<SEC-DOCUMENT>0001140361-24-007069.txt : 20240213
<SEC-HEADER>0001140361-24-007069.hdr.sgml : 20240213
<ACCEPTANCE-DATETIME>20240212173835
ACCESSION NUMBER:		0001140361-24-007069
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20240207
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240213
DATE AS OF CHANGE:		20240212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Barings BDC, Inc.
		CENTRAL INDEX KEY:			0001379785
		ORGANIZATION NAME:           	
		IRS NUMBER:				061798488
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00733
		FILM NUMBER:		24621567

	BUSINESS ADDRESS:	
		STREET 1:		300 SOUTH TRYON STREET
		STREET 2:		SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		(704) 805-7200

	MAIL ADDRESS:	
		STREET 1:		300 SOUTH TRYON STREET
		STREET 2:		SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Triangle Capital CORP
		DATE OF NAME CHANGE:	20061101
</SEC-HEADER>
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;"><a id="Section1"></a>UNITED STATES</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>

      <div style="font-size: 10pt;">&#160;</div>

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      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Pursuant to Section 13 or 15(d) of the</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Securities Exchange Act of 1934</div>

      <div style="font-size: 10pt;">&#160;</div>

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      </div>

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      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Exact name of registrant as specified in its charter)</div>

      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">
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              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Commission</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">File Number)</div>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(IRS Employer</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Identification No.)</div>
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    <td style="width: 49%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">(Address of Principal Executive Offices)</div>
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    <td style="width: 2.34%; vertical-align: bottom; font-size: 10pt;"><br/>
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    <td style="width: 49%; vertical-align: bottom; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">(Zip Code)</div>
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Registrant&#8217;s telephone number, including area code: (<ix:nonNumeric name="dei:CityAreaCode" id="Fact_15b7b4ece51a4ffa930ea37465fe7b31" contextRef="c20240207to20240207">704</ix:nonNumeric>)
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      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">N/A</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Former name or former address, if changed since last report.)</div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
      </div>

      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">
        <hr style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 40%; color: #000000; text-align: center; margin-left: auto; margin-right: auto;"/></div>

      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
      </div>

      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Securities registered pursuant to Section 12(b) of the Act:</div>

      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
      </div>

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              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;"><span style="text-decoration: underline;">Title of Each Class</span></div>
            </td>

    <td style="width: 12.64%; vertical-align: bottom; font-size: 10pt;">
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            </td>

    <td style="width: 45.93%; vertical-align: bottom; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;"><span style="text-decoration: underline;">Name of Each Exchange on Which Registered</span></div>
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      <div style="font-size: 10pt;"><br/>
      </div>

      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
        provisions:</div>

      <div style="font-size: 10pt;">&#160;</div>

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    <td style="width: 24.35pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:WrittenCommunications" id="Fact_f0412a16d3df459bab86b48fec88da03" contextRef="c20240207to20240207" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
            </td>

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      <div style="font-size: 10pt;">&#160;</div>

      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">


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    <td style="width: 24.35pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:SolicitingMaterial" id="Fact_b6690bf516a34edaac3ba6c46d969d4f" contextRef="c20240207to20240207" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
            </td>

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      <div style="font-size: 10pt;">&#160;</div>

      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">


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    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
            </td>

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</table>
      <div style="font-size: 10pt;">&#160;</div>

      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">


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    <td style="width: 24.35pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" id="Fact_4a1b061a782643afa1524b9bf17781df" contextRef="c20240207to20240207" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
            </td>

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</table>
      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the
        Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</div>

      <div style="font-size: 10pt;"><br/>
      </div>

      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;">Emerging growth company <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_93dbd9d9aa9d4ad4885af4ba6b06a08e" contextRef="c20240207to20240207" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></div>

      <div style="font-size: 10pt;"><br/>
      </div>

      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">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 provided pursuant to Section 13(a) of the Exchange Act. &#9744;</div>

      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
      </div>

      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">
        <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"/> </div>

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    <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 1.01.</td>

    <td style="width: auto; vertical-align: top; text-align: left;">
              <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Entry into a Material Definitive Agreement</span><span style="font-size: 10pt;">.</span></div>
            </td>

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      <div>
        <div style="font-size: 10pt;"><br/>
        </div>

        <div style="text-align: left; text-indent: 24.5pt; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">On February 7, 2024, Barings BDC, Inc. (the &#8220;Company&#8221;) entered
            into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) among the Company, </span><span style="font-size: 10pt;">Barings LLC, and Wells Fargo Securities, LLC, SMBC Nikko Securities America, Inc., BMO Capital Markets Corp., and Fifth
            Third Securities, Inc., as representatives of the several underwriters named in Schedule A thereto<span style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">, in connection with the issuance and sale of $300 million in aggregate
              principal amount (the &#8220;Offering&#8221;) of the Company&#8217;s 7.000% senior, unsecured notes due 2029 (the &#8220;Notes&#8221;). The Offering closed on February 12, 2024 and the Notes were issued under a Second Supplemental Indenture, dated February 12, 2024,
              between the Company and U.S. Bank Trust Company, National Association, as trustee (the &#8220;Trustee&#8221;), to the indenture, dated November 23, 2021, between the Company and the Trustee (the &#8220;Base Indenture&#8221; and, together with the Second Supplemental
              Indenture, the &#8220;Indenture&#8221;).</span></span></div>

      </div>

      <div>
        <div style="font-size: 10pt;"><br/>
        </div>

        <div style="text-align: left; text-indent: 24.5pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Notes will mature on February 15, 2029 and may be redeemed in whole or in part at the Company&#8217;s option at any time or from
          time to time at the redemption prices set forth in the Indenture. The Notes bear interest at a rate of 7.000% per year payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2024. The Notes are general unsecured
          obligations of the Company that rank senior in right of payment to all of the Company&#8217;s existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank <span style="font-family: 'Times New Roman'; font-style: italic;">pari passu</span> with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company&#8217;s secured indebtedness (including unsecured indebtedness that the
          Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company&#8217;s subsidiaries, financing vehicles
          or similar facilities.</div>

        <div style="font-size: 10pt;">&#160;</div>

        <div style="text-align: left; text-indent: 24.5pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage
          requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act of 1940, as amended, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to the Company by the
          Securities and Exchange Commission (the &#8220;SEC&#8221;)), and to provide financial information to the holders of the Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as
          amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.</div>

        <div style="font-size: 10pt;">&#160;</div>

        <div style="text-align: left; text-indent: 24.5pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">In addition, on the occurrence of a &#8220;change of control repurchase event,&#8221; as defined in the Indenture, the Company may be
          required by the holders of the Notes to make an offer to purchase the outstanding Notes at a price equal to 100% of the principal amount of such Notes plus accrued and unpaid interest to the repurchase date.</div>

        <div style="font-size: 10pt;">&#160;</div>

        <div style="text-align: left; text-indent: 24.5pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Offering was made pursuant to the Company&#8217;s effective shelf registration statement on Form N-2 (Registration No.
          333-273253) previously filed with the SEC, as supplemented by a preliminary prospectus supplement dated February 7, 2024 and a final prospectus supplement dated February 7, 2024. The Offering closed and the Notes were delivered and paid for on
          February 12, 2024. The net proceeds to be received by the Company are estimated to be approximately $292.9 million, after deducting the underwriting discounts and estimated offering expenses payable by the Company.</div>

        <div style="font-size: 10pt;">&#160;</div>

        <div style="text-align: left; text-indent: 24.5pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company intends to use the net proceeds of this Offering to repay indebtedness under its senior secured credit facility
          initially entered into in February 2019, as amended, restated and otherwise modified from time to time. The Company may reborrow under its credit facilities for general corporate purposes, which include investing in portfolio companies in
          accordance with its investment objective.</div>

        <div style="font-size: 10pt;">&#160;</div>

        <div style="text-align: left; text-indent: 24.5pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The foregoing description of the Underwriting Agreement, the Indenture and the Notes does not purport to be complete and is
          qualified in its entirety by reference to (i) the full text of the Underwriting Agreement, which is filed with this Current Report on Form 8-K as Exhibit 1.1 and incorporated herein by reference, (ii) the full text of the Second Supplemental
          Indenture and the accompanying Form of 7.000% Notes due 2029, which are filed with this Current Report on Form 8-K as Exhibits 4.1 and 4.2, respectively, and incorporated herein by reference, and (iii) the full text of the Base Indenture, a form
          of which is filed as Exhibit 4.1 to the Company&#8217;s Current Report on Form 8-K filed on November 24, 2021, which is incorporated herein by reference.</div>

        <div style="font-size: 10pt;">&#160;</div>

        <div style="text-align: left; text-indent: 24.5pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor
          shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.</div>

      </div>

      <div>
        <div style="text-align: left;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> </span><span style="font-size: 10pt;"><br/>
          </span></div>

      </div>

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  <tr>

    <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 2.03.</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="font-family: 'Times New Roman'; font-weight: bold;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</div>
            </td>

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        <div style="font-size: 10pt;"><br/>
        </div>

        <div style="text-align: left; text-indent: 24.5pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The information required by Item 2.03 contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by
          reference.</div>

      </div>

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        <div style="text-align: left;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> </span><span style="font-size: 10pt;"><br/>
          </span></div>

      </div>

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    <td style="width: 54pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 9.01.</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="font-family: 'Times New Roman'; font-weight: bold;">Financial Statements and Exhibits.</div>
            </td>

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        <div style="font-size: 10pt;"><br/>
        </div>

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    <td style="width: 27pt;">&#160;</td>

    <td style="width: 20.5pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(d)</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
                <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Exhibits</div>
              </td>

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      </div>

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    <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXHIBIT</div>
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NUMBER</div>
            </td>

    <td style="width: 5%; vertical-align: bottom; font-size: 10pt;"><br/>
            </td>

    <td style="width: 87%; vertical-align: bottom; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">DESCRIPTION</div>
            </td>

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    <td style="width: 8%; vertical-align: middle; font-size: 10pt;"><br/>
            </td>

    <td colspan="2" style="vertical-align: middle; font-size: 10pt;"><br/>
            </td>

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    <td style="width: 8%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><a href="ef20021433_ex1-1.htm">1.1</a></div>
            </td>

    <td style="width: 5%; vertical-align: bottom; font-size: 10pt; background-color: rgb(204, 238, 255);"><br/>
            </td>

    <td style="width: 87%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman';">Underwriting Agreement, dated February 7, 2024, among the Company, Barings LLC, and Wells Fargo Securities, LLC, SMBC Nikko Securities America, Inc., BMO Capital Markets Corp.,
                and Fifth Third Securities, Inc., as representatives of the several underwriters named in Schedule A thereto</div>
            </td>

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    <td style="width: 8%; vertical-align: middle; font-size: 10pt;">&#160;</td>

    <td colspan="2" style="vertical-align: middle; font-size: 10pt;"><br/>
            </td>

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    <td style="width: 8%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><a href="ef20021433_ex4-1.htm">4.1</a></div>
            </td>

    <td style="width: 5%; vertical-align: bottom; font-size: 10pt; background-color: rgb(204, 238, 255);"><br/>
            </td>

    <td style="width: 87%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman';">Second Supplemental Indenture, dated as of February 12, 2024, relating to the 7.000% Notes due 2029, by and between the Company and U.S. Bank Trust Company, National Association,
                as trustee</div>
            </td>

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    <td style="width: 8%; vertical-align: middle; font-size: 10pt;">&#160;</td>

    <td colspan="2" style="vertical-align: middle; font-size: 10pt;"><br/>
            </td>

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    <td style="width: 8%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><a href="ef20021433_ex4-1.htm">4.2</a></div>
            </td>

    <td style="width: 5%; vertical-align: bottom; font-size: 10pt; background-color: rgb(204, 238, 255);"><br/>
            </td>

    <td style="width: 87%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Form of 7.000% Notes due 2029 (contained in the Second Supplemental Indenture incorporated by reference to Exhibit 4.1 hereto)</div>
            </td>

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    <td style="width: 8%; vertical-align: top; font-size: 10pt; white-space: nowrap;" rowspan="1">&#160;</td>

    <td style="width: 5%; vertical-align: bottom; font-size: 10pt;" rowspan="1">&#160;</td>

    <td style="width: 87%; vertical-align: top;" rowspan="1">&#160;</td>

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    <td style="width: 8%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><a href="ef20021433_ex5-1.htm">5.1</a></div>
            </td>

    <td style="width: 5%; vertical-align: bottom; font-size: 10pt; background-color: rgb(204, 238, 255);"><br/>
            </td>

    <td style="width: 87%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman';">Opinion of Dechert LLP, dated February 12, 2024</div>
            </td>

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    <td rowspan="1" style="width: 8%; vertical-align: top; font-size: 10pt; white-space: nowrap;">&#160;</td>

    <td rowspan="1" style="width: 5%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td rowspan="1" style="width: 87%; vertical-align: top; font-size: 10pt;">&#160;</td>

  </tr>

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    <td style="width: 8%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><a href="ef20021433_ex5-1.htm">23.1</a></div>
            </td>

    <td style="width: 5%; vertical-align: bottom; font-size: 10pt; background-color: rgb(204, 238, 255);"><br/>
            </td>

    <td style="width: 87%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman';">Consent of Dechert LLP (included in Exhibit 5.1)</div>
            </td>

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    <td rowspan="1" style="width: 8%; vertical-align: top; font-size: 10pt; white-space: nowrap;">&#160;</td>

    <td rowspan="1" style="width: 5%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td rowspan="1" style="width: 87%; vertical-align: top; font-size: 10pt;">&#160;</td>

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              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">104</div>
            </td>

    <td style="width: 5%; vertical-align: bottom; font-size: 10pt; background-color: rgb(204, 238, 255);"><br/>
            </td>

    <td style="width: 87%; vertical-align: top; font-size: 10pt; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman';">Cover Page Interactive Data File (embedded within the Inline XBRL document)</div>
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURES</div>

      <div style="font-size: 10pt;">&#160;</div>

      <div style="text-align: left; text-indent: 24.75pt; font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
        undersigned hereunto duly authorized.</div>

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            </td>

    <td colspan="2" style="vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Barings BDC, Inc.</div>
            </td>

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            </td>

    <td colspan="2" style="vertical-align: bottom; font-size: 10pt;"><br/>
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    <td style="width: 50%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Date: February 12, 2024</div>
            </td>

    <td style="width: 3%; vertical-align: bottom; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">By:</div>
            </td>

    <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">/s/ Elizabeth A. Murray</div>
            </td>

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            </td>

    <td style="width: 3%; vertical-align: bottom; font-size: 10pt;"><br/>
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    <td style="width: 47%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Elizabeth A. Murray</div>
            </td>

