January&#160;16, 2024 (File&#160;No.&#160;333-276056)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(n)(2) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000110465924004109/none-20240116xex99dn2.htm">Report of Deloitte &amp; Touche LLP, Independent Registered Accounting Firm, with respect to the &#8220;Senior Securities&#8221; table (Incorporated by reference to the Company&#8217;s Registration Statement on Form&#160;N-2 filed by the Company on January&#160;16, 2024 (File No.&#160;333-276056)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(n)(3) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000110465924004109/none-20240116xex99dn3.htm">Awareness Letter of Deloitte &amp; Touche LLP (Incorporated by reference to the Company&#8217;s Registration Statement on Form&#160;N-2 filed by the Company on January&#160;16, 2024 (File No.&#160;333-276056)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(o)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:415pt;">
                <font style="letter-spacing:0.2pt;">Not applicable. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(p)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:415pt;">
                <font style="letter-spacing:0.2pt;">Not applicable. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(q)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:415pt;">
                <font style="letter-spacing:0.2pt;">Not applicable. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(r)(1)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000104746919006370/a2240018zex-14_1.htm">Code of Ethics of Morgan Stanley Direct Lending Fund (Incorporated by reference to the Company&#8217;s Form 10-12G/A filed by the Company on November&#160;19, 2019 (File No. 000-56098)).</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(r)(2)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000104746919006370/a2240018zex-14_2.htm">Code of Ethics of MS Capital Partners Adviser Inc. (Incorporated by reference to the Company&#8217;s Form 10-12G/A filed by the Company on November&#160;19, 2019 (File No. 000-56098)).</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(s)(1)</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1782524/000110465924005208/none-20240116xexfilingfees.htm">Filing Fee Table (Incorporated by reference to the Company&#8217;s Registration Statement on Form&#160;N-2 filed by the Company on January 19, 2024 (File No. 333-276056)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:29pt;">
                <font style="letter-spacing:0.2pt;">(s)(2) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:415pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1782524/000110465923126178/none-20231114xn2.htm">Power of Attorney. (Incorporated by reference to the Company&#8217;s Registration Statement on Form&#160;N-2 filed by the Company on December 15, 2023 (File No. 333-276056)).</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:16.72pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;26.&nbsp;&nbsp;&nbsp;Marketing Arrangements</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:7.12pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The information contained under the heading &#8220;Underwriting&#8221; in this Registration Statement is incorporated herein by reference. </font>
        </div>
        <div style="margin-top:10.72pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;27.&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and Distribution</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:416pt;height:115.5pt;margin-left:20pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:353.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Securities and Exchange Commission registration fee </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:34.5pt; text-align:right; white-space:nowrap;">17,542.63</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:353.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">NYSE Listing Fee </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:34.5pt; text-align:right; white-space:nowrap;">25,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:353.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Financial Industry Regulatory Authority fees </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:34.5pt; text-align:right; white-space:nowrap;">15,935</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:353.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Printing expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:34.5pt; text-align:right; white-space:nowrap;">95,000<font style="position:absolute;"><font style=" position:relative; bottom:3.25pt;font-size:6.5pt;">(1)</font> </font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:353.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Accounting fees and expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:34.5pt; text-align:right; white-space:nowrap;">50,000<font style="position:absolute;"><font style=" position:relative; bottom:3.25pt;font-size:6.5pt;">(1)</font> </font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:353.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Legal fees and expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:34.5pt; text-align:right; white-space:nowrap;">1,300,000<font style="position:absolute;"><font style=" position:relative; bottom:3.25pt;font-size:6.5pt;">(1)</font> </font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:3.5pt 0pt 2.5pt 0pt; width:353.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Miscellaneous </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:34.5pt; text-align:right; white-space:nowrap;">296,522.37<font style="position:absolute;"><font style=" position:relative; bottom:3.25pt;font-size:6.5pt;">(1)</font> </font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 3.25pt 0pt; width:353.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Total </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:34.5pt; text-align:right; white-space:nowrap;">1,800,000<font style="position:absolute;"><font style=" position:relative; bottom:3.25pt;font-size:6.5pt;">(1)</font></font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:5pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:6.61pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:6.61pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Estimated. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:7.11pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">All of the expenses set forth above shall be borne by the Registrant. </font>
        </div>
        <div style="margin-top:10.62pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;28.&nbsp;&nbsp;&nbsp;Persons Controlled by or Under Common Control with Registrant</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:7.12pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The information contained under the headings &#8220;Business,&#8221; &#8220;Management,&#8221; &#8220;Certain Relationships and Related-Party Transactions&#8221; and &#8220;Control Persons and Principal Stockholders&#8221; in this Registration Statement is incorporated herein by reference. </font>
        </div>
        <div style="margin-left:20pt; margin-top:7.51pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following table sets forth the Company&#8217;s consolidated subsidiaries. </font>
        </div>
        <table style="width:416pt;height:55pt;margin-left:20pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:389pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">DLF CA SPV LLC (Delaware) </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;">100<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:389pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">DLF SPV LLC (Delaware) </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;">100<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:389pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">DLF Financing SPV LLC (Delaware) </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;">100<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:389pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">DLF Equity Holdings LLC (Delaware) </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;">100<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;29.&nbsp;&nbsp;&nbsp;Number of Holders of Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following table sets forth the approximate number of record holders of the Registrant&#8217;s Common Stock at January 12, 2024. </font>
        </div>
        <table style="width:416pt;height:41.5pt;margin-left:20pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:368.42pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Title of Class </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;text-align:center;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Number of </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Record </font>
                <br >
                <font style="letter-spacing:-0.16pt;">Holders </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 2.167pt 0pt; width:368.42pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Common stock, par value $0.001 per share </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:6.435pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">6,513</td>
            <td style="padding:0pt;padding-left:6.435pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.5pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;30.&nbsp;&nbsp;&nbsp;Indemnification</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="font-style:normal;letter-spacing:0.2pt;">The information contained under the heading &#8220;</font><font style="letter-spacing:0.2pt;">Description of Capital Stock&#8201;&#8212;&#8201;Limitation on Liability of Directors and Officers; Indemnification and Advance of Expense</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; is incorporated herein by reference. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have entered into indemnification agreements with our directors and officers. The indemnification agreements are intended to provide our directors the maximum indemnification permitted under Delaware law and the 1940 Act and are generally consistent with the indemnification provisions of the Company&#8217;s certificate of incorporation and bylaws. Each indemnification agreement provides that we will indemnify the Indemnitee, including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law and the 1940 Act. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Insofar as indemnification for liability arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by us of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by us is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;31.&nbsp;&nbsp;&nbsp;Business and Other Connections of Our Investment Adviser</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A description of any other business, profession, vocation or employment of a substantial nature in which our Adviser, and each director or executive officer of our Adviser, is or has been during the past two fiscal&#160;years, engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set forth in Part&#160;A of this Registration Statement in the section entitled &#8220;Management.&#8221; Additional information regarding our Adviser and its officers and directors is set forth in its Form ADV, as filed with the SEC (SEC File No. 801-69426), and is incorporated herein by reference. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;32.&nbsp;&nbsp;&nbsp;Locations of Accounts and Records</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">All accounts, books and other documents required to be maintained by Section&#160;31(a) of the 1940 Act, and the rules thereunder are maintained at the offices of: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:8.6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">the Registrant, Morgan Stanley Direct Lending Fund, 1585 Broadway, 23rd Floor, New York, New York 10036 </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.59pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(4)</font>
          <br >
        </div>
        <div style=" margin-top:8.59pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">the Transfer Agent and Custodian, State Street Bank and Trust Company, 100 Summer Street, Floor 5, Boston, Massachusetts 02110; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(5)</font>
          <br >
        </div>
        <div style=" margin-top:8.6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">the Adviser, Morgan Stanley, 1585 Broadway, 23rd Floor, New York, New York 10036 </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;33.&nbsp;&nbsp;&nbsp;Management Services</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Not applicable. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;34.&nbsp;&nbsp;&nbsp;Undertakings</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">1.</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">The Registrant undertakes to suspend the offering of shares until the prospectus is amended if (1)&#160;subsequent to the effective date of its registration statement, the net asset value declines more than 10% from its net asset value as of the effective date of the registration statement; or (2)&#160;the net asset value increases to an amount greater than the net proceeds as stated in the prospectus. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">2.</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Not applicable. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">3.</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Not applicable. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">4.</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">The Registrant undertakes that: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">a.</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <font style="letter-spacing:0.2pt;">For the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule&#160;430A and contained in a form of prospectus filed by the Registrant under Rule&#160;424(b)(1) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">b.</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <font style="letter-spacing:0.2pt;">For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">5.</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Not applicable. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">6.</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">7.</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style=" width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SIGNATURES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Post-Effective Amendment No. 1 to be signed on its behalf by the undersigned, thereunto duly authorized, in New York City, and State of New York on the 29</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">th</font><font style="letter-spacing:0.2pt;"> day of January, 2024. </font>
          </div>

        <div style="text-indent:220pt; margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">MORGAN STANLEY DIRECT LENDING FUND</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:220pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">By:</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:240pt;">
          <font style="letter-spacing:0.2pt;">/s/ Jeffrey S. Levin</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:240pt; margin-top:2.5pt; width:216pt;">
          <div style="margin-left: 0pt; width: 216pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-left:240pt; margin-top:2pt; width:216pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Name: Jeffrey S. Levin</font>
          <br >
          <font style="letter-spacing:0.2pt;">Title: Director and Chief Executive Officer </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 1 has been signed by the following persons in the capacities and on the dates indicated. This document may be executed by the signatories hereto on any number of counterparts, all of which constitute one and the same instrument. </font>
          </div>


          <table style="width:456pt;height:283.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:8pt;min-height:9.25pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:151pt;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Signature </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:185pt;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Title </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:96pt;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Date </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:46.25pt; white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:13.917pt 0pt 0.5pt 0pt; width:151pt;white-space:normal;">
                <div>
                  <font style="letter-spacing:0.2pt;">/s/ Jeffrey S. Levin</font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 151pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.2pt;">Jeffrey S. Levin </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:13.917pt 0pt 0.5pt 0pt; width:185pt;text-align:center;vertical-align:middle;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">Director and Chief Executive Officer</font>
                  <br >
                  <font style="letter-spacing:0.2pt;">(principal executive officer) </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:13.917pt 0pt 0.5pt 0pt; width:96pt;">
                <font style="letter-spacing:0.2pt;">January 29, 2024</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:39pt; white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:7.167pt 0pt 0.5pt 0pt; width:151pt;white-space:normal;">
                <div>
                  <font style="letter-spacing:0.2pt;">/s/ David Pessah </font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 151pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.2pt;">David Pessah </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1px 0pt; width:185pt;text-align:center;vertical-align:middle;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">Chief Financial Officer</font>
                  <br >
                  <font style="letter-spacing:0.2pt;">(principal financial and accounting officer) </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:7.167pt 0pt 0.5pt 0pt; width:96pt;">
                <font style="letter-spacing:0.2pt;">January 29, 2024</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:39pt; white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:7.167pt 0pt 0.5pt 0pt; width:151pt;white-space:normal;">
                <div>
                  <font style="letter-spacing:0.2pt;">/s/ David Miller* </font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 151pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.2pt;">David Miller </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1px 0pt; width:185pt;text-align:center;vertical-align:middle;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">Director &amp; Chair </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:7.167pt 0pt 0.5pt 0pt; width:96pt;">
                <font style="letter-spacing:0.2pt;">January 29, 2024</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:39pt; white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:7.167pt 0pt 0.5pt 0pt; width:151pt;white-space:normal;">
                <div>
                  <font style="letter-spacing:0.2pt;">/s/ Joan Binstock* </font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 151pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.2pt;">Joan Binstock </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1px 0pt; width:185pt;text-align:center;vertical-align:middle;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">Director </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:7.167pt 0pt 0.5pt 0pt; width:96pt;">
                <font style="letter-spacing:0.2pt;">January 29, 2024</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:39pt; white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:7.167pt 0pt 0.5pt 0pt; width:151pt;white-space:normal;">
                <div>
                  <font style="letter-spacing:0.2pt;">/s/ Bruce Frank*</font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 151pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.2pt;">Bruce Frank </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1px 0pt; width:185pt;text-align:center;vertical-align:middle;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">Director </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:7.167pt 0pt 0.5pt 0pt; width:96pt;">
                <font style="letter-spacing:0.2pt;">January 29, 2024</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:39pt; white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:7.167pt 0pt 0.5pt 0pt; width:151pt;white-space:normal;">
                <div>
                  <font style="letter-spacing:0.2pt;">/s/ Adam Metz*</font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 151pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.2pt;">Adam Metz </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1px 0pt; width:185pt;text-align:center;vertical-align:middle;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">Director </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:7.167pt 0pt 0.5pt 0pt; width:96pt;">
                <font style="letter-spacing:0.2pt;">January 29, 2024</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:7.167pt 0pt 0.5pt 0pt; width:151pt;white-space:normal;">
                <div>
                  <font style="letter-spacing:0.2pt;">/s/ Kevin Shannon* </font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 151pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.2pt;">Kevin Shannon </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:1px 0pt; width:185pt;text-align:center;vertical-align:middle;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">Director </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:7.167pt 0pt 0.5pt 0pt; width:96pt;">
                <font style="letter-spacing:0.2pt;">January 29, 2024</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:12.5pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">*</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Signed by Orit Mizrachi pursuant to a power of attorney signed by each individual and filed with this Registration Statement on December 15, 2023.</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.E
<SEQUENCE>2
<FILENAME>tm2229241d26_ex99-e.htm
<DESCRIPTION>EXHIBIT 99.E
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2229241d26_ex99xe.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2229241-26/tm2229241-26_nonfiling/users" -->
<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;(e)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Amended
and restated<BR>
DIVIDEND REINVESTMENT PLAN</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>OF</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>MORGAN
STANLEY DIRECT LENDING FUND</B></FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Morgan Stanley Direct Lending Fund, a Delaware
corporation (the &ldquo;<U>Company</U>&rdquo;), has adopted the following plan (the &ldquo;<U>Plan</U>&rdquo;), effective as of January&nbsp;26,
2024 (the &ldquo;Effective Date&rdquo;), to be administered by State Street Bank and Trust Company and its affiliates or such other administrator
as the Company may appoint (the &ldquo;<U>Plan Administrator</U>&rdquo;), with respect to dividends and other distributions declared
by its board of directors (the &ldquo;<U>Board of Directors</U>&rdquo;) on shares of common stock of the Company, par value $0.001 per
share (the &ldquo;<U>Common Stock</U>&rdquo;).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">1.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Unless
a stockholder specifically elects to receive cash as set forth below, all cash dividends or other distributions hereafter declared by
the Board of Directors, net of any applicable withholding tax, shall be automatically reinvested in additional shares of Common Stock,
and no action shall be required on such stockholder&rsquo;s part to receive a distribution in Common Stock. For the avoidance of doubt,
stockholders of the Company who did not elect to &ldquo;opt in&rdquo; to the dividend reinvestment plan in effect prior to the Effective
Date shall be deemed to have made an election as of the Effective Date to receive cash as set forth below.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">2.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Such
distributions shall be payable on such date or dates as may be fixed from time to time by the Board of Directors to stockholders of record
at the close of business on the record date established by the Board of Directors for the distribution involved.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">3.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">With
respect to each distribution pursuant to this Plan, the Board of Directors reserves the right, subject to the provisions of the Investment
Company Act of 1940, as amended, to either issue new shares of Common Stock or to make open market purchases of its shares of Common
Stock for the accounts of Participants (as defined below). The number of shares of Common Stock to be issued to a Participant is determined
by dividing the total dollar amount of the distribution payable to such stockholder by the market price per share of Common Stock at
the close of regular trading on the New York Stock Exchange on the date of such distribution; provided that in the event the market price
per share of Common Stock on the date of such distribution and/or the price to be paid by the Company to acquire shares of Common Stock
on the New York Stock Exchange pursuant to this Plan exceeds the most recently computed net asset value per share of Common Stock, the
Company shall issue shares of Common Stock at the greater of the most recently computed net asset value per share of Common Stock or
95% of the current market price per share of Common Stock (or such lesser discount to the current market price per share that still exceeds
the most recently computed net asset value per share of Common Stock). The market price per share of Common Stock on a particular date
shall be the closing price for such shares on the New York Stock Exchange on such date or, if no sale is reported for such date, at the
average of their reported bid and asked prices.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">4.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Plan Administrator may establish an account for shares of Common Stock acquired pursuant to the Plan for each stockholder who has not
so elected to receive distributions in cash (each, a &ldquo;<U>Participant</U>&rdquo;) or may otherwise record the ownership of the shares
of Common Stock acquired pursuant to the Plan. Each Participant&rsquo;s shares of Common Stock acquired pursuant to the Plan may be held
together with the shares of other Participants in non-certificated form. The Plan Administrator shall not issue share certificates to
any Participant.</FONT></P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">5.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Plan Administrator shall confirm to each Participant each acquisition made pursuant to the Plan as soon as practicable but not later
than 30 business days after the payable date. Each Participant may from time to time have an undivided fractional interest (computed
to four decimal places) in a share of Common Stock, and distributions on fractional shares shall be credited to each Participant. In
the event of termination of a Participant&rsquo;s account under the Plan, the Plan Administrator shall adjust for any such undivided
fractional interest in cash at the time of termination.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">6.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">In
the event that the Company makes available to its stockholders rights to purchase additional shares or other securities, the shares held
by the Plan Administrator for a Participant under the Plan shall be added to any other shares held by the Participant in calculating
the number of rights to be issued to the Participant. Transaction processing may be either curtailed or suspended until the completion
of any stock dividend, stock split or corporate action.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">7.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Plan Administrator&rsquo;s service fee, if any, and expenses for administering the Plan shall be paid for by the Company. Except as explicitly
provided herein, there will be no brokerage charges or other charges to Participants.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">8.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
Participant may elect to receive an entire distribution in cash by notifying the Plan Administrator in writing so long as such notice
is received by the Plan Administrator no later than 10 calendar days prior to the record date for such distribution to stockholders,
otherwise the election will be effective only with respect to any subsequent distribution.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">9.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
Participant may terminate his, her or its account under the Plan by so notifying the Plan Administrator by submitting a letter of instruction
terminating the Participant&rsquo;s account under the Plan to the Plan Administrator. Such termination shall be effective immediately
if the Participant&rsquo;s notice is received by the Plan Administrator no later than 10 calendar days prior to the record date for an
applicable distribution; otherwise, such termination shall be effective only with respect to any subsequent distributions. The Plan may
be terminated or amended by the Company upon written notice at least 30 days prior to any record date for the payment of any distributions
by the Company. Upon any termination, the Plan Administrator shall cause the shares of Common Stock held for each Participant under the
Plan to be delivered to the Participant.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">10.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">These
terms and conditions may be amended or supplemented by the Company at any time but, except when necessary or appropriate to comply with
applicable law or the rules&nbsp;or policies of the Securities and Exchange Commission or any other regulatory authority, only by appropriate
written notice at least 30 days prior to the effective date thereof. The amendment or supplement shall be deemed to be accepted by each
Participant unless, prior to the effective date thereof, the Plan Administrator receives written notice of the termination of the Participant&rsquo;s
participation in the Plan. Any such amendment may include an appointment in the place and stead of the Plan Administrator of a successor
agent under these terms and conditions, with full power and authority to perform all or any of the acts to be performed by the Plan Administrator
under these terms and conditions. Upon any such appointment of any agent for the purpose of receiving distributions, the Company shall
be authorized to pay to such successor agent, for each Participant&rsquo;s account, all distributions payable on shares of the Company
held in the Participant&rsquo;s name or under the Plan for retention or application by such successor agent as provided in these terms
and conditions.</FONT></P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">11.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Plan Administrator shall at all times act in good faith and use its best efforts within reasonable limits to ensure its full and timely
performance of all services to be performed by it with respect to purchases and sales of the Company&rsquo;s Common Stock under this
Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless
such error is caused by the Plan Administrator&rsquo;s negligence, bad faith or willful misconduct or that of its employees or agents.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">12.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">These
terms and conditions shall be governed by the laws of the State of Delaware.</FONT></P>

