<SEC-DOCUMENT>0001213900-21-058308.txt : 20211112
<SEC-HEADER>0001213900-21-058308.hdr.sgml : 20211112
<ACCEPTANCE-DATETIME>20211112060618
ACCESSION NUMBER:		0001213900-21-058308
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20211109
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20211112
DATE AS OF CHANGE:		20211112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PhenixFIN Corp
		CENTRAL INDEX KEY:			0001490349
		IRS NUMBER:				274576073
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00818
		FILM NUMBER:		211398940

	BUSINESS ADDRESS:	
		STREET 1:		445 PARK AVENUE
		STREET 2:		9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-759-0777

	MAIL ADDRESS:	
		STREET 1:		445 PARK AVENUE
		STREET 2:		9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Medley Capital Corp
		DATE OF NAME CHANGE:	20110118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Medley Capital BDC LLC
		DATE OF NAME CHANGE:	20100426
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>s134318_8k.htm
<DESCRIPTION>8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 OR 15(d) of The Securities
Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
November 9, 2021</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>814-00818</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>27-4576073</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">incorporation or organization)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission file number)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">identification no.)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%; text-align: center"><B>445 Park Avenue, 10<SUP>th</SUP> Floor, New York, NY</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%; text-align: center"><B>10022</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of principal executive offices)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip code)</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(212) 859-0390</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B>Not Applicable</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white">(Former Name
or Former Address, if Changed Since Last Report)</FONT></P>

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

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

<P STYLE="border-bottom: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 35%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 26%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 35%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name of exchange on which registered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Common Stock, par value $0.001 per share</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">PFX</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The NASDAQ Global Market</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">6.125% Notes due 2023</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">PFXNL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The NASDAQ Global Market</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (&sect;240.12b-2 of this chapter).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;</P>

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

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

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

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><B>Item 1.01</B></TD><TD STYLE="text-align: justify"><B>Entry Into a Material Definitive Agreement.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">On November 9, 2021, PhenixFIN Corporation (the
&ldquo;Company&rdquo;) entered into an underwriting agreement (the &ldquo;Underwriting Agreement&rdquo;) by and between the Company and
Oppenheimer &amp; Co. Inc., as representative of the several underwriters named in Exhibit A thereto, in connection with the issuance
and sale of $50.0 million aggregate principal amount of the Company&rsquo;s 5.25% Notes due 2028 (the &ldquo;Offering&rdquo;). The Company
has also granted the underwriters a 30-day option to purchase up to an additional $7.5 million aggregate principal amount of the 5.25%
Notes due 2028 to cover overallotments, if any. The closing of the Offering is expected to occur on November 15, 2021, subject to customary
closing conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Offering is being made pursuant to the Company&rsquo;s
effective shelf registration statement on Form&nbsp;N-2&nbsp;(Registration No.&nbsp;333&ndash;258913) previously filed with the Securities
and Exchange Commission, as supplemented by a preliminary prospectus supplement dated November 8, 2021, the pricing term sheet dated November
9, 2021 and a final prospectus supplement dated November 9, 2021. This Current Report on Form&nbsp;8-K&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The description above is only a summary of the
material provisions of the Underwriting Agreement and is qualified in its entirety by reference to a copy of the Underwriting Agreement,
which is filed as Exhibit 1.1 to this Current Report on Form&nbsp;8-K&nbsp;and incorporated by reference herein.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits</TD>
</TR></TABLE>

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


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  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; width: 9%; font-size: 10pt">Exhibit No.</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 90%; font-size: 10pt">Description</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 10pt">1.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="s134318_ex1-1.htm">Underwriting Agreement, dated November 9, 2021, by and between PhenixFIN Corporation and Oppenheimer &amp; Co. Inc., as representative of the several underwriters named therein.</A></TD></TR>
  </TABLE>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, PhenixFIN Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