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    <td style="width: 47%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Chief Financial Officer and Chief Operating Officer</div>
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<DOCUMENT>
<TYPE>EX-1.1
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<FILENAME>ef20021433_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><a name="z_dxtcompanion_actionscomplete"></a>Exhibit 1.1</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">BARINGS BDC, INC.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">$300,000,000 Aggregate Principal Amount 7.000% Notes due 2029</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">UNDERWRITING AGREEMENT</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;">&#160;February 7, 2024</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Wells Fargo Securities, LLC</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">550 South Tryon Street, 5th Floor</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Charlotte, NC 28202</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">SMBC Nikko Securities America, Inc.</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">277 Park Avenue</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">New York, New York 10172</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">BMO Capital Markets Corp.</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><a name="z_Hlk156679723"></a>151 W 42nd St.</div>
      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">New York, New York 10036</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Fifth Third Securities, Inc.</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">38 Fountain Square Plaza</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Cincinnati, Ohio 45263</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">As Representatives of the</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">several Underwriters named</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">in Schedule A hereto</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Ladies and Gentlemen:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Barings BDC, Inc., a Maryland corporation (the &#8220;Company&#8221;), proposes to issue and sell $300,000,000 aggregate principal amount of 7.000% Notes due 2029
        (the &#8220;Securities&#8221;). It is understood that, subject to the conditions hereinafter stated, the Securities will be sold by the Company to the several underwriters named in Schedule A hereto (the &#8220;Underwriters&#8221;) in connection with the offer and sale of
        such Securities. Wells Fargo Securities, LLC, BMO Capital Markets Corp., Fifth Third Securities, Inc., and SMBC Nikko Securities America, Inc. shall act as the representatives of the Underwriters (the &#8220;Representatives&#8221;).</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Securities are to be issued pursuant to an Indenture, dated as of November 23, 2021 (the &#8220;Base Indenture&#8221;), as supplemented by the Second
        Supplemental Indenture, to be dated as of February 12, 2024 (the &#8220;Second Supplemental Indenture&#8221; and, together with the Base Indenture, the &#8220;Indenture&#8221;), to be entered into between the Company and U.S. Bank Trust Company, National Association as
        trustee (the &#8220;Trustee&#8221;). The Securities will be issued to Cede &amp; Co., as nominee of The Depository Trust Company (&#8220;DTC&#8221;) pursuant to a blanket letter of representations (the &#8220;DTC Agreement&#8221;) dated November 22, 2021, between the Company and DTC.</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">1</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The Company has filed with the Securities and Exchange Commission
          (the &#8220;<u>Commission</u>&#8221;) a shelf registration statement on Form N-2 (File No. 333-273253), including a related base prospectus, covering the registration of the sale of the Securities under the Securities Act of 1933, as amended (the &#8220;<u>Act</u>&#8221;),
          which registration statement became effective upon filing with the Commission on July 14, 2023. The Company has also filed with the Commission a preliminary prospectus supplement, dated February 7, 2024, together with the base prospectus, dated
          July 14, 2023 (collectively, the &#8220;<u>Preliminary Prospectus</u>&#8221;). Promptly after execution and delivery of this Agreement, the Company will prepare and file a final prospectus supplement in accordance with the provisions of Rule 430B (&#8220;<u>Rule
            430B</u>&#8221;) of the rules and regulations of the Commission promulgated under the Act (such provisions, the &#8220;<u>Act Regulations</u>&#8221;) and Rule 424(b) of the Act Regulations. The information included or incorporated by reference in such prospectus
          supplement 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 430B is referred to as &#8220;<u>Rule 430B
            Information</u>.&#8221; Unless the context otherwise requires, such registration statement, including all documents filed as part thereof and any Rule 430B Information contained in a prospectus supplement subsequently filed with the Commission
          pursuant to Rule 424(b) under the Act and deemed to be part of the registration statement, and also including any registration statement filed pursuant to Rule 462(b) under the Act Regulations, is herein called the &#8220;<u>Registration Statement</u>.&#8221;
          The final prospectus supplement in the form filed by the Company with the Commission pursuant to Rule 424(b) under the Act on or before the second business day after the date hereof (or such earlier time as may be required under the Act), which
          will include the base prospectus, dated July 14, 2023, together with the final prospectus supplement, is herein called the &#8220;<u>Prospectus</u>.&#8221; All references in this Agreement to amendments or supplements to the Registration Statement or the
          Prospectus, including those made pursuant to Rule 424(b) under the Act or such other rule under the Act as may be applicable to the Company, shall be deemed to mean and include, without limitation the filing of any document under the Securities
          Exchange Act of 1934, as amended (the &#8220;<u>Exchange Act</u>&#8221;), which is or is deemed to be incorporated by reference in or otherwise to be a part of or included in the Registration Statement or the Prospectus, as the case may be, as of the
          Applicable Time (as defined below). </font><font style="font-size: 10pt;">Any &#8220;issuer free writing prospectus&#8221; (as defined in Rule 433 under the Act) relating to the offering of the Securities contemplated by this Agreement is hereinafter called
          an &#8220;Issuer Free Writing Prospectus.&#8221; Any press releases or similar written materials meeting the definition of an &#8220;advertisement&#8221; as set forth in Rule 482 under the Act, the use of which has been consented to by the Representatives, is herein
          called &#8220;Rule 482 Material.&#8221; For purposes of this Agreement, all references to the Registration Statement, any preliminary prospectus, the Rule 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 (&#8220;EDGAR&#8221;).</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">A Form N-54A Notification of Election filed pursuant to Section 54(a) of the Investment Company Act (as defined below) (File No. 814-00733) (the
        &#8220;Notification of Election&#8221;) was filed with the Commission on November 3, 2006 under the Investment Company Act of 1940, as amended, and the rules and regulations and any applicable guidance and/or interpretation of the Commission or its staff
        thereunder (the &#8220;Investment Company Act&#8221;).</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company has entered into the Third Amended and Restated Investment Advisory Agreement, dated as of June 24, 2023 (the &#8220;Investment Advisory
        Agreement&#8221;), with Barings LLC, a Delaware limited liability company registered as an investment adviser (the &#8220;Adviser&#8221;) under the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder (collectively, the
        &#8220;Advisers Act&#8221;). The Company has also entered into an Administration Agreement, dated as of August 2, 2018 (the &#8220;Administration Agreement&#8221;), with the Adviser.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">As used in this Agreement:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;Applicable Time&#8221; means 4:00 P.M., New York City time, on February 7, 2024 or such other time as agreed by the Company and the
        Representatives.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;General Disclosure Package&#8221; means (i) the Preliminary Prospectus, (ii) any Issuer Free Writing Prospectuses, and (iii) the
        information contained in the documents listed on Schedule B hereto.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 1. </font><font style="font-size: 10pt;">Representations
          and Warranties.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(a) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Representations and Warranties of the Company.</font><font style="font-size: 10pt;"> The Company represents and warrants to each Underwriter as of the date hereof, the Applicable Time and the Closing Time (as defined
          below), and agrees with each Underwriter, as follows:</font></div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
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        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">2</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(i) </font><font style="font-size: 10pt;">the
          Company is eligible to use Form N-2. The Registration Statement became effective upon filing with the Commission 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 (including the Preliminary Prospectus) or the Prospectus has been issued and no proceedings
          for any of those purposes or pursuant to Section 8A of the Act against the Company or related to the offering of Securities have been instituted or are pending or, to the Company&#8217;s knowledge, contemplated. The Company has complied with each
          request (if any) from the Commission for additional information in connection with the Registration Statement.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied and will
        comply in all material respects with the requirements of the Act, the Act Regulations and the Investment Company Act. The Preliminary Prospectus, the Rule 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. The Preliminary Prospectus, the Rule 482 Material that is required to be filed with the Commission
        pursuant to Rule 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 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, the
        Preliminary Prospectus or the Prospectus that has not been superseded or modified;</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The documents incorporated by reference in each of the Registration Statement, the Prospectus and the
        Preliminary Prospectus, when they became effective or were filed with the Commission, as the case may be, conformed or will conform in all material respects to the requirements of the Exchange Act.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(ii) neither the Registration Statement nor any
          amendment thereto, at its effective time, at the Closing Time 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 (A) the General Disclosure Package, (B) the </font><font style="font-size: 10pt;">Preliminary Prospectus<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">, when considered
            together with the General Disclosure Package, (C) any individual Free Writing Prospectus, (D) the Rule 482 Material, when considered together with the General Disclosure Package, nor (E) any investor presentation or &#8220;road show&#8221; presentation
            undertaken in connection with the marketing of the Securities, 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 (i)</font>&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">that part of the Registration Statement which shall constitute the Statement of Eligibility and Qualification (Form T-1) under the Trust Indenture Act of 1939, as amended (the &#8220;Trust Indenture Act&#8221;), of the Trustee
            or (ii) to any statements or omissions made in reliance upon and in conformity with information furnished to the Company in writing by an 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 first and third sentences of the fifth paragraph under the caption "Underwriting," the information in the first,
            second and fifth sentences of the eleventh paragraph under the heading &#8220;Underwriting,&#8221; and the information in the first sentence of the twelfth under the heading &#8220;Underwriting,&#8221; in each case contained in the Prospectus (collectively, the
            &#8220;Underwriter Information&#8221;). 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 424(b), at the Closing Time 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 an Underwriter through the Representatives expressly for use in
            the General Disclosure Package;</font></font></div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> <br>
          </font></font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">3</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(iii) </font><font style="font-size: 10pt;">(A)
          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, nor any investor presentation or other written
          communications in connection with the marketing of the Securities, without the Representatives&#8217; prior written consent.&#160; 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 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&#8217; prior written consent; (B) 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) 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;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(iv) <font style="font-family: 'Times New Roman';">The documents incorporated or deemed to be incorporated by
          reference in the Registration Statement, the General Disclosure Package and the Prospectus (or any amendment or supplement thereto) (i) at the time they were or hereafter are filed with the Commission, complied or will comply in all material
          respects with the requirements of the Exchange Act and the rules and regulations of the Commission thereunder and (ii) at the time they were or hereafter are filed with the Commission, when read together with the other information in the
          Registration Statement or the Prospectus, as the case may be, did not or 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
          under which they were made, not misleading;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(v) </font><font style="font-size: 10pt;">the
          Company has not distributed or approved for distribution the Rule 482 Material other than those listed on Exhibit B hereto;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(vi) </font><font style="font-size: 10pt;">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 <font style="font-family: 'Times New Roman'; font-style: italic;">bona
            fide</font> offer (within the meaning of Rule 164(h)(2) of the Act Regulations) of the Securities and at the date hereof, the Company was not and is not an &#8220;ineligible issuer,&#8221; as defined in Rule 405, without taking account of any determination
          by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer; the Company was or is (as the case may be) a &#8220;well-known seasoned issuer,&#8221; as defined in Rule 405, at the times specified in the
          Act in connection with the offering of the Securities;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">(vii) the Company has been duly formed and is validly existing as a corporation in good standing under the laws of the State of
        Maryland, and has full power and authority to conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus and has or had full power and authority to execute and deliver this Agreement, the
        Indenture, the 2029 Notes, the DTC Agreement, the Investment Advisory Agreement and the Administration Agreement, and the Company is duly qualified to do business as a foreign entity and is in good standing in each jurisdiction where the conduct of
        its business requires such qualification, except where the failure to be so qualified and in good standing would not have a material adverse effect on the business, financial condition or results of operation of the Company and its subsidiaries
        taken as a whole (a &#8220;Material Adverse Effect&#8221;);</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">4</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(viii) </font><font style="font-size: 10pt;">the
          Company does not own any real property; the Company has no subsidiaries that are a &#8220;Significant Subsidiary&#8221; within the meaning of such term as defined in Rule 1-02 of Regulation S-X of the Commission other than those listed on Schedule C hereto
          (each a &#8220;Significant Subsidiary&#8221; and collectively the &#8220;Significant Subsidiaries&#8221;); each of the Significant 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 Significant Subsidiaries free and clear of any liens, charges or encumbrances in favor of any third parties, except as pledged as collateral under
          that certain senior secured revolving credit facility with ING Capital LLC, as administrative agent, and the lenders party thereto; the Significant 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 reasonably be expected to have a Material Adverse Effect;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(ix) </font><font style="font-size: 10pt;">(i)
          the Company has as adjusted authorized and outstanding shares of capital stock as set forth in the section of the Prospectus entitled &#8220;Capitalization&#8221;; (ii) all of the issued and outstanding shares of capital stock of the Company have been duly
          authorized and validly issued and are fully paid and non-assessable, and were not issued in violation of any preemptive right or right of first refusal; and (iii) as of January 31, 2023, the Company&#8217;s total consolidated indebtedness was as set
          forth in the Prospectus;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(x) </font><font style="font-size: 10pt;">this
          Agreement has been duly authorized, executed and delivered by the Company;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xi) </font><font style="font-size: 10pt;">the
          Investment Advisory Agreement and the Administration Agreement have been duly authorized, executed and delivered by the Company;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xii) the Base Indenture has been duly
          authorized, executed and delivered by the Company and constitutes a valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms; </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>provided</u></font><font style="font-size: 10pt;">, <font style="font-family: 'Times New Roman';"><u>however</u></font>, that the Company makes no representation or warranty with respect to the validity or enforceability of any
          obligations that may be limited by the applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors&#8217; rights generally and to general principles of equity (regardless of whether enforcement is considered in a
          proceeding in equity or law) (collectively, the &#8220;Enforceability Exceptions&#8221;)<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">;</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xiii) </font><font style="font-size: 10pt;">the
          Second Supplemental Indenture has been duly authorized, and on the Closing Date, will be executed and delivered by the Company and when duly authorized, executed and delivered by the Trustee will constitute a valid and legally binding obligation
          of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(xiv) the DTC Agreement has been duly authorized, executed and delivered by the Company and is a valid and
        legally binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xv) </font><font style="font-size: 10pt;">the
          Securities have been duly authorized for sale to the Underwriters pursuant to this Agreement and, when issued and delivered by the Company and authenticated by the Trustee pursuant to the provisions of this Agreement and of the Indenture relating
          thereto, against payment of the consideration set forth in this Agreement, will be valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to
          the benefits of the Indenture relating thereto; and the Securities and the Indenture conform in all material respect to the statements relating thereto contained in the General Disclosure Package and the Prospectus;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(xvi) 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;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">5</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xvii) </font><font style="font-size: 10pt;">neither
          the Company nor any Subsidiary is (A) 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) in breach
          of (nor has any event occurred that, with notice or lapse of time or both, would reasonably be expected to result in any breach or violation) any indenture, mortgage, deed of trust, bank loan, credit agreement or other evidence of indebtedness,
          or other agreement or instrument to which the Company or any Subsidiary, as the case may be, is a party or (C) in contravention of any law, regulation or rule or any decree, judgment or order applicable to the Company or any Subsidiary, as
          applicable, except, with respect to clause (B) and (C), to the extent that any such breach, violation or contravention would not reasonably be expected to have a Material Adverse Effect;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xviii) </font><font style="font-size: 10pt;">the
          execution, delivery and performance by the Company of this Agreement, the Indenture, the 2029 Notes 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 &#8220;Use of Proceeds&#8221;) will not (A) violate the charter, by-laws or other organizational documents
          of the Company, or (B) result in any breach of (nor has any event occurred that, with notice, lapse of time or both, would reasonably be expected to result in any breach, violation or contravention) any indenture, mortgage, deed of trust, bank
          loan, credit agreement or other evidence of indebtedness, or other agreement or instrument to which the Company or any Subsidiary, as the case may be, is a party or (C) contravene any law, regulation or rule or any decree, judgment or order
          applicable to the Company or any Subsidiary, as applicable, except, with respect to clause (B) and (C), 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 (C), to the extent such violation 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 Indenture, the
          Registration Statement, the General Disclosure Package and the Prospectus;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xix) </font><font style="font-size: 10pt;">no<font style="font-family: 'Times New Roman'; font-style: italic;">&#160;</font>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 (A) such as have been made or obtained for the filing
          of a Form T-1 by the Company with the Commission to qualify the Indenture under the Trust Indenture Act and (B) as set forth in the Registration Statement, General Disclosure Package and the Prospectus, (i) no person has the right to act as an
          underwriter or as a financial adviser to the Company in connection with the offer and sale of Securities, and (ii) there are no contracts, agreements or understandings between the Company and any person that would grant such person the right to
          require the Company to describe or include as exhibits such agreement in the Registration Statement, General Disclosure Package or the Prospectus if the offering of the Securities was pursuant to a registration under the Act;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xx) </font><font style="font-size: 10pt;">each
          of the Company and each of its subsidiaries has all necessary licenses, authorizations, consents and approvals (collectively, the &#8220;Consents&#8221;) 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 Consent or any federal, state, local or foreign law, regulation or rule
          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;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xxi) </font><font style="font-size: 10pt;">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, 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;</font></div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">6</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xxii) </font><font style="font-size: 10pt;">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&#8217;s knowledge, investigations pending or threatened to which the Company or its
          subsidiaries, or, to the Company&#8217;s knowledge, any of their respective directors, managing members or officers, is a party or of which any of their respective properties is 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 its subsidiaries, as the case may
          be, have a Material Adverse Effect or prevent consummation of the transactions contemplated hereby;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">(xxiii) (A) The Company has duly elected to be treated by the Commission under the Investment Company Act as a business development
        company, such election is effective and the Company has not withdrawn such election and, to the Company&#8217;s knowledge, the Commission has not ordered such election to be withdrawn nor, to the Company&#8217;s knowledge have proceedings to effectuate such
        withdrawal been initiated or threatened by the Commission; (B) the provisions of the corporate charter and by-laws of the Company and the investment objectives, policies and restrictions of the Company described in the Prospectus, assuming they are
        implemented as described, comply in all material respects with the requirements of the Investment Company Act; and (C) 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 and regulations promulgated thereunder, except as is not reasonably expected to result, individually or in the aggregate, in a Material Adverse Effect;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(xxiv) KPMG LLP (&#8220;KPMG&#8221;), whose reports on the audited consolidated financial statements of the Company are
        filed with the Commission and included or incorporated by reference in the Registration Statement, General Disclosure Package and Prospectus, is an independent registered public accounting firm within the applicable rules and regulations of the
        Commission and the Public Company Accounting Oversight Board (United States) and as required by the Act;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">(xxv) the consolidated financial statements of the Company and the Significant Subsidiaries included or incorporated by reference in
        the Registration Statement, General Disclosure Package and Prospectus, together with the related notes, present fairly in all material respects the financial position and results of operations of the Company and the Significant Subsidiaries as of
        the dates indicated <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">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 (&#8220;GAAP&#8221;), consistently applied throughout the periods presented except as
          noted in the notes thereon (except, in each case, as may be permitted by the rules and regulations of the Commission); and the financial highlights information included or incorporated by reference in the Registration Statement, General
          Disclosure Package and 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 financial statements that are
          required to be included in the Registration Statement, General Disclosure Package and Prospectus that are not included or incorporated by reference as required; the Company does not have any material liabilities or obligations, direct or, to the
          Company&#8217;s knowledge, contingent (including any off balance sheet obligations), not disclosed in the Registration Statement, General Disclosure Package and Prospectus; and all disclosures contained in the Registration Statement, General Disclosure
          Package and Prospectus regarding &#8220;non-GAAP financial measures&#8221; (as such term is defined by the rules and regulations of the Commission), if any, comply with Regulation G of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) and
          Item 10 of Regulation S-K under the Act, to the extent applicable. S</font>ubsequent 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 Significant Subsidiaries;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">(xxvi) each of the Company and of its 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 &#8220;investment company&#8221; as such term is used in the Investment Company Act;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">7</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xxvii) </font><font style="font-size: 10pt;">each
          of the Company and its subsidiaries owns, or has obtained 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, &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Intellectual Property</font>&#8221;), 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 written notice or is 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;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(xxviii) 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 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 reasonably expects such insurance will be fully in force on the Closing Time;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xxix) </font><font style="font-size: 10pt;">the
          Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management&#8217;s general or specific authorization and the applicable requirements of the
          Investment Company Act and the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;); (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets;
          (iii) access to assets is permitted only in accordance with management&#8217;s general or specific authorization; (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken
          with respect to any differences. The Company&#8217;s &#8220;internal control over financial reporting&#8221; (as such term is defined in Rule 13a-15(f) 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;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xxx) </font><font style="font-size: 10pt;">the
          Company has established and maintains &#8220;disclosure controls and procedures&#8221; (as such term is defined in Rules 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, including material information pertaining to the Company&#8217;s operations and assets managed by the Adviser, is made known to the Company&#8217;s Chief Executive Officer and Chief Financial Officer by others within the
          Company and the Adviser, and such disclosure controls and procedures are effective to perform the functions for which they were established;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xxxi) </font><font style="font-size: 10pt;">neither
          the Company nor, to the Company&#8217;s knowledge, any of its respective directors, officers, affiliates or controlling persons has 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 issuance and sale of the Securities; provided, that any action in connection with the Company&#8217;s distribution
          reinvestment plans will not be deemed a violation of this paragraph;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(xxxii) the statistical and market-related data included or incorporated by reference 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;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">8</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(xxxiii) to the Company&#8217;s knowledge, there are no affiliations or associations between any member of the
        Financial Industry Regulatory Authority and any of the Company&#8217;s officers or directors, except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(xxxiv) (A) 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 and regulations promulgated thereunder, and (B) the approvals by the board of directors and the shareholders of
        the Company of the Investment Advisory Agreement have been made to the extent required by Section 15 of the Investment Company Act applicable to companies that have elected to be regulated as business development companies under the Investment
        Company Act;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xxxv) </font><font style="font-size: 10pt;">except
          as disclosed in the Registration Statement and the Prospectus (A) 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 and regulations promulgated thereunder, and (B) to the knowledge of the Company, no director of the Company is an &#8220;affiliated person&#8221; (as defined in the
          Investment Company Act) of any of the Underwriters;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xxxvi) </font><font style="font-size: 10pt;">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, and the Commission&#8217;s published rules promulgated
          thereunder;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xxxvii) </font><font style="font-size: 10pt;">(A)
          each of the Company and the Significant Subsidiaries 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 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 tax, assessment, fine or penalty that is currently being contested in good faith or as would not reasonably be expected to have a Material Adverse Effect and (B) the Company has elected to be treated, and operates its business so as to
          qualify, as a regulated investment company under Subchapter M of the Code;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(xxxviii) the operations of the Company and each of its subsidiaries are and have been conducted at all times
        in compliance in all material respects with all applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act), as amended, and
        the applicable anti-money laundering statutes of jurisdictions where the Company and each of its subsidiaries conducts business, and the rules and regulations promulgated thereunder and any related or similar applicable rules, regulations or
        guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;Anti-Money Laundering Laws&#8221;), 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 best knowledge of the Company or any of its subsidiaries, threatened;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xxxix) </font><font style="font-size: 10pt;">neither
          the Company nor any of its subsidiaries, nor any director, officer, employee or controlled affiliate thereof, nor, to the Company&#8217;s knowledge, any agent or representative thereof is aware of or has taken any action, directly or indirectly, that
          would result in a violation by such entities or persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations promulgated thereunder (the &#8220;FCPA&#8221;) or of the U.K. Bribery Act 2010 and the rules and regulations
          promulgated thereunder (the &#8220;U.K. Bribery Act&#8221;), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the
          payment, giving or receipt of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any &#8220;foreign official&#8221; (as such term is defined in the FCPA) or any foreign political party or official
          thereof or any candidate for foreign political office, in contravention of the FCPA, the U.K. Bribery Act or other applicable anti-corruption laws, and the Company, its subsidiaries and their affiliates have conducted their businesses in
          compliance with the FCPA, the U.K. Bribery Act and other applicable anti-corruption laws and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance
          with applicable anti-corruption laws; and 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;</font></div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">9</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xl) </font><font style="font-size: 10pt;">neither
          the Company nor any of its subsidiaries, nor any director, officer, employee or controlled affiliate thereof, nor, to the knowledge of the Company, any representative or agent thereof (A) is, or is controlled or 50% or more owned by or is acting
          on behalf of, an individual or entity that is currently the subject or target of any sanctions administered or enforced by the United States Government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of
          the Treasury (&#8220;OFAC&#8221;), the U.S. Department of State or the Bureau of Industry and Security of the U.S. Department of Commerce and including, without limitation, the designation as a &#8220;specially designated national&#8221; or &#8220;blocked person&#8221;), the United
          Nations Security Council, the European Union, the United Kingdom (including sanctions administered or enforced by His Majesty&#8217;s Treasury) or other relevant sanctions authority (collectively, &#8220;Sanctions&#8221; and such persons, &#8220;Sanctioned Persons&#8221; and
          each such person, a &#8220;Sanctioned Person&#8221;), (B) is located, organized or resident in a country or territory that is, or whose government is, the subject or target of Sanctions, including, without limitation, the Crimea Region of Ukraine, the
          so-called Donetsk People&#8217;s Republic, the so-called Luhansk People&#8217;s Republic, the non-government controlled areas of Zaporizhzhia and Kherson, Cuba, Iran, North Korea, Russia and Syria (collectively, &#8220;Sanctioned Territories&#8221; and each, a
          &#8220;Sanctioned Territory&#8221;) or (C) will directly or knowingly indirectly (which shall not include anything done with any such proceeds after they have been received by any affiliate of the Underwriters) use the proceeds of the issuance and sale of
          Securities hereunder, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity in any manner to fund or facilitate any activities of or business with any Sanctioned Person or
          vessel that is the subject of Sanctions or in any Sanctioned Territory, at the time of such funding or facilitation or that would result in a violation of any Sanctions by, or could result in the imposition of Sanctions against, any individual or
          entity (including any individual or entity participating in the offering, whether as an underwriter, adviser, investor or otherwise). Neither the Company nor any of its subsidiaries have knowingly engaged in any dealings or transactions with or
          for the benefit of a Sanctioned Person, or with or in a Sanctioned Territory, nor does the Company or any of its subsidiaries have any plans to increase its dealings or transactions with or for the benefit of Sanctioned Persons, or with or in
          Sanctioned Territories;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xli) </font><font style="font-size: 10pt;">the
          Company and the Significant Subsidiaries&#8217; information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, &#8220;IT Systems&#8221;) provided by the Adviser 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 Significant Subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan
          horses, time bombs, malware and other corruptants, 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 Significant 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 (&#8220;Personal Data&#8221;)) 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 Significant Subsidiaries are presently in material compliance with all applicable laws or
          statutes and all judgments, orders, rules 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;</font></div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">10</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">(xlii) the interactive data in the eXtensible Business Reporting Language (&#8220;XBRL&#8221;) included as an exhibit to or incorporated by
        reference in the Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">(xliii) 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; and</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">(xliv) any certificate signed by any duly appointed officer of the Company and delivered to the Underwriters or counsel for the
        Underwriters in connection with the offering of the Securities shall be deemed to be a representation and warranty by the Company as to matters covered thereby to each Underwriters.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(b) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Representations and Warranties of the Adviser.</font><font style="font-size: 10pt;"> The Adviser represents and warrants to each Underwriter as of the date hereof, the Applicable Time and the Closing Time (as defined
          below) and agrees with each Underwriter, as follows:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(i) </font><font style="font-size: 10pt;">the
          Adviser has been duly formed and is validly existing as a Delaware limited liability company and in good standing under the laws of the State of Delaware with full power and authority to own, lease and operate its properties and 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 Administration Agreement, as applicable, and the Adviser is duly qualified to do business as a foreign entity and is in good standing in each jurisdiction where the ownership or 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, individually or in the aggregate, 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 or the Administration Agreement, as applicable (collectively, an &#8220;Adviser Material Adverse Effect&#8221;);</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(ii) </font><font style="font-size: 10pt;">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 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&#8217;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;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(iii) </font><font style="font-size: 10pt;">there
          are no actions, suits, claims, proceedings or, to the Adviser&#8217;s knowledge, investigations pending or, to the knowledge of the Adviser, threatened to which the Adviser or, to the knowledge of the Adviser, any of its respective officers, partners,
          or members are or would be a party, or of which any of its properties are or would be 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, (A) have, individually or in the aggregate, an Adviser Material Adverse Effect or (B) prevent the consummation of the
          transactions contemplated hereby;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(iv) </font><font style="font-size: 10pt;">the
          Adviser is not (A) in violation of its limited liability company operating agreement or (B) in breach of (nor has any event occurred that, with notice or lapse of time or both, would reasonably be expected to result in any breach or violation)
          any indenture, mortgage, deed of trust, bank loan, 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) in contravention of any law, regulation
          or rule or any decree, judgment or order applicable to the Adviser, except, with respect to clause (B) and (C), to the extent that any such breach, violation or contravention would not reasonably be expected to have an Adviser Material Adverse
          Effect;</font></div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">11</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(v) </font><font style="font-size: 10pt;"> the
          execution, delivery and performance of this Agreement, the Investment Advisory Agreement and the Administration Agreement, the consummation of the transactions contemplated hereby and thereby and 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 &#8220;Use of Proceeds&#8221;) will not (A) violate the limited liability company
          operating agreement of the Adviser or (B) result in any breach of (nor has any event occurred that, with notice, lapse of time or both, would reasonably be expected to result in any breach or violation) any indenture, mortgage, deed of trust,
          bank loan, 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) contravene any law, regulation or rule or any decree, judgment or order
          applicable to the Adviser, except, with respect to clause (B) and (C), to the extent that any such breach or 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 the Administration 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), (D) the Adviser&#8217;s limited liability company operating agreement,
          (E) other organizational documents of the Adviser, (F) any indenture, mortgage, deed of trust, bank loan, 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 (G) any law, regulation, rule or any decree, judgment or order applicable to the Adviser, except, with respect to clauses (F) and (G), to the extent that any such breach, violation or contravention would not reasonably be expected to
          have an Adviser Material Adverse Effect;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(vi) </font><font style="font-size: 10pt;">this
          Agreement, the Investment Advisory Agreement and the Administration Agreement have been duly authorized, executed and delivered by the Adviser; this Agreement, the Investment Advisory Agreement and the Administration Agreement constitute valid
          and legally binding agreements of the Adviser, <font style="font-family: 'Times New Roman';"><u>provided</u></font>, <font style="font-family: 'Times New Roman';"><u>however</u></font>, 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;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">(vii) the descriptions of the Adviser contained in the <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Registration
          Statement, the General Disclosure Package and the Prospectus</font> are true, accurate and complete in all material respects;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">(viii) 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 and the Administration Agreement;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">(ix) 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, or any development involving a prospective material adverse change, in the business, financial condition, capitalization, prospects, or regulatory status of the Adviser;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(x) </font><font style="font-size: 10pt;">the
          Adviser has all Consents 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 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 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;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xi) </font><font style="font-size: 10pt;">neither
          the Adviser nor, to the knowledge of the Adviser, any of its partners, officers, affiliates or controlling persons has taken, directly or indirectly, any action designed, 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;</font></div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">12</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xii) </font><font style="font-size: 10pt;">the
          Adviser is not aware that (A) any executive, key employee or significant group of employees of the Company, if any, or the Adviser, plans to terminate employment with the Company or the Adviser or (B) 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;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xiii) </font><font style="font-size: 10pt;">the
          Adviser maintains a system of internal controls sufficient to provide reasonable assurance that (A) transactions effectuated by it under the Investment Advisory Agreement are executed in accordance with its management&#8217;s general or specific
          authorization; and (B) access to the Company&#8217;s assets is permitted only in accordance with its management&#8217;s general or specific authorization;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xiv) </font><font style="font-size: 10pt;">the<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> Adviser maintains a system of internal accounting controls sufficient to provide reasonable assurance that (A) transactions for which it has bookkeeping and record keeping
            responsibility under the Administration Agreement are recorded as necessary to permit preparation of the Company&#8217;s financial statements in conformity with GAAP and to maintain accountability for the Company&#8217;s assets and (B) the recorded
            accountability for such assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences;</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(xv) the operations of the Adviser are and have been conducted at all times in compliance in all material
        respects with all applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transaction Reporting Act of 1970 (otherwise known as the Bank Secrecy Act), as amended, and the applicable anti-money
        laundering statutes of jurisdictions where the Adviser conducts business, and the rules and regulations promulgated thereunder and any related or similar applicable rules, regulations or guidelines, issued, administered or enforced by any
        governmental agency (collectively, the &#8220;Adviser Anti-Money Laundering Laws&#8221;), 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;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(xvi) </font><font style="font-size: 10pt;">neither
          the Adviser nor any director, officer or employee thereof, nor, to the knowledge of the Adviser, any controlled affiliate, agent or representative thereof is aware of or has taken any action, directly or indirectly, that would result in a
          violation by such entities or persons of the FCPA or of the U.K. Bribery Act, including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to
          pay or authorization of the payment, giving or receipt of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any &#8220;foreign official&#8221; (as such term is defined in the FCPA) or any foreign
          political party or official thereof or any candidate for foreign political office, in contravention of the FCPA, the U.K. Bribery Act or other applicable anti-corruption laws, and the Adviser and any affiliate of the Adviser have conducted their
          businesses in compliance with the FCPA, the U.K. Bribery Act and other applicable anti-corruption laws and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued
          compliance with applicable anti-corruption laws; and</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">(xvii) neither the Adviser nor any director, officer or employee thereof, nor, to the Adviser&#8217;s knowledge, any controlled affiliate,
        representative or agent thereof (A) is, or is controlled or 50% or more owned by or is acting on behalf of, a Sanctioned Person, (B) is located, organized or resident in a Sanctioned Territory or (C) will directly or knowingly indirectly (which
        shall not include anything done with any such proceeds after they have been received by any affiliate of the Underwriters) use the proceeds of the issuance and sale of Securities hereunder, or lend, contribute or otherwise make available such
        proceeds to any joint venture partner or other person or entity in any manner to fund or facilitate any activities of or business with any Sanctioned Person or any Sanctioned Territory, at the time of such funding or facilitation or that would
        result in a violation of any Sanctions by, or could result in the imposition of Sanctions against, any individual or entity (including any individual or entity participating in the offering, whether as an underwriter, adviser, investor or
        otherwise). The Adviser has not knowingly engaged in any dealings or transactions with or for the benefit of a Sanctioned Person, or with or in a Sanctioned Territory, nor does the Adviser have any plans to increase its dealings or transactions
        with or for the benefit of Sanctioned Persons, or with or in Sanctioned Territories.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">13</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Neither the Adviser nor any of the Adviser&#8217;s subsidiaries has engaged in any dealings or transactions with or for the benefit of a
        Sanctioned Person, or with or in a Sanctioned Territory, nor does the Adviser or any of its subsidiaries have any plans to increase its dealings or transactions with or for the benefit of Sanctioned Persons, or with or in Sanctioned Territories.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 2. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Sale and Delivery to Underwriters; Closing</u></font><font style="font-size: 10pt;">.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(a) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"> Sale and Purchase.</font><font style="font-size: 10pt;"> 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 (the &#8220;Purchase Price&#8221;), plus accrued interest, if any, from February 12, 2024, to be paid by the
          several Underwriters set forth is Schedule A, the aggregate principal amount of Securities set forth in Schedule A opposite the name of such Underwriter, plus any additional number of Securities which such Underwriter may become obligated to
          purchase pursuant to the provisions of Section 10 hereof. The Company is advised by you that the Underwriters intend initially to offer the Securities upon the terms set forth in the General Disclosure Package and the Prospectus. The Company
          acknowledges and agrees that the Underwriters may offer and sell the Securities to or through any affiliate of an Underwriter and that any such affiliate may offer and sell any of the Securities purchased by it to or through any Underwriter.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(b) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Payment and Delivery.</font><font style="font-size: 10pt;"> Payment of the Purchase Price for the Securities (less the underwriting discount) by the Underwriters to the Company by Federal Funds wire transfer, against
          delivery of the Securities to you through the facilities of DTC for the respective accounts of the Underwriters. Such payment and delivery shall be made at 10:00 A.M. (New York City time) on the second business day after the date hereof (unless
          another time shall be agreed to by you and the Company or unless postponed in accordance with the provisions of Section 10) (such time and date of payment and delivery being herein called the &#8220;Closing Time&#8221;).</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Deliveries of the documents described in Section 6 hereof with respect to the purchase of the Securities shall be made at the offices of Ropes &amp;
        Gray LLP, 1211 Avenue of the Americas, New York, NY 10036 at 10:00 a.m., New York City time, at the Closing Time.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 3. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Covenants of the Company</u></font><font style="font-size: 10pt;">. The Company covenants with each Underwriter as follows:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(a) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Compliance with Securities Regulations and Commission Requests.</font><font style="font-size: 10pt;"> The Company, subject to Section 3(b), will comply with the requirements of Rule 415, Rule 430B and Rule 424(b),
          will file any Issuer Free Writing Prospectus to the extent required by Rule 433 under the Act, and will notify the Representatives immediately, and confirm the notice in writing, (i) 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) of the receipt of any comments from the Commission, (iii) of any request by the Commission for any amendment to the Registration Statement or any
          amendment or supplement to the Rule 482 Material, Prospectus, or for additional information, (iv) 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 the Preliminary Prospectus, the Rule 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 8A of the Act or of any examination pursuant to Section 8(d) or 8(e) of the Act concerning the Registration Statement and (v) if the Company becomes the subject of a
          proceeding under Section 8A of the Act in connection with the offering of the Securities. The Company will effect all filings required under Rule 424(b) within the time period required by Rule 424(b), and will take such steps as it deems
          necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) 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.</font></div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
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        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">14</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(b) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Continued Compliance with Securities Laws.</font><font style="font-size: 10pt;"> 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) 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) amend or supplement
          the Rule 482 Material, the General Disclosure Package or the Prospectus in order that the Rule 482 Material, the 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) amend the Registration Statement or amend or supplement the Rule
          482 Material, the 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) give the Representatives notice of such event, (B)
          prepare any amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement, the Rule 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) 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 and regulations of the Commission under the Exchange Act (the &#8220;Exchange Act Regulations&#8221;) within 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(c) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Delivery of Commission Filings.</font><font style="font-size: 10pt;"> 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) the Notification of Election and (ii) 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(d) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Delivery of Prospectuses.</font><font style="font-size: 10pt;"> The Company has delivered to each Underwriter, without charge, as many copies of the 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 482 Material, the Prospectus (as amended or supplemented) and each Issuer Free Writing Prospectus as such Underwriter may reasonably request. The Rule 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(e) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Blue Sky Qualifications.</font><font style="font-size: 10pt;"> 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; provided, however, 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.</font></div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
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        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">15</font></div>
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      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(f) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Rule 158.</font><font style="font-size: 10pt;"> The Company will make generally available to its securityholders as soon as practicable an earnings statement that satisfies the provisions of Section 11(a) of the Act
          and Rule 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 &#8220;effective date&#8221; (as defined in Rule 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(g) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Use of Proceeds.</font><font style="font-size: 10pt;"> The Company will apply the net proceeds from the sale of the Securities in all material respects as described in each of the Registration Statement, the General
          Disclosure Package and the Prospectus under the heading &#8220;<font style="font-family: 'Times New Roman'; font-style: italic;">Use of Proceeds.</font>&#8221;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(h) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Reporting Requirements.</font><font style="font-size: 10pt;"> 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(i) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Business Development Company Status.</font><font style="font-size: 10pt;"> The Company will use commercially reasonable efforts to maintain its status as a business development company under the Investment Company
          Act; provided, however, 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 58 of the Investment Company Act or any successor provision.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(j) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Restriction on Transfer. </font><font style="font-size: 10pt;">Through the Closing Time, the Company shall not, and shall cause its subsidiaries not to, sell, offer to sell, contract or agree to sell, hypothecate,
          pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, any debt securities issued or guaranteed by the Company or any securities convertible into or exchangeable or exercisable for debt
          securities issued or guaranteed by the Company or file or cause to be declared effective a registration statement under the Act with respect to any of the foregoing, without the prior written consent of the Representatives, which may not be
          unreasonably withheld. The foregoing sentence shall not apply to sales to the Underwriters pursuant to this Agreement.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(k) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Cooperation with DTC. </font><font style="font-size: 10pt;">The Company will cooperate with the Representatives and use its commercially reasonable efforts to permit the offered Securities to be eligible for
          clearance and settlement through the facilities of DTC.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(l) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Regulated Investment Company Status.</font><font style="font-size: 10pt;"> 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(m) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Accounting Controls.</font><font style="font-size: 10pt;"> The Company will use its commercially reasonable efforts to maintain a system of internal accounting controls sufficient to provide reasonable assurances that
          (A) 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 (B) any significant
          deficiencies or weaknesses in the design or operation of internal accounting controls that could adversely affect the Company&#8217;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&#8217;s independent auditors and the audit committee of the Company&#8217;s board of directors.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 4. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Payment of Expenses</u></font><font style="font-size: 10pt;">.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(a) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Expenses.</font><font style="font-size: 10pt;"> The Company will pay or cause to be paid all expenses incident to the performance of its obligations hereunder, including (i) the preparation, printing and filing of the
          Registration Statement (including financial statements and exhibits) as originally filed and each amendment thereto, (ii) the preparation, printing and delivery to the Underwriters of copies of the Preliminary Prospectus, the Rule 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) the registration, issuance, sale and
          delivery of the Securities to the Underwriters, including any transfer or other taxes payable upon the sale, issuance or delivery of the Securities to the Underwriters, (iv) the fees and disbursements of the Company&#8217;s and the Adviser&#8217;s counsel,
          accountants and other advisers, (v) the qualification of the Securities under securities laws in accordance with the provisions of Section 3(e) hereof, (vi) the fees and expenses of any transfer agent or registrar for the Securities, (vii) the
          costs and expenses of the Company relating to investor presentations on any &#8220;road show&#8221; undertaken in connection with the marketing of the Securities, including without limitation, reasonable and documented 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 and (viii) 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 1(a)(ii). It
          is, however, understood that except as provided in this Section of the Agreement, the Underwriters shall pay all of their own costs and expenses, including, without limitations, the fees and disbursements of their counsel, any advertising
          expenses connected with any offers they make and all travel, lodging and other expenses of the Underwriters incurred by them in connection with any road show.</font></div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
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        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">16</font></div>
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      </div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(b) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Termination of Agreement.</font><font style="font-size: 10pt;"> If (i) this Agreement is terminated pursuant to Section 9, (ii) the Company for any reason fails to tender the Securities for delivery to the
          Underwriters or (iii) 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 5. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Conditions of Underwriters&#8217; Obligations</u></font><font style="font-size: 10pt;">. 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:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(a) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Effectiveness of Registration Statement; Rule 430B Information.</font><font style="font-size: 10pt;"> The Registration Statement, including any Rule 462(b) 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 the Preliminary Prospectus or the
          Prospectus has been issued and no proceedings for any of those purposes or pursuant to Section 8A under the Act have been instituted or are pending or, to the Company&#8217;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 430B Information shall have been filed with the Commission in accordance with Rule 424(b).</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(b) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Opinions of Counsels for Company.</font><font style="font-size: 10pt;"> At the Closing Time, the Representatives shall have received the favorable opinion and Rule 10b-5 statement, dated as of the Closing Time, of
          Dechert LLP, counsel for the Company and the Adviser, in form and substance reasonably satisfactory to counsel for the Underwriters. 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(c) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Opinion of Counsel for Underwriters.</font><font style="font-size: 10pt;"> At the Closing Time, the Representatives shall have received the favorable opinion, dated as of the Closing Time, of Ropes &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.</font></div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
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        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">17</font></div>
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      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(d) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Officers&#8217; Certificates.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(i) </font><font style="font-size: 10pt;">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) the chief
          executive officer or the president of the Company and (ii) the chief financial or chief accounting officer of the Company, dated the Closing Time, to the effect that (A) there has been no such material adverse change, (B) the representations and
          warranties of the Company in Section 1(a) 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) 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) no stop order suspending the effectiveness of the Registration Statement under the Act has been issued, no order preventing or suspending the use of the
          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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(ii) </font><font style="font-size: 10pt;">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) there has been no such Adviser Material Adverse Effect, (B) the representations and
          warranties of the Adviser in Section 1(b) 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) 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(iii) </font><font style="font-size: 10pt;">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 A-1 hereto.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(iv) </font><font style="font-size: 10pt;">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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">(e) <font style="font-family: 'Times New Roman'; font-style: italic;">Material Adverse Change. </font>Between the Applicable Time and the Closing
        Date, no material adverse change or any development involving a prospective material adverse change in the business, properties, management, financial condition or results of operations of the Company, the subsidiaries or the Adviser, taken as a
        whole shall occur or become known.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">(f) <font style="font-family: 'Times New Roman'; font-style: italic;">Indentures. </font>The Company and the Trustee shall have executed,
        authenticated, as applicable, and delivered the Second Supplemental Indenture and the Securities.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(g) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Accountant&#8217;s Comfort Letter.</font><font style="font-size: 10pt;"> At the time of the execution of this Agreement, the Representatives shall have received from KPMG a letter, dated such date, in form and substance
          reasonably 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&#8217; &#8220;comfort letters&#8221; to
          underwriters with respect to the financial statements and certain financial information included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(h) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Bring-down Comfort Letter.</font><font style="font-size: 10pt;"> At the Closing Time, the Representatives shall have received from KPMG 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) of this Section, except that the specified date referred to shall be a date not more than three (3) business days prior to the Closing Time.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(i) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Additional Documents.</font><font style="font-size: 10pt;"> At the Closing Time 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 offering 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<font style="font-family: 'Times New Roman'; font-weight: bold;">&#160;</font>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.</font></div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">18</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(j) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">DTC Agreement.</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> The Company and the Trustee shall have executed, authenticated, as applicable, and delivered the Second
          Supplemental Indenture and the Securities.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(k) <font style="font-family: 'Times New Roman'; font-style: italic;">No Ratings Downgrade. </font>Between the Applicable Time
        and the Closing Time, there shall not have been any decrease in the rating of any debt incurred by the Company or any Subsidiary by any &#8220;nationally recognized statistical rating organization&#8221; (as defined in Section 3(a)(62) of the Exchange Act), or
        any notice given of any intended or potential decrease in any such rating or of a possible change in any such rating that does not indicate the direction of the possible change, and no such organization shall have publicly announced it has under
        surveillance or review any such rating.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(l) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Termination of Agreement.</font><font style="font-size: 10pt;"> If any condition specified in this Section shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated by the
          Representatives by written notice to the Company at any time at or prior to Closing Time or, as the case may be, and such termination shall be without liability of any party to any other party except as provided in Section 4 and except that
          Sections 1, 6, 7, 8, 14, 15 and 16 survive any such termination and remain in full force and effect.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 6. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Indemnification</u></font><font style="font-size: 10pt;">.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(a) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Indemnification of Underwriters by the Company.</font><font style="font-size: 10pt;"> The Company agrees to indemnify and hold harmless each Underwriter, its affiliates (as such term is defined in Rule 501(b) under
          the Act (each, an &#8220;Affiliate&#8221;)), its selling agents and each person, if any, who controls any Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act as follows:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(i) </font><font style="font-size: 10pt;">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 430B 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 contained in (A) the Preliminary Prospectus, any Rule 482 Material, the General Disclosure Package, any Issuer Free Writing Prospectus, or the Prospectus (or any amendment or supplement thereto), or (B)
          any road show as defined in Rule 433(h) under the Act (a &#8220;road show&#8221;), or the omission or alleged omission in any preliminary prospectus, the Prospectus, any Issuer Free Writing Prospectus, 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;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(ii) </font><font style="font-size: 10pt;">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 6(d) below) any such settlement is effected with the
          written consent of the Company;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(iii) </font><font style="font-size: 10pt;">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) or (ii) above;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">provided, however, 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 430B Information, the 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.</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">19</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(b) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Indemnification of Underwriters by the Adviser.</font><font style="font-size: 10pt;"> The Adviser agrees to indemnify and hold harmless each Underwriter, its affiliates (as such term is defined in Rule 501(b) under
          the Act (each, an &#8220;Affiliate&#8221;)), its selling agents and each person, if any, who controls any Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act as follows:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(i) </font><font style="font-size: 10pt;">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 430B 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 contained in (A) the Preliminary Prospectus, any Rule 482 Material, the General Disclosure Package, any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), or (B)
          any road show as defined in Rule 433(h) under the Act (a &#8220;road show&#8221;), or the omission or alleged omission in any preliminary prospectus, the Prospectus, any Issuer Free Writing Prospectus, 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 to the extent the loss, liability, claim, damage and expense relates to information concerning the
          Adviser;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(ii) </font><font style="font-size: 10pt;">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 related to the Adviser, or any such alleged untrue statement or omission related to the Adviser; provided that (subject to Section 6(e)
          below) any such settlement is effected with the written consent of the Company;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(iii) </font><font style="font-size: 10pt;">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 related to the Adviser, or any such alleged untrue
          statement or omission related to the Adviser, to the extent that any such expense is not paid under (i) or (ii) above;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">provided, however, 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 430B Information, the 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 provided, further, that the Adviser&#8217;s indemnity agreement shall only apply to statements
        described in (i) above regarding the Adviser.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(c) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Indemnification of Company, Directors, Officers and Adviser.</font><font style="font-size: 10pt;"> Each Underwriter severally and not jointly agrees to indemnify and hold harmless the Company, the Adviser, their
          directors, as applicable, each of the Company&#8217;s officers who signed the Registration Statement and each person, if any, who controls the Company or the Adviser within the meaning of Section 15 of the Act or Section 20 of the Exchange Act to the
          same extent as the indemnity set forth in subsections (a) and (b) of this Section, as incurred, but only with respect to any losses, liabilities, claims, damages and expenses that arise out of, or are based upon, any untrue statements or
          omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), including any Rule 430B Information, the General Disclosure Package, any Issuer Free Writing Prospectus, any Rule 482 Material or
          the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with the Underwriter Information.</font></div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">20</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(d) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Actions against Parties; Notification.</font><font style="font-size: 10pt;"> 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 (an &#8220;Action&#8221;), 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 subsections (a) and (b) of this Section, counsel to the indemnified parties shall be selected by the Representatives, and, in the case of parties indemnified pursuant to subsection (c) of this Section, 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) the indemnifying party and the indemnified party shall have mutually agreed to the
          contrary; (ii) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party; (iii) 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) 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 the reasonably incurred and documented fees and
          expenses of more than one (1) 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 6 or Section 7 hereof
          (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) 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) 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(e) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Settlement without Consent if Failure to Reimburse.</font><font style="font-size: 10pt;"> 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 6(a)(ii) effected without its written consent if (i) such settlement is entered into more than forty-five (45)
          days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement at least thirty (30) days prior to such settlement being entered into and (iii) such
          indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 7. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Contribution</u></font><font style="font-size: 10pt;">. If the indemnification provided for in Section 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 (including legal or other expenses reasonably incurred in connection with investigating or defending the same) 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) 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) if the allocation provided by clause (i) is not permitted by applicable law,
          in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the 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&#8217;s contribution agreement shall only apply to
          instances in which the Adviser has an indemnity obligation as described above in Section 6(a).</font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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 offering price of the Securities as set forth on the cover of the Prospectus.</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">21</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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&#8217;
        relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company, the Adviser and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined
        by pro rata allocation (even if the Underwriters were treated as one (1) entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to above in this Section 7. The aggregate
        amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 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.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Notwithstanding the provisions of this Section 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.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who
        was not guilty of such fraudulent misrepresentation.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">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 17(i) of the Investment Company Act and any applicable guidance from the Commission or its staff thereunder.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">For purposes of this Section 7, each person, if any, who controls an Underwriter within the meaning of Section 15 of the Act or Section 20 of the
        Exchange Act and each Underwriter&#8217;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 15 of the Act or Section 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&#8217; respective
        obligations to contribute pursuant to this Section 7 are several in proportion to the number of Securities set forth opposite their respective names in Schedule A hereto and not joint.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 8. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Representations, Warranties and Agreements to Survive</u></font><font style="font-size: 10pt;">. All representations, warranties and agreements contained in this Agreement or in certificates of officers of the Company, the
          Adviser or any of the Adviser&#8217;s subsidiaries submitted pursuant hereto, shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of the Underwriters or its Affiliates or selling agents, any
          person controlling any Underwriter, its officers or directors or any person controlling the Company and (ii) delivery of and payment for the Securities.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 9. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Termination of Agreement</u></font><font style="font-size: 10pt;">.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(a) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Termination.</font><font style="font-size: 10pt;"> The Representatives may terminate this Agreement, by written notice to the Company, at any time at or prior to the Closing Time (i) 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) 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) if trading generally on the NYSE MKT or the NYSE 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 (iv) 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 (v) if a banking moratorium has been declared by either Federal or New York authorities.</font></div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">22</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(b) </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Liabilities.</font><font style="font-size: 10pt;"> 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 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 10. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Default by One or More of the Underwriters</u></font><font style="font-size: 10pt;">. If one or more of the Underwriters shall fail at the Closing Time to purchase the Securities which it or they are obligated to purchase
          under this Agreement (the &#8220;Defaulted Securities&#8221;), the Representatives shall have the right, within twenty-four (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:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(i) </font><font style="font-size: 10pt;">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</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(ii) </font><font style="font-size: 10pt;">if
          the number of Defaulted Securities exceeds 10% of the number of Securities to be purchased on such date, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter.</font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">No action taken pursuant to this Section shall relieve any defaulting Underwriter from liability in respect of its default.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">In the event of any such default which does not result in a termination of this Agreement either the (i) Representatives or (ii) the Company shall have
        the right to postpone Closing Time, for a period not exceeding seven (7) 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 &#8220;Underwriter&#8221; includes any person substituted for an Underwriter under this Section 10.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 11. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Notices</u></font><font style="font-size: 10pt;">. 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 Wells Fargo Securities, LLC, 550 South Tryon Street, 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, Charlotte, NC 28202, Attn: Transaction Management, email: tmgcapitalmarkets@wellsfargo.com; and a copy,
          which shall not constitute notice, to Ropes &amp; Gray LLP, 1211 Avenue of the Americas, New York, NY 10036, attention of Paul Tropp, Esq.; notices to the Company and the Adviser shall be directed to them at 300 South Tryon Street, Charlotte, NC
          28202, attention of Ashlee E. Steinnerd; and a copy, which shall not constitute notice, to Dechert LLP, 1900 K Street, NW, Washington, DC 20006, attention of Harry Pangas, Esq.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 12. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>No Advisory or Fiduciary Relationship</u></font><font style="font-size: 10pt;">. The Company acknowledges and agrees that (a) the purchase and sale of the Securities pursuant to this Agreement, including the determination
          of the public offering price of the Securities and any related discounts and commissions, is an arm&#8217;s-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other hand, (b) 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) 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)
          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) 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.</font></div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">23</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 13. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Parties</u></font><font style="font-size: 10pt;">. 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 14. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Compliance with USA Patriot Act</u></font><font style="font-size: 10pt;">. 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 15. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Trial by Jury</u></font><font style="font-size: 10pt;">. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates), the Adviser 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 16. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>GOVERNING LAW</u></font><font style="font-size: 10pt;">. 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 17. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Recognition of the U.S. Special Resolution Regimes</u></font><font style="font-size: 10pt;">.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(i) </font><font style="font-size: 10pt;">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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(ii) </font><font style="font-size: 10pt;">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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">As used in this Section 17:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;BHC Act Affiliate&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167;
        1841(k).</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;Covered Entity&#8221; means any of the following:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(i) </font><font style="font-size: 10pt;">a
          &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 252.82(b);</font></div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">24</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(ii) </font><font style="font-size: 10pt;">a
          &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(iii) </font><font style="font-size: 10pt;">a
          &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 382.2(b).</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167; 252.81, 47.2 or
        382.1, as applicable.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;U.S. Special Resolution Regime&#8221; means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and
        (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 18. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Consent to Jurisdiction; Waiver of Immunity</u></font><font style="font-size: 10pt;">. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby shall be
          instituted in (i) the federal courts of the United States of America located in the City and County of New York, Borough of Manhattan or (ii) the courts of the State of New York located in the City and County of New York, Borough of Manhattan
          (collectively, the &#8220;Specified Courts&#8221;), 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&#8217;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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 19. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>TIME</u></font><font style="font-size: 10pt;">. 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.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">SECTION 20. </font><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Counterparts</u></font><font style="font-size: 10pt;">. 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, the New York Electronic Signatures and Records Act (N.Y. State Tech. &#167;&#167; 301-309), as amended from time to time, 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.</font></div>
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">[SIGNATURE PAGES FOLLOWS]</div>
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            <td style="width: 49.94%; vertical-align: top; font-size: 10pt;"><br>
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            <td style="width: 49.94%; vertical-align: top; font-size: 10pt;"><br>
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              <div style="text-align: left; font-family: 'Times New Roman';">CONFIRMED AND ACCEPTED, as of the date first above written:</div>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;"><br>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt;">
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            <td rowspan="1" style="width: 50%; vertical-align: top; font-size: 10pt;"><br>
            </td>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
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              <div style="text-align: left; font-family: 'Times New Roman';">/s/ Carolyn Hurley</div>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Name: Carolyn Hurley</div>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Title: Managing Director</div>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;"><br>
            </td>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">
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            <td rowspan="1" style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 47%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 50%; vertical-align: top; font-size: 10pt;"><br>
            </td>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
              <div style="text-align: left; font-family: 'Times New Roman';">By:</div>
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              <div style="text-align: left; font-family: 'Times New Roman';">/s/ Zain Leela</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;"><br>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Name: Zain Leela</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;"><br>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Title: Director</div>
            </td>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;"><br>
            </td>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;"><br>
            </td>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">By:</div>
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              <div style="text-align: left; font-family: 'Times New Roman';">FIFTH THIRD SECURITIES, INC.</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;"><br>
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            <td rowspan="1" style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 47%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 50%; vertical-align: top; font-size: 10pt;"><br>
            </td>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
              <div style="text-align: left; font-family: 'Times New Roman';">By:</div>
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              <div style="text-align: left; font-family: 'Times New Roman';">/s/ Maria Yamat</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;"><br>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Name: Maria Yamat</div>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Title: Managing Director</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;"><br>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;"><br>
            </td>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">
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              <div style="text-align: left; font-family: 'Times New Roman';">SMBC NIKKO SECURITIES AMERICA, INC.</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;"><br>
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          <tr>
            <td rowspan="1" style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 47%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 50%; vertical-align: top; font-size: 10pt;"><br>
            </td>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
              <div style="text-align: left; font-family: 'Times New Roman';">By:</div>
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            <td style="width: 47%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left; font-family: 'Times New Roman';">/s/ Thomas Bausano</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;"><br>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Name: Thomas Bausano</div>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Title: Managing Director</div>
            </td>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;"><br>
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      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">For themselves and as Representatives of the other Underwriters named in Schedule A hereto.</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">The purchase price for the 2029 Notes to be paid by the Underwriter shall be 97.948% of the aggregate principal amount thereof, plus accrued interest from February 12,
        2024.</div>
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                <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold;"> Purchased</div>
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              <div style="text-align: left; margin-right: 0.05pt; font-family: 'Times New Roman';">Wells Fargo Securities, LLC</div>
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            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%;">
              <div style="text-align: left; margin-right: 0.05pt; font-family: 'Times New Roman';">SMBC Nikko Securities America, Inc.</div>
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            <td valign="bottom" class="cftcurrcell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;">
              <div style="font-family: 'Times New Roman';">$</div>
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              <div style="font-family: 'Times New Roman';">45,000,000</div>
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            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; margin-right: 0.05pt; font-family: 'Times New Roman';">BMO Capital Markets Corp.</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div style="font-family: 'Times New Roman';">$</div>
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              <div style="font-family: 'Times New Roman';">30,000,000</div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%;">
              <div style="text-align: left; margin-right: 0.05pt; font-family: 'Times New Roman';">Fifth Third Securities, Inc..</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;">
              <div style="font-family: 'Times New Roman';">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-family: 'Times New Roman';">30,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; margin-right: 0.05pt; font-family: 'Times New Roman';">ING Financial Markets LLC</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman';">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman';">27,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%;">
              <div style="text-align: left; margin-right: 0.05pt; font-family: 'Times New Roman';">J.P. Morgan Securities LLC</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;">
              <div style="font-family: 'Times New Roman';">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-family: 'Times New Roman';">27,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; margin-right: 0.05pt; font-family: 'Times New Roman';">BNP Paribas Securities Corp.</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman';">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman';">21,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%;">
              <div style="text-align: left; margin-right: 0.05pt; font-family: 'Times New Roman';">MUFG Securities Americas Inc.</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;">
              <div style="font-family: 'Times New Roman';">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-family: 'Times New Roman';">21,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; margin-right: 0.05pt; font-family: 'Times New Roman';">Regions Securities LLC</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman';">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman';">21,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%;">
              <div style="text-align: left; margin-right: 0.05pt; font-family: 'Times New Roman';">SG Americas Securities, LLC</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;">
              <div style="font-family: 'Times New Roman';">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-family: 'Times New Roman';">9,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; margin-right: 0.05pt; font-family: 'Times New Roman';">BofA Securities, Inc.</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman';">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman';">9,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%;">
              <div style="text-align: left; margin-right: 0.05pt; font-family: 'Times New Roman';">Citigroup Global Markets Inc.</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;">
              <div style="font-family: 'Times New Roman';">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;">
              <div style="font-family: 'Times New Roman';">9,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; margin-right: 0.05pt; font-family: 'Times New Roman';">R. Seelaus &amp; Co., LLC</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman';">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman';">3,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%; padding-bottom: 2px;">
              <div style="text-align: left; margin-right: 0.05pt; font-family: 'Times New Roman';">Roberts &amp; Ryan, Inc.</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman';">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman';">3,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-weight: bold; margin-left: 9pt;">Total</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman';">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div style="font-family: 'Times New Roman';">300,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SCHEDULE B</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">The Pricing Term Sheet, dated February 7, 2024, containing
            the terms of the Securities, substantially in the form of Schedule D, filed with the Commission on February 7, 2024 pursuant to Rule 433 (the &#8220;Pricing Term Sheet&#8221;).</font></font></div>
      <div style="text-align: left;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <br>
          </font></font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SCHEDULE C</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Energy Hardware Holdings, Inc., a Delaware corporation</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">MVC Cayman, a Cayman Island limited liability company</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">MVC Financial Services, Inc., a Delaware corporation</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">SIC Investment Holdings LLC, a limited liability company</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SCHEDULE D</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Barings BDC, Inc.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">$300,000,000 7.000% Notes due 2029</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">PRICING TERM SHEET</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">February 7, 2024</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">The following sets forth the final terms of the 7.000% Notes due 2029 (the &#8220;Notes&#8221;) and should only be read together with the preliminary prospectus
        supplement dated February 7, 2024 together with the accompanying prospectus dated July 14, 2023, relating to these securities (the &#8220;Preliminary Prospectus&#8221;) related to the Notes, and supersedes the information in the Preliminary Prospectus to the
        extent inconsistent with the information in the Preliminary Prospectus. In all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Prospectus. Terms used herein but not defined herein shall have the
        respective meanings as set forth in the Preliminary Prospectus. All references to dollar amounts are references to U.S. dollars.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb4fce118c3e2475a8c2634cdd3836af5">