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

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(G)(2)
<SEQUENCE>3
<FILENAME>tm2229241d26_ex99-xgx2.htm
<DESCRIPTION>EXHIBIT 99.(G)(2)
<TEXT>
<HTML>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;(g)(2)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>Amended
and restated<BR>
INVESTMENT ADVISORY AGREEMENT<BR>
BETWEEN<BR>
MORGAN STANLEY direct lending fund<BR>
AND<BR>
MS CAPITAL PARTNERS ADVISER INC.</U></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amended and Restated
Investment Advisory Agreement (this &ldquo;<U>Agreement</U>&rdquo;) is made as of January&nbsp;24, 2024, by and between Morgan Stanley
Direct Lending Fund, a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), and MS Capital Partners Adviser Inc., a Delaware corporation
(the &ldquo;<U>Adviser</U>&rdquo;) and effective as of January&nbsp;24, 2024.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company and
the Adviser entered into that certain Investment Advisory Agreement dated as of November&nbsp;25, 2019 (the &ldquo;<U>Original Investment
Advisory Agreement</U>&rdquo;); and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company and
the Adviser desire to amend and restate the Original Investment Advisory Agreement in its entirety as set forth in this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Company and the Adviser hereby agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Duties
of the Adviser</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Retention
of Adviser</U>. The Company hereby appoints the Adviser to act as the investment adviser to the Company and to manage the investment
and reinvestment of the assets of the Company, subject to the supervision of the board of directors of the Company (the &ldquo;<U>Board</U>&rdquo;),
for the period and upon the terms herein set forth in accordance with:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
investment objective, policies and restrictions that are set forth in the Company&rsquo;s Registration Statement on Form&nbsp;10 or Form&nbsp;N-2,
as applicable, filed with the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;), as supplemented, amended or superseded
from time to time, and in the Company&rsquo;s confidential private placement memorandum, as amended from time to time or as may otherwise
be set forth in the Company&rsquo;s reports filed in compliance with the Securities Exchange Act of 1934, as amended, as applicable;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">during
the term of this Agreement, all other applicable federal and state laws, rules&nbsp;and regulations, and the Company&rsquo;s certificate
of incorporation and bylaws, as they may be amended from time to time (the &ldquo;<U>Organizational Documents</U>&rdquo;);</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">such
investment policies, directives, regulatory restrictions as the Company may from time to time establish or issue and communicate to the
Adviser in writing; and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Company&rsquo;s compliance policies and procedures as applicable to the Adviser and as administered by the Company&rsquo;s chief compliance
officer.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Responsibilities
of Adviser</U>. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of
this Agreement:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">determine
the composition and allocation of the Company&rsquo;s investment portfolio, the nature and timing of any changes therein and the manner
of implementing such changes;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">identify,
evaluate and negotiate the structure of the investments made by the Company;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">perform
due diligence on prospective portfolio companies;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">execute,
close, service and monitor the Company&rsquo;s investments;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">determine
the securities and other assets that the Company shall purchase, retain or sell;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">arrange
financings and borrowing facilities for the Company;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">provide
the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require
for the investment of its funds; and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
the extent permitted under the 1940 Act and the Advisers Act, on the Company&rsquo;s behalf, and in coordination with any Sub-Adviser
(as defined below) and any administrator, provide significant managerial assistance to those portfolio companies to which the Company
is required to provide such assistance under the 1940 Act, including utilizing appropriate personnel of the Adviser to, among other things,
monitor the operations of the Company&rsquo;s portfolio companies, participate in board and management meetings, consult with and advise
officers of portfolio companies and provide other organizational and financial consultation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Power
and Authority</U>. To facilitate the Adviser&rsquo;s performance of these undertakings, but subject to the restrictions contained herein,
the Company hereby delegates to the Adviser (which power and authority may be delegated by the Adviser to one or more Sub-Advisers),
and the Adviser hereby accepts, the power and authority to act on behalf of and in the name of the Company to effectuate investment decisions
for the Company, including the negotiation, execution and delivery of all documents relating to the acquisition and disposition of the
Company&rsquo;s investments, the placing of orders for other purchase or sale transactions on behalf of the Company or any entity in
which the Company has a direct or indirect ownership interest, including any interest rate, currency or other derivative instruments,
and the engagement of any services providers deemed necessary or appropriate by the Adviser to the exercise of such power and authority.
In the event that the Company determines to acquire debt or other financing (or to refinance existing debt or other financing), the Adviser
shall use commercially reasonable efforts to arrange for such financing on the Company&rsquo;s behalf, subject to the oversight and approval
of the Board. If it is necessary for the Adviser to make investments or obtain financing on behalf of the Company through a special purpose
vehicle, the Adviser shall have authority to create, or arrange for the creation of, such special purpose vehicle and to make investments
or obtain financing through such special purpose vehicle in accordance with applicable law. The Company also grants to the Adviser power
and authority to engage in all activities and transactions (and anything incidental thereto) that the Adviser deems, in its sole discretion,
appropriate, necessary or advisable to carry out its duties pursuant to this Agreement, including the authority to open accounts and
deposit, maintain and withdraw funds of the Company or any of its subsidiaries in any bank, savings and loan association, brokerage firm
or other financial institution.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Acceptance
of Appointment</U>. The Adviser hereby accepts such appointment and agrees during the term hereof to render the services described herein
for the compensation provided herein, subject to the limitations contained herein. Unless and until it resigns or is removed as investment
adviser to the Company in accordance with this Agreement, the Adviser, to the extent of its powers as set forth in this Agreement, shall
be an agent of the Company for the purpose of the Company&rsquo;s business, and action taken by the Adviser in accordance with such powers
shall bind the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Sub-Advisers</U>.
The Adviser is hereby authorized to enter into one or more sub-advisory agreements (each a &ldquo;<U>Sub-Advisory Agreement</U>&rdquo;)
with other investment advisers (each a &ldquo;<U>Sub-Adviser</U>&rdquo;) pursuant to which the Adviser may obtain the services of the
Sub-Adviser(s)&nbsp;to assist the Adviser in fulfilling its responsibilities hereunder, subject to the oversight of the Adviser and/or
the Company, with the scope of such services and oversight to be set forth in each Sub-Advisory Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Adviser and not the Company shall be responsible for any compensation payable to any Sub-Adviser; provided, however, that the Adviser
shall have the right to direct the Company to pay directly any Sub-Adviser the amounts due and payable to such Sub-Adviser from the fees
and expenses otherwise payable to the Adviser under this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
Sub-Advisory Agreement entered into by the Adviser shall be in accordance with the requirements of the 1940 Act and the Advisers Act,
including without limitation, the requirements of the 1940 Act relating to Board and Company stockholder approval thereunder, and other
applicable federal and state law.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
Sub-Adviser shall be subject to the same fiduciary duties as are imposed on the Adviser pursuant to this Agreement, the 1940 Act and
the Advisers Act, as well as other applicable federal and state law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Independent
Contractor Status</U>. The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, except as
expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed
an agent of the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Record
Retention</U>. Subject to review by and the overall control of the Board, the Adviser shall maintain and keep all books, accounts and
other records of the Adviser that relate to activities performed by the Adviser hereunder as required under the 1940 Act and the Advisers
Act. The Adviser agrees that all records that it maintains and keeps for the Company shall at all times remain the property of the Company,
shall be readily accessible during normal business hours, and shall be promptly surrendered to the Company upon the termination of this
Agreement or otherwise on written request by the Company. The Adviser further agrees that the records that it maintains and keeps for
the Company shall be preserved in the manner and for the periods prescribed by the 1940 Act, unless any such records are earlier surrendered
as provided above. The Adviser shall have the right to retain copies, or originals where required by Rule&nbsp;204-2 promulgated under
the Advisers Act, of such records to the extent required by applicable law. The Adviser shall maintain records of the locations where
books, accounts and records are maintained among the persons and entities providing services directly or indirectly to the Adviser or
the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;2.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Expenses
Payable by the Company</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Adviser
Personnel</U>. All investment personnel of the Adviser, when and to the extent engaged in providing investment advisory services and
managerial assistance hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall
be provided and paid for by the Adviser and not by the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Company&rsquo;s
Costs</U>. Subject to the limitations on expense reimbursement of the Adviser as set forth in Sections 2(a)&nbsp;and (c), the Company,
either directly or through reimbursement to the Adviser, shall bear all costs and expenses of its investment operations and its investment
transactions, including costs and expenses relating to: the Company&rsquo;s initial organization costs and operating costs incurred prior
to the filing of its election to be regulated as a BDC; the costs associated with any public or private offerings of the Company&rsquo;s
common stock and other securities; calculating individual asset values and the Company&rsquo;s net asset value (including the cost and
expenses of any third-party valuation services); out-of-pocket expenses, including travel expenses, incurred by the Adviser, or members
of its investment team, or payable to third parties, performing due diligence on prospective portfolio companies and monitoring actual
portfolio companies and, if necessary, enforcing the Company&rsquo;s rights; the Base Management Fee (as defined below) and any Incentive
Fees (as defined below) payable under this Agreement; certain costs and expenses relating to distributions paid by the Company; administration
fees payable under the administration agreement, by and between the Company and MS BDC Administrative Services LLC (in such capacity,
the &ldquo;<U>Administrator</U>&rdquo;), dated as of November&nbsp;25, 2019 (the &ldquo;<U>Administration Agreement</U>&rdquo;) and any
sub-administration agreements, including related expenses; debt service and other costs of borrowings or other financing arrangements;
and the allocated costs incurred by the Adviser in providing managerial assistance to those portfolio companies that request it; amounts
payable to third parties relating to, or associated with, making or holding investments; the costs associated with subscriptions to data
service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments; transfer
agent and custodial fees; costs of hedging; commissions and other compensation payable to brokers or dealers; federal and state registration
fees; any stock exchange listing fees and fees payable to rating agencies; the cost of effecting any sales and repurchases of the Company&rsquo;s
common stock and other securities; U.S. federal, state and local taxes; independent director fees and expenses; costs of preparing financial
statements and maintaining books and records, costs of preparing tax returns, costs of compliance with the Sarbanes-Oxley Act of 2002,
as amended, and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies) and other reporting
and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation
or review of the foregoing; the costs of any reports, proxy statements or other notices to the Company&rsquo;s stockholders (including
printing and mailing costs), the costs of any stockholders&rsquo; meetings and the compensation of investor relations personnel responsible
for the preparation of the foregoing and related matters; the costs of specialty and custom software expense for monitoring risk, compliance
and overall investments; the Company&rsquo;s fidelity bond; any necessary insurance premiums; extraordinary expenses (such as litigation
or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company); direct
fees and expenses associated with independent audits, agency, consulting and legal costs; costs of winding up; and all other expenses
incurred by either the Administrator or the Company in connection with administering the Company&rsquo;s business, including payments
under the Administration Agreement based upon the Company&rsquo;s allocable portion of the compensation paid to the Company&rsquo;s Chief
Financial Officer and Chief Compliance Officer and reimbursing third-party expenses incurred by the Administrator in carrying out its
administrative services under the Administration Agreement, including, but not limited to the fees and expenses associated with performing
compliance functions. The presence of an item in or its absence from the foregoing list, on the one hand, and the list of Company expenses
set forth in Section&nbsp;4(b)&nbsp;of Administration Agreement, on the other, shall in no way be construed to limit the responsibility
of the Company for such expense under either agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For avoidance of doubt, it is agreed and understood
that, from time to time, the Adviser or its affiliates may pay amounts or bear costs properly constituting Company expenses as set forth
herein or otherwise and that the Company shall reimburse the Adviser or its affiliates for all such costs and expenses that have been
paid by the Adviser or its affiliates on behalf of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Portfolio
Company&rsquo;s Compensation</U>. In certain circumstances the Adviser, any Sub-Adviser, or any of their respective Affiliates (as defined
below), may receive compensation from a portfolio company, in connection with the Company&rsquo;s investment in such portfolio company.
Any compensation received by the Adviser, Sub-Adviser, or any of their respective Affiliates, attributable to the Company&rsquo;s investment
in any portfolio company, in excess of any of the limitations in or exemptions granted from the 1940 Act, any interpretation thereof
by the staff of the SEC, or the conditions set forth in any exemptive relief granted to the Adviser, any Sub-Adviser or the Company by
the SEC, shall be delivered promptly to the Company and the Company will retain such excess compensation for the benefit of its stockholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Compensation
of the Adviser</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company agrees to pay,
and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (&ldquo;<U>Base
Management Fee</U>&rdquo;) and an incentive fee (&ldquo;<U>Incentive Fee</U>&rdquo;) as hereinafter set forth. Any of the fees payable
to the Adviser under this Agreement for any partial calendar quarter shall be appropriately prorated based on the actual number of days
elapsed during such partial quarter as a fraction of the number of days in the relevant calendar year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #040000">(a)</FONT><FONT STYLE="color: #040000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Base
Management Fee</U>. The Base Management Fee is calculated at an annual rate of 1.0% of the Company&rsquo;s average gross assets at the
end of the two most recently completed calendar quarters, including assets purchased with borrowed funds or other forms of leverage but
excluding cash and cash equivalents. <FONT STYLE="color: #040000">The Base Management Fee is payable quarterly in arrears and no management
fee will be charged on committed but undrawn capital commitments. For the period from January&nbsp;24, 2024 to January&nbsp;24, 2025
(the &ldquo;<U>Waiver Period</U>&rdquo;), the Adviser hereby agrees to irrevocably waive 25% of the Base Management Fee calculated in
accordance with this Section&nbsp;3(a).</FONT></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Incentive
Fee</U>. The Incentive Fee is divided into two parts: (1)&nbsp;an income incentive fee and (2)&nbsp;a capital gains incentive fee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Income
Incentive Fee</I>. The income incentive fee will be calculated and payable quarterly in arrears based on the Company&rsquo;s aggregate
pre-incentive fee net investment income in respect of (1)&nbsp;for the quarter ending March&nbsp;31, 2024 (the &ldquo;<U>First Calendar
Quarter</U>&rdquo;), the First Calendar Quarter and (2)&nbsp;commencing with the quarter ending June&nbsp;30, 2024, the current calendar
quarter and the eleven preceding calendar quarters (or the appropriate portion thereof in the case of any of the Company&rsquo;s first
eleven calendar quarters that commence on or after <FONT STYLE="color: #202122">April&nbsp;1</FONT>, 2024) (in either case, the &ldquo;<U>Trailing
Twelve Quarters</U>&rdquo;). The Trailing Twelve Quarters will commence with the quarter ending June&nbsp;30, 2024 and will be fewer
than twelve calendar quarters until the quarter ending March&nbsp;31, 2027. For purposes of calculating the income incentive fee, &ldquo;<U>pre-incentive
fee net investment income</U>&rdquo; is defined as interest income, dividend income and any other income accrued during the calendar
quarter, minus operating expenses for the quarter, including the Base Management Fee, expenses payable to the Administrator under the
Administration Agreement, any interest expense and distributions paid on any issued and outstanding preferred stock, but excluding (x)&nbsp;the
Incentive Fee and (y)&nbsp;any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive
fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with payment-in-kind
(&ldquo;<U>PIK</U>&rdquo;) interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Adviser
is not obligated to return to the Company the Incentive Fee it receives on PIK interest that is later determined to be uncollectible
in cash.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">For
the First Calendar Quarter, pre-incentive fee net investment income in respect of the First Calendar Quarter shall be compared to a hurdle
rate of 1.50% (6.0% annualized). The Company shall pay the Adviser an incentive fee with respect to its pre-incentive fee net investment
income as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">(A)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">no
incentive fee based on pre-incentive fee net investment income if the Company&rsquo;s aggregate pre-incentive fee net investment income
for the First Calendar Quarter does not exceed the hurdle rate;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">(B)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">100%
of the Company&rsquo;s aggregate pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment
income, if any, that exceeds the hurdle rate but is less than 1.8182% (7.2728% annualized). The portion of the pre-incentive fee net
investment income that exceeds the hurdle rate but is less than 1.8182% is referred to as the &ldquo;catch-up.&rdquo; The &ldquo;catch-up&rdquo;
is meant to provide the Adviser with approximately 17.5% of the Company&rsquo;s pre-incentive fee net investment income for the First
Calendar Quarter as if the hurdle rate did not apply if pre-incentive fee net investment income exceeds 1.8182% in such First Calendar
Quarter; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">(C)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">17.5%
of the pre-incentive fee net investment income, if any, that exceeds 1.8182% in the First Calendar Quarter (7.2728% annualized).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-size: 10pt">(2)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Commencing
with the quarter ending June&nbsp;30, 2024, subject to the Incentive Fee Cap (as defined below), the income incentive fee that will be
paid to the Adviser in respect of a particular calendar quarter will equal the excess of the income incentive fee as calculated pursuant
to this Section&nbsp;3(b)(i)(2)&nbsp;less the aggregate income incentive fees that were paid to the Advisor in the preceding eleven calendar
quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. Pre-incentive fee net investment income in respect of
the relevant Trailing Twelve Quarters shall be compared to a &ldquo;<U>Hurdle Rate</U>&rdquo; equal to the product of (i)&nbsp;the &ldquo;hurdle
rate&rdquo; of 1.50% per quarter (6.0% annualized) and (ii)&nbsp;the sum of the Company&rsquo;s net assets (defined as total assets less
indebtedness and before taking into account any Incentive Fees payable during the period) at the beginning of each applicable calendar
quarter comprising the relevant Trailing Twelve Quarters. The Hurdle Rate will be calculated after making appropriate adjustments to
the Company&rsquo;s net asset value at the beginning of each applicable calendar quarter for all issuances by the Company of shares of
its common stock, including issuances pursuant to its dividend reinvestment plan, and distributions during the applicable calendar quarter.
Commencing with the quarter ending June&nbsp;30, 2024, the Company shall pay the Adviser an incentive fee with respect to its pre-incentive
fee net investment income as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">(A)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">no
incentive fee based on pre-incentive fee net investment income in any calendar quarter in which the Company&rsquo;s aggregate pre-incentive
fee net investment income in respect of the relevant Trailing Twelve Quarters does not exceed the Hurdle Rate in respect of the relevant
Trailing Twelve Quarters;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">(B)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">100%
of the Company&rsquo;s aggregate pre-incentive fee net investment income with respect to the relevant Trailing Twelve Quarters with respect
to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than or equal to an
amount (the &ldquo;Catch-Up Amount&rdquo;) determined on a quarterly basis by multiplying 1.8182% in any calendar quarter (7.2728% annualized)
by the Company&rsquo;s net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters
(after making appropriate adjustments to the Company&rsquo;s net asset value at the beginning of each applicable calendar quarter for
all issuances by the Company of shares of its common stock, including issuances pursuant to its dividend reinvestment plan, and distributions
during the applicable calendar quarter). The Catch-Up Amount is meant to provide the Adviser with approximately 17.5% of the Company&rsquo;s
pre-incentive fee net investment income when the Company&rsquo;s aggregate pre-incentive fee net investment income in respect of the
Trailing Twelve Quarters reaches the Catch-Up Amount in respect of the relevant Trailing Twelve Quarters; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">(C)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">for
any calendar quarter in which the Company&rsquo;s aggregate pre-incentive fee net investment income in respect of the relevant Trailing
Twelve Quarters exceeds the Catch-Up Amount, the income incentive fee shall equal 17.5% of the amount of the Company&rsquo;s aggregate
pre-incentive fee net investment income, if any, that exceeds the Catch-Up Amount.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in"><FONT STYLE="font-size: 10pt">(3)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, for the Waiver Period, the Adviser hereby agrees to irrevocably waive any income incentive fee calculated in accordance
with Section&nbsp;3(b)(i)(1)&nbsp;and Section&nbsp;3(b)(i)(2)&nbsp;in excess of amounts calculated as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">(A)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">For
the First Calendar Quarter, pre-incentive fee net investment income in respect of the First Calendar Quarter shall be compared to a hurdle
rate of 1.50% (6.0% annualized). The Company shall pay the Adviser an incentive fee with respect to its pre-incentive fee net investment
income as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">no
incentive fee based on pre-incentive fee net investment income if the Company&rsquo;s aggregate pre-incentive fee net investment income
for the First Calendar Quarter does not exceed the hurdle rate;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">100%
of the Company&rsquo;s aggregate pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment