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

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

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    <TD STYLE="font-size: 10pt">DATE:&nbsp;&nbsp;November 12, 2021</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>PHENIXFIN CORPORATION</B></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ David Lorber</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%">Name:</TD>
    <TD STYLE="font-size: 10pt; width: 35%">David Lorber</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Chief Executive Officer</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>s134318_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$50,000,000</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5.25% Notes due 2028</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">November 9, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oppenheimer &amp; Co. Inc.<BR>
As representative of the several underwriters named in <U>Exhibit A</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Oppenheimer &amp; Co. Inc.<BR>
<FONT STYLE="background-color: white">85 Broad Street, 23rd&nbsp;Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">New York, NY 10004</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">PhenixFIN Corporation, a Delaware
corporation (the &ldquo;<U>Company</U>&rdquo;) confirms with Oppenheimer &amp; Co. Inc. (&ldquo;<U>OpCo</U>&rdquo;) and each of the other
underwriters named in <U>Exhibit A</U> hereto (collectively, the &ldquo;<U>Underwriters</U>,&rdquo; which term shall also include any
underwriter substituted as provided in <U>Section&nbsp;8</U> hereof), for whom OpCo is acting as the representative (in such capacity,
the &ldquo;<U>Representative</U>&rdquo;) with respect to the issuance and sale by the Company of $50,000,000 aggregate principal amount
(the &ldquo;<U>Initial Securities</U>&rdquo;) of the Company&rsquo;s 5.25% notes due 2028 (the &ldquo;<U>Notes</U>&rdquo;), and the purchase
by the Underwriters, acting severally and not jointly, of the aggregate principal amount of Initial Securities set forth opposite their
respective names in <U>Exhibit A</U> hereto, and with respect to the grant by the Company to the Underwriters of the option described
in <U>Section&nbsp;3(b)</U> hereof to purchase all or any part of $7,500,000 aggregate principal amount of Notes (the &ldquo;<U>Option
Securities</U>&rdquo;) to cover over-allotments, if any. The Initial Securities to be purchased by the Underwriters and all or any part
of the Option Securities are hereinafter called, collectively, the &ldquo;<U>Securities</U>.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed, pursuant
to the Securities Act of 1933, as amended (collectively with the rules and regulations of the Commission promulgated thereunder, the &ldquo;<U>1933
Act</U>&rdquo;), with the U.S. Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) a universal shelf registration
statement on Form N-2 (File No.&nbsp;333-258913), which registers the offer and sale of certain securities to be issued from time to time
by the Company, including the Securities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The registration statement
as amended, including the exhibits and schedules thereto, at the time it initially became effective on October 19, 2021 and any post-effective
amendment thereto, including all documents filed as a part thereof, and all documents incorporated therein by reference, and including
any information contained in a prospectus subsequently filed with the Commission pursuant to Rule 424 under the 1933 Act (&ldquo;<U>Rule
424</U>&rdquo;) with respect to the offer, issuance and/or sale of the Securities and deemed to be a part of the registration statement
at the time of effectiveness pursuant to Rule 430B (&ldquo;<U>Rule 430B</U>&rdquo;) under the 1933 Act, and also including any registration
statement relating to the Securities filed pursuant to Rule 462(b) under the 1933 Act (a &ldquo;<U>Rule 462(b) Registration Statement</U>&rdquo;),
is hereinafter referred to as the &ldquo;<U>Registration Statement</U>.&rdquo; The prospectus included in the Registration Statement at
the time it initially became effective on October 19, 2021 (including all documents incorporated therein by reference) is hereinafter
referred to as the &ldquo;<U>Base Prospectus</U>.&rdquo; The Company has prepared and filed with the Commission in accordance with Rule
424 a &ldquo;<U>Preliminary Prospectus Supplement</U>,&rdquo; which means the preliminary prospectus supplement used in connection with
the offer of the Securities and filed with the Commission pursuant to Rule 424 prior to execution and delivery of this Agreement. &ldquo;<U>Final
Prospectus Supplement</U>&rdquo; means the prospectus supplement containing all information omitted from the Base Prospectus and Preliminary
Prospectus Supplement pursuant to Rule 430B which will be filed with the Commission pursuant to Rule 424. &ldquo;<U>Prospectus</U>&rdquo;
means, collectively, the Base Prospectus and Final Prospectus Supplement. Any reference herein to the Registration Statement, the Base
Prospectus, the Preliminary Prospectus Supplement, the Final Prospectus Supplement or the Prospectus shall be deemed to refer to and include