          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Issuer:</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Barings BDC, Inc. (the &#8220;Company&#8221;)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Security Title:</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">7.000% Notes due 2029</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Expected Ratings*:</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Baa3 / BBB- (Moody&#8217;s / Fitch)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Aggregate Principal Amount Offered:</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">$300,000,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Trade Date:</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">February 7, 2024</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Settlement Date**:</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">February 12, 2024 (T+3)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Maturity Date:</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">February 15, 2029, unless earlier repurchased or redeemed</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Interest Payment Dates:</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">February 15 and August 15, commencing August 15, 2024</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Price to Public (Issue Price):</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">The Notes will be issued at a price of 98.948% of their principal amount, plus accrued interest, if any, from February 12, 2024</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Coupon (Interest Rate):</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">7.000%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Yield to Maturity:</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">7.254%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Spread to Benchmark Treasury:</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">T + 320 basis points</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Benchmark Treasury:</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">4.000% due January 31, 2029</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Benchmark Treasury Price and Yield:</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">99-24 &#188; / 4.054%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Optional Redemption:</div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Prior to January 15, 2029 (one month prior to their maturity date) (the &#8220;Par Call Date&#8221;), the Company may redeem the Notes at its option, in whole or in part,
                at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:</div>
              <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
              </div>
              <div style="text-align: left; text-indent: -18pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">-</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">(a) the sum of
                    the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of
                    twelve 30-day months) at the Treasury Rate plus 50 basis points less (b) interest accrued to the date of redemption, or</font></font></div>
              <div style="text-align: left; text-indent: -18pt; margin-left: 18pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <br>
                  </font></font></div>
              <div style="text-align: left; text-indent: -18pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">-</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">1<font style="font-family: 'Times New Roman'; color: rgb(35, 31, 32);">00% of the principal amount of the Notes to be redeemed,</font></font></font></div>
              <div style="text-align: left; text-indent: -18pt; margin-left: 18pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; color: rgb(35, 31, 32);"> <br>
                    </font></font></font></div>
              <div style="text-align: left; color: rgb(35, 31, 32); font-family: 'Times New Roman'; font-size: 10pt;">plus, in either case, accrued and unpaid interest thereon to the redemption date.</div>
              <div style="text-align: left; color: rgb(35, 31, 32); font-family: 'Times New Roman'; font-size: 10pt;"> <br>
              </div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);">On or after the Par Call Date, </font><font style="font-size: 10pt;">the
                  Company<font style="font-family: 'Times New Roman'; color: rgb(35, 31, 32);"> may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being
                    redeemed plus accrued and unpaid interest thereon to the redemption date.</font></font></div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc3b23285f733436d986f916275b2fe43">