income, if any, that exceeds the hurdle rate but is less than 1.7647% (7.0588% annualized) The portion of the pre-incentive fee net investment
income that exceeds the hurdle rate but is less than 1.7647% is referred to as the &ldquo;catch-up.&rdquo; The &ldquo;catch-up&rdquo;
is meant to provide the Adviser with approximately 15.0% of the Company&rsquo;s pre-incentive fee net investment income for the First
Calendar Quarter as if the hurdle rate did not apply if pre-incentive fee net investment income exceeds 1.7647% in such First Calendar
Quarter; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">15.0%
of the pre-incentive fee net investment income, if any, that exceeds 1.7647% in such First Calendar Quarter (7.0588% annualized).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in"><FONT STYLE="font-size: 10pt">(B)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Commencing
with the quarter ending June&nbsp;30, 2024, the income incentive fee shall be calculated with respect to its pre-incentive fee net investment
income as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">no
incentive fee based on pre-incentive fee net investment income in any calendar quarter in which the Company&rsquo;s aggregate pre-incentive
fee net investment income in respect of the relevant Trailing Twelve Quarters does not exceed the Hurdle Rate in respect of the relevant
Trailing Twelve Quarters;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">100%
of the Company&rsquo;s aggregate pre-incentive fee net investment income with respect to the relevant Trailing Twelve Quarters with respect
to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than or equal to an
amount (the &ldquo;<U>Waiver Catch-Up Amount</U>&rdquo;) determined on a quarterly basis by multiplying 1.7647% in any calendar quarter
(7.0588% annualized) by the Company&rsquo;s net asset value at the beginning of each applicable calendar quarter comprising the relevant
Trailing Twelve Quarters. The Waiver Catch-Up Amount is meant to provide the Adviser with approximately 15.0% of the Company&rsquo;s
pre-incentive fee net investment income when the Company&rsquo;s aggregate pre-incentive fee net investment income in respect of the
Trailing Twelve Quarters reaches the Catch-Up Amount in respect of the relevant Trailing Twelve Quarters; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">for
any calendar quarter in which the Company&rsquo;s aggregate pre-incentive fee net investment income in respect of the relevant Trailing
Twelve Quarters exceeds the Waiver Catch-Up Amount, the income incentive fee shall equal 15.0% of the amount of the Company&rsquo;s aggregate
pre-incentive fee net investment income, if any, that exceeds 1.7647% in any calendar quarter (7.0588% annualized) in respect of the
relevant Trailing Twelve Quarters that exceeds the Waiver Catch-Up Amount.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, the application
of the waiver described in this Section&nbsp;3(b)(i)(3)&nbsp;with respect to the income incentive fee payable to the Adviser, if any,
for (A)&nbsp;the First Calendar Quarter and (B)&nbsp;for the quarter ended March&nbsp;31, 2025 shall be calculated at a weighted rate
calculated based on this waiver being applicable only during the applicable days in such quarter during the Waiver Period, based, in
each case, on the number of days in the applicable quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Incentive
Fee Cap</I>. Commencing with the quarter ending June&nbsp;30, 2024, each income incentive fee payment is subject to a cap (the &ldquo;<U>Incentive
Fee Cap</U>&rdquo;). The Incentive Fee Cap in respect of any calendar quarter is an amount equal to&nbsp;17.5% of the Cumulative Pre-Incentive
Fee Net Return (as defined below) during the Trailing Twelve Quarters less&nbsp;the aggregate income incentive fees that were paid to
the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters, as applicable.
For this purpose, &ldquo;<U>Cumulative Pre-Incentive Fee Net Return</U>&rdquo; means (A)&nbsp;during the First Calendar Quarter, the
sum of pre-incentive fee net investment income in respect of the First Calendar Quarter and (B)&nbsp;during the relevant Trailing Twelve
Quarters, the sum of (x)&nbsp;pre-incentive fee net investment income in respect of the Trailing Twelve Quarters and (y)&nbsp;Adjusted
Capital Returns (as defined below) in respect of the Trailing Twelve Quarters. If, in any calendar quarter, the Incentive Fee Cap is
zero or a negative value, the Company shall pay no income incentive fee to the Adviser in respect of that quarter. If, in any calendar
quarter, the Incentive Fee Cap is a positive value but is less than the income incentive fee calculated in accordance with Section&nbsp;3(b)(i)(1)&nbsp;and
Section&nbsp;3(b)(i)(2)&nbsp;above, the Company shall pay the Adviser an amount equal to the Income Incentive Fee Cap less the aggregate
income incentive fees that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant
Trailing Twelve Quarters. If, in any calendar quarter, the Income Incentive Fee Cap is equal to or greater than the income incentive
fee calculated in accordance with Section&nbsp;3(b)(i)(1)&nbsp;and Section&nbsp;3(b)(i)(2)&nbsp;above, the Company shall pay the Adviser
the income incentive fee in respect of such quarter calculated in accordance with Section&nbsp;3(b)(i)(1)&nbsp;and Section&nbsp;3(b)(i)(2)&nbsp;above.
&ldquo;<U>Adjusted Capital Returns</U>&rdquo; in respect of a particular period means the sum of aggregate realized capital losses and
aggregate realized capital gains in respect of such period. Notwithstanding the foregoing, during the Waiver Period, the Adviser agrees
to irrevocably waive any income incentive fee in excess of the Incentive Fee Cap calculated using 15.0% instead of 17.5% and the application
of the waiver described in this Section&nbsp;3(b)(ii)&nbsp;with respect to the income incentive fee payable to the Adviser, if any, for
(A)&nbsp;the First Calendar Quarter and (B)&nbsp;for the quarter ended March&nbsp;31, 2025 shall be calculated at a weighted rate calculated
based on this waiver being applicable only during the applicable days in such quarter during the Waiver Period, based, in each case,
on the number of days in the applicable quarter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Capital
Gains Incentive Fee</I>. The Company shall pay the Adviser a capital gains incentive fee calculated and payable in arrears in cash as
of the end of each calendar year or upon the termination of this Agreement in an amount equal to 17.5% of the Company&rsquo;s realized
capital gains, if any, on a cumulative basis from the date of its election to be regulated as a BDC through the end of a given calendar
year or upon the termination of this Agreement, computed net of all realized capital losses and unrealized capital depreciation on a
cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For the purpose of computing the incentive
fee on capital gains, the calculation methodology will look through derivative financial instruments or swaps as if the Company owned
the reference assets directly. Therefore, realized gains and realized losses on the disposition of any reference assets, as well as unrealized
depreciation on reference assets retained in the derivative financial instrument or swap, will be included on a cumulative basis in the
calculation of the capital gains incentive fee. For the calendar years ended December&nbsp;31, 2024 and December&nbsp;31, 2025, the Adviser
hereby irrevocably waives any capital gains incentive fee in excess of amounts calculated in accordance with this section substituting
15.0% for 17.5% in the calculation of any such capital gains incentive fee solely with respect to the Waiver Period, such that the capital
gains incentive fee shall be calculated at a weighted rate calculated based on this waiver being applicable only during the applicable
days in such calendar year during the Waiver Period, based, in each case, on the number of days in the applicable year.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Waiver
or Deferral of Fees</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Adviser shall have the
right to elect to waive or defer all or a portion of the Base Management Fee and/or Incentive Fee that would otherwise be paid to it.
Prior to the payment of any fee to the Adviser, the Company shall obtain written instructions from the Adviser with respect to any waiver
or deferral of any portion of such fees. Any portion of a deferred fee payable to the Adviser and not paid over to the Adviser with respect
to any calendar quarter or year shall be deferred without interest and may be paid over in any such other quarter prior to the termination
of this Agreement, as the Adviser may determine upon written notice to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Covenant
of the Adviser</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser covenants that
it is registered as an investment adviser under the Advisers Act on the effective date of this Agreement, and shall maintain such registration
until the expiration or termination of this Agreement. The Adviser agrees that its activities shall at all times comply in all material
respects with all applicable federal and state laws governing its operations and investments, except to the extent that any such noncompliance
would not reasonably be expected to have a material adverse effect on the ability of the Adviser to fulfill its obligations under this
Agreement. The Adviser agrees to observe and comply with applicable provisions of the code of ethics adopted by the Company pursuant
to Rule&nbsp;17j-1 under the 1940 Act, as such code of ethics may be amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Brokerage
Commissions</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser is hereby authorized,
to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities exchange, broker
or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such
exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account
factors, including without limitation, price (including the applicable brokerage commission or dealer spread), size of order, difficulty
of execution, and operational facilities of the firm and the firm&rsquo;s risk and skill in positioning blocks of securities, that such
amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker
or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company&rsquo;s
portfolio, and is consistent with the Adviser&rsquo;s duty to seek the best execution on behalf of the Company. Notwithstanding the foregoing,
with regard to transactions with or for the benefit of the Company, the Adviser may not pay any commission or receive any rebates or
give-ups, nor participate in any business arrangements which would circumvent this restriction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Other
Activities of the Adviser</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The services of the Adviser
to the Company are not exclusive, and the Adviser may engage in any other business or render similar or different services to others
including, without limitation, the direct or indirect sponsorship or management of other investment-based accounts or commingled pools
of capital, however structured, having investment objectives similar to or different from those of the Company, and nothing in this Agreement
shall limit or restrict the right of any officer, director, stockholder (and their stockholders or members, including the owners of their
stockholders or members), or employee of the Adviser to engage in any other business or to devote his or her time and attention in part
to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including
fees for serving as a director of, or providing consulting services to, one or more of the Company&rsquo;s portfolio companies, subject
to applicable law). The Adviser assumes no responsibility under this Agreement other than to render the services set forth herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the term of this Agreement
and for a period of one year following any termination or nonrenewal of this Agreement for any reason, the Company shall not, directly
or indirectly on behalf of itself or any other person or entity: (a)&nbsp;solicit the employment of or employ any partners, stockholders,
directors, trustees, officers, employees, consultants and/or associated persons (each, an &ldquo;<U>Associate</U>&rdquo;) of the Adviser,
any Sub-Adviser or any of their respective Affiliates (collectively, &ldquo;<U>Adviser Persons</U>&rdquo;) or any person or entity who
was an Associate of an Adviser Person during the one-year period preceding such proposed solicitation or employment, or (b)&nbsp;induce,
persuade or attempt to induce or persuade the discontinuation of, or in any way interfere or attempt to interfere with, the relationship
between an Adviser Person and any Associate of such Adviser Person or any person or entity who was an Associate of such Adviser Person
during the one-year period preceding such proposed inducement, persuasion or interference or attempted inducement, persuasion or interference.
The parties intend that any provision of this Section&nbsp;6 held invalid, illegal or unenforceable only in part or degree because of
the duration or geographic scope thereof shall remain in full force to the extent not held invalid, illegal or unenforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this Agreement,
&ldquo;<U>Affiliate</U>&rdquo; or &ldquo;<U>Affiliated</U>&rdquo; or any derivation thereof means with respect to any individual, corporation,
partnership, trust, joint venture, limited liability company or other entity or association (&ldquo;<U>Person</U>&rdquo;): (a)&nbsp;any
Person directly or indirectly owning, controlling, or holding, with the power to vote, 10% or more of the outstanding voting securities
of such other Person; (b)&nbsp;any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled
or held, with the power to vote, by such other Person; (c)&nbsp;any Person directly or indirectly controlling, controlled by or under
common control with such other Person; (d)&nbsp;any executive officer, director, trustee or general partner of such other Person; or
(e)&nbsp;any legal entity for which such Person acts as an executive officer, director, trustee or general partner.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Responsibility
of Dual Directors, Officers and/or Employees</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any person who is a director,
officer, stockholder or employee of the Adviser is or becomes a director, officer, stockholder and/or employee of the Company and acts
as such in any business of the Company, then such director, officer, stockholder and/or employee of the Adviser shall be deemed to be
acting in such capacity solely for the Company, and not as a director, officer, stockholder or employee of the Adviser or under the control
or direction of the Adviser, even if paid by the Adviser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Indemnification</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to Section&nbsp;9,
the Adviser, any Sub-Adviser, each of their respective directors, trustees, officers, stockholders or members (and their stockholders
or members, including the owners of their stockholders or members), agents, employees, controlling persons (as determined under the 1940
Act (&ldquo;<U>Controlling Persons</U>&rdquo;)), any other person or entity Affiliated with the Adviser or Sub-Adviser (including each
of their respective directors, trustees, officers, stockholders or members (and their stockholders or members, including the owners of
their stockholders or members), agents, employees or Controlling Persons) and any other person or entity acting on behalf of, the Adviser
or Sub-Adviser (each an &ldquo;<U>Indemnified Party</U>&rdquo; and, collectively, the &ldquo;<U>Indemnified Parties</U>&rdquo;) shall
not be liable to the Company or any stockholder thereof for any action taken or omitted to be taken by the Adviser or any Sub-Adviser
in connection with the performance of any of their duties or obligations under this Agreement or otherwise as an investment adviser of
the Company (except to the extent specified in Section&nbsp;36(b)&nbsp;of the 1940 Act concerning loss resulting from a breach of fiduciary
duty with respect to the receipt of compensation for services), and the Company shall indemnify, defend and protect the Indemnified Parties
(each of whom shall be deemed a third party beneficiary hereof) and hold them harmless from and against all losses, damages, liabilities,
costs and expenses (including reasonable attorneys&rsquo; fees and amounts reasonably paid in satisfaction of judgments, in compromises
and settlement, as fines and penalties and legal or other costs and reasonable expenses of investigating or defending against any claim
or alleged claim) of any nature whatsoever, known or unknown, liquidated or unliquidated) (&ldquo;<U>Losses</U>&rdquo;) incurred by the
Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including
an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of
any of the Indemnified Parties&rsquo; duties or obligations under this Agreement, any Sub-Advisory Agreement, or otherwise as an investment
adviser of the Company to the extent such Losses are not fully reimbursed by insurance and otherwise to the fullest extent such indemnification
would not be inconsistent with the Organizational Documents, the 1940 Act, the laws of the State of New York and other applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Limitation
on Indemnification</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
in Section&nbsp;8&nbsp;to the contrary, nothing contained herein shall protect or be deemed to protect any of the Indemnified Parties
against, or entitle or be deemed to entitle any of the Indemnified Parties to indemnification in respect of, any Losses to the Company
or its security holders to which the Indemnified Parties would otherwise be subject primarily attributable to the willful misfeasance,
bad faith or gross negligence in the performance of the Adviser&rsquo;s or Sub-Adviser&rsquo;s duties or by reason of the reckless disregard
of the Adviser&rsquo;s or Sub-Adviser&rsquo;s duties and obligations under this Agreement or any Sub-Advisory Agreement (to the extent
applicable, as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff
thereunder).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, notwithstanding
any of the foregoing to the contrary, the provisions of Section&nbsp;8 and this Section&nbsp;9 shall not be construed so as to provide
for the indemnification of any Indemnified Party for any liability (including liability under federal securities laws which, under certain
circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such indemnification
would be in violation of applicable law, but shall be construed so as to effectuate the provisions of Section&nbsp;8 and this Section&nbsp;9
to the fullest extent permitted by law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Term
and Effectiveness</U>. This Agreement shall become effective as of the first date written above. Once effective, this Agreement shall
remain in effect for two years, and thereafter shall continue automatically for successive one-year periods; provided that such continuance
is specifically approved at least annually by: (i)&nbsp;the vote of the Board, or by the vote of a majority of the outstanding voting
securities of the Company and (ii)&nbsp;the vote of a majority of the Independent Directors, in accordance with the requirements of the
1940 Act, or as otherwise permitted under Section&nbsp;15 of the 1940 Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Termination</U>.
This Agreement may be terminated at any time, without the payment of any penalty, (i)&nbsp;by the Company upon 60 days&rsquo; prior written
notice to the Adviser: (A)&nbsp;upon the vote of a majority of the outstanding voting securities of the Company (as &ldquo;<U>majority
of the outstanding voting securities</U>&rdquo; is defined in Section&nbsp;2(a)(42) of the 1940 Act) or (B)&nbsp;by the vote of the Independent
Directors; or (ii)&nbsp;by the Adviser upon not less than 60 days&rsquo; prior written notice to the Company. This Agreement shall automatically
terminate in the event of its &ldquo;<U>assignment</U>&rdquo; (as such term is defined for purposes of construing Section&nbsp;15(a)(4)&nbsp;of
the 1940 Act). The provisions of Sections&nbsp;8 and 9 shall remain in full force and effect, and the Adviser shall remain entitled to
the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this
Agreement as aforesaid, the Adviser shall be entitled to any amounts owed to it under Section&nbsp;3 through the date of termination
or expiration and Sections 8 and 9 shall continue in force and effect and apply to the Adviser and its representatives as and to the
extent applicable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Duties
of Adviser Upon Termination</U>. The Adviser shall promptly upon termination:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">deliver
to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering
the period following the date of the last accounting furnished to the Board;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">deliver
to the Board all assets and documents of the Company then in custody of the Adviser; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">cooperate
with the Company to provide an orderly transition of services.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;11.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Notices</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notice under this Agreement
shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at the address listed below or at such
other address for a party as shall be specified in a notice given in accordance with this Section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;12.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Amendments</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may be amended
by mutual written consent of the parties; provided that the consent of the Company is required to be obtained in conformity with the
requirements of the 1940 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Severability</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any provision of this
Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable
from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect
the remainder hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;14.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may be executed
in counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument
binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;15.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Governing
Law</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the place
where this Agreement may be executed by any of the parties hereto and the provisions of Sections 8 and 9, this Agreement shall be construed
in accordance with the laws of the State of New York. For so long as the Company is regulated as a BDC under the 1940 Act, this Agreement
shall also be construed in accordance with the applicable provisions of the 1940 Act and the Advisers Act. In such case, to the extent
the applicable laws of the State of New York or any of the provisions herein conflict with the provisions of the 1940 Act or the Advisers
Act, the 1940 Act and the Advisers Act shall control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;16.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Third
Party Beneficiaries</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except for any Sub-Adviser
and any Indemnified Party, such Sub-Adviser and the Indemnified Parties each being an intended beneficiary of this Agreement, this Agreement
is for the sole benefit of the parties hereto and their permitted assigns and nothing herein express or implied shall give or be construed
to give to any person, other than the parties hereto and such assigns, any legal or equitable rights hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;17.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Entire
Agreement</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement contains the
entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter
hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;18.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Insurance</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall acquire
and maintain a directors and officers liability insurance policy or similar insurance policy, which may name the Adviser and any Sub-Adviser
each as an additional insured party (each an &ldquo;<U>Additional Insured Party</U>&rdquo; and collectively the &ldquo;<U>Additional
Insured Parties</U>&rdquo;). Such insurance policy shall include reasonable coverage from a reputable insurer. The Company shall make
all premium payments required to maintain such policy in full force and effect; provided, however, each Additional Insured Party, if
any, shall pay to the Company, in advance of the due date of such premium, its allocated share of the premium. Irrespective of whether
the Adviser and any Sub-Adviser is a named Additional Insured Party on such policy, the Company shall provide the Adviser and any Sub-Adviser
with written notice upon receipt of any notice of: (a)&nbsp;any default under such policy; (b)&nbsp;any pending or threatened termination,
cancellation or non-renewal of such policy or (c)&nbsp;any coverage limitation or reduction with respect to such policy. The foregoing
provisions of this Section&nbsp;18 notwithstanding, the Company shall not be required to acquire or maintain any insurance policy to
the extent that the same is not available upon commercially reasonable pricing terms or at all, as determined in good faith by the required
majority (as defined in Section&nbsp;57(o)&nbsp;of the 1940 Act) of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<I>signature page&nbsp;follows</I>)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed on the date above written.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MORGAN STANLEY DIRECT LENDING FUND </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a Delaware corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1585 Broadway</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY 10036</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Orit Mizrachi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>Orit Mizrachi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>Chief Operating Officer and Secretary</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MS CAPITAL PARTNERS ADVISER INC. </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a Delaware corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1585 Broadway</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY 10036</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Orit Mizrachi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>Orit Mizrachi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>Vice President</TD></TR>
  </TABLE>