any supplements or amendments thereto, filed with the Commission after the date of filing of the Prospectus under Rule 424 and prior to
the termination of the offering of the Securities by the Underwriters. All references in this Agreement to financial statements and schedules
and other information which is &ldquo;included&rdquo; or &ldquo;stated&rdquo; in the Registration Statement, the Preliminary Prospectus
Supplement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements
and schedules and other information which is incorporated by reference in or included in the Registration Statement, the Preliminary Prospectus
Supplement, or the Prospectus, as the case may be, as of any specified date; and all references in this Agreement to amendments or supplements
to the Registration Statement, the Preliminary Prospectus Supplement, or the Prospectus, including those made pursuant to Rule 424, shall
be deemed to mean and include, without limitation, the filing of any document under the Exchange Act (as defined below) which is incorporated
by reference in the Registration Statement, the Preliminary Prospectus Supplement or the Prospectus, as the case may be, as of any specified
date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes will be issued under
an indenture, dated as of February 7, 2012 (the &ldquo;<B>Base Indenture</B>&rdquo;), as supplemented by a fourth supplemental indenture
(the &ldquo;<B>Fourth Supplemental Indenture</B>&rdquo; and, together with the Base Indenture, the &ldquo;<B>Indenture</B>&rdquo;), to
be dated November 15, 2021, between the Company and U.S. Bank National Association, as trustee (the &ldquo;<B>Trustee</B>&rdquo;). The
Notes will be issued as fully registered securities to Cede&nbsp;&amp; Co. (or such other name as may be requested by an authorized representative
of The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;)), as nominee of DTC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this Agreement
to the Registration Statement, the Prospectus or any amendments or supplements to any of the foregoing shall include any copy thereof
filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (EDGAR).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration of the mutual
agreements contained herein and of the interests of the parties in the transactions contemplated hereby, the parties hereby agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations
and Warranties of the Company</U>. The Company represents and warrants to and agrees with the Underwriters as of the date of this Agreement,
as of the Applicable Time, as of the Closing Date and as of each Option Closing Date (as such terms are defined in <U>Sections 1(a)</U>,
<U>3(c)</U> and <U>3(b)</U>, respectively, hereof), as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
registration statement on Form N-2 (File No.&nbsp;333-258913) with respect to the Securities has been prepared by the Company in conformity
with the requirements of the 1933 Act, has been filed with the Commission and has been declared effective. The Company meets the requirements
of and complies with the conditions for the use of Form N-2 under the 1933 Act. Copies of the Registration Statement, including any amendments
thereto, the preliminary prospectuses (meeting the requirements of the 1933 Act) contained therein and the exhibits, financial statements
and schedules, as finally amended and revised, have heretofore been delivered by the Company to the Representative. As of the Applicable
Time, the Base Prospectus and the Preliminary Prospectus Supplement and the information included in <U>Exhibit&nbsp;B</U> hereto, all
considered together (collectively, the &ldquo;<U>General Disclosure Package</U>&rdquo;), did not include any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided, however, that the Company makes no representations or warranties as to information contained
in or omitted from the General Disclosure Package or the Registration Statement in reliance upon, and in conformity with, written information
furnished to the Company by or on behalf of the Underwriters through the Representative, specifically for use therein, it being understood
and agreed that the only such information is that described in <U>Section&nbsp;7</U> herein. As of the date set forth on its cover page
(solely in the case of the Prospectus), the Closing Date and each Option Closing Date, the General Disclosure Package and the Prospectus
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,
in light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representations
or warranties as to information contained in or omitted from the Registration Statement, the General Disclosure Package or the Prospectus
in reliance upon, and in conformity with, written information furnished by or on behalf of any Underwriters through the Representative,
specifically for use therein, it being understood and agreed that the only such information is that described in <U>Section&nbsp;7</U>
herein. As used in this subsection and elsewhere in this Agreement, the term &ldquo;<U>Applicable Time</U>&rdquo; means 4:20 p.m. (New
York time) on the date of this Agreement or such other time as agreed to by the Company and the Representative.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Commission has not issued