          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Denomination:</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">$2,000 and integral multiples of $1,000 in excess thereof</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">CUSIP / ISIN:</div>
            </td>
            <td style="width: 75%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">06759L AD5 / US06759LAD55</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Joint Book-Running Managers:</div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Wells Fargo Securities, LLC</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">SMBC Nikko Securities America, Inc.</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">BMO Capital Markets Corp.</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Fifth Third Securities, Inc.</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">ING Financial Markets LLC</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">J.P. Morgan Securities LLC</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">BNP Paribas Securities Corp.</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">MUFG Securities Americas Inc.</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Regions Securities LLC</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">SG Americas Securities, LLC</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Co-Managers:</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">*Note:</div>
            </td>
            <td style="width: 75%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">BofA Securities, Inc.</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Citigroup Global Markets Inc.</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">R. Seelaus &amp; Co., LLC</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Roberts &amp; Ryan, Inc.</div>
              <div style="font-size: 10pt;">&#160;</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; margin-right: 5.85pt; font-family: 'Times New Roman'; font-size: 10pt;">** The Issuer expects that delivery of the Notes will be made to investors on or about February 12, 2024, which will be the third business day
        following the date hereof. Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market are required to settle in two business days, unless the parties to any such trade expressly agree otherwise.
        Accordingly, purchasers who wish to trade Notes on the date hereof or the next succeeding two business days will be required by virtue of the fact that the Notes initially settle in T+3, to specify an alternate settlement arrangement at the time of
        any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes on the date hereof or the next succeeding two business days should consult their advisors.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; margin-right: 5.75pt; margin-left: 5pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Investors are advised to carefully consider the investment objectives, risks, charges and expenses of Barings
        BDC, Inc. before investing. The Preliminary Prospectus, which has been filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) contains this and other information about Barings BDC, Inc. and should be read carefully before investing.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; margin-right: 5.75pt; margin-left: 5pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">The information in the Preliminary Prospectus and in this pricing term sheet is not complete and may be
        changed. The Preliminary Prospectus and this pricing term sheet are not offers to sell any securities of Barings BDC, Inc. and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not
        permitted.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; margin-right: 5.75pt; margin-left: 5pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Barings BDC, Inc. has filed a registration statement including a prospectus and the prospectus supplement with
        the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the prospectus supplement and other documents Barings BDC, Inc. has filed with the SEC for more complete
        information about Barings BDC, Inc. and this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Barings BDC, Inc., any underwriter or any dealer participating in the offering will
        arrange to send you the prospectus and the prospectus supplement, if you request them by calling Wells Fargo Securities, LLC toll-free at +1 (800) 645-3751.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; margin-right: 5.75pt; margin-left: 5pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Any disclaimer or other notice that may appear below is not applicable to this communication and should be
        disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXHIBIT A-1</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FORM OF CHIEF FINANCIAL OFFICER&#8217;S CERTIFICATE</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">[</font><font style="font-size: 10pt;">Intentionally Omitted]</font></div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold;">EXHIBIT B</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">RULE 482 MATERIAL</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">
        <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Filed pursuant to Rule 497(a)</div>
        <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> Registration No. 333-273253</div>
        <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Rule 482ad</div>
        <div style="font-size: 10pt;">&#160;</div>
        <div style="text-align: center; margin-right: 0.1pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">[TEXT OF COMMUNICATION SENT VIA BLOOMBERG]</div>
        <div style="font-size: 10pt;">&#160;</div>
        <div style="text-align: left;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Issuer/Ticker</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">Barings BDC, Inc. (BBDC)</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Expected Ratings*</div>
                </td>
                <td style="width: 80%; vertical-align: top; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman'; font-size: 10pt;">Moody's: Baa3 (Stable)</div>
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman'; font-size: 10pt;">Fitch: BBB- (Stable)</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Format</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">SEC Registered</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Ranking</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">Senior Unsecured</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Size</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">$300 Million</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Tenor</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">5-Year</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Settlement</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">T+3 (February 12, 2024)</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Coupon Type</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">Fixed</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Maturity Date</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">February 15, 2029</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">IPTs</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">T+350 bps Area</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Change of Control</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">Yes, 100%</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Active Book Runner(s)</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">WFS (B&amp;D), BMO, FITB, SMBC</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Use of Proceeds</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">To repay indebtedness under the February 2019 Credit Facility</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; padding-bottom: 2px;">
                  <div style="font-size: 10pt;"><br>
                  </div>
                  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Option Redemption</div>
                </td>
                <td style="width: 80%; vertical-align: top; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman'; font-size: 10pt;">Make Whole Call</div>
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman'; font-size: 10pt;">1-Month Par Call</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">CUSIP</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">06759LAD5</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">ISIN</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">US06759LAD55</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Denominations</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">2,000 x 1,000</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Timing</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">Today's Business</div>
                </td>
              </tr>
              <tr>
                <td colspan="1" style="width: 20%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
                  <div style="text-align: left; font-family: 'Times New Roman';">Sales into Canada</div>
                </td>
                <td style="width: 80%; vertical-align: top; font-size: 10pt; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div style="text-align: left; margin-left: 0.4pt; font-family: 'Times New Roman';">Yes - via Exemption</div>
                </td>
              </tr>