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

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to Amended and Restated Investment Advisory Agreement]</P>

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

<P STYLE="margin: 0pt"></P>

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<TYPE>EX-99.H
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<FILENAME>tm2229241d26_ex99-h.htm
<DESCRIPTION>EXHIBIT 99.H
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2229241d26_ex99xh.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2229241-26/tm2229241-26_nonfiling/users" -->
<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;(h)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MORGAN STANLEY DIRECT LENDING FUND</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(a Delaware corporation)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5,000,000 Shares of Common Stock</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated: January&nbsp;23, 2024</P>

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

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

<!-- Field: Page; Sequence: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MORGAN STANLEY DIRECT LENDING FUND</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(a Delaware corporation)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5,000,000 Shares of Common Stock</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 468.75pt">January&nbsp;23, 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1585 Broadway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10036</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">383 Madison Ave, 8<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10179</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">500 West 33rd Street, 14th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10001</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Morgan Stanley Direct Lending
Fund, a Delaware corporation (the &ldquo;Company&rdquo;), confirms its agreement with Morgan Stanley&nbsp;&amp; Co. LLC (&ldquo;Morgan
Stanley&rdquo;), J.P. Morgan Securities LLC (&ldquo;JP Morgan&rdquo;), Wells Fargo Securities, LLC (&ldquo;Wells Fargo&rdquo;) and each
of the underwriters named in Schedule A hereto (collectively, the &ldquo;Underwriters,&rdquo; which term shall also include any underwriter
substituted as hereinafter provided in Section&nbsp;10 hereof), for whom Morgan Stanley, JP Morgan and Wells Fargo are acting as Representatives
(in such capacity, the &ldquo;Representatives&rdquo;), with respect to (i)&nbsp;the sale by the Company and the purchase by the Underwriters,
acting severally and not jointly, of the respective numbers of shares of common stock, par value $0.001 per share, of the Company (&ldquo;Common
Stock&rdquo;) set forth in Schedule A hereto and (ii)&nbsp;the grant by the Company to the Underwriters, acting severally and not jointly,
of the option described in Section&nbsp;2(b)&nbsp;hereof to purchase all or any part of 750,000 additional shares of Common Stock. The
aforesaid 5,000,000 shares of Common Stock (the &ldquo;Initial Securities&rdquo;) to be purchased by the Underwriters and all or any
part of the 750,000 shares of Common Stock subject to the option described in Section&nbsp;2(b)&nbsp;hereof (the &ldquo;Option Securities&rdquo;)
are herein called, collectively, the &ldquo;Securities.&rdquo; The shares of Common Stock of the Company to be outstanding after giving
effect to the sale of the Securities are referred to herein as the &ldquo;Stock.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company understands that
the Underwriters propose to make a public offering of the Securities as soon as the Representatives deem advisable after this Underwriting
Agreement (this &ldquo;Agreement&rdquo;) has been executed and delivered.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed with
the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) a registration statement on Form&nbsp;N-2 (File No.&nbsp;333-276056),
including the related preliminary prospectus or prospectuses, covering the registration of the sale of the Securities under the Securities
Act of 1933, as amended (the &ldquo;Act&rdquo;). Promptly after execution and delivery of this Agreement, the Company will prepare and
file a prospectus in accordance with the provisions of Rule&nbsp;430A (&ldquo;Rule&nbsp;430A&rdquo;) of the rules&nbsp;and regulations
of the Commission under the Act (the &ldquo;Act Regulations&rdquo;) and paragraph (b)&nbsp;of Rule&nbsp;424 (&ldquo;Rule&nbsp;424(b)&rdquo;)
of the Act Regulations. The information included in such prospectus that was omitted from such registration statement at the time it
became effective but that is deemed to be part of such registration statement at the time it became effective pursuant to Rule&nbsp;430A(b)&nbsp;is
herein called the &ldquo;Rule&nbsp;430A Information.&rdquo; Such registration statement, including the amendments thereto, the exhibits
thereto and any schedules thereto, at the time it became effective, and including the Rule&nbsp;430A Information and the information
(if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule&nbsp;424(b), is herein called
the &ldquo;Registration Statement.&rdquo; Any registration statement filed pursuant to Rule&nbsp;462(b)&nbsp;of the Act Regulations is
herein called the &ldquo;Rule&nbsp;462(b)&nbsp;Registration Statement&rdquo; and, after such filing, the term &ldquo;Registration Statement&rdquo;
shall include the Rule&nbsp;462(b)&nbsp;Registration Statement. Each prospectus used prior to the effectiveness of the Registration Statement
in the form furnished to the Underwriters for use in connection with the offering of the Securities, and each prospectus that omitted
the Rule&nbsp;430A Information that was used after such effectiveness and prior to the execution and delivery of this Agreement is herein
called a &ldquo;preliminary prospectus.&rdquo; The final prospectus filed with the Commission pursuant to Rule&nbsp;424(b), in the form
first furnished to the Underwriters for use in connection with the offering of the Securities, is herein called the &ldquo;Prospectus.&rdquo;
Any &ldquo;issuer free writing prospectus&rdquo; (as defined in Rule&nbsp;433 under the Act) relating to the offering of the Securities
contemplated by this Agreement is hereinafter called an &ldquo;Issuer Free Writing Prospectus.&rdquo; Any press releases or similar written
materials meeting the definition of an &ldquo;advertisement&rdquo; as set forth in Rule&nbsp;482 under the Act, the use of which has
been consented to by each of the Representatives, is herein called &ldquo;Rule&nbsp;482 Material.&rdquo; For purposes of this Agreement,
all references to the Registration Statement, any preliminary prospectus, the Rule&nbsp;482 Material, the Prospectus, any Issuer Free
Writing Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission
pursuant to its Electronic Data Gathering, Analysis and Retrieval system or any successor system (&ldquo;EDGAR&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Form&nbsp;N-54A Notification
of Election to be Subject to Sections 55 through 65 of the Investment Company Act of 1940 Filed Pursuant to Section&nbsp;54(a)&nbsp;of
the Investment Company Act (File No.&nbsp;814-01332) (the &ldquo;Notification of Election&rdquo;) was filed with the Commission on November&nbsp;25,
2019 under the Investment Company Act of 1940, as amended, and the rules&nbsp;and regulations and any applicable guidance and/or interpretation
of the Commission or its staff thereunder (the &ldquo;Investment Company Act&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has entered into
an Investment Advisory Agreement, dated November&nbsp;25, 2019 (the &ldquo;Investment Advisory Agreement&rdquo;), with MS Capital Partners
Adviser Inc., a Delaware corporation registered as an investment adviser (the &ldquo;Adviser&rdquo;) under the Investment Advisers Act
of 1940, as amended, and the rules&nbsp;and regulations promulgated thereunder (collectively, the &ldquo;Advisers Act&rdquo;). The Company
has also entered into an Administration Agreement, dated November&nbsp;25, 2019 (the &ldquo;Administration Agreement&rdquo;), with MS
Private Credit Administrative Services LLC, a Delaware limited liability company (the &ldquo;Administrator&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this Agreement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;Applicable
Time&rdquo; means 5:00 P.M., New York City time, on January&nbsp;23, 2024 or such other time as agreed by the Company and the Representatives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;General
Disclosure Package&rdquo; means (i)&nbsp;the preliminary prospectus, dated January&nbsp;19, 2024, (ii)&nbsp;any Issuer Free Writing Prospectuses,
and (iii)&nbsp;the information included on Schedule B hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;Testing-the-Waters
Communication&rdquo; means any oral or written communication with potential investors undertaken in reliance on Section&nbsp;5(d)&nbsp;of
the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;Written
Testing-the-Waters Communication&rdquo; means any Testing-the-Waters Communication that is a written communication within the meaning
of Rule&nbsp;405 under the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.
</FONT><U>Representations and Warranties</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;</FONT><I>Representations
and Warranties of the Company.</I> The Company represents and warrants to each Underwriter as of the date hereof, the Applicable Time,
the Closing Time (as defined below) and any Date of Delivery (as defined below), and agrees with each Underwriter, as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;</FONT>the
Company is eligible to use Form&nbsp;N-2. Each of the Registration Statement and any amendment thereto has become effective under the
Act. No stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued
under the Act, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued and no proceedings
for any of those purposes or pursuant to Section&nbsp;8A of the Act against the Company or related to the offering of Securities have
been instituted or are pending or, to the Company&rsquo;s knowledge, contemplated. The Company has complied with each request (if any)
from the Commission for additional information in connection with the Registration Statement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each of the Registration
Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the requirements
of the Act, the Act Regulations, and the Investment Company Act. Each preliminary prospectus, the Rule&nbsp;482 Material, the Prospectus
and any amendment or supplement thereto, at the time each was filed with the Commission, complied in all material respects with the requirements
of the Act, the Act Regulations, and the Investment Company Act. Each preliminary prospectus delivered to the Underwriters for use in
connection with this offering; the Rule&nbsp;482 Material that is required to be filed with the Commission pursuant to Rule&nbsp;482
of the Act and the Prospectus was or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant
to EDGAR, except to the extent permitted by Regulation S-T. Rule&nbsp;482 Material, as of its issue date and at all subsequent times
through the completion of this offering and sale of the Securities, did not, does not and will not include any information that conflicts
with the information contained in the Registration Statement, each preliminary prospectus or the Prospectus that has not been superseded
or modified.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;</FONT>neither
the Registration Statement nor any amendment thereto, at its effective time, at the Closing Time or at any Date of Delivery, contained,
contains or will contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, not misleading. As of the Applicable Time, none of the General Disclosure Package, any individual preliminary
prospectus, any individual Free Writing Prospectus, any broadly available road show as defined in Rule&nbsp;433(h)&nbsp;under the Act,
nor the Rule&nbsp;482 Material, when considered together with the General Disclosure Package, included, includes or will include an untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that the Company makes no representation or warranty with respect
to any statements or omissions made in reliance upon and in conformity with information furnished to the Company in writing by such Underwriter
through the Representatives expressly for use in the Registration Statement, General Disclosure Package or Prospectus. For purposes of
this Agreement, the only information so furnished shall be the information in the third paragraph under the heading &ldquo;Underwriting,&rdquo;
the eighth paragraph under the heading &ldquo;Underwriting,&rdquo; and the information in the first and ninth sentences of the fifteenth
paragraph under the heading &ldquo;Underwriting&rdquo; in each case contained in the Prospectus (collectively, the &ldquo;Underwriter
Information&rdquo;). Neither the Prospectus nor any amendment or supplement thereto, as of their respective date(s), at the time of any
filing with the Commission pursuant to Rule&nbsp;424(b), at the Closing Time or at any Date of Delivery, included, includes or will include
an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided that the Company makes no representation or warranty with respect
to any statements or omissions made in reliance upon and in conformity with Underwriter Information furnished to the Company in writing
by such Underwriter through the Representatives expressly for use in the Registration Statement (or any amendment thereto), General Disclosure
Package or the Prospectus (or any amendment or supplement thereto);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;</FONT>(A)&nbsp;the
Company shall furnish to the Representatives for review, a reasonable amount of time prior to the proposed time of filing or use thereof,
a copy of each proposed Issuer Free Writing Prospectus or any amendment or supplement thereto prepared by or on behalf of, used by, or
referred to by the Company, and the Company shall not file, use or refer to any proposed Issuer Free Writing Prospectus or any amendment
or supplement thereto without the Representatives&rsquo; prior written consent. The Company shall furnish to the Representatives, without
charge, as many copies of any Issuer Free Writing Prospectus prepared by or on behalf of, used by or referred to by the Company as the
Representatives may reasonably request. If at any time when a prospectus is required by the Act to be delivered (whether physically or
through compliance with Rule&nbsp;172 under the Act or any similar rule) in connection with sales of the Securities (but in any event
if at any time through and including the Closing Time) there occurred an event or development as a result of which any Issuer Free Writing
Prospectus prepared by or on behalf of, used by, or referred to by the Company conflicted with the information contained in the Registration
Statement, the preliminary prospectus or the Prospectus or included an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances prevailing at such time, not misleading, the
Company shall promptly amend or supplement such Issuer Free Writing Prospectus to eliminate or correct such conflict so that the statements
in such Issuer Free Writing Prospectus as so amended or supplemented will not include an untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at such time,
not misleading, as the case may be; provided, that prior to amending or supplementing any such Issuer Free Writing Prospectus, the Company
shall furnish to the Representatives for review, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy
of such proposed amended or supplemented Issuer Free Writing Prospectus, and the Company shall not file, use or refer to any such amended
or supplemented Issuer Free Writing Prospectus without the Representatives&rsquo; prior written consent; (B)&nbsp;no Issuer Free Writing
Prospectus conflicts with the information contained in the Registration Statement, the preliminary prospectus or the Prospectus that
has not been superseded or modified; and (C)&nbsp;the Company represents and agrees that, without the prior consent of the Representatives,
it has not made and shall not make any offer relating to the Securities that could constitute an Issuer Free Writing Prospectus; any
such Issuer Free Writing Prospectus the use of which has been consented to by the Company and the Representatives is listed on Schedule
B hereto;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;</FONT>the
Company (A)&nbsp;has not alone engaged in any Testing-the-Waters Communications other than Testing-the-Waters Communications with the
consent of the Representatives (x)&nbsp;with entities that are qualified institutional buyers (&ldquo;QIBs&rdquo;) within the meaning
of Rule&nbsp;144A under the Securities Act or institutions that are accredited investors within the meaning of Rule&nbsp;501(a)(1), (a)(2),
(a)(3), (a)(7), (a)(8), (a)(9), (a)(12) or (a)(13) under the Act (&ldquo;IAIs&rdquo;) and otherwise in compliance with the requirements
of Section&nbsp;5(d)&nbsp;of the Act or (y)&nbsp;with entities that the Company reasonably believed to be QIBs or IAIs and otherwise
in compliance with the requirements of Rule&nbsp;163B under the Act and (B)&nbsp;has not authorized anyone other than the Representatives
to engage in Testing-the-Waters Communications. The Company reconfirms that the Representatives have been authorized to act on its behalf
in undertaking Testing-the-Waters Communications. The Company has not distributed or approved for distribution any Written Testing-the-Waters
Communications other than those listed on Exhibit&nbsp;C-1 hereto. The Company has not distributed or approved for distribution the Rule&nbsp;482
Material other than those listed on Exhibit&nbsp;C-2 hereto. Any individual Written Testing-the-Waters Communication does not conflict
with the information contained in the Registration Statement or the General Disclosure Package, complied in all material respects with
the Act, and when taken together with the General Disclosure Package as of the Applicable Time, did not, and as of the Closing Time and
as of the Date of Delivery, as the case may be, will not, contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;</FONT>at
the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Company
or another offering participant made a <I>bona fide</I> offer (within the meaning of Rule&nbsp;164(h)(2)&nbsp;of the Act Regulations)
of the Securities and at the date hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule&nbsp;405,
without taking account of any determination by the Commission pursuant to Rule&nbsp;405 that it is not necessary that the Company be
considered an ineligible issuer;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;</FONT>the
Company has been duly formed and is validly existing as a corporation in good standing under the laws of the State of Delaware, and has
the corporate power and authority to conduct its business as described in the Registration Statement, the General Disclosure Package
and the Prospectus and has or had the corporate power and authority to execute and deliver this Agreement, the Investment Advisory Agreement
and the Administration Agreement; and the Company is duly qualified to do business as a foreign corporation and is in good standing in
each jurisdiction where the conduct of its business requires such qualification, except where the failure to be so qualified and in good
standing would not reasonably be expected to have a material adverse effect on the business, financial condition or results of operation,
or prospects of the Company and its subsidiaries listed on Schedule D hereto (each a &ldquo;Subsidiary&rdquo; and collectively the &ldquo;Subsidiaries&rdquo;)
taken as a whole (a &ldquo;Material Adverse Effect&rdquo;);</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;</FONT>the
Company does not own any real property;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&nbsp;</FONT>the
Company has no subsidiary (as defined in the Act) other than the Subsidiaries; each of the Subsidiaries has been duly organized, is validly
existing as a limited liability company or a corporation, as the case may be, is in good standing under the laws of its jurisdiction
of organization, has the power and authority to conduct its business as described in the Registration Statement, the General Disclosure
Package and the Prospectus, as applicable; the Company, either directly or through a wholly-owned subsidiary, owns all of the outstanding
equity interests of the Subsidiaries free and clear of any liens, charges or encumbrances in favor of any third parties; the Subsidiaries
are duly qualified to do business as a foreign entity and are in good standing in each jurisdiction where the conduct of its business
requires such qualification, except where the failure to be so qualified and in good standing would not have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)&nbsp;</FONT>the
authorized, issued and outstanding shares of capital stock of the Company are as set forth in the Registration Statement, the General
Disclosure Package and the Prospectus in the column entitled &ldquo;Actual&rdquo; under the caption &ldquo;Capitalization.&rdquo; The
outstanding shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable.
None of the outstanding shares of capital stock of the Company were issued in violation of the preemptive or other similar rights of
any securityholder of the Company. The Common Stock conforms to all statements relating thereto contained in the Registration Statement,
the General Disclosure Package and the Prospectus and such description conforms to the rights set forth in the instruments defining the
same;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)&nbsp;</FONT>this
Agreement, the Investment Advisory Agreement and the Administration Agreement have been duly authorized, executed and delivered by the
Company and constitute the valid and legally binding agreements of the Company, enforceable against the Company, in accordance with their
respective terms, <U>provided</U>, <U>however</U>, that each of the Company, the Adviser and the Administrator makes no representation
or warranty with respect to the validity or enforceability of any provision hereunder or thereunder relating to rights to indemnity and/or
contribution or to enforceability of any obligations that may be limited by the applicable bankruptcy, reorganization, insolvency, moratorium
or other laws affecting creditors&rsquo; rights generally and to general principles of equity (regardless of whether enforcement is considered
in a proceeding in equity or law) (collectively, the &ldquo;Enforceability Exceptions&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)&nbsp;</FONT>no
person has the right to require the Company to register any securities for sale under the Act by reason of the filing of the Registration
Statement with the Commission or the issuance and sale of the Securities;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(xii)&nbsp;neither the Company nor any
Subsidiary is (A)&nbsp;in violation of its charter, by-laws, certificate of formation, limited liability company operating agreement,
or other organizational documents of the Company or any Subsidiary, as applicable, (B)&nbsp;in default of (nor has any event occurred
which with notice, lapse of time or both would constitute such default) any indenture, mortgage, deed of trust, bank loan or credit agreement
or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the Company or any Subsidiary,
as the case may be, is a party or (C)&nbsp;in contravention of any law, regulation or rule&nbsp;or any decree, judgment or order applicable
to the Company or any Subsidiary, as applicable, except, with respect to clause (B)&nbsp;and (C), to the extent that any such breach,
violation or contravention would not reasonably be expected to have a Material Adverse Effect; and the execution, delivery and performance
by the Company of this Agreement and the consummation of the transactions contemplated hereby and in the Registration Statement, the
General Disclosure Package and the Prospectus (including the issuance and sale of the Securities and the use of the proceeds from the
sale of the Securities as described therein under the caption &ldquo;Use of Proceeds&rdquo;) will not (i)&nbsp;violate the charter, by-laws
or other organizational documents of the Company, or (ii)&nbsp;result in any default or the occurrence of any event which with notice,
lapse of time or both would constitute such default of any indenture, mortgage, deed of trust, bank loan or credit agreement or other
evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the Company or any Subsidiary, as
the case may be, is a party or (iii)&nbsp;contravene any law, regulation or rule&nbsp;or any decree, judgment or order applicable to
the Company or any Subsidiary, as applicable, except, with respect to clause (ii), to the extent that any such breach, violation or contravention
would not reasonably be expected to have a Material Adverse Effect and, with respect to clause (iii), to the extent such contravention
would not reasonably be expected to have a Material Adverse Effect on the ability of the Company to consummate the offering or any transaction
contemplated by this Agreement, the Registration Statement, the General Disclosure Package and the Prospectus;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)&nbsp;</FONT>no
approval, authorization, consent or order of or filing with any governmental or regulatory body or agency is required in connection with
the performance by the Company of its obligations under this Agreement, in connection with the offering, issuance or sale of the Securities
hereunder or the consummation of the transactions contemplated by this Agreement, except such as have been made or obtained and such
as may be required under the Act, the Act Regulations, the Investment Company Act, the rules&nbsp;of the New York Stock Exchange (&ldquo;NYSE&rdquo;),
state securities laws or the rules&nbsp;of the Financial Industry Regulatory Authority,&nbsp;Inc. (&ldquo;FINRA&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)&nbsp;</FONT>each
of the Company and each of the Subsidiaries has all necessary licenses, authorizations, consents and approvals (collectively, the &ldquo;Consents&rdquo;)
and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has obtained all
necessary Consents from other persons in order to conduct its business, except where the failure to obtain such Consents or make such
filings would not reasonably be expected to have a Material Adverse Effect; neither the Company nor any Subsidiary is in violation of,
or in default under, or has received notice of any proceedings relating to revocation or modification of, any such Consents or any federal,
state, local or foreign law, regulation or rule&nbsp;or any decree, order or judgment applicable to the Company or any Subsidiary, except
where such violation, default, revocation or modification would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv)&nbsp;</FONT>all
legal proceedings, government proceedings known to the Company, affiliate transactions, consents, licenses, agreements or documents that
would be required to be described in the Registration Statement, General Disclosure Package or the Prospectus or that would be required
to be filed as exhibits to the Registration Statement, the General Disclosure Package or the Prospectus if the Securities were offered
pursuant to a registration under the Act, have been so described in the Registration Statement, General Disclosure Package or the Prospectus;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvi)&nbsp;</FONT>except
as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there are no legal actions, suits, claims,
proceedings, or to the Company&rsquo;s knowledge, investigations pending or, to the Company&rsquo;s knowledge, threatened to which the
Company or the Subsidiaries, or, to the Company&rsquo;s knowledge, any of their respective directors, managing members or officers, is
a party or would be subject at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission,
board, body, authority or agency, except any such action, suit, claim, investigation or proceeding which would not if determined adversely
to the Company or the Subsidiaries, as the case may be, reasonably be expected to have a Material Adverse Effect or prevent consummation
of the transactions contemplated hereby;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xvii)&nbsp;Deloitte&nbsp;&amp;
Touche LLP (&ldquo;Deloitte&rdquo;), whose reports on the audited consolidated financial statements of the Company are filed with the
Commission and included in the Prospectus, is an independent registered public accounting firm as required by the Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xviii)&nbsp;the
consolidated financial statements of the Company and the Subsidiaries included in the Registration Statement, the General Disclosure
Package and the Prospectus, together with the related notes, present fairly in all material respects the financial position and results
of operations of the Company and the Subsidiaries as of the dates indicated and for the indicated periods (except that the unaudited
financial statements were or are subject to normal year-end adjustments which were not, or are not expected to be, material in amount
to the Company); such financial statements have been prepared in accordance with United States generally accepted accounting principles
(&ldquo;GAAP&rdquo;), consistently applied throughout the periods presented except as noted in the notes thereon (except, in each case,
as may be permitted by the rules&nbsp;and regulations of the Commission); and the financial highlights information included in the Registration
Statement, the General Disclosure Package and the Prospectus presents fairly in all material respects the information shown therein and
has been compiled on a basis consistent with the financial statements presented therein; there are no pro forma financial statements
that are required to be included in the Registration Statement, the General Disclosure Package and the Prospectus that are not included
as required; the Company does not have any material liabilities or obligations, direct or, to the Company&rsquo;s knowledge, contingent
(including any off-balance sheet obligations), not disclosed in the Registration Statement, the General Disclosure Package and the Prospectus;
and all disclosures contained in the Registration Statement, the General Disclosure Package and the Prospectus regarding &ldquo;non-GAAP
financial measures&rdquo; (as such term is defined by the rules&nbsp;and regulations of the Commission), if any, comply with Regulation
G of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) and Item 10 of Regulation S-K under the Act, to
the extent applicable;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xix)&nbsp;the
interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement fairly
presents the information called for in all material respects and has been prepared in all material respects in accordance with the Commission&rsquo;s
rules&nbsp;and guidelines applicable thereto;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xx)&nbsp;subsequent
to the date of the most recent financial statements contained in the Registration Statement, the General Disclosure Package or the Prospectus
(exclusive of any amendments or supplements thereto subsequent to the date of this Agreement), there has not been any material adverse
change, or any development involving a prospective material adverse change, in the business, management, financial condition, prospects
or results of operations of the Company or the Subsidiaries;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxi)&nbsp;each
of the Company and the Subsidiaries is not and, after giving effect to the offering and sale of the Securities and the application of
the proceeds thereof as described in the Registration Statement, the General Disclosure Package and the Prospectus, will not be required
to register as an &ldquo;investment company&rdquo; as such term is used in the Investment Company Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxii)&nbsp;</FONT>each
of the Company and the Subsidiaries owns, possesses, or can acquire on reasonable terms valid and enforceable licenses for, or other
rights to use, the inventions, patent applications, patents, trademarks (both registered and unregistered), tradenames, copyrights, trade
secrets and other proprietary information described in the Registration Statement, the General Disclosure Package and the Prospectus
as being licensed by it or which are necessary for the conduct of its businesses (collectively, &ldquo;Intellectual Property&rdquo;),
except where the failure to own, license or have such rights would not reasonably be expected, individually or in the aggregate, to have
a Material Adverse Effect; except as disclosed in the Registration Statement, the General Disclosure Package or the Prospectus, neither
the Company nor any Subsidiary has received notice and is not otherwise aware of any infringement of, or conflict with, asserted rights
of third parties 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 Company or of any Subsidiary, as the case may be, therein, and which infringement
or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity or inadequacy, would reasonably be expected
to result in a Material Adverse Effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxiii)&nbsp;the
Company maintains insurance covering its operations, personnel and businesses as the Company deems adequate; such insurance insures against
such losses and risks to an extent which it reasonably believes is adequate in accordance with customary industry practice to protect
the Company and its business; all such insurance is fully in force on the date hereof and the Company expects such insurance will be
fully in force on the Closing Time;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxiv)&nbsp;the
Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (A)&nbsp;transactions are
executed in accordance with management&rsquo;s general or specific authorization and the applicable requirements of the Investment Company
Act and the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;); (B)&nbsp;transactions are recorded as necessary to permit
preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (C)&nbsp;access to assets is permitted
only in accordance with management&rsquo;s general or specific authorization; (D)&nbsp;the recorded accountability for assets is compared
with existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (E)&nbsp;the interactive
data in eXtensible Business Reporting Language incorporated by reference into the Registration Statement, the General Disclosure Package
and the Prospectus fairly present the information called for in all material respects and is prepared in all material respects in accordance
with the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto. The Company&rsquo;s internal control over financial reporting
(as such term is defined in Rule&nbsp;13a-15(f)&nbsp;under the Exchange Act) is effective to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and the
Company is not aware of any material weaknesses in its internal control over financial reporting; since the end of the Company&rsquo;s
most recent audited fiscal year, there has been (i)&nbsp;no material weakness in the Company&rsquo;s internal control over financial
reporting (whether or not remediated) and (ii)&nbsp;no change in the Company&rsquo;s internal control over financial reporting that has
materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxv)&nbsp;the
Company has established and maintains disclosure controls and procedures (as such term is defined in Rules&nbsp;13a-15 and 15d-15 promulgated
under the Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating to the Company
and its Subsidiaries is made known to the Company&rsquo;s Chief Executive Officer and Chief Financial Officer by others within the Company,
any of its Subsidiaries and the Adviser, and such disclosure controls and procedures are effective to perform the functions for which
they were established; the Company&rsquo;s auditors and the audit committee of the board of directors of the Company have been advised
of: (A)&nbsp;any significant deficiencies or material weaknesses in the design or operation of internal controls which could materially
adversely affect the Company&rsquo;s ability to record, process, summarize, and report financial data; and (B)&nbsp;any fraud, whether
or not material, that involves management or other employees who have a role in the Company&rsquo;s internal controls; and since the
date of the most recent evaluation of such disclosure controls and procedures, there have been no material changes in internal controls
or in other factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies
and material weaknesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxvi)&nbsp;the
Company has not taken, directly or indirectly, any action designed, or which has constituted or might reasonably be expected to cause
or result in, under the Exchange Act, the stabilization or manipulation of the price of any security of the Company to facilitate the
sale of the Securities; provided, that any action in connection with the Company&rsquo;s distribution reinvestment plan or any activity
permitted pursuant to Rule&nbsp;10b-18 under the 1934 Act will not be deemed a violation of this paragraph;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxvii)&nbsp;the
statistical and market-related data included in the Registration Statement, the General Disclosure Package and the Prospectus are based
on or derived from sources that the Company believes to be reliable and accurate and the Company has obtained the written consent to
the use of such data in the Registration Statement, the General Disclosure Package and the Prospectus from such sources to the extent
required;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxviii)&nbsp;to
the Company&rsquo;s knowledge, there are no affiliations or associations between any member of FINRA and any of the Company&rsquo;s officers
or directors, except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxix)&nbsp;(A)&nbsp;the
terms of the Investment Advisory Agreement, including compensation terms, comply in all material respects with all applicable provisions
of the Investment Company Act and the Advisers Act and the applicable published rules&nbsp;and regulations promulgated thereunder, and
(B)&nbsp;the approvals by the board of directors and the stockholders of the Company of the Investment Advisory Agreement have been made
to the extent required by Section&nbsp;15 of the Investment Company Act applicable to companies that have elected to be regulated as
business development companies under the Investment Company Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxx)&nbsp;</FONT>except
as disclosed in the Registration Statement and the Prospectus (A)&nbsp;no person is serving or acting as an officer, director or investment
adviser of the Company, except in accordance with the provisions of the Investment Company Act applicable to business development companies
and the Advisers Act and the applicable published rules&nbsp;and regulations promulgated thereunder, and (B)&nbsp;to the knowledge of
the Company, no director of the Company is an &ldquo;affiliated person&rdquo; (as defined in the Investment Company Act) of any of the
Underwriters;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxi)&nbsp;</FONT>the
Company has elected to be regulated as a business development company under the Investment Company Act and has not withdrawn that election,
and the Commission has not ordered that such election be withdrawn nor, to the Company&rsquo;s knowledge, have the proceedings to effectuate
such withdrawal been initiated or threatened by the Commission; the provisions of the corporate charter and by-laws of the Company comply
in all material respects with the requirements of the Investment Company Act applicable to business development companies; the operations
of the Company are in compliance in all material respects with the provisions of the Act and the Investment Company Act applicable to
business development companies and the rules&nbsp;and regulations promulgated thereunder, except as such will not result, individually
or in the aggregate, in a Material Adverse Effect; provided, that the Company does not represent or warrant as to the compliance of Section&nbsp;10(a)(2)&nbsp;hereof
with Section&nbsp;17(i)&nbsp;of the Investment Company Act;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxii)&nbsp;</FONT>the
Company and, to its knowledge, its directors and officers (in such capacity) are in compliance in all material respects with the applicable
provisions of the Sarbanes-Oxley Act of 2002, as amended (the &ldquo;Sarbanes-Oxley Act&rdquo;), and the Commission&rsquo;s published
rules&nbsp;promulgated thereunder;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxiii)&nbsp;</FONT>each
of the Company and the Subsidiaries (A)&nbsp;has filed all foreign, federal, state and local tax returns that are required to be filed
or has requested extensions thereof (except in any case in which the failure so to file would not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect) and has paid all taxes required to be paid by it and any other assessment, fine
or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty
that is currently being contested in good faith or as would not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect and (B)&nbsp;has elected to be treated, and operates its business so as to qualify, as a regulated investment company
under Subchapter M of the Code;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxiv)&nbsp;</FONT>the
operations of the Company and each of the Subsidiaries are and have been conducted at all times in material compliance with all applicable
financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and
the applicable anti-money laundering statutes of jurisdictions where the Company and each of its subsidiaries conduct business, the rules&nbsp;and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental
agency (collectively, the &ldquo;Anti-Money Laundering Laws&rdquo;), and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering
Laws is pending or, to the knowledge of the Company, threatened;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxv)&nbsp;</FONT>(A)&nbsp;neither
the Company nor any of the Subsidiaries, nor any director or officer thereof, nor to the Company&rsquo;s knowledge, any employee, agent
or representative of the Company or of any of its Subsidiaries or controlled affiliates, has taken or will take any action in furtherance
of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt of money, property, gifts or anything
else of value, directly or indirectly, to any government official (including any officer or employee of a government or government-owned
or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any
of the foregoing, or any political party or party official or candidate for political office) (&ldquo;Government Official&rdquo;) in
order to influence official action, or to any person in violation of any applicable anti-corruption laws; (B)&nbsp;the Company and each
of its Subsidiaries and affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have instituted
and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with such
laws and with the representations and warranties contained herein; and (C)&nbsp;neither the Company nor any of its Subsidiaries will
use, directly or indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the
payment or giving of money, or anything else of value, to any person in violation of any applicable anti-corruption laws;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xxxvi)&nbsp;(A)&nbsp;neither
the Company nor any of the Subsidiaries, nor any director, officer, nor to the Company&rsquo;s knowledge, any controlled affiliate, employee,
representative or agent of the Company or any of the Subsidiaries, is an individual or entity (&ldquo;Person&rdquo;) that is, or is owned
or controlled by one or more Persons that are:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
subject of any sanctions administered or enforced by the U.S. Department of the Treasury&rsquo;s Office of Foreign Assets Control, the
United Nations Security Council, the European Union, His Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively,
 &ldquo;Sanctions&rdquo;), or</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;located,
organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the Crimea region of
Ukraine, the so-called Donetsk People&rsquo;s Republic, the so-called Luhansk People&rsquo;s Republic, or any other Covered Region of
Ukraine identified pursuant to Executive Order 14065, Cuba,&nbsp;Iran, North Korea and Syria);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(B)&nbsp;The Company
will not, directly or indirectly, use the net proceeds of the offering, or lend, contribute or otherwise make available such proceeds
to any subsidiary, joint venture partner or other Person</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">to fund or facilitate any activities
                                            or business of or with any Person or in any country or territory that, at the time of such
                                            funding or facilitation, is the subject of Sanctions; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">in any other manner that will result
                                            in a violation of Sanctions by any Person (including any Person participating in the offering,
                                            whether as underwriter, adviser, investor or otherwise);</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(C)&nbsp;the Company and each of its
Subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any prohibited dealings or transactions
with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxvii)&nbsp;</FONT>the
Company is not aware of any security breach or incident, unauthorized access or disclosure, or other compromise relating to the Company
and the Subsidiaries&rsquo; information technology assets and equipment, computers, systems, networks, hardware, software, websites,
applications, and databases (collectively, &ldquo;IT Systems&rdquo;), and the IT Systems are adequate for, and operate and perform in
all material respects as required in connection with the operation of the business of the Company and the Subsidiaries as currently conducted,
except, in each case, as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. The Company
and the Subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain
and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems
and data (including all personal, personally identifiable, sensitive, confidential or regulated data (&ldquo;Personal Data&rdquo;)) used
in connection with their businesses, and there have been no breaches, violations, outages or unauthorized uses of or accesses to same,
except, in each case, as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. The Company
and the Subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules&nbsp;and
regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating
to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized
use, access, misappropriation or modification, except, in each case, as would not reasonably be expected to, individually or in the aggregate,
have a Material Adverse Effect; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxviii)&nbsp;</FONT>there
are no contracts or documents which are required to be described in the Registration Statement, the General Disclosure Package or the
Prospectus or to be filed as exhibits to the Registration Statement which have not been so described and filed as required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;</FONT><I>Representations
and Warranties of the Adviser.</I> The Adviser represents and warrants to each Underwriter as of the date hereof, the Applicable Time,
the Closing Time (as defined below) and any Date of Delivery (as defined below), and agrees with each Underwriter, as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;</FONT>the
Adviser has been duly formed and is validly existing as a Delaware corporation and in good standing under the laws of the State of Delaware
with full power and authority to conduct its business as described in the Registration Statement, the General Disclosure Package and
the Prospectus and to execute and deliver this Agreement; the Adviser had full power and authority to execute and deliver the Investment
Advisory Agreement ; and the Adviser is duly qualified to do business as a foreign entity and is in good standing in each jurisdiction
where the leasing of its properties or the conduct of its business requires such qualification, except where the failure to be so qualified
and in good standing would not, reasonably be expected to have a material adverse effect on the business, financial condition, capitalization,
or regulatory status of such entity, or otherwise reasonably be expected to prevent such entity from carrying out its obligations under
the Investment Advisory Agreement (an &ldquo;Adviser Material Adverse Effect&rdquo;);</P>