an order preventing or suspending the use of the Base Prospectus, the Preliminary Prospectus Supplement or the Prospectus relating to
the proposed offering of the Securities, and no proceeding for that purpose or pursuant to Section&nbsp;8A of the 1933 Act has been instituted
or, to the Company&rsquo;s knowledge, threatened by the Commission. The Registration Statement contains, and the Prospectus and any amendments
or supplements thereto contain and will contain, in all material respects, all statements which are required to be stated therein by,
and conform and will conform, in all material respects, to the requirements of, the 1933 Act. At the respective times the Registration
Statement and any post-effective amendments thereto became effective and as of the Applicable Time, the Closing Date and each Option Closing
Date (if any), the Registration Statement did not, and will not, contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary in order to make the statements therein not misleading; provided, however, that
the Company makes no representations or warranties as to information contained in or omitted from the Registration Statement and the Prospectus,
or any such amendment or supplement, in reliance upon, and in conformity with, written information furnished to the Company by or on behalf
of any Underwriters through the Representative, specifically for use therein, it being understood and agreed that the only such information
is that described in <U>Section&nbsp;7</U> herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Delaware, with
corporate power and authority to own or lease its properties and conduct its business as currently carried on and described in the Registration
Statement, the General Disclosure Package, and the Prospectus and to enter into and perform its obligations under this Agreement, the
Indenture and the Securities, except where the failure of the Company to be so qualified or in good standing or have such power or authority
would not reasonably be expected to result in a Company Material Adverse Effect (defined below). Each of the Company&rsquo;s consolidated
subsidiaries (other than those entities which would not constitute a &ldquo;significant subsidiary&rdquo; within the meaning of Rule 1-02(w)
of Regulation S-X , collectively, the &ldquo;<U>Subsidiaries</U>&rdquo;) has been duly organized and is validly existing as a limited
liability company or corporation in good standing under the laws of its jurisdiction of organization, with all requisite power and authority
to own or lease its properties and conduct its business as currently carried on and described in the Registration Statement, the General
Disclosure Package and the Prospectus, except where the Subsidiaries&rsquo; failure to be so qualified would not (i)&nbsp;have, individually
or in the aggregate, a material adverse effect on the earnings, business, properties, assets, rights, operations, condition (financial
or otherwise) or prospects of the Company and the Subsidiaries, taken as a whole, or (ii)&nbsp;prevent the consummation of the transactions
contemplated hereby and under the Indenture and the Notes (the occurrence of any such effect or any such prevention described in the foregoing
clauses (i)&nbsp;and (ii) being referred to as a &ldquo;<U>Company Material Adverse Effect</U>&rdquo;). Each of the Company and each of
the Subsidiaries is duly qualified to transact business in all jurisdictions in which the conduct of its business requires such qualification,
except for such jurisdictions where failure to so qualify or to be in good standing would not, individually or in the aggregate, reasonably
be expected to result in a Company Material Adverse Effect. The outstanding shares of capital stock of each of the Subsidiaries have been
duly authorized and validly issued, are fully paid and non-assessable and are wholly owned by the Company or another Subsidiary free and
clear of all liens, encumbrances and equities and claims; and no options, warrants or other rights to purchase, agreements or other obligations
to issue or other rights to convert any obligations into shares of capital stock or ownership interests in the Subsidiaries are outstanding.
Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company does not own,
directly or indirectly, any shares of stock or any other equity or long-term debt securities of any corporation or other entity other
than those corporations accounted for as portfolio investments in accordance with the Commission&rsquo;s rules and regulations (each,
a &ldquo;<U>Portfolio Company</U>,&rdquo; and collectively, the &ldquo;<U>Portfolio Companies</U>&rdquo;), the Subsidiaries listed in
Item 28 of the Registration Statement and other consolidated subsidiaries which would not constitute a &ldquo;significant subsidiary&rdquo;
within the meaning of Rule 1-02(w) of Regulation S-X. Except as otherwise disclosed in the Registration Statement, the General Disclosure
Package and the Prospectus, as of the respective dates set forth therein, the Company does not control (as such term is defined in Section&nbsp;2(a)(9)
of the Investment Company Act of 1940, as amended (collectively with the rules and regulations of the Commission promulgated thereunder,