          </table>
        </div>
        <font style="font-size: 10pt;"><br>
        </font>
        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">----Disclaimers----</div>
        <div style="font-size: 10pt; font-weight: normal;">&#160;</div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">*A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Each of the
          security ratings above should be evaluated independently of any other security rating.</div>
        <div style="font-size: 10pt; font-weight: normal;">&#160;</div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Investors are advised to carefully consider the investment objectives, risks and charges and expenses of Barings BDC, Inc. before investing. The
          preliminary prospectus supplement, dated February 7, 2023, together with an accompanying prospectus, has been filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) and contains this and other information about Barings BDC, Inc. and should
          be read carefully before investing.</div>
        <div style="font-size: 10pt; font-weight: normal;">&#160;</div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">The information in any preliminary prospectus supplement and accompanying prospectus and in this announcement is not complete and may be
          changed. This announcement is not an offer to sell any securities of Barings BDC, Inc. and is not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted.</div>
        <div style="font-size: 10pt; text-align: left; font-weight: normal;">&#160;</div>
        <div style="font-size: 10pt; text-align: left; font-weight: normal;">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">A shelf registration statement relating to these securities is on file with and has been declared effective by the SEC. The offering may be
            made only by means of a preliminary prospectus supplement and an accompanying prospectus. Before you invest, you should read the preliminary prospectus supplement, together with the accompanying prospectus, and other documents the issuer has
            filed with the SEC for more complete information about the issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC&#8217;s website at www.sec.gov.</div>
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"> <br>
          </div>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the preliminary prospectus
          supplement and accompanying prospectus if you request it from Wells Fargo Securities, LLC at 1-800-645- 3751&#894; BMO Capital Markets Corp., at 1-866-864-7760&#894; Fifth Third Securities, Inc. at 1-866-531-5353, or SMBC Nikko Securities America, Inc. at
          1-888-868-6856.</div>
        <div style="text-align: left; font-size: 10pt; font-weight: normal;">&#160;</div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">Any legends, disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded (other than
          any statement relating to the identity of the legal entity authorizing or sending this communication in a non-US jurisdiction). Such legends, disclaimers or other notices have been automatically generated as a result of this communication having
          been sent via Bloomberg or another system.</div>
        <div style="text-align: left; font-size: 10pt;"><br>
        </div>
        <div style="text-align: left; font-size: 10pt;">&#160;</div>
      </div>
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        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>ef20021433_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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    <div>
      <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit 4.1</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SECOND SUPPLEMENTAL INDENTURE</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">between</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">BARINGS BDC, INC.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">and</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">as Trustee</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">DATED AS OF FEBRUARY 12, 2024</div>
      <div><font style="font-size: 10pt;">&#160;<br>
        </font>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <font style="font-size: 10pt;"><br>
        </font></div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SECOND SUPPLEMENTAL INDENTURE</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">THIS SECOND SUPPLEMENTAL INDENTURE (this &#8220;<font style="font-family: 'Times New Roman';"><u>Second Supplemental Indenture</u></font>&#8221;),
        dated as of February 12, 2024 (the &#8220;<font style="font-family: 'Times New Roman';"><u>Issue Date</u></font>&#8221;), is between Barings BDC, Inc., a Maryland corporation (the &#8220;<font style="font-family: 'Times New Roman';"><u>Company</u></font>&#8221;), and U.S.
        Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association), as trustee (the &#8220;<font style="font-family: 'Times New Roman';"><u>Trustee</u></font>&#8221;). All capitalized terms used herein shall have the meaning
        set forth in the Base Indenture (as defined below) unless otherwise defined herein.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">RECITALS OF THE COMPANY</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company and the Trustee executed and delivered an Indenture, dated as of November 23, 2021 (the &#8220;<font style="font-family: 'Times New Roman';"><u>Base</u></font>&#160;<font style="font-family: 'Times New Roman';"><u>Indenture</u></font>&#8221; and, as amended and supplemented by this Second Supplemental Indenture, collectively the &#8220;<font style="font-family: 'Times New Roman';"><u>Indenture</u></font>&#8221;),
        to provide for the issuance by the Company from time to time of the Company&#8217;s unsecured debentures, notes or other evidences of indebtedness (the &#8220;<font style="font-family: 'Times New Roman';"><u>Securities</u></font>&#8221;), to be issued in one or more
        series as provided in the Base Indenture.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company has duly authorized the creation, issue and sale of (a) $300,000,000 aggregate principal amount of the Company&#8217;s
        7.000% Notes due 2029 (the &#8220;<font style="font-family: 'Times New Roman';"><u>Notes</u></font>&#8221;). The Notes and any Additional Notes shall be treated as a single class for all purposes under this Indenture, including waivers, amendments, redemptions
        and offers to purchase.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company previously entered into the First Supplemental Indenture, dated as of November 23, 2021 (the &#8220;First Supplemental
        Indenture&#8221;) which supplemented the Base Indenture. The First Supplemental Indenture is not applicable to the Notes.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Sections 9.01(4) and 9.01(6) of the Base Indenture provide that without the consent of Holders of the Securities of any series
        issued under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time,
        may enter into one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto) when there
        is no Security Outstanding of any series created prior to the execution of the supplemental indenture that is entitled to the benefit of such provision and (ii) establish the form or terms of Securities of any series as permitted by Section 2.01
        and Section 3.01 of the Base Indenture.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">- 1 -</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company desires to establish the form and terms of the Notes and to modify, alter, supplement and change certain provisions of
        the Base Indenture for the benefit of the Holders of the Notes (subject to amendment as may be provided in a future supplemental indenture to the Indenture (&#8220;<font style="font-family: 'Times New Roman';"><u>Future Supplemental Indenture</u></font>&#8221;)).
        The Company has duly authorized the execution and delivery of this Second Supplemental Indenture to provide for the issuance of the Notes and all acts and things necessary to make this Second Supplemental Indenture a valid, binding, and legal
        obligation of the Company and to constitute a valid agreement of the Company, in accordance with its terms, have been done and performed.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">NOW, THEREFORE, for and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually
        agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ARTICLE I</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">TERMS OF THE NOTES</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Section 1.01. The following terms relating to the Notes are hereby established:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The Notes shall constitute a series of Senior Securities having the title &#8220;7.000% Notes due 2029&#8221;. The Notes offered and sold shall bear a CUSIP number of 06759L AD5 and an ISIN number of US06759LAD55.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for the Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other
            Notes pursuant to Sections 3.04, 3.05, 3.06, 9.06, 11.07 or 13.05 of the Base Indenture, and except for any Securities that, pursuant to Section 3.03 of the Base Indenture, are deemed never to have been authenticated and delivered under the
            Indenture) shall be $300,000,000. Under a Board Resolution, Officers&#8217; Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Notes, issue additional Notes
            (the &#8220;<font style="font-family: 'Times New Roman';"><u>Additional Notes</u></font>&#8221;) having the same ranking and the same interest rate, maturity and other terms as the Notes; <font style="font-family: 'Times New Roman'; font-style: italic;">provided
            </font>that, if such Additional Notes are not fungible with the Notes (or any other tranche of Additional Notes) for U.S. federal income tax purposes, then such Additional Notes will have different CUSIP numbers from the Notes (and any such
            other tranche of Additional Notes). Any Additional Notes and the existing Notes will constitute a single series under the Indenture and all references to the relevant Notes herein shall include the Additional Notes unless the context otherwise
            requires.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The entire outstanding principal of the Notes shall be payable on February 15, 2029, unless earlier redeemed or repurchased in accordance with the provisions of this Second Supplemental Indenture.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The rate at which the Notes shall bear interest shall be 7.000% per annum (the &#8220;<font style="font-family: 'Times New Roman';"><u>Applicable Interest Rate</u></font>&#8221;). The date from which interest shall accrue on the Notes shall be
            February 12, 2024 or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be February 15 and August 15 of each year, commencing August 15, 2024 (if an Interest
            Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest
            period will be the period from and including February 12, 2024 (or the most recent Interest Payment Date to which interest has been paid or provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest periods
            will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest
            Payment Date, will be paid to the Person in whose name the Note (or one or more Predecessor Securities) is registered at 5:00 p.m. New York City time, or the close of business, on the Regular Record Date for such interest, which shall be August
            1 and February 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Payment of principal of (and premium, if any, on) and any such interest on the Notes will be made at the office of the Trustee
            located at One Federal Street, 10th Floor, Boston, MA 02110 and at such other address as designated by the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
            private debts; <font style="font-family: 'Times New Roman'; font-style: italic;">provided</font>, <font style="font-family: 'Times New Roman'; font-style: italic;">however</font>, that at the option of the Company, payment of interest may be
            made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">- 2 -</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The Notes shall be initially issuable in global form (each such Note, a &#8220;<font style="font-family: 'Times New Roman';"><u>Global Note</u></font>&#8221;). The Global Notes and the Trustee&#8217;s certificate of authentication thereon shall be
            substantially in the form of <font style="font-family: 'Times New Roman';"><u>Exhibit A</u></font> to this Second Supplemental Indenture. Each Global Note shall represent the outstanding Notes as shall be specified therein and each shall
            provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate,
            to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Security Registrar, in
            accordance with Sections 2.03 and 3.05 of the Base Indenture.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The depositary for such Global Notes (the &#8220;<font style="font-family: 'Times New Roman';"><u>Depositary</u></font>&#8221;) shall be The Depository Trust Company, New York, New York, until a successor shall have been appointed and becomes such
            person, and thereafter, Depositary shall mean or include such successor. The Security Registrar with respect to the Global Notes shall be the Trustee.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(g)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The Notes shall be defeasible pursuant to Section 14.02 or Section 14.03 of the Base Indenture. Covenant defeasance contained in Section 14.03 of the Base Indenture shall apply to the covenants contained in Sections 10.07 and 10.08 of the
            Indenture.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(h)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The Notes shall be redeemable pursuant to Section 11.01 of the Base Indenture and as follows:</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 72pt; font-size: 10pt;"><a name="z_Hlk157779178"></a><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(35, 31, 32); font-family: 'Times New Roman';">Prior to January 15, 2029 (the &#8220;Par Call Date&#8221;), the Notes will be redeemable at the option of the Company, in whole or in part, at any time and from time to time, at a Redemption Price (expressed as a percentage of principal amount and
          rounded to three decimal places) equal to the greater of:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf0dd367d5f2c4d239e39e5b9bce1743a">