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

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

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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;</FONT>the
Adviser is duly registered with the Commission as an investment adviser under the Advisers Act and is not prohibited by the Advisers
Act, the Investment Company Act or the applicable published rules&nbsp;and regulations promulgated thereunder from acting under the Investment
Advisory Agreement for the Company as contemplated by the Registration Statement, the General Disclosure Package and the Prospectus.
There does not exist any proceeding or, to the Adviser&rsquo;s knowledge, any facts or circumstances the existence of which could lead
to any proceeding which might adversely affect the registration of the Adviser with the Commission;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;</FONT>there
are no actions, suits, claims, proceedings or, to the Adviser&rsquo;s knowledge, investigations pending or, to the knowledge of the Adviser,
threatened to which the Adviser may be reasonably expected to become subject at law or in equity, or before or by any federal, state,
local or foreign governmental or regulatory commission, board, body, authority or agency, except any such action, suit, claim, investigation
or proceeding which would not if determined adversely to the Adviser reasonably be expected to have an Adviser Material Adverse Effect;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)&nbsp;the Adviser is not (A)&nbsp;in
violation of its certificate of incorporation or bylaws or (B)&nbsp;in default of (nor has any event occurred which with notice, lapse
of time or both would constitute such default) any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence
of indebtedness, or any license, lease, contract or other agreement or instrument to which the Adviser is a party, or (C)&nbsp;in contravention
of any law, regulation or rule&nbsp;or any decree, judgment or order applicable to the Adviser, except, with respect to clause (B)&nbsp;and
(C), to the extent that any such breach, violation or contravention would not reasonably be expected to have an Adviser Material Adverse
Effect; and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby and
in the Registration Statement, the General Disclosure Package and the Prospectus (including the issuance and sale of the Securities and
the use of the proceeds from the sale of the Securities as described therein under the caption &ldquo;Use of Proceeds&rdquo;) will not
(i)&nbsp;violate the certificate of incorporation of the Adviser, or (ii)&nbsp;result in any default or the occurrence of any event which
with notice, lapse of time or both would constitute such default of any indenture, mortgage, deed of trust, bank loan or credit agreement
or other evidence of indebtedness, or any license, lease contract or other agreement or instrument to which the Adviser is a party or
(iii)&nbsp;contravene any law, regulation or rule&nbsp;or any decree, judgment or order applicable to the Adviser, except, with respect
to clause (ii)&nbsp;and (iii), to the extent that any such breach, violation or contravention would not reasonably be expected to have
an Adviser Material Adverse Effect; and the execution, delivery and performance of this Agreement, the Investment Advisory Agreement
and consummation of the transactions contemplated hereby and thereby, will not conflict with, result in any breach or violation of or
constitute a default under (nor constitute any event which with notice, lapse of time or both would reasonably be expected to result
in any breach or violation of or constitute a default under) (i)&nbsp;the certificate of incorporation of the Adviser, (ii)&nbsp;other
organizational documents of the Adviser, (iii)&nbsp;any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence
of indebtedness, or any license, lease, contract or other agreement or instrument to which the Adviser is a party or (iv)&nbsp;any law,
regulation, rule&nbsp;or any decree, judgment or order applicable to the Adviser, except, with respect to clauses (iii)&nbsp;and (iv),
to the extent that any such breach, violation or contravention would not reasonably be expected to have an Adviser Material Adverse Effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;</FONT>this
Agreement and the Investment Advisory Agreement have been duly authorized, executed and delivered by the Adviser; this Agreement and
the Investment Advisory Agreement constitute valid and legally binding agreements of the Adviser, <U>provided</U>, <U>however</U>, that
the Adviser makes no representations or warranties with respect to the validity or enforceability of any provision hereunder or thereunder
relating to rights to indemnity and/or contribution or enforceability of any obligations that may be limited by the Enforceability Exceptions;</P>

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

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

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(vi)&nbsp;the descriptions of the Adviser contained
in the Registration Statement, the General Disclosure Package and the Prospectus are true, accurate and complete in all material respects;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vii)&nbsp;the
Adviser has the financial resources available to it necessary for the performance of its services and obligations as contemplated in
the Registration Statement, General Disclosure Package and the Prospectus and under this Agreement and with respect to the Investment
Advisory Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(viii)&nbsp;subsequent
to the date of the most recent financial statements contained in the Registration Statement, General Disclosure Package and the Prospectus,
there has not been any material adverse change, in the business, financial condition, capitalization, prospects or regulatory status
of the Adviser;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)&nbsp;</FONT>the
Adviser has all Consents and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule&nbsp;and
has obtained all necessary Consents from other persons, in order to conduct its business, except where the failure to obtain such Consents
or make such filings would not reasonably be expected to have an Adviser Material Adverse Effect; the Adviser is not in violation of,
or in default under, nor has the Adviser received notice of any proceedings relating to revocation or modification of any such Consent
or any federal, state, local or foreign law, regulation or rule&nbsp;or any decree, order or judgment applicable to the Adviser, except
where such revocation or modification would not, individually or in the aggregate, reasonably be expected to have an Adviser Material
Adverse Effect;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(x)&nbsp;neither the Adviser, nor to
the Adviser&rsquo;s knowledge, any of its affiliates has taken, directly or indirectly, without giving effect to any activities by the
Underwriters, any action designed, or which has constituted or might reasonably be expected under the Exchange Act, to result in the
stabilization or manipulation of the price of any security of the Company to facilitate the sale of the Securities; provided, that any
activity permitted pursuant to Rule&nbsp;10b-18 under the 1934 Act will not be deemed a violation of this paragraph;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)&nbsp;</FONT>the
Adviser is not aware that (A)&nbsp;any executive, key employee or significant group of employees of the Company, if any, or the Adviser,
plans to terminate employment with the Company, the Adviser or (B)&nbsp;any such executive, key employee or significant group of employees
is subject to any noncompete, nondisclosure, confidentiality, employment, consulting or similar agreement that would be violated by the
present or proposed business activities of the Company or the Adviser, except where such termination or violation would not reasonably
be expected to have an Adviser Material Adverse Effect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)&nbsp;</FONT>the
Adviser maintains a system of internal controls sufficient to provide reasonable assurance that (A)&nbsp;transactions effectuated by
it under the Investment Advisory Agreement are executed in accordance with its management&rsquo;s general or specific authorization;
and (B)&nbsp;access to the Company&rsquo;s assets is permitted only in accordance with its management&rsquo;s general or specific authorization;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)&nbsp;the
operations of the Adviser is and has been conducted at all times </FONT>in material compliance with all applicable financial recordkeeping
and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America
by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money
laundering statutes of jurisdictions where the Adviser and each of its subsidiaries conduct business, the rules&nbsp;and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the &ldquo;Adviser Anti-Money Laundering Laws&rdquo;), and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Adviser with respect to the Adviser Anti-Money Laundering Laws is pending or, to the
knowledge of the Adviser threatened;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)&nbsp;</FONT>(A)&nbsp;neither
the Adviser nor any director or officer thereof nor, to the Adviser&rsquo;s knowledge, any employee, agent or representative acting on
behalf of the Adviser, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval
of the payment, giving or receipt of money, property, gifts or anything else of value, directly or indirectly, to any Government Official
in order to influence official action, or to any person in violation of any applicable anti-corruption laws; (B)&nbsp;the Adviser has
conducted its business in compliance with applicable anti-corruption laws and has instituted and maintained and will continue to maintain
policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties
contained herein; and (C)&nbsp;the Adviser will not use, directly or indirectly, the net proceeds of the offering in furtherance of an
offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation
of any applicable anti-corruption laws;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(xv)&nbsp;(A)&nbsp;neither
the Adviser, nor any director, officer or employee thereof, nor to the Adviser&rsquo;s knowledge, any controlled affiliate, representative
or agent of the Adviser is a Person that is, or is owned or controlled by one or more Persons that are:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
subject of any Sanctions, or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;located,
organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, the Crimea region of
Ukraine, the so-called Donetsk People&rsquo;s Republic, the so-called Luhansk People&rsquo;s Republic, or any other Covered Region of
Ukraine identified pursuant to Executive Order 14065, Cuba,&nbsp;Iran, North Korea and Syria);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(B)&nbsp;the Adviser
has not knowingly engaged in, is not now knowingly engaged in, and will not engage in, any prohibited dealings or transactions with any
Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.
</FONT><U>Sale and Delivery to Underwriters; Closing.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;</FONT><I>Initial
Securities.</I> On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set
forth, the Company agrees to sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly, agrees
to purchase from the Company, at the price per share of $19.4298, that number of Initial Securities set forth in Schedule A opposite
the name of such Underwriter, provided that 9,500 shares of the Initial Securities shall be purchased from the Company at the offering
price per share set forth in Schedule B hereto, plus any additional number of Initial Securities which such Underwriter may become obligated
to purchase pursuant to the provisions of Section&nbsp;10 hereof, subject, in each case, to such adjustments among the Underwriters as
the Representatives in their sole discretion shall make to eliminate any sales or purchases of fractional shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;</FONT><I>Option
Securities.</I> In addition, on the basis of the representations and warranties herein contained and subject to the terms and conditions
herein set forth, the Company hereby grants an option to the Underwriters, severally and not jointly, to purchase up to an additional
750,000 shares of Common Stock, as may be necessary to cover overallotments made in connection with the offering of the Initial Securities,
at the price per share set forth in Schedule A, less an amount per share equal to any dividends or distributions declared by the Company
and payable on the Initial Securities but not payable on the Option Securities. The option hereby granted may be exercised for 30 days
after the date hereof and may be exercised in whole or in part at any time from time to time upon notice by the Representatives to the
Company setting forth the number of Option Securities as to which the several Underwriters are then exercising the option and the time
and date of payment and delivery for such Option Securities. Any such time and date of delivery (a &ldquo;Date of Delivery&rdquo;) shall
be determined by the Representatives, and may be the same date as the Closing Time, but shall not be later than seven full business days
after the exercise of said option, nor in any event prior to the Closing Time (unless such time and date are postponed in accordance
with Section&nbsp;10 hereof). If the option is exercised as to all or any portion of the Option Securities, each of the Underwriters,
acting severally and not jointly, will purchase that proportion of the total number of Option Securities then being purchased which the
number of Initial Securities set forth in Schedule A opposite the name of such Underwriter bears to the total number of Initial Securities,
subject, in each case, to such adjustments as the Representatives in their sole discretion shall make to eliminate any sales or purchases
of fractional shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;</FONT><I>Payment.
</I>Payment of the initial public offering price for the Initial Securities (less the underwriting discount) by the Underwriters to the
Company (in the amount set forth in Schedule A), and delivery of the Initial Securities, shall be made at the offices of Ropes&nbsp;&amp;
Gray LLP, 1211 Avenue of the Americas, New York, NY 10036 or at such other place as shall be agreed upon by the Representatives and the
Company, at 9:00 A.M.&nbsp;(New York City time) on the second (third, if the pricing occurs after 4:30 P.M.&nbsp;(New York City time)
on any given day) business day after the date hereof (unless postponed in accordance with the provisions of Section&nbsp;10), or such
other time not later than five business days after such date as shall be agreed upon by the Representatives and the Company (such time
and date of payment and delivery being herein called &ldquo;Closing Time&rdquo;).</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, in the event
that any or all of the Option Securities are purchased by the Underwriters, payment of the initial public offering price for the Option
Securities (less the underwriting discount) by the Underwriters to the Company (in the amount set forth in Schedule A), and delivery
of the Option Securities, shall be made at the above-mentioned offices, or at such other place as shall be agreed upon by the Representatives
and the Company, on each Date of Delivery as specified in the notice from the Representatives to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payment of the initial public
offering price (less the underwriting discount) shall be made to the Company by wire transfer of immediately available funds to a bank
account designated by the Company against delivery to the Representatives through the facilities of the Depository Trust Company for
the respective accounts of the Underwriters of the Securities to be purchased by them. It is understood that each Underwriter has authorized
the Representatives, for its account, to accept delivery of, receipt for, and make payment of the purchase price for, the Initial Securities
and the Option Securities, if any, which it has agreed to purchase. The Representatives may (but shall not be obligated to) make payment
of the purchase price for the Initial Securities or the Option Securities, if any, to be purchased by any Underwriter whose funds have
not been received by the Closing Time or the relevant Date of Delivery, as the case may be, but such payment shall not relieve such Underwriter
from its obligations hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.
</FONT><U>Covenants of the Company</U>. The Company covenants with each Underwriter as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;</FONT><I>Compliance
with Securities Regulations and Commission Requests.</I> The Company, subject to Section&nbsp;3(b), will comply with the requirements
of Rule&nbsp;430A, will file any Issuer Free Writing Prospectus to the extent required by Rule&nbsp;433 under the Act, and will notify
the Representatives immediately, and confirm the notice in writing, (i)&nbsp;when any post-effective amendment to the Registration Statement
shall become effective or any amendment or supplement to the Prospectus shall have been filed, (ii)&nbsp;of the receipt of any comments
from the Commission, (iii)&nbsp;of any request by the Commission for any amendment to the Registration Statement or any amendment or
supplement to the Rule&nbsp;482 Material, Prospectus, or for additional information, (iv)&nbsp;of the issuance by the Commission of any
stop order suspending the effectiveness of the Registration Statement or any post-effective amendment or of any order preventing or suspending
the use of any preliminary prospectus, the Rule&nbsp;482 Material or the Prospectus, or of the suspension of the qualification of the
Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes
or pursuant to Section&nbsp;8A of the Act or of any examination pursuant to Section&nbsp;8(d)&nbsp;or 8(e)&nbsp;of the Act concerning
the Registration Statement and (v)&nbsp;if the Company becomes the subject of a proceeding under Section&nbsp;8A of the Act in connection
with the offering of the Securities. The Company will effect all filings required under Rule&nbsp;424(b)&nbsp;within the time period
required by Rule&nbsp;424(b), and will take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted
for filing under Rule&nbsp;424(b)&nbsp;was received for filing by the Commission and, in the event that it was not, it will promptly
file such prospectus. The Company will use its commercially reasonable efforts to prevent the issuance of any stop order, prevention
or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest possible moment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;</FONT><I>Continued
Compliance with Securities Laws.</I> The Company will use its commercially reasonable efforts to comply with the Act and the Act Regulations
so as to permit the completion of the distribution of the Securities as contemplated in this Agreement and in the Registration Statement,
the General Disclosure Package and the Prospectus. If at any time when a prospectus relating to the Securities is required by the Act
to be delivered in connection with sales of the Securities, any event shall occur or condition shall exist as a result of which it is
necessary, in the opinion of counsel for the Underwriters or for the Company, to (i)&nbsp;amend the Registration Statement in order that
the Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, (ii)&nbsp;amend or supplement the Rule&nbsp;482 Material, General
Disclosure Package or the Prospectus in order that the Rule&nbsp;482 Material, General Disclosure Package or the Prospectus, as the case
may be, will not include any untrue statement of a material fact or omit to state a material fact 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 purchaser or (iii)&nbsp;amend the
Registration Statement or amend or supplement the Rule&nbsp;482 Material, General Disclosure Package or the Prospectus, as the case may
be, in order to comply with the requirements of the Act or the Act Regulations, the Company will promptly (A)&nbsp;give the Representatives
notice of such event, (B)&nbsp;prepare any amendment or supplement as may be necessary to correct such statement or omission or to make
the Registration Statement, the Rule&nbsp;482 Material, the General Disclosure Package or the Prospectus comply with such requirements
and, a reasonable amount of time prior to any proposed filing or use, furnish the Representatives with copies of any such amendment or
supplement and (C)&nbsp;file with the Commission any such amendment or supplement; provided that the Company shall not file or use any
such amendment or supplement to which the Representatives or counsel for the Underwriters shall reasonably object. The Company will furnish
to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. The Company has
given the Representatives notice of any filings made pursuant to the Exchange Act or the rules&nbsp;and regulations of the Commission
under the Exchange Act (the &ldquo;Exchange Act Regulations&rdquo;) within forty-eight (48) hours prior to the Applicable Time; the Company
will give the Representatives notice of its intention to make any such filing from the Applicable Time to the Closing Time and will furnish
the Representatives with copies of any such documents a reasonable amount of time prior to such proposed filing or use, as the case may
be, and will not file or use any such document to which the Representatives or counsel for the Underwriters shall reasonably object.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;</FONT><I>Delivery
of Commission Filings.</I> The Company has furnished or, upon written request of the Representatives, will deliver to the Representatives
and counsel for the Underwriters, without charge, conformed copies of (i)&nbsp;the Notification of Election and (ii)&nbsp;the Registration
Statement, each as originally filed, and of each amendment thereto (including exhibits filed therewith) and conformed copies of all consents
and certificates of experts, and will also deliver to the Representatives, without charge, a conformed copy of the Notification of Election
and the Registration Statement as originally filed and of each amendment thereto (without exhibits) for each of the Underwriters. The
copies of the Notification of Election and Registration Statement and each amendment thereto furnished to the Underwriters will be identical
to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation
S-T.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;</FONT><I>Delivery
of Prospectuses.</I> The Company has delivered to each Underwriter, without charge, as many copies of each preliminary prospectus as
such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the Act. The
Company will furnish to each Underwriter, without charge, during the period when a prospectus relating to the Securities is required
to be delivered under the Act, such number of copies of the Rule&nbsp;482 Material, the Prospectus (as amended or supplemented) and each
Issuer Free Writing Prospectus as such Underwriter may reasonably request. The Rule&nbsp;482 Material, the Prospectus and any amendments
or supplements thereto and each Issuer Free Writing Prospectus furnished to the Underwriters will be identical to the electronically
transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;</FONT><I>Blue
Sky Qualifications.</I> The Company will use its commercially reasonable efforts, in cooperation with the Underwriters, to qualify the
Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as
the Representatives may designate and to maintain such qualifications in effect so long as reasonably required to complete the distribution
of the Securities; <U>provided</U>, <U>however</U>, that the Company shall 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 so qualified or to
subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;</FONT><I>Rule&nbsp;158.
</I>The Company will make generally available to its securityholders as soon as practicable an earnings statement that satisfies the
provisions of Section&nbsp;11(a)&nbsp;of the Act and Rule&nbsp;158 of the Commission promulgated thereunder covering a period of at least
twelve (12) months beginning with the first fiscal quarter of the Company occurring after the &ldquo;effective date&rdquo; (as defined
in Rule&nbsp;158) of the Registration Statement; provided that the Company will be deemed to have complied with such request by filing
such an earnings statement on EDGAR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;</FONT><I>Use
of Proceeds.</I> The Company will apply the net proceeds from the sale of the Securities as described in each of the Registration Statement,
the General Disclosure Package and the Prospectus under the heading &ldquo;Use of Proceeds&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;</FONT><I>Listing.
</I>The Company will use its commercially reasonable efforts to effect and maintain the listing of the Common Stock (including the Securities)
on the NYSE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;</FONT><I>Restriction
on Sale of Securities.</I> For a period of 180 days after the date of the Prospectus, the Company will not, and will not publicly disclose
the intention to, (i)&nbsp;offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, or submit
to, or file with, the Commission a registration statement under the Act relating to, any shares of Common Stock or any securities convertible
into or exercisable or exchangeable for Common Stock or (ii)&nbsp;enter into any swap or other agreement that transfers, in whole or
in part, any of the economic consequences of ownership of the Common Stock or any such other securities, whether any such transaction
described in clause (i)&nbsp;or (ii)&nbsp;above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise,
without the prior written consent of the Representatives, other than the Securities to be sold hereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The restrictions described
above do not apply to (i)&nbsp;the issuance of shares of Common Stock or securities convertible into or exercisable for shares of Common
Stock pursuant to the conversion or exchange of convertible or exchangeable securities or the exercise of warrants or options (including
net exercise), in each case outstanding on the date of this Agreement and described in the Prospectus; or (ii)&nbsp;grants of stock options,
stock awards, restricted stock, or other equity awards and the issuance of shares of Common Stock or securities convertible into or exercisable
or exchangeable for shares of stock (whether upon the exercise of stock options or otherwise) to the Company&rsquo;s employees, officers,
directors, advisers, or consultants pursuant to the terms of an equity compensation plan in effect as of the Closing Time and described
in the Prospectus, provided that such recipients enter into a lock-up agreement with the Underwriters. The foregoing sentence shall not
apply to (A)&nbsp;the Securities to be sold hereunder or (B)&nbsp;any shares of Common Stock issued pursuant to any dividend reinvestment
plan referred to in the Registration Statement, the General Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;</FONT><I>Reporting
Requirements.</I> The Company has filed and 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 and the Exchange Act Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;</FONT><I>Business
Development Company Status.</I> The Company, during a period of twenty-four (24) months from the effective date of the Company&rsquo;s
Registration Statement, will use its commercially reasonable efforts to maintain its status as a business development company under the
Investment Company Act; <U>provided</U>, <U>however</U>, that the Company may change the nature of its business so as to cease to be,
or withdraw its election to be treated as, a business development company with the approval of the board of directors and a vote of stockholders
as required by Section&nbsp;58 of the Investment Company Act or any successor provision.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&nbsp;</FONT><I>Regulated
Investment Company Status.</I> The Company will use its commercially reasonable efforts to maintain its qualification as a regulated
investment company under Subchapter M of the Code for each full fiscal year during which it is a business development company under the
Investment Company Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&nbsp;</FONT><I>Annual
Compliance Reviews.</I> The Company will retain qualified accountants and qualified tax experts to (i)&nbsp;test procedures and conduct
annual compliance reviews designed to determine compliance with the regulated investment company provisions of the Code and (ii)&nbsp;otherwise
assist the Company in monitoring appropriate accounting systems and procedures designed to determine compliance with the regulated investment
company provisions of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&nbsp;</FONT><I>Accounting
Controls.</I> The Company has established and will use commercially reasonable efforts to maintain a system of internal accounting controls
sufficient to provide reasonable assurances that (A)&nbsp;transactions are executed in accordance with management&rsquo;s authorization;
(B)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
accountability for assets; (C)&nbsp;access to the Company&rsquo;s consolidated assets is permitted only in accordance with management&rsquo;s
authorization; (D)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences; (E)&nbsp;material information relating to the Company and the assets managed by the
Adviser is promptly made known to the officers responsible for establishing and maintaining the system of internal accounting controls;
and (F)&nbsp;any significant deficiencies or weaknesses in the design or operation of internal accounting controls that could adversely
affect the Company&rsquo;s ability to record, process, summarize and report financial data, and any fraud whether or not material that
involves management or other employees who have a significant role in internal controls, are adequately and promptly disclosed to the
Company&rsquo;s independent auditors and the audit committee of the Company&rsquo;s board of directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)&nbsp;</FONT><I>Disclosure
Controls.</I> The Company will use commercially reasonable efforts to establish and employ disclosure controls and procedures that are
designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange
Act is recorded, processed, summarized and reported, within the time periods specified in the Commission&rsquo;s rules&nbsp;and forms,
and is accumulated and communicated to the Company&rsquo;s management, including its principal executive officer or officers and principal
financial officer or officers, as appropriate to allow timely decisions regarding disclosure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)&nbsp;</FONT><I>Transfer
Restriction.</I> Without the consent of the Representatives, the Company shall not amend or waive any of the restrictions set forth in
the subscription agreements and lock-up agreements entered into by holders of the Company&rsquo;s Common Stock as described in the Registration
Statement, the General Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.
</FONT><U>Payment of Expenses</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;</FONT><I>Expenses.
</I>The Company will pay or cause to be paid all expenses incident to the performance of its obligations under this Agreement, including
(i)&nbsp;the preparation, printing and filing of the Registration Statement (including financial statements and exhibits) as originally
filed and each amendment thereto, (ii)&nbsp;the preparation, printing and delivery to the Underwriters of copies of each preliminary
prospectus, the Rule&nbsp;482 Material, the Prospectus, any Issuer Free Writing Prospectus and any amendments or supplements thereto
and any costs associated with electronic delivery of any of the foregoing by the Underwriters to investors, (iii)&nbsp;the preparation,
issuance and delivery of the certificates for the Securities to the Underwriters, including any stock or other transfer taxes and any
stamp or other duties payable upon the sale, issuance or delivery of the Securities to the Underwriters, (iv)&nbsp;the fees and disbursements
of the Company&rsquo;s and the Adviser&rsquo;s counsel, accountants and other advisers, (v)&nbsp;the qualification of the Securities
under securities laws in accordance with the provisions of Section&nbsp;3(e)&nbsp;hereof, (vi)&nbsp;the fees and expenses of any transfer
agent or registrar for the Securities, (vii)&nbsp;the costs and expenses of the Company relating to investor presentations on any &ldquo;road
show&rdquo; undertaken in connection with the marketing of the Securities, including without limitation, reasonably incurred expenses
associated with travel, the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with
the road show presentations, provided, however, that the Underwriters shall be responsible for 50% of the costs of any chartered private
aircraft incurred in connection with such road show, (viii)&nbsp;the filing fees incident to, and the reasonable fees and disbursements
of counsel to the Underwriters in connection with, the review by FINRA of the terms of the sale of the Securities (provided that FINRA
counsel expenses shall not exceed $50,000) (ix)&nbsp;the fees and expenses incurred in connection with the listing of the Securities
on the NYSE and (x)&nbsp;the costs and expenses (including, without limitation, any damages or other amounts payable in connection with
legal or contractual liability) associated with the reforming of any contracts for sale of the Securities made by the Underwriters caused
by a breach of the representation contained in the third sentence of Section&nbsp;1(a)(ii). It is, however, understood that except as
provided in this Section&nbsp;of the Agreement, the Underwriters shall pay all of their own costs and expenses, including, without limitation,
the fees and disbursements of their counsel, any advertising expenses connected with any offers they make and 50% of the costs of any
chartered private aircraft incurred in connection with the road show and all travel, lodging and other expenses of the Underwriters incurred
by them in connection with any road show.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;</FONT><I>Termination
of Agreement.</I> If (i)&nbsp;this Agreement is terminated pursuant to Section&nbsp;9, (ii)&nbsp;the Company for any reason fails to
tender the Securities for delivery to the Underwriters or (iii)&nbsp;the Underwriters decline to purchase the Securities for any reason
permitted under this Agreement, the Company agrees to reimburse the Underwriters for all out-of-pocket costs and expenses (including
the fees and expenses of their counsel) reasonably incurred by the Underwriters in connection with this Agreement and the offering contemplated
hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.
</FONT><U>Conditions of Underwriters&rsquo; Obligations</U>. The obligations of the several Underwriters hereunder are subject to the
accuracy of the representations and warranties of the Company and the Adviser contained herein or in certificates of any officer of the
Company or the Adviser delivered pursuant to the provisions hereof, to the performance by the Company and the Adviser of their respective
covenants and other obligations hereunder, and to the following further conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;</FONT><I>Effectiveness
of Registration Statement; Rule&nbsp;430A Information.</I> The Registration Statement, including any Rule&nbsp;462(b)&nbsp;Registration
Statement, has become effective and, at the Closing Time, no stop order suspending the effectiveness of the Registration Statement or
any post-effective amendment thereto has been issued under the Act, no order preventing or suspending the use of any preliminary prospectus
or the Prospectus has been issued and no proceedings for any of those purposes or pursuant to Section&nbsp;8A under the Act have been
instituted or are pending or, to the Company&rsquo;s knowledge, contemplated; and the Company has complied with each request (if any)
from the Commission for additional information in connection with the Registration Statement. A prospectus containing the Rule&nbsp;430A
Information shall have been filed with the Commission in accordance with Rule&nbsp;424(b)&nbsp;or a post-effective amendment providing
such information shall have been filed with, and declared effective by, the Commission in accordance with the requirements of Rule&nbsp;430A.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;</FONT><I>Opinion
of Counsel for Company.</I> At the Closing Time, the Representatives shall have received the favorable opinion, dated as of the Closing
Time, of Dechert LLP, outside counsel for the Company, Adviser and Administrator, in form and substance reasonably satisfactory to counsel
for the Underwriters, together with signed or reproduced copies of such letters for each of the other Underwriters to the effect set
forth in Exhibit&nbsp;A-1 and Exhibit&nbsp;A-2 hereto and to such further effect as counsel to the Underwriters may reasonably request.
Such counsels may state that insofar as such opinions involve factual matters, they have relied upon certificates of officers of the
Company and certificates of public officials.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;</FONT><I>Opinion
of Counsel for Underwriters.</I> At the Closing Time, the Representatives shall have received the favorable opinion, dated as of the
Closing Time, of Ropes&nbsp;&amp; Gray LLP, counsel for the Underwriters, together with signed or reproduced copies of such letter for
each of the other Underwriters with respect to the sale of the Securities and other related matters as the Representatives may require.
In giving such opinion such counsel may rely, as to all matters governed by the laws of jurisdictions other than the law of the State
of New York and the federal securities laws of the United States, upon the opinions of counsel satisfactory to the Representatives. Such
counsel may also state that, insofar as such opinion involves factual matters, they have relied, to the extent they deem proper, upon
certificates of officers and other representatives of the Company and certificates of public officials.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;</FONT><I>Officers&rsquo;
Certificates.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;</FONT>At
the Closing Time, there shall not have been, since the date hereof or since the respective dates as of which information is given in
the Registration Statement, the General Disclosure Package or the Prospectus, any material adverse change in the condition, financial
or otherwise, or in the earnings, business affairs or business prospects of the Company, whether or not arising in the ordinary course
of business, and the Representatives shall have received a certificate of (i)&nbsp;the chief executive officer or the president of the
Company and (ii)&nbsp;the chief financial or chief accounting officer of the Company, dated the Closing Time, to the effect that (A)&nbsp;there
has been no such material adverse change, (B)&nbsp;the representations and warranties of the Company in Section&nbsp;1(a)&nbsp;of this
Agreement are true and correct with the same force and effect as though expressly made at and as of the Closing Time, (C)&nbsp;the Company
has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing
Time, and (D)&nbsp;no stop order suspending the effectiveness of the Registration Statement under the Act has been issued, no order preventing
or suspending the use of any preliminary prospectus or the Prospectus has been issued and no proceedings for any of those purposes have
been instituted or are pending or, to their knowledge, contemplated by the Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;</FONT>At
the Closing Time, there shall not have been, since the date hereof or since the respective dates as of which information is given in
the Prospectus, an Adviser Material Adverse Effect, and the Representatives shall have received a certificate of the chief executive
officer or the president and the chief financial or chief accounting officer of the Adviser, dated the Closing Time, to the effect that
(A)&nbsp;there has been no such Adviser Material Adverse Effect, (B)&nbsp;the representations and warranties of the Adviser in Section&nbsp;1(b)&nbsp;of
this Agreement are true and correct with the same force and effect as though expressly made at and as of the Closing Time and (C)&nbsp;the
Adviser has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior
to the Closing Time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;At the
time of the execution of this Agreement, the Representatives shall have received from the Chief Financial Officer at the Company, dated
such date, a certificate representing to certain financial and other matters in substantially the form attached as Exhibit&nbsp;A-3 hereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;At the
Closing Time, the Representatives shall have received from the Chief Financial Officer at the Company, dated as of the Closing Time,
a certificate reaffirming the statements made in the certificate delivered at the time of execution of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;</FONT><I>Accountant&rsquo;s
Comfort Letter.</I> At the time of the execution of this Agreement, the Representatives shall have received from Deloitte a letter, dated
such date, in form and substance satisfactory to the Representatives, together with signed or reproduced copies of such letter for each
of the other Underwriters containing statements and information of the type ordinarily included in accountants&rsquo; &ldquo;comfort
letters&rdquo; to underwriters with respect to the financial statements and certain financial information contained in the Registration
Statement, the General Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;</FONT><I>Bring-down
Comfort Letter.</I> At the Closing Time, the Representatives shall have received from Deloitte a letter, dated as of the Closing Time,
to the effect that they reaffirm the statements made in the letter furnished pursuant to subsection (e)&nbsp;of this Section, except
that the specified date referred to shall be a date not more than three business days prior to the Closing Time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;</FONT><I>Approval
of Listing.</I> At the Closing Time, the Securities shall have been approved for listing on the NYSE, subject only to official notice
of issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;</FONT><I>No
Objection.</I> FINRA has confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting
terms and arrangements relating to the offering of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;</FONT><I>Lock-up
Agreements.</I> At the date of this Agreement, the Representatives shall have received an agreement substantially in the form of Exhibit&nbsp;B
hereto signed by (A)&nbsp;the persons listed on Schedule C hereto and (B)&nbsp;each holder of Common Stock prior to the offering of the
Securities contemplated by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;</FONT><I>No
Material Adverse Change</I>. Subsequent to the execution and delivery of this Agreement and prior to the Closing Time, there shall not