          <tr>
            <td style="width: 108pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(A)</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">(1) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed discounted to the Redemption Date (assuming the
                Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points less (2) interest accrued to the Redemption Date; and</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3862b23240e94cbc9e62b5997a862d98">

          <tr>
            <td style="width: 108pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">(B)</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">100% of the principal amount of the Notes to be redeemed;</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; margin-left: 108pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);">plus, in either case, accrued and unpaid interest thereon to
          the </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Redemption Date</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);">.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">O</font><font style="font-family: 'Times New Roman'; color: rgb(35, 31, 32);">n or after the Par Call Date, the Company may redeem the Notes, in whole or in part, at any time and
              from time to time, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the </font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Redemption
              Date.</font></font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">For purposes of calculating the Redemption Price in connection with the redemption of the Notes, on any Redemption Date, the
        following terms have the meanings set forth below:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);">&#8220;Treasury Rate&#8221; means, with respect to any </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Redemption Date</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);">, the yield determined by the Company in accordance with
          the following two paragraphs.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);">The Treasury Rate shall be determined by the Company after
          4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Redemption Date</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);"> based upon the yield or yields for the most recent day that appear after such time
          on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as &#8220;Selected Interest Rates (Daily)&#8212;H.15&#8221; (or any successor designation or publication) (&#8220;H.15&#8221;) under the caption
          &#8220;U.S. government securities&#8211;Treasury constant maturities&#8211;Nominal&#8221; (or any successor caption or heading) (&#8220;H.15 TCM&#8221;). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on
          H.15 exactly equal to the period from the </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Redemption Date</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);"> to
          the Par Call Date (the &#8220;Remaining Life&#8221;); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields &#8211; one yield corresponding to the Treasury constant maturity on H.15 immediately shorter
          than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life &#8211; and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and
          rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life.
          For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Redemption Date</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);">.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">- 3 -</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);">If on the third Business Day preceding the </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Redemption Date</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);"> H.15 TCM is no longer published, the Company shall
          calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Redemption Date</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);"> of the United States Treasury security maturing on, or with a maturity that is closest to, the Par
          Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity
          date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States
          Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United
          States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms
          of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time,
          of such United States Treasury security, and rounded to three decimal places.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(35, 31, 32); font-family: 'Times New Roman'; font-size: 10pt;">The Company&#8217;s actions and determinations in determining the Redemption Price of any of the Notes shall be conclusive and
        binding for all purposes, absent manifest error.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of the Notes to be redeemed, not less than ten (10) nor more than sixty (60) days
            prior to the Redemption Date, at the Holder&#8217;s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(iv)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Any exercise of the Company&#8217;s option to redeem the Notes will be done in compliance with the Investment Company Act, to the extent applicable.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(v)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">If the Company elects to redeem only a portion of the Notes, the particular Notes to be redeemed will be selected in accordance with the applicable procedures of the Trustee and, so long as the Notes are registered to the Depositary or its
            nominee, the Depositary; <font style="font-family: 'Times New Roman'; font-style: italic;">provided, however</font>, that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $2,000.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes called for redemption hereunder.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(j)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The Notes shall not be subject to any sinking fund pursuant to Section 12.01 of the Base Indenture.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(k)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(l)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Holders of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity other than in accordance with Article XIII of the Indenture.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ARTICLE II</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 2.01. </font><font style="font-size: 10pt;">Except as may be
          provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto),
          whether now or hereafter issued and Outstanding, Article I of the Base Indenture shall be amended by adding the following defined terms to Section 1.01 in appropriate alphabetical sequence, as follows:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
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        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">- 4 -</font></div>
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      </div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Below Investment Grade Rating Event</u></font>&#8221; means the Notes are downgraded
        below Investment Grade by both of the Rating Agencies on any date from the date of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of
        Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies); <font style="font-family: 'Times New Roman'; font-style: italic;">provided
        </font>that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment
        Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform
        the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable
        Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Change of Control</u></font>&#8221; means the occurrence of any of the following:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(1)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of the Company and its
            Controlled Subsidiaries taken as a whole to any &#8220;person&#8221; or &#8220;group&#8221; (as those terms are used in Section 13(d)(3) of the Exchange Act), other than to any Permitted Holders; <font style="font-family: 'Times New Roman'; font-style: italic;">provided
            </font>that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer, conveyance or disposition;</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(2)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any &#8220;person&#8221; or &#8220;group&#8221; (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any
            Permitted Holders) becomes the &#8220;beneficial owner&#8221; (as defined in Rules 13d-3 and 13d-5 promulgated under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather
            than number of shares; or</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(3)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">the approval by the Company&#8217;s stockholders of any plan or proposal relating to the liquidation or dissolution of the Company.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Change of Control Repurchase Event</u></font>&#8221; means the occurrence of a Change
        of Control and a Below Investment Grade Rating Event.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Controlled Subsidiary</u></font>&#8221; means any Subsidiary of the Company, 50% or
        more of the outstanding equity interests of which are owned by the Company and its direct or indirect Subsidiaries and of which the Company possesses, directly or indirectly, the power to direct or cause the direction of the management or policies,
        whether through the ownership of voting equity interests, by agreement or otherwise.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Fitch</u></font>&#8221; means Fitch Ratings, Inc., also known as Fitch Ratings, or any
        successor thereto.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>GAAP</u></font>&#8221; means generally accepted accounting principles in the United
        States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and the statements
        and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession in the United States, which are in effect from time to time.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Investment Company Act</u></font>&#8221; means the Investment Company Act of 1940, as
        amended, and the rules, regulations and interpretations promulgated thereunder, to the extent applicable, and any statute successor thereto.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Investment Grade</u></font>&#8221; means a rating of BBB- or better by Fitch (or its
        equivalent under any successor rating categories of Fitch) and Baa3 or better by Moody&#8217;s (or its equivalent under any successor rating categories of Moody&#8217;s) (or, in each case, the equivalent investment grade credit rating from any Rating Agency
        selected by the Company as a Rating Agency).</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">- 5 -</font></div>
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      </div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Moody&#8217;s</u></font>&#8221; means Moody&#8217;s Investors Service or any successor thereto.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Permitted Holders</u></font>&#8221; means (i) the Company, (ii) one or more of the
        Company&#8217;s Controlled Subsidiaries and (iii) Barings LLC, any Affiliate of Barings LLC or any entity that is managed by Barings LLC that is organized under the laws of a jurisdiction located in the United States of America and in the business of
        managing or advising clients.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Rating Agency</u></font>&#8221; means (1) one or both of Fitch and Moody&#8217;s; and (2) if
        both of Fitch and Moody&#8217;s cease to rate the Notes or fail to make a rating of the Notes publicly available for reasons outside of the Company&#8217;s control, a &#8220;nationally recognized statistical rating organization&#8221; as defined in Section 3(a)(62) of the
        Exchange Act selected by the Company as a replacement agency for either of Fitch or Moody&#8217;s, as the case may be.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Significant Subsidiary</u></font>&#8221; means any Subsidiary that would be a
        &#8220;significant subsidiary&#8221; as defined in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act, as such regulation is in effect on the date of this Indenture (but excluding any Subsidiary which is (a) a non-recourse or limited recourse
        Subsidiary, (b) a bankruptcy remote special purpose vehicle or (c) is not consolidated with the Company for purposes of GAAP).</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Voting Stock</u></font>&#8221; as applied to stock of any Person, means shares,
        interests, participations or other equivalents in the equity interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests,
        participations or other equivalents having such power only by reason of the occurrence of a contingency.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 2.02. </font><font style="font-size: 10pt;">Except as may be
          provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto),
          whether now or hereafter issued and Outstanding, Article I of the Base Indenture shall be amended by amending and restating the definitions of &#8220;Business Day&#8221; and &#8220;Subsidiary&#8221; in Section 1.01 as follows:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Business Day</u></font>&#8221; means, with respect to any Note, any day other than a
        Saturday, Sunday or a day on which banking institutions in the City of New York are authorized or obligated by law or executive order to close.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-family: 'Times New Roman';"><u>Subsidiary</u></font>&#8221; means (1) any corporation a majority of the outstanding
        voting stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries of the Company, (2) any other Person (other than a corporation) in which such Person, one or more Subsidiaries of such Person, or such
        Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination thereof has a majority ownership interest, or (3) a partnership in which such Person or Subsidiary of such Person is, at the time, a general
        partner and in which such Person, directly or indirectly, at the date of determination thereof has a majority ownership interest. For the purposes of this definition, &#8220;voting stock&#8221; mean stock having voting power for the election of trustees,
        whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. In addition, for purposes of this definition, &#8220;Subsidiary&#8221; shall exclude any investments held by the Company in the ordinary course
        of business which are not, under GAAP, consolidated on the financial statements of the Company and its Subsidiaries.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ARTICLE III</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SECURITIES FORMS</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 3.01. </font><font style="font-size: 10pt;">Except as may be
          provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto),
          whether now or hereafter issued and Outstanding, Article II of the Base Indenture shall be amended by adding the following new Section 2.04 thereto, as set forth below:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
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        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">- 6 -</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0);">&#8220;Section 2.04.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman'; font-weight: bold;">Certificated Notes</font>.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Notwithstanding anything to the contrary in the Indenture, Notes in physical, certificated form will be issued
        and delivered to each person that the Depositary identifies as a beneficial owner of the related Notes only if:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">the Depositary notifies the Company at any time that it is unwilling or unable to continue as depositary for the Notes in global form and a successor depositary is not appointed within 90 days;</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days; or</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman';">an Event of Default with respect to the Notes has occurred and is continuing and such beneficial owner requests that its Notes be issued in physical, certificated form.</font>&#8221;</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ARTICLE IV</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">REMEDIES</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 4.01. </font><font style="font-size: 10pt;">Except as may be
          provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto),
          whether now or hereafter issued and Outstanding, Article V of the Base Indenture shall be amended by replacing clause (2) of Section 5.01 thereof with the following:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">&#8220;(2)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">default in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its Maturity including upon any Redemption Date or required repurchase date;&#8221;</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 4.02. </font><font style="font-size: 10pt;">Except as may be
          provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto),
          whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by replacing clause (4) thereof with the following:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd499cb5b4b2c45d98041c695e6416f4f">