have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings,
business or operations of the Company and its Subsidiaries, taken as a whole, from that set forth in the General Disclosure Package that,
in the Representatives' judgment, is material and adverse and that makes it, in Representatives' judgment, impracticable to market the
Securities on the terms and in the manner contemplated in the General Disclosure Package.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;<I>No Downgrade</I>.
Subsequent to the execution and delivery of this Agreement and prior to the Closing Time, (i)&nbsp;no downgrading shall have occurred
in the rating accorded any securities or preferred stock issued or guaranteed by the Company or any of its subsidiaries by any &ldquo;nationally
recognized statistical rating organization,&rdquo; as such term is defined under Section&nbsp;3(a)(62) under the Exchange Act and (ii)&nbsp;no
such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to,
its rating of any such securities or preferred stock issued or guaranteed by the Company or any of its subsidiaries (other than an announcement
with positive implications of a possible upgrading).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&nbsp;</FONT><I>Conditions
to Purchase of Option Securities.</I> In the event that the Underwriters exercise their option provided in Section&nbsp;2(b)&nbsp;hereof
to purchase all or any portion of the Option Securities, the representations and warranties of the Company and the Adviser contained
herein and the statements in any certificates furnished by the Company and the Adviser hereunder shall be true and correct as of each
Date of Delivery and, at the relevant Date of Delivery, the Representatives shall have received:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;</FONT><U>Officers&rsquo;
Certificates</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;</FONT>A
certificate, dated such Date of Delivery, of the chief executive officer or the president or a vice president of the Company and of the
chief financial or chief accounting officer of the Company confirming that the certificate delivered at the Closing Time pursuant to
Section&nbsp;5(d)(i)&nbsp;hereof remains true and correct as of such Date of Delivery.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;</FONT>A
certificate, dated such Date of Delivery, of the chief executive officer or the president or a vice president and the chief financial
or chief accounting officer of the Adviser confirming that the certificates delivered at the Closing Time pursuant to Section&nbsp;5(d)(ii)&nbsp;hereof
remain true and correct as of such Date of Delivery.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(C)&nbsp;A certificate,
dated such Date of Delivery, from the Chief Financial Officer at the Company substantially in the same form and substance as the letter
furnished to the Representatives pursuant to Section&nbsp;5(d)(iv)&nbsp;hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;</FONT><U>Opinion
of Counsel for Company</U>. If requested by the Representatives, the favorable opinion of Dechert LLP, in form and substance reasonably
satisfactory to counsel for the Underwriters, dated such Date of Delivery, relating to the Option Securities to be purchased on such
Date of Delivery and otherwise to the same effect as the opinions required by Section&nbsp;5(b)&nbsp;hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;</FONT><U>Opinion
of Counsel for Underwriters</U>. If requested by the Representatives, the favorable opinion of Ropes&nbsp;&amp; Gray LLP, counsel for
the Underwriters, dated such Date of Delivery, relating to the Option Securities to be purchased on such Date of Delivery and otherwise
to the same effect as the opinion required by Section&nbsp;5(c)&nbsp;hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;</FONT><U>Bring-down
Comfort Letter</U>. If requested by the Representatives, a letter from Deloitte, in form and substance satisfactory to the Representatives
and dated such Date of Delivery, substantially in the same form and substance as the letter furnished to the Representatives pursuant
to Section&nbsp;5(f)&nbsp;hereof, except that the &ldquo;specified date&rdquo; in the letter furnished pursuant to this paragraph shall
be a date not more than three business days prior to such Date of Delivery.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&nbsp;</FONT><I>Additional
Documents.</I> At the Closing Time and at each Date of Delivery (if any) counsel for the Underwriters shall have been furnished with
such documents and opinions as they may reasonably require for the purpose of enabling them to pass upon the issuance and sale of the
Securities as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment
of any of the conditions, herein contained; and all proceedings taken by the Company and the Adviser in connection with the issuance
and sale of the Securities as herein contemplated shall be satisfactory in form and substance to the Representatives and counsel for
the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&nbsp;</FONT><I>Termination
of Agreement.</I> If any condition specified in this Section&nbsp;shall not have been fulfilled when and as required to be fulfilled,
this Agreement, or, in the case of any condition to the purchase of Option Securities on a Date of Delivery which is after the Closing
Time, the obligations of the several Underwriters to purchase the relevant Option Securities, may be terminated by the Representatives
by written notice to the Company at any time at or prior to Closing Time or such Date of Delivery, as the case may be, and such termination
shall be without liability of any party to any other party except as provided in Section&nbsp;4 and except that Sections 1, 6, 7, 8,
14, 15 and 16 survive any such termination and remain in full force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.
</FONT><U>Indemnification</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;</FONT><I>Indemnification
of Underwriters by the Company and the Adviser.</I> The Company and the Adviser, severally and not jointly, agree to indemnify and hold
harmless each Underwriter, its affiliates (as such term is defined in Rule&nbsp;501(b)&nbsp;under the Act (each, an &ldquo;Affiliate&rdquo;)),
its selling agents and each person, if any, who controls any Underwriter within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20
of the Exchange Act as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;</FONT>against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of or based upon any untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including any Rule&nbsp;430A
Information, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the
statements therein not misleading or arising out of or based upon any untrue statement or alleged untrue statement of a material fact
included (A)&nbsp;in any preliminary prospectus, Rule&nbsp;482 Material, the General Disclosure Package, any Issuer Free Writing Prospectus,
any Testing-the-Waters Communication or the Prospectus (or any amendment or supplement thereto), or (B)&nbsp;in any road show as defined
in Rule&nbsp;433(h)&nbsp;under the Act (a &ldquo;road show&rdquo;), or the omission or alleged omission in any preliminary prospectus,
the Prospectus, any Issuer Free Writing Prospectus, any Testing-the-Waters Communication, any road show or the General Disclosure Package
of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;</FONT>against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever
arising out of or based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject
to Section&nbsp;6(d)&nbsp;below) any such settlement is effected with the written consent of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;</FONT>against
any and all expense whatsoever, as incurred (including the reasonably incurred and documented fees and disbursements of counsel chosen
by the Representatives), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or
proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever arising out of or based upon any such
untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under
(i)&nbsp;or (ii)&nbsp;above; <U>provided</U>, <U>however</U>, that this indemnity agreement shall not apply to any loss, liability, claim,
damage or expense to the extent arising out of or based upon any untrue statement or omission or alleged untrue statement or omission
made in the Registration Statement (or any amendment thereto), including any Rule&nbsp;430A Information, any preliminary prospectus,
the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with the
Underwriter Information, and <U>provided</U>, <U>further</U>, that the Adviser&rsquo;s indemnity agreement shall only apply to statements
described in (i)&nbsp;above regarding the Adviser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;</FONT><I>Indemnification
of Company, Directors, Officers and Adviser.</I> Each Underwriter severally agrees to indemnify and hold harmless the Company, the Adviser,
their directors, each of the Company&rsquo;s officers who signed the Registration Statement and each person, if any, who controls the
Company or the Adviser within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act against any and all loss,
liability, claim, damage and expense described in the indemnity contained in subsection (a)&nbsp;of this Section, as incurred, but only
with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any
amendment thereto), including any Rule&nbsp;430A Information, the General Disclosure Package, any Issuer Free Writing Prospectus any
Testing-the-Waters Communication, Rule&nbsp;482 Material or the Prospectus (or any amendment or supplement thereto) in reliance upon
and in conformity with the Underwriter Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;</FONT><I>Actions
against Parties; Notification.</I> Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying
party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability hereunder to the extent that it has not been materially prejudiced
(including through the forfeiture of substantive rights and defenses) as a result thereof and in any event shall not relieve it from
any liability which it may have otherwise than on account of this indemnity agreement. In the case of parties indemnified pursuant to
Section&nbsp;6(a)&nbsp;above, counsel to the indemnified parties shall be selected by the Representatives, and, in the case of parties
indemnified pursuant to Section&nbsp;6(b)&nbsp;above, counsel to the indemnified parties shall be selected by the Company. An indemnifying
party shall not have the right to direct the defense of any direction in any proceeding on behalf of the indemnified party or parties.
In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such indemnified party unless (i)&nbsp;the indemnifying party and the indemnified party shall have mutually
agreed to the contrary; (ii)&nbsp;the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory
to the indemnified party; (iii)&nbsp;the indemnified party shall have reasonably concluded that there may be legal defenses available
to it that are different from or in addition to those available to the indemnifying party; or (iv)&nbsp;the named parties in any such
proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interests between them. In no event shall the
indemnifying parties be liable for fees and expenses of more than one (1)&nbsp;counsel (in addition to any local counsel) separate from
their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same
jurisdiction arising out of or based upon the same general allegations or circumstances. No indemnifying party shall, without the prior
written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of
which indemnification or contribution could be sought under this Section&nbsp;6 or Section&nbsp;7 hereof (whether or not the indemnified
parties are actual or potential parties thereto), unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release
of each indemnified party from all liability arising out of or based upon such litigation, investigation, proceeding or claim and (ii)&nbsp;does
not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;</FONT><I>Settlement
without Consent if Failure to Reimburse.</I> If at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of
the nature contemplated by Section&nbsp;6(a)(ii)&nbsp;effected without its written consent if (i)&nbsp;such settlement is entered into
more than forty-five (45) days after receipt by such indemnifying party of the aforesaid request, and (ii)&nbsp;such indemnifying party
shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.
</FONT><U>Contribution</U>. If the indemnification provided for in Section&nbsp;6 hereof is for any reason unavailable to or insufficient
to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party as a result of such losses, liabilities,
claims, damages and expenses incurred by such indemnified party, as incurred, (i)&nbsp;in such proportion as is appropriate to reflect
the relative benefits received by the Company and the Adviser, on the one hand, and the Underwriters, on the other hand, from the offering
of the Securities pursuant to this Agreement or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the
relative fault of the Company and the Adviser, on the one hand, and of the Underwriters, on the other hand, in connection with the statements
or omissions that resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations.
For the avoidance of doubt, the Adviser&rsquo;s contribution agreement shall only apply to instances in which the Adviser has an indemnity
obligation as described above in Section&nbsp;6(a).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative benefits received
by the Company and the Adviser, on the one hand, and the Underwriters, on the other hand, in connection with the offering of the Securities
pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the
Securities pursuant to this Agreement (before deducting expenses) received by the Company (and net of the portion of the underwriting
discount paid by the Adviser), on the one hand, and the total underwriting discount received by the Underwriters, on the other hand,
in each case as set forth on the cover of the Prospectus, bear to the aggregate initial public offering price of the Securities as set
forth on the cover of the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative fault of the
Company and the Adviser, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other things,
whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates
to information supplied by the Company and the Adviser or by the Underwriters and the parties&rsquo; relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, the Adviser
and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;7 were determined by
pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which
does not take account of the equitable considerations referred to above in this Section&nbsp;7. The aggregate amount of losses, liabilities,
claims, damages and expenses incurred by an indemnified party and referred to above in this Section&nbsp;7 shall be deemed to include
any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any
such untrue or alleged untrue statement or omission or alleged omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the provisions
of this Section&nbsp;7, no Underwriter shall be required to contribute any amount in excess of the underwriting commissions received
by such Underwriter in connection with the Securities underwritten by it and distributed to the public.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
in this Agreement to the contrary, any indemnification and contribution by the Company shall be subject to the requirements and limitations
of Section&nbsp;17(i)&nbsp;of the Investment Company Act and any applicable guidance from the Commission or its staff thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this Section&nbsp;7,
each person, if any, who controls an Underwriter within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange
Act and each Underwriter&rsquo;s Affiliates and selling agents shall have the same rights to contribution as such Underwriter, and each
director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the
Company or the Adviser within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act shall have the same rights
to contribution as the Company or the Adviser, as the case may be. The Underwriters&rsquo; respective obligations to contribute pursuant
to this Section&nbsp;7 are several in proportion to the number of Initial Securities set forth opposite their respective names in Schedule
A hereto and not joint.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;8.
</FONT><U>Representations, Warranties and Agreements to Survive</U>. All representations, warranties and agreements contained in this
Agreement or in certificates of officers of the Company, the Adviser or any of the Adviser&rsquo;s subsidiaries submitted pursuant hereto,
shall remain operative and in full force and effect regardless of (i)&nbsp;any investigation made by or on behalf of any Underwriter
or its Affiliates or selling agents, any person controlling any Underwriter, its officers or directors or any person controlling the
Company and (ii)&nbsp;delivery of and payment for the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.
</FONT><U>Termination of Agreement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;</FONT><I>Termination.
</I>The Representatives may terminate this Agreement, by notice to the Company, at any time at or prior to the Closing Time (i)&nbsp;if
there has been, in the judgment of the Representatives, since the time of execution of this Agreement or since the respective dates as
of which information is given in the Registration Statement, the General Disclosure Package or the Prospectus, any material adverse change
in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company or the Adviser, whether
or not arising in the ordinary course of business, or (ii)&nbsp;if there has occurred any material adverse change in the financial markets
in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis
or any change or development involving a prospective change in national or international political, financial or economic conditions,
in each case the effect of which is such as to make it, in the judgment of the Representatives, impracticable or inadvisable to proceed
with the completion of the offering or to enforce contracts for the sale of the Securities, or (iii)&nbsp;if trading in any securities
of the Company has been suspended or materially limited by the Commission or the NYSE, or (iv)&nbsp;if trading generally on the NYSE
MKT or the New York Stock Exchange or in the Nasdaq Global Market has been suspended or materially limited, or minimum or maximum prices
for trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of the Commission,
FINRA or any other governmental authority, or (v)&nbsp;a material disruption has occurred in commercial banking or securities settlement
or clearance services in the United States or with respect to Clearstream or Euroclear systems in Europe, or (vi)&nbsp;if a banking moratorium
has been declared by either Federal or New York authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;</FONT><I>Liabilities.
</I>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&nbsp;4 hereof, and provided further that Sections 1, 6, 7, 8, 14, 15 and 16 shall survive such termination
and remain in full force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.
</FONT><U>Default by One or More of the Underwriters</U>. If one or more of the Underwriters shall fail at the Closing Time or a Date
of Delivery to purchase the Securities which it or they are obligated to purchase under this Agreement (the &ldquo;Defaulted Securities&rdquo;),
the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters,
or any other underwriters, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon
and upon the terms herein set forth; if, however, the Representatives shall not have completed such arrangements within such 24-hour
period, then:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;</FONT>if
the number of Defaulted Securities does not exceed 10% of the number of Securities to be purchased on such date, each of the non-defaulting
Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their respective
underwriting obligations hereunder bear to the underwriting obligations of all non-defaulting Underwriters, or</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;</FONT>if
the number of Defaulted Securities exceeds 10% of the number of Securities to be purchased on such date, this Agreement or, with respect
to any Date of Delivery which occurs after the Closing Time, the obligation of the Underwriters to purchase, and the Company to sell,
the Option Securities to be purchased and sold on such Date of Delivery shall terminate without liability on the part of any non-defaulting
Underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No action taken pursuant
to this Section&nbsp;shall relieve any defaulting Underwriter from liability in respect of its default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of any such
default which does not result in a termination of this Agreement or, in the case of a Date of Delivery which is after the Closing Time,
which does not result in a termination of the obligation of the Underwriters to purchase and the Company to sell the relevant Option
Securities, as the case may be, either the (i)&nbsp;Representatives or (ii)&nbsp;the Company shall have the right to postpone Closing
Time or the relevant Date of Delivery, as the case may be, for a period not exceeding seven days in order to effect any required changes
in the Registration Statement, the General Disclosure Package or the Prospectus or in any other documents or arrangements. As used herein,
the term &ldquo;Underwriter&rdquo; includes any person substituted for an Underwriter under this Section&nbsp;10.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.
</FONT><U>Notices</U>. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given
if mailed or transmitted by any standard form of telecommunication. Notices to the Underwriters shall be directed to (i)&nbsp;Morgan
Stanley&nbsp;&amp; Co. LLC at 1585 Broadway, NY, NY 10036, attention of Equity Syndicate Desk, with a copy to Legal Department; (ii)&nbsp;J.P.
Morgan Securities LLC, 383 Madison Ave, 8<SUP>th</SUP> Floor, New York, NY 10179, Attention: Equity Syndicate Desk; and (iii)&nbsp;Wells
Fargo Securities, LLC, 500 West 33rd Street, 14th Floor, New York, New York 10001, Attention of Equity Syndicate, fax no. (212) 214-5918;
and a copy, which shall not constitute notice, to Ropes&nbsp;&amp; Gray LLP, 1211 Avenue of the Americas, New York, NY 10036, attention
of Paul Tropp,&nbsp;Esq.; notices to the Company and the Adviser shall be directed to them at 1585 Broadway, New York, NY 10036, attention
of Orit Mizrachi; and a copy, which shall not constitute notice, to Dechert LLP, One International Place, 40th Floor, 100 Oliver Street,
Boston, MA 02110, Attention: Thomas J. Friedmann,&nbsp;Esq.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.
</FONT><U>No Advisory or Fiduciary Relationship</U>. The Company acknowledges and agrees that (a)&nbsp;the purchase and sale of the Securities
pursuant to this Agreement, including the determination of the initial public offering price of the Securities and any related discounts
and commissions, is an arm&rsquo;s-length commercial transaction between the Company, on the one hand, and the several Underwriters,
on the other hand, (b)&nbsp;in connection with the offering of the Securities and the process leading thereto, each Underwriter is and
has been acting solely as a principal and is not the agent or fiduciary of the Company or its respective stockholders, creditors, employees
or any other party, (c)&nbsp;no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor of the Company
with respect to the offering of the Securities or the process leading thereto (irrespective of whether such Underwriter has advised or
is currently advising the Company or any of its subsidiaries on other matters) and no Underwriter has any obligation to the Company with
respect to the offering of the Securities except the obligations expressly set forth in this Agreement, (d)&nbsp;the Underwriters and
their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company
and (e)&nbsp;the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering of the Securities
and the Company has consulted its own respective legal, accounting, regulatory and tax advisers to the extent it deemed appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;13.
</FONT><U>Parties</U>. This Agreement shall each inure to the benefit of and be binding upon the Underwriters and the Company and their
respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or
corporation, other than the Underwriters, the Company and the Adviser and their respective successors and the controlling persons and
officers and directors referred to in Sections 6 and 7 and their heirs and legal representatives, any legal or equitable right, remedy
or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof
are intended to be for the sole and exclusive benefit of the Underwriters, the Company and the Adviser and their respective successors,
and said controlling persons and officers and directors and their heirs and legal representatives, and for the benefit of no other person,
firm or corporation. No purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely of such purchase.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;14.
</FONT><U>Compliance with USA Patriot Act</U>. In accordance with the requirements of the USA Patriot Act, the Underwriters are required
to obtain, verify and record information that identifies their respective clients, including the Company, which information may include
the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify
their respective clients.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;15.
</FONT><U>Trial by Jury</U>. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders
and affiliates) and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all
right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;16.
</FONT><U>GOVERNING LAW</U>. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;17.
</FONT><U>Recognition of the U.S. Special Resolution Regimes</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;</FONT>In
the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation,
were governed by the laws of the United States or a state of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;</FONT>In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to
be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
were governed by the laws of the United States or a state of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As used in this
Section&nbsp;17:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;BHC Act
Affiliate&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C.
 &sect; 1841(k).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;Covered
Entity&rdquo; means any of the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;</FONT>a
 &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;</FONT>a
 &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;</FONT>a
 &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;Default
Right&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2
or 382.1, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;U.S. Special
Resolution Regime&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title
II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;18.
</FONT><U>Consent to Jurisdiction; Waiver of Immunity</U>. Any legal suit, action or proceeding arising out of or based upon this Agreement
or the transactions contemplated hereby shall be instituted in (i)&nbsp;the federal courts of the United States of America located in
the City and County of New York, Borough of Manhattan or (ii)&nbsp;the courts of the State of New York located in the City and County
of New York, Borough of Manhattan (collectively, the &ldquo;Specified Courts&rdquo;), and each party irrevocably submits to the exclusive
jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court, as to which such jurisdiction
is non-exclusive) of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail
to such party&rsquo;s address set forth above shall be effective service of process for any suit, action or other proceeding brought
in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other
proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any
such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;19.
</FONT><U>TIME</U>. TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER
TO NEW YORK CITY TIME.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;20.
</FONT><U>Counterparts</U>. This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each
of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Counterparts
may be delivered via facsimile, electronic mail (including any electronic signature complying with the U.S. federal ESIGN Act of 2000,
Uniform Electronic Transactions Act or other applicable law, e.g., www. Docusign.com) or other transmission method and any counterpart
so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;21.
</FONT><U>Regulation BI</U>. The Company acknowledges that in connection with the offering of the Securities: none of the activities
of the Underwriters in connection with the transactions contemplated herein constitutes a recommendation, investment advice, or solicitation
of any action by the Underwriters with respect to any entity or natural person. The Company waives to the full extent permitted by applicable
law any claims it may have against the Underwriters arising from an alleged breach of fiduciary duty in connection with the offering
of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;22.
</FONT><U>Effect of Headings</U>. The Section&nbsp;headings herein are for convenience only and shall not affect the construction hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[SIGNATURE PAGE FOLLOWS]</P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing is in accordance with your understanding
of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts,
will become a binding agreement among the Underwriters, the Company, the Adviser and the Administrator in accordance with its terms.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MORGAN STANLEY DIRECT LENDING FUND</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding: 0.25pt 0.25pt 0.4pt; font-size: 10pt; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Orit Mizrachi </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Orit Mizrachi </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Chief Operating Officer </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">MS
    Capital Partners Adviser Inc.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Orit Mizrachi </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Orit Mizrachi </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Vice President </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as of the date first above written:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-left: 0.25pt; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 3%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; width: 47%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MORGAN STANLEY&nbsp;&amp; CO. LLC</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">By:</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jyri Wilska </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jyri Wilska </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Managing Director </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.P. MORGAN SECURITIES LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">By:</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Apoorva Ramesh </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Apoorva Ramesh </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Vice President </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WELLS FARGO SECURITIES, LLC</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">By:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jamie Cohen </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jamie Cohen </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Managing Director </FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For themselves and as Representatives of the other Underwriters named
in Schedule A hereto.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Name of Underwriter</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Number of Initial<BR>
 Securities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Number of Option<BR>
 Securities to be<BR>
 Purchased if Maximum<BR>
 Option Exercised</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Morgan Stanley&nbsp;&amp; Co. LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">870,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">130,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">J.P. Morgan Securities LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">870,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">130,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Wells Fargo Securities, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">870,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">130,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Keefe, Bruyette&nbsp;&amp; Woods,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">475,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">71,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Raymond James&nbsp;&amp; Associates,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">475,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">71,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">RBC Capital Markets, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">475,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">71,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">UBS Securities LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">475,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">71,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">ING Financial Markets LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">110,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Citizens JMP Securities, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">110,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MUFG Securities Americas Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">110,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">SMBC Nikko Securities America,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">110,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Academy Securities,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,875</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Loop Capital Markets LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,875</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">R. Seelaus&nbsp;&amp; Co., LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,875</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Samuel A. Ramirez&nbsp;&amp; Company,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,875</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Pricing
Information:</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt">Security being sold in the Offering</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 82%; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25pt">Offering price per share</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">20.67</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25pt">Number of Shares being sold in the Offering</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Issuer
Free Writing Prospectuses:</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Intentionally Omitted]</P>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">1)</TD><TD STYLE="padding-bottom: 3pt">Joan Binstock</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">2)</TD><TD STYLE="padding-bottom: 3pt">Henry D&rsquo;Alessandro</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">3)</TD><TD STYLE="padding-bottom: 3pt">Jeffrey Day</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">4)</TD><TD STYLE="padding-bottom: 3pt">Bruce D. Frank</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">5)</TD><TD STYLE="padding-bottom: 3pt">Ashwin Krishnan</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">6)</TD><TD STYLE="padding-bottom: 3pt">David Kulakofsky</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">7)</TD><TD STYLE="padding-bottom: 3pt">Jeffrey S. Levin</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">8)</TD><TD STYLE="padding-bottom: 3pt">Peter Ma</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">9)</TD><TD STYLE="padding-bottom: 3pt">Adam Metz</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">10)</TD><TD STYLE="padding-bottom: 3pt">David N. Miller</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">11)</TD><TD STYLE="padding-bottom: 3pt">Orit Mizrachi</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">12)</TD><TD STYLE="padding-bottom: 3pt">Toby Norris</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">13)</TD><TD STYLE="padding-bottom: 3pt">Michael Occi</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">14)</TD><TD STYLE="padding-bottom: 3pt">Gauranga Pal</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">15)</TD><TD STYLE="padding-bottom: 3pt">David Pessah</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">16)</TD><TD STYLE="padding-bottom: 3pt">Kevin Shannon</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">17)</TD><TD STYLE="padding-bottom: 3pt">Kunal Soni</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in">18)</TD><TD STYLE="padding-bottom: 3pt">Sean Sullivan</TD></TR></TABLE>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 49%; text-align: center; padding-left: 5.4pt">Subsidiary
    Name</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 49%; text-align: center; padding-left: 5.4pt">Jurisdiction
    of Organization</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">DLF CA SPV LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Delaware</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">DLF SPV LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Delaware</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">DLF Financing SPV LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Delaware</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">DLF Equity Holdings LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Delaware</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;A-1</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Form&nbsp;of
company counsel Legal Opinion</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Intentionally Omitted]</P>

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

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

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;A-2</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Form&nbsp;of
company counsel Negative Assurance Letter</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Intentionally Omitted]</P>

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

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

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;A-3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Form&nbsp;of
CERTIFICATE OF</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>the
CHIEF FINANCIAL OFFICER OF THE COMPANY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Intentionally Omitted]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>EXHIBIT&nbsp;B</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Form&nbsp;of
Lock-up Agreement</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[&#9679;], 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1585 Broadway&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10036</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">383 Madison Ave, 8<SUP>th</SUP> Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10179</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">500 West 33rd Street, 14th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10001</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in Schedule A of the Underwriting Agreement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Re:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Proposed
Public Offering by Morgan Stanley Direct Lending Fund</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned understands
that Morgan Stanley&nbsp;&amp; Co. LLC, J.P Morgan Securities LLC and Wells Fargo Securities, LLC (collectively, the &ldquo;Representatives&rdquo;)
proposes to enter into an Underwriting Agreement (the &ldquo;Underwriting Agreement&rdquo;) with Morgan Stanley Direct Lending Fund,
a Delaware corporation (the &ldquo;Company&rdquo;), providing for the public offering (the &ldquo;Public Offering&rdquo;) by the several
Underwriters named in Schedule A of the Underwriting Agreement, of [&#9679;] shares (the &ldquo;Shares&rdquo;) of the common stock, par
value $0.001 per share, of the Company (the &ldquo;Common Stock&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To induce the Underwriters
that may participate in the Public Offering to continue their efforts in connection with the Public Offering, the undersigned hereby
agrees that, without the prior written consent of the Representatives on behalf of the Underwriters, it will not, and will not publicly
disclose an intention to, during the period commencing on the date hereof and ending 365 days after the date of the final prospectus
(the &ldquo;Restricted Period&rdquo;) relating to the Public Offering (the &ldquo;Prospectus&rdquo;), (1)&nbsp;offer, pledge, sell, contract
to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock beneficially owned (as such term is used
in Rule&nbsp;13d-3 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;)), by the undersigned or any other
securities so owned convertible into or exercisable or exchangeable for Common Stock or (2)&nbsp;enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction
described in clause (1)&nbsp;or (2)&nbsp;above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise.
The foregoing sentence shall not apply to (a)&nbsp;transactions relating to shares of Common Stock or other securities acquired [in the
Public Offering or in open market transactions or acquired]<SUP>1</SUP> from the Company under any dividend reinvestment plan after
the completion of the Public Offering, (b)&nbsp;transfers of shares of Common Stock or any security convertible into Common Stock as
a bona fide gift or gifts, provided that i) each donee or distributee shall sign and deliver a lock up agreement substantially in the
form of this agreement and (ii)&nbsp;no filing under Section&nbsp;16(a)&nbsp;of the Exchange Act, reporting a reduction in beneficial
ownership of shares of Common Stock, shall be required or shall be voluntarily made during the Restricted Period, unless such filing
indicates in the footnotes thereto that such transfer was made in connection with a bona fide gift or gifts, (c)&nbsp;transfers of Common
Stock or such other securities as donations to charitable organizations; (d)&nbsp;transfers of shares of Common Stock or such other securities
as a result of the operation of law, pursuant to estate, other testamentary document or intestate succession; (e)&nbsp;transfer of shares
of Common Stock or such other securities to any immediate family member of the undersigned or any trust for the direct or indirect benefit
of the undersigned or any immediate family member of the undersigned (for purposes of this Letter Agreement, &ldquo;immediate family&rdquo;
shall mean any relationship by blood, marriage or adoption, not more remote than first cousin); (f)&nbsp;distributions of shares of Common
Stock or any security convertible into Common Stock to limited partners or stockholders of the undersigned; provided that in the case
of any transfer or distribution pursuant to clause (c)&nbsp;or (e), (i)&nbsp;each donee or distributee shall sign and deliver a lock
up agreement substantially in the form of this agreement and (ii)&nbsp;no filing under Section&nbsp;16(a)&nbsp;of the Exchange Act, reporting
a reduction in beneficial ownership of shares of Common Stock, shall be required or shall be voluntarily made during the Restricted Period,
or (g)&nbsp;facilitating the establishment of a trading plan on behalf of a shareholder, officer or director of the Company pursuant
to Rule&nbsp;10b5 1 under the Exchange Act for the transfer of shares of Common Stock, provided that (i)&nbsp;such plan does not provide
for the transfer of Common Stock during the Restricted Period and (ii)&nbsp;to the extent a public announcement or filing under the Exchange
Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such
plan, such announcement or filing shall include a statement to the effect that no transfer of Common Stock may be made under such plan
during the Restricted Period. In addition, the undersigned agrees that, without the prior written consent of Morgan Stanley on behalf
of the Underwriters, it will not, during the Restricted Period, make any demand for or exercise any right with respect to, the registration
of any shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock. The undersigned also
agrees and consents to the entry of stop transfer instructions with the Company&rsquo;s transfer agent and registrar against the transfer
of the undersigned&rsquo;s shares of Common Stock except in compliance with the foregoing restrictions. The undersigned further acknowledges
and agrees that the foregoing precludes the undersigned from engaging in any hedging or other transaction designed or intended, or which
could reasonably be expected to lead to or result in, a sale or disposition of any shares of Common Stock, or any securities convertible
into or exercisable or exchangeable for Common Stock, even if any such sale or disposition transaction or transactions would be made
or executed by or on behalf of someone other than the undersigned.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> Provision to be included for only pre-IPO shareholders.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
(i)&nbsp;at any time beginning 180 days after the date of the Prospectus (the &ldquo;First Early Expiration Date&rdquo;) 33% of the undersigned&rsquo;s
shares of Common Stock subject to the transfer restrictions in this Letter Agreement, which percentage shall be calculated based on the
number of the undersigned&rsquo;s shares of Common Stock held as of the date of the Prospectus (&ldquo;33% Calculation&rdquo;), will
be automatically released from the transfer restrictions set forth in this Letter Agreement and (ii)&nbsp;at any time beginning 270 days
after the date of the Prospectus (the &ldquo;Second Early Expiration Date&rdquo;) 33% of the undersigned&rsquo;s Restricted Securities,
based on the 33% Calculation will be automatically released from the transfer restrictions set forth in this Letter Agreement. For the
avoidance of doubt, the remainder of the undersigned&rsquo;s Shares subject to the transfer restrictions in this Letter Agreement shall
be released from such transfer restrictions 365 days after the date of the Prospectus in accordance with the preceding paragraph.<SUP>2</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the undersigned is an
officer or director of the Company, the undersigned further agrees that the foregoing restrictions shall be equally applicable to any
issuer-directed Shares the undersigned may purchase in the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned understands
that the Company and the Underwriters are relying upon this agreement in proceeding toward consummation of the Public Offering. The undersigned
further understands that this agreement is irrevocable and shall be binding upon the undersigned&rsquo;s heirs, legal representatives,
successors and assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned acknowledges
and agrees that the Underwriters have not provided any recommendation or investment advice nor have the Underwriters solicited any action
from the undersigned with respect to the Public Offering of the Shares and the undersigned has consulted their own legal, accounting,
financial, regulatory and tax advisers to the extent deemed appropriate. The undersigned further acknowledges and agrees that, although
the Underwriters may provide certain Regulation Best Interest and Form&nbsp;CRS disclosures or other related documentation to you in
connection with the Public Offering, the Underwriters are not making a recommendation to you to participate in the Public Offering or
sell any Shares at the price determined in the Public Offering, and nothing set forth in such disclosures or documentation is intended
to suggest that any Underwriter is making such a recommendation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whether or not the Public
Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant
to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This agreement shall be governed by and construed
in accordance with the laws of the State of New York.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp; &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp; &nbsp; &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address)</FONT></TD></TR>
  </TABLE>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2
</SUP></FONT>Provision to be included for pre-IPO investors other than MS Credit Partners Holdings, Inc. and the DLF directors and officers.</P>

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

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

<!-- Field: Page; Sequence: 38 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>EXHIBIT&nbsp;C</B></FONT><B>-1</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Written
Testing-the-Waters Communications</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Intentionally Omitted]</P>

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

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

<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>EXHIBIT&nbsp;C-2</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RULE 482 MATERIAL</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Intentionally Omitted]</P>

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

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

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    <!-- Field: /Page -->

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

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