          <tr>
            <td style="width: 36pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;(4)</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">default in the performance, or breach, of any covenant or agreement of the Company in this Indenture or the Notes (other than a covenant or agreement a default in whose
                performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of a series of securities other than the Notes), and continuance of such default
                or breach for a period of 60 consecutive days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding
                Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a &#8220;Notice of Default&#8221; hereunder; or&#8221;</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 4.03. </font><font style="font-size: 10pt;">Except as may be
          provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto),
          whether now or hereafter issued and Outstanding, Article V of the Base Indenture shall be amended by adding as clause (9) of Section 5.01 thereof the following:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z53bc7eb9c5fb4eb58fe063fa058274f6">

          <tr>
            <td style="width: 36pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;(9)</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">default by the Company or any of its Significant Subsidiaries, with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which
                there may be secured or evidenced, any indebtedness for money borrowed in excess of $50 million in the aggregate of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter be created (i)
                resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon
                declaration of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period of 30 calendar days after written notice of such failure is given to
                the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding.&#8221;</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">- 7 -</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 4.04. </font><font style="font-size: 10pt;">Except as may be
          provided in a Future Supplemental Indenture, for the benefit of Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether
          now or hereafter issued and Outstanding, Article V of the Base Indenture shall be amended by amending clause (6) of Section 5.01 thereof as follows: the words &#8220;90 consecutive days&#8221; in the final clause thereof shall be replaced with the words &#8220;60
          consecutive days&#8221;.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 4.05. </font><font style="font-size: 10pt;">Except as may be
          provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto),
          whether now or hereafter issued and Outstanding, Article V of the Base Indenture shall be amended by replacing the first paragraph of Section 5.02 thereof with the following:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;If an Event of Default with respect to the Notes occurs and is continuing, then and in every such case (other than an Event of
        Default specified in Section 5.01(5) or 5.01(6)), the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may (and the Trustee shall at the request of such Holders) declare the principal of all the Outstanding
        Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or specified portion thereof shall become immediately due and payable; <font style="font-family: 'Times New Roman'; font-style: italic;">provided </font>that 100% of the principal of, and accrued and unpaid interest on, the Notes will automatically become due and payable in the case of an Event of Default specified in
        Section 5.01(5) or 5.01(6) hereof.&#8221;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 4.06. </font><font style="font-size: 10pt;">Except as may be
          provided in a Future Supplemental Indenture, for the benefit of Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether
          now or hereafter issued and Outstanding, Article V of the Base Indenture shall be amended by replacing clause (3) of Section 5.12 thereof with the following:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z96f929b7b73b460081cd32ac8d8b316e">

          <tr>
            <td style="width: 36pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;(3)</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">the Trustee need not take any action that it determines in good faith may involve it in personal liability or be unjustly prejudicial to the Holders of the Notes not
                consenting; and&#8221;</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ARTICLE V</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">THE TRUSTEE</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 5.01. </font><font style="font-size: 10pt;">Except as may be
          provided in a Future Supplemental Indenture, for the benefit of Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether
          now of hereafter issued and Outstanding, Article VI of the Base Indenture shall be amended by replacing the final proviso of Section 6.01 thereof with the following:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;and <font style="font-family: 'Times New Roman';"><u>provided further</u></font> that in the case of any Default or breach of
        the character specified in Section 5.01(4) with respect to the Securities of such series, no such notice to Holders shall be given until at least 60 days after the occurrence thereof&#8221;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ARTICLE VI</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">COVENANTS</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 6.01. </font><font style="font-size: 10pt;">Except as may be
          provided in a Future Supplemental Indenture, for the benefit of Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether
          now or hereafter issued and Outstanding, Article X of the Base Indenture shall be amended by replacing clause (1) of Section 10.05 thereof with the following:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd5f98a9f98ad49e4b890b058791a3b79">

          <tr>
            <td style="width: 36pt; font-size: 10pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;(1)</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">The Company will deliver to the Trustee within 120 days after the end of each fiscal year ending after the date hereof (which fiscal year ends on December 31), so long as any
                Notes are Outstanding hereunder, a brief Officers&#8217; Certificate as to the knowledge of the signers of the Company&#8217;s compliance with all of the terms, provisions or conditions of this Indenture. For purposes of this Section 10.05, such
                compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture.&#8221;</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">- 8 -</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 6.02. </font><font style="font-size: 10pt;">Except as may be
          provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto),
          whether now or hereafter issued and Outstanding, Article X of the Base Indenture shall be amended by adding the following new Sections 10.07 and 10.08 thereto, each as set forth below:</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">&#8220;Section 10.07.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0); font-family: 'Times New Roman';"><u>Section 18(a)(1)(A) of the Investment Company Act.</u></font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The Company hereby agrees that for the period of time during which
          the Notes are Outstanding, the Company will not violate, whether or not it is subject to, Section 18(a)(1)(A) of the Investment Company Act as modified by Section 61(a)(1) and (2) of the Investment Company Act or any successor provisions, as such
          obligations may be amended or superseded, giving effect to any exemptive relief granted to </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);">the Company</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> by the Securities and Exchange Commission.&#8221;</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">&#8220;Section 10.08.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman';"><u>Commission Reports and Reports to Holders</u></font>.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">If, at any time, the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any
        periodic reports with the Commission, the Company agrees to furnish to the Holders of the Notes and the Trustee for the period of time during which the Notes are Outstanding: (i) within 90 days after the end of each fiscal year of the Company,
        audited annual consolidated financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company&#8217;s fourth fiscal quarter), unaudited interim consolidated financial statements of the
        Company. All such financial statements shall be prepared, in all material respects, in accordance with GAAP, as applicable.&#8221;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ARTICLE VII</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of
        Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or hereafter issued and Outstanding, Article VIII of the Base Indenture shall be amended by replacing
        Section 8.01 with the following:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">&#8220;Section 8.01.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);"><font style="font-family: 'Times New Roman';"><u>Merger, Consolidation or Sale of Assets</u></font>.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company shall not merge or consolidate with or into any other Person (other than a merger of a wholly owned Subsidiary of the
        Company into the Company), or sell, transfer, lease, convey or otherwise dispose of all or substantially all of its property (provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or
        its Controlled Subsidiaries shall not be deemed to be any such sale, transfer, lease, conveyance or disposition) in any one transaction or series of related transactions unless:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(1)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">the Company shall be the surviving Person (the &#8220;Surviving Person&#8221;) or the Surviving Person (if other than the Company) formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made shall
            be a statutory trust, corporation or limited liability company organized and existing under the laws of the United States of America or any state or territory thereof;</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(2)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">the Surviving Person (if other than the Company) expressly assumes, by supplemental indenture in form reasonably satisfactory to the Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of
            the principal of, and premium, if any, and interest on, all the Notes Outstanding, and the due and punctual performance and observance of all the covenants and conditions of this Indenture to be performed by the Company;</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(3)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">immediately before and immediately after giving effect to such transaction or series of related transactions, no Default or Event of Default shall have occurred and be continuing; and</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">- 9 -</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(4)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">the Company shall deliver, or cause to be delivered, to the Trustee, an Officers&#8217; Certificate and an Opinion of Counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto, comply with this
            Section 8.01 and that all conditions precedent in this Indenture relating to such transaction have been complied with.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">For the purposes of this Section 8.01, the sale, transfer, lease, conveyance or other disposition of all the property of one or
        more Subsidiaries of the Company, which property, if held by the Company instead of such Subsidiaries, would constitute all or substantially all the property of the Company on a consolidated basis, shall be deemed to be the transfer of all or
        substantially all the property of the Company.&#8221;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ARTICLE VIII</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">OFFER TO REPURCHASE UPON A CHANGE OF CONTROL REPURCHASE EVENT</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of
        Securities under the Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or hereafter issued and Outstanding, Article XIII of the Base Indenture shall be amended by replacing
        Sections 13.01 to 13.05 with the following:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; margin-left: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">&#8220;Section 13.01. Change of Control.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">If a Change of Control Repurchase Event occurs, unless the Company shall have exercised its right to redeem the Notes in full, the
        Company shall make an offer to each Holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 principal amount in excess thereof) of that Holder&#8217;s Notes at a repurchase price in cash
        equal to 100% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest, if any, on the Notes repurchased to, but not including, the date of purchase. Within 30 days following any Change of Control Repurchase Event
        or, at the Company&#8217;s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company shall mail a notice to each Holder describing the transaction or transactions that constitute or may constitute the
        Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed
        prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The Company shall comply with
        the requirements of Rule 14e-1 promulgated under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a
        Change of Control Repurchase Event.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">To the extent that the provisions of any securities laws or regulations conflict with this Section 13.01, the Company shall comply
        with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 13.01 by virtue of such conflict.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On the Change of Control Repurchase Event payment date, subject to extension if necessary to comply with the provisions of the
        Investment Company Act, the Company shall, to the extent lawful:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(1)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">accept for payment all Notes or portions of Notes properly tendered pursuant to its offer;</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(2)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered; and</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(3)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers&#8217; Certificate stating the aggregate principal amount of Notes being purchased by the Company.</font></font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Paying Agent will promptly remit to each Holder of Notes properly tendered the purchase price for the Notes, and the Trustee
        will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; <font style="font-family: 'Times New Roman'; font-style: italic;">provided </font>that each new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">- 10 -</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">If any Repayment Date upon a Change of Control Repurchase Event falls on a day that is not a Business Day, then the required
        payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third
        party makes an offer in respect of the Notes in the manner, at the time and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its
        offer.&#8221;</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ARTICLE IX</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">MISCELLANEOUS</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 9.01. </font><font style="font-size: 10pt;">This Second
          Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws that would cause the application of laws of another jurisdiction. This
          Second Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 9.02. </font><font style="font-size: 10pt;">In case any
          provision in this Second Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 9.03. </font><font style="font-size: 10pt;">This Second
          Supplemental Indenture may be executed in counterparts, each of which will be an original, but such counterparts will together constitute but one and the same Second Supplemental Indenture. The exchange of copies of this Second Supplemental
          Indenture and of signature pages by facsimile, .pdf transmission, email or other electronic means shall constitute effective execution and delivery of this Second Supplemental Indenture for all purposes. Signatures of the parties hereto
          transmitted by facsimile, .pdf transmission, email or other electronic means shall be deemed to be their original signatures for all purposes. For the avoidance of doubt, all notices, approvals, consents, requests and any communications hereunder
          or with respect to this Second Supplemental Indenture must be in writing (provided that any communication sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign or
          Adobe (or such other digital signature provider as specified in writing to Trustee by the authorized representative), in English. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to
          submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 9.04. </font><font style="font-size: 10pt;">The Base Indenture,
          as supplemented and amended by Second Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Second Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect
          to the Notes. All provisions included in this Second Supplemental Indenture supersede any conflicting provisions included in the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the
          Base Indenture, as supplemented by this Second Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Second Supplemental Indenture.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 9.05. </font><font style="font-size: 10pt;">The provisions of
          this Second Supplemental Indenture shall become effective as of the date hereof.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 9.06. </font><font style="font-size: 10pt;">Notwithstanding
          anything else to the contrary herein, the terms and provisions of this Second Supplemental Indenture shall apply only to the Notes and shall not apply to any other series of Securities under the Base Indenture (as supplemented or amended from
          time to time by one or more indentures supplemental thereto) and this Second Supplemental Indenture shall not and does not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the
          Base Indenture (as supplemented or amended from time to time by one or more indentures supplemental thereto), whether now or hereafter issued and Outstanding.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">- 11 -</font></div>
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      <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Section 9.07. </font><font style="font-size: 10pt;">The recitals
          contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Second Supplemental
          Indenture, the Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Second Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations
          hereunder. The Trustee shall not be accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof. All rights, protections, privileges, indemnities, immunities and benefits granted or afforded
          to the Trustee under the Indenture shall be deemed incorporated herein by this reference and shall be deemed applicable to all actions taken, suffered or omitted by the Trustee in each of its capacities hereunder.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">- 12 -</font></div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed as of the date first
        above written.</div>
      <div style="font-size: 10pt;">&#160;</div>
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          <tr>
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            <td colspan="3" style="vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">BARINGS BDC, INC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid black; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">/s/ Elizabeth A. Murray</div>
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            <td style="width: 12%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Name: Elizabeth A. Murray</div>
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          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td colspan="2" style="vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Title: Chief Financial Officer and Chief Operating Officer</div>
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          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
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              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
              </div>
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              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">U.S. BANK TRUST COMPANY, NATIONAL</div>
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';"> ASSOCIATION, as Trustee</div>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">By:</div>
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            <td style="width: 35%; vertical-align: top; border-bottom: 2px solid black; font-size: 10pt;">
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            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
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      </table>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">[Second Supplemental Indenture Signature Page]</div>
      <div style="font-size: 10pt;">&#160;</div>
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      <!--PROfilePageNumberReset%Num%2%A-%%-->
      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Exhibit A &#8211; Form of Global Note</u></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">This Security is a Global Note within the meaning of the Indenture hereinafter referred to and is registered in the name of The
        Depository Trust Company or a nominee thereof. This Security may not be exchanged in whole or in part for a Security registered, and no transfer of this Security in whole or in part may be registered, in the name of any Person other than The
        Depository Trust Company or a nominee thereof, except in the limited circumstances described in the Indenture.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Unless this certificate is presented by an authorized representative of The Depository Trust Company to the issuer or its agent
        for registration of transfer, exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede &amp; Co., or such other name as requested by an authorized representative of The Depository Trust
        Company, any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede &amp; Co., has an interest herein.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: center; text-indent: 21.9pt; margin-right: 71.2pt; margin-left: 50.1pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Barings BDC, Inc.</div>
      <div style="font-size: 10pt;">&#160;</div>
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            <td style="width: 80%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">No.____</font><font style="font-size: 10pt;"><br>
                </font></div>
            </td>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: right; font-family: 'Times New Roman';">$</div>
            </td>
          </tr>
          <tr>
            <td style="width: 80%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">CUSIP No.</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">ISIN No.</div>
            </td>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">7.000% Notes due 2029</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Barings BDC, Inc., a Maryland corporation duly incorporated and existing under the laws of Maryland (herein called the &#8220;<font style="font-family: 'Times New Roman';"><u>Company</u></font>&#8221;, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede &amp; Co., or registered assigns, the
        principal sum of <font style="font-family: 'Times New Roman';"><u>&#160;</u></font>(U.S. $<font style="font-family: 'Times New Roman';"><u> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; </u></font>) or such other principal sum as shall be set forth in the Schedule of Increases or
        Decreases attached hereto, on February 15, 2029, and to pay interest thereon from February 12, 2024 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on February 15 and August 15 of
        each year, commencing August 15, 2024, at the rate of 7.000% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as
        provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be August 1 and February 1 (whether or not a Business Day), as the case
        may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
        Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to
        such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such
        exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series.</div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Payment of the principal of (and premium, if any, on) and any such interest on this Security will be made at the office of the
        Trustee located at One Federal Street, 10th Floor, Boston, MA 02110 and at such other address as designated by the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
        private debts; <font style="font-family: 'Times New Roman'; font-style: italic;">provided</font>, <font style="font-family: 'Times New Roman'; font-style: italic;">however</font>, that at the option of the Company payment of interest may be made
        by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; <font style="font-family: 'Times New Roman'; font-style: italic;">provided</font>, <font style="font-family: 'Times New Roman'; font-style: italic;">further</font>, <font style="font-family: 'Times New Roman'; font-style: italic;">however</font>, that so long as this Security is registered to Cede &amp; Co., such payment will be made by wire transfer in accordance with
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual
        signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</div>
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      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;">I<font style="font-family: 'Times New Roman';">N </font>W<font style="font-family: 'Times New Roman';">ITNESS </font>W<font style="font-family: 'Times New Roman';">HEREOF</font>, the Company has caused this instrument to be duly executed.</div>
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      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Dated: February 12, 2024</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">BARINGS BDC, INC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
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          <tr>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">By:</div>
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            <td style="width: 35%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160; <br>
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            <td style="width: 12%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Attest</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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          <tr>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
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            <td style="width: 23.5%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
            <td style="width: 50%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td colspan="2" style="vertical-align: top; font-size: 10pt;">
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td colspan="2" style="vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Title:</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
          </tr>

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      <div style="font-size: 10pt;"><br>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">A-3</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Dated: February 12, 2024</div>
      <div style="font-size: 10pt;">&#160;</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td colspan="3" style="vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td colspan="3" style="vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">as Trustee</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td colspan="2" style="vertical-align: top; font-size: 10pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">By:</div>
            </td>
            <td style="width: 35%; vertical-align: top; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 12%; vertical-align: top; font-size: 10pt; padding-bottom: 2px;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td colspan="2" style="vertical-align: top; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Karen R. Beard</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td colspan="2" style="vertical-align: top; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Vice President</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;"><br>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">A-4</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Barings BDC, Inc.</div>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">7.000% Notes due 2029</div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">This Security is one of a duly authorized issue of Senior Securities of the Company (herein called the &#8220;<font style="font-family: 'Times New Roman';"><u>Securities</u></font>&#8221;), issued and to be issued in one or more series under an Indenture, dated as of November 23, 2021 (herein called the &#8220;<font style="font-family: 'Times New Roman';"><u>Base Indenture</u></font>&#8221;, which
        term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association), as Trustee (herein called the &#8220;<font style="font-family: 'Times New Roman';"><u>Trustee</u></font>&#8221;, which term includes any successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement of the respective rights, limitations of
        rights, duties and immunities thereunder of the Company, the Trustee<font style="font-family: 'Times New Roman'; font-weight: bold;">, </font>and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
        authenticated and delivered, as amended and supplemented by the Second Supplemental Indenture, dated as of February 12, 2024, by and between the Company and the Trustee&#160; (herein called the &#8220;<font style="font-family: 'Times New Roman';"><u>Second
            Supplemental Indenture</u></font>&#8221; and together with the Base Indenture collectively are herein called the &#8220;<font style="font-family: 'Times New Roman';"><u>Indenture</u></font>&#8221;). In the event of any conflict between the Base Indenture and the
        Second Supplemental Indenture, the Second Supplemental Indenture shall govern and control.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
        Under a Board Resolution, Officers&#8217; Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Securities, issue additional Securities of this series (in any such
        case &#8220;<font style="font-family: 'Times New Roman';"><u>Additional Securities</u></font>&#8221;) having the same ranking and the same interest rate, maturity and other terms as the Securities, provided that, if such Additional Securities are not fungible
        with the Securities (or any other tranche of Additional Securities) for U.S. federal income tax purposes, then such Additional Securities will have different CUSIP numbers from the Securities represented hereby (and any such other tranche of
        Additional Securities). Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all references to the relevant Securities herein shall include the Additional Securities unless the context
        otherwise requires. The aggregate amount of outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Prior to January 15, 2029 (the &#8220;Par Call Date&#8221;), the Securities of this series will be redeemable at the option of the Company, in
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      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(A)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(1) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed discounted to the Redemption Date (assuming the Securities matured on the Par Call Date) on a semi-annual
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      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">(B)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">100% of the principal amount of the Securities to be redeemed;</font></font></div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">plus, in either case, accrued and unpaid interest thereon to the Redemption Date.</div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On or after the Par Call Date, the Company may redeem the Securities, in whole or in part, at any time and from time to time, at a
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      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">For purposes of calculating the Redemption Price in connection with the redemption of the Securities, on any Redemption Date, the
        following terms have the meanings set forth below:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);">&#8220;Treasury Rate&#8221; means, with respect to any </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Redemption Date</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);">, the yield determined by the Company in accordance with
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      <div style="font-size: 10pt;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">A-5</font></div>
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          4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Redemption Date</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);"> based upon the yield or yields for the most recent day that appear after such time
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          &#8220;U.S. government securities&#8211;Treasury constant maturities&#8211;Nominal&#8221; (or any successor caption or heading) (&#8220;H.15 TCM&#8221;). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on
          H.15 exactly equal to the period from the </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Redemption Date</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);"> to
          the Par Call Date (the &#8220;Remaining Life&#8221;); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields &#8211; one yield corresponding to the Treasury constant maturity on H.15 immediately shorter
          than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life &#8211; and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and
          rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life.
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      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);">If on the third Business Day preceding the </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Redemption Date</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);"> H.15 TCM is no longer published, the Company shall
          calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Redemption Date</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(35, 31, 32);"> of the United States Treasury security maturing on, or with a maturity that is closest to, the Par
          Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity
          date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States
          Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United
          States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms
          of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time,
          of such United States Treasury security, and rounded to three decimal places.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
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          conclusive and binding for all purposes, absent manifest error.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
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        next-day delivery, to each Holder of the Securities to be redeemed, not less than ten (10) nor more than sixty (60) days prior to the Redemption Date, at the Holder&#8217;s address appearing in the Security Register. All notices of redemption shall
        contain the information set forth in Section 11.04 of the Base Indenture.</div>
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        accordance with the applicable procedures of the Trustee and, so long as the Securities are registered to the Depositary or its nominee, the Depositary. In the event of redemption of this Security in part only, a new Security or Securities of this
        series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof; <font style="font-family: 'Times New Roman'; font-style: italic;">provided</font>, <font style="font-family: 'Times New Roman'; font-style: italic;">however</font>, that no such partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than $2,000.</div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Holders will have the right to require the Company to repurchase their Securities upon the occurrence of a Change of Control
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">If an Event of Default with respect to Securities of this series shall occur and be continuing (other than Events of Default
        related to certain events of bankruptcy, insolvency or reorganization as set forth in the Indenture), the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. In the
        case of certain events of bankruptcy, insolvency or reorganization described in the Indenture, 100% of the principal of and accrued and unpaid interest on the Securities will automatically become due and payable.</div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
        obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount
        of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf
        of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
        Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
        consent or waiver is made upon this Security.</div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute
        any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect
        to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of
        Default as Trustee and offered the Trustee indemnity, security, or both, satisfactory to the Trustee, against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the
        Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice,
        request and offer of indemnity and/or security. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective
        due dates expressed herein.</div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of
        the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.</div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in
        the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or
        accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series
        and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.</div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral
        multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like
        tenor of a different authorized denomination, as requested by the Holder surrendering the same.</div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">No service charge shall be made for any such registration of transfer or exchange, but the Company or Trustee may require payment
        of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or
        the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
        contrary.</div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.</div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">To the extent any provision of this Security conflicts with the express provisions of the Indenture, the provisions of the
        Indenture shall govern and be controlling.</div>
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      <div style="text-align: left; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York, without
        regard to principles of conflicts of laws.</div>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">A-8</font></div>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">SCHEDULE OF INCREASES AND DECREASES OF GLOBAL NOTE</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 24.5pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Initial principal amount of this Global Note is $<font style="font-family: 'Times New Roman';"><u>&#160; &#160; &#160; &#160; &#160; &#160; &#160; </u></font>.
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                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Date of Increase</div>
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">or Decrease</div>
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              <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Amount of Decrease</div>
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              <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">at Maturity of this</div>
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              <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">at Maturity of this</div>
              <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Global Note</div>
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            <td style="width: 1.08%; vertical-align: bottom; font-size: 10pt;">&#160;</td>
            <td style="width: 18.28%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Principal Amount at</div>
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              <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Global Note</div>
              <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Following such</div>
              <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">decrease</div>
              <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">(or increase)</div>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>ef20021433_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit 5.1</div>
      <div style="font-size: 10pt;"><br>
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                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">1900 K Street, NW<font style="font-family: 'Times New Roman';"><br>
                  </font>Washington, DC&#160; 20006-1110</div>
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">+1&#160; 202&#160; 261&#160; 3300&#160; Main</div>
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">+1&#160; 202&#160; 261&#160; 3333&#160; Fax</div>
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">www.dechert.com</div>
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      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">February 12, 2024</div>
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      </div>
      <div>
        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Barings BDC, Inc.</div>
        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">300 South Tryon Street, Suite 2500</div>
        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Charlotte, NC 28202</div>
        <div style="font-size: 10pt;">&#160;</div>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Ladies and Gentlemen:</div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">We have acted as counsel to Barings BDC, Inc., a Maryland corporation (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Company</font>&#8221;), in connection with the preparation and filing of a registration statement on Form N-2 (File No. 333-273253) (as amended as of the date hereof, the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Registration Statement</font>&#8221;) filed by the Company with the U.S. Securities and Exchange Commission (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Commission</font>&#8221;)
        under the Securities Act of 1933, as amended (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Securities Act</font>&#8221;), <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">which
        </font>became effective immediately upon its filing<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> on July 14, 2023, and the final
          prospectus supplement, dated February 7, 2024 (including the base prospectus filed therewith, the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; color: rgb(0, 0, 0);">Prospectus</font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">&#8221;), filed with the Commission on February 9, 2024 pursuant to Rule 424 under the Securities Act, relating to the proposed issuance by the Company of $300,000,000 </font>aggregate
        principal amount of 7.000% Notes due 2029 (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Notes</font>&#8221;)<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">, to be sold
          to underwriters pursuant to an underwriting agreement, dated as of February 7, 2024, which is substantially in the form filed as Exhibit 1.1 to the Company&#8217;s Current Report on Form 8-K filed with the Commission on February 12, 2024 (the &#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; color: rgb(0, 0, 0);">Underwriting Agreement</font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">&#8221;). </font>All of the Notes
        are to be sold by the Company as described in the Registration Statement and related Prospectus. <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">This opinion letter is being furnished to the Company in accordance with
          the requirements of Item 25 of Form N-2 under the Securities Act, and we express no opinion herein as to any matter other than as to the legality of the Notes.</font></div>
      <div style="font-size: 10pt;">&#160;</div>
      <div style="text-align: left; font-size: 10pt;"><a name="z_cp_text_2_13"></a><a name="z_cp_text_1_14"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">The Notes will be issued pursuant to the indenture, incorporated by reference
          as an exhibit to the Registration Statement, entered into between the Company and U.S. Bank Trust Company, National Association, as trustee (the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Trustee</font>&#8221;),
          on November 23, 2021, as supplemented by a second supplemental indenture, filed as Exhibit 4.1 to the Company&#8217;s Current Report on Form 8-K filed with the Commission on February 12, 2024, to be entered into between the Company and the Trustee
          (collectively, the &#8220;<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Indenture</font>&#8221;).</font></div>
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                        <div>
                          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Barings BDC, Inc.</div>
                          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">February 12, 2024</div>
                          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Page 2<br>
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      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">As counsel to the Company, we have participated in the preparation of the Registration Statement and the Prospectus and have examined the originals or
        copies of the following:</div>
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            <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(i)</td>
            <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="font-family: 'Times New Roman';">The Articles of Amendment and Restatement of the Company, as further amended by the Articles of Amendment dated as of August 2, 2018, as supplemented by the Articles Supplementary,
                certified as of the date hereof by an officer of the Company;</div>
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              <div style="font-family: 'Times New Roman';">The resolutions of the board of directors of the Company, or a duly authorized committee thereof, relating to, among other things, (a) the authorization and approval of the preparation
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      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">With respect to such examination and our opinion expressed herein, we have assumed, without any independent investigation or verification, (i) the
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                          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Barings BDC, Inc.</div>
                          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">February 12, 2024</div>
                          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Page 3<br>
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      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">As to certain matters of fact relevant to the opinions in this opinion letter, we have relied upon certificates and/or representations of officers of
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      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">This opinion letter is limited to the contract laws of the State of New York, as in effect on the date hereof, and we express no opinion with respect
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        and sale of the Notes. This opinion letter has been prepared, and should be interpreted, in accordance with customary practice followed in the preparation of opinion letters by lawyers who regularly give, and such customary practice followed by
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      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Based upon and subject to the limitations, exceptions, qualifications and assumptions set forth in this opinion letter, we are of the opinion that,
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      <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The opinions expressed in this opinion letter (a) are strictly limited to the matters stated in this opinion letter, and without limiting the
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                          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Barings BDC, Inc.</div>
                          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">February 12, 2024</div>
                          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Page 4<br>
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      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">We hereby consent to the filing of this opinion as an exhibit to <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">the Company&#8217;s Current
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_AmendmentFlag_lbl" xml:lang="en-US" id="dei_AmendmentFlag_lbl">Amendment Flag</link:label>
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    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US" id="dei_DocumentFiscalYearFocus_lbl">Document Fiscal Year Focus</link:label>
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    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US" id="dei_DocumentFiscalPeriodFocus_lbl">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:title="label: DocumentFiscalPeriodFocus to dei_DocumentFiscalPeriodFocus_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US" id="dei_DocumentPeriodEndDate_lbl">Document Period End Date</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityRegistrantName_lbl" xml:lang="en-US" id="dei_EntityRegistrantName_lbl">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:title="label: EntityRegistrantName to dei_EntityRegistrantName_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCentralIndexKey_lbl" xml:lang="en-US" id="dei_EntityCentralIndexKey_lbl">Entity Central Index Key</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityFileNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityFileNumber_lbl" xml:lang="en-US" id="dei_EntityFileNumber_lbl">Entity File Number</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US" id="dei_EntityTaxIdentificationNumber_lbl">Entity Tax Identification Number</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US" id="dei_EntityIncorporationStateCountryCode_lbl">Entity Incorporation, State or Country Code</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US" id="dei_EntityEmergingGrowthCompany_lbl">Entity Emerging Growth Company</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine1_lbl">Entity Address, Address Line One</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="EntityAddressAddressLine2" xlink:title="EntityAddressAddressLine2" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>bbdc-20240207_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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<title></title>
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140017065162000">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Feb. 07, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Feb.  07,  2024<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">814-00733<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Barings BDC, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001379785<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">06-1798488<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">300 South Tryon Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 2500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Charlotte<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NC<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">28202<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">704<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">805-7200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12gTitle', window );">Title of 12(g) Security</a></td>
<td class="text">Common Stock, par value $0.001 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">BBDC<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12gTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(g) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection g<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12gTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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