the &ldquo;<U>1940 Act</U>&rdquo;)) any of the Portfolio Companies.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company (including its agents and representatives, other than the Underwriters in their capacity as such) has not made and will not, without
the prior consent of the Representative, make any offer relating to the Securities that would constitute a &ldquo;free writing prospectus&rdquo;
as defined in Rule 405 under the 1933 Act and which the parties agree, for the purposes of this Agreement, includes: (i)&nbsp;any &ldquo;advertisement&rdquo;
as defined in Rule 482 under the 1933 Act; (ii)&nbsp;any document not constituting a prospectus pursuant to Section&nbsp;2(a)(10)(a) of
the 1933 Act or Rule 134 under the 1933 Act; and (iii)&nbsp;any Sales Material (as defined below).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
outstanding shares of common stock, par value $0.001 per share, of the Company (the &ldquo;<U>Common Stock</U>&rdquo;) have been duly
authorized and validly issued and are fully paid and non-assessable; and no preemptive rights of stockholders exist with respect to any
of the Securities or the issue and sale thereof. Neither the filing of the Registration Statement nor the offering or sale of the Securities
as contemplated by this Agreement gives rise to any rights, other than those which have been waived or satisfied, for or relating to the
registration of any class of securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth under the captions &ldquo;Description of the Notes&rdquo; and &ldquo;Description of Debt Securities&rdquo; in the
Registration Statement, the General Disclosure Package and the Prospectus, insofar as such statements purport to summarize certain provisions
of the 1940 Act, the Indenture and the Securities, fairly and accurately summarize such provisions in all material respects. The Indenture
and the Securities materially conform to the description thereof contained in the Registration Statement, the General Disclosure Package
and the Prospectus. The form of the Securities will conform to the Indenture, any requirements of the Company&rsquo;s organizational documents
and the listing requirements for the Nasdaq Global Market (&ldquo;<U>Nasdaq</U>&rdquo;). Subsequent to the respective dates as of which
information is given in the Registration Statement, the General Disclosure Package and the Prospectus, except as otherwise specifically
stated therein or in this Agreement or as would not reasonably be expected to result in a Company Material Adverse Effect, the Company
has not: (i)&nbsp;issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii)&nbsp;declared
or paid any dividend or made any other distribution on or in respect to its capital stock.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company has duly authorized,
executed and delivered and currently is a party to or payee with respect to the promissory notes and other agreements evidencing the investments
in the Portfolio Companies described in the Registration Statement, the General Disclosure Package and the Prospectus (each, a &ldquo;<U>Portfolio
Company Agreement</U>&rdquo;). Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus,
to the Company&rsquo;s knowledge, each Portfolio Company is current with all its obligations under the applicable Portfolio Company Agreements,
no event of default (or a default which with the giving of notice or the passage of time would become an event of default) has occurred
under such agreements, except to the extent that any such failure to be current in its obligations and any such default would not reasonably
be expected to result in a Company Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Base Indenture has been duly authorized, executed and delivered by the Company and constitutes a legal, valid and binding agreement of
the Company enforceable in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws now or hereafter in effect relating to or affecting creditors&rsquo; rights generally, and by general equitable
principles and the discretion of the court before which any proceeding therefore may be brought.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fourth Supplemental Indenture has been duly authorized, and at the Closing Date, will be duly executed and delivered by the Company and,
when duly authorized, executed and delivered by the Trustee, will constitute a legal, valid and binding agreement of the Company enforceable
in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
now or hereafter in effect relating to or affecting creditors&rsquo; rights generally, and by general equitable principles and the discretion
of the court before which any proceeding therefore may be brought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Securities have been duly authorized by the Company for sale to the Underwriters pursuant to this Agreement and, when executed and delivered
by the Company and authenticated by the Trustee pursuant to the provisions of the Indenture relating thereto, against payment of the consideration
set forth in this Agreement, will constitute legal, valid and binding agreements of the Company enforceable in accordance with their terms,
except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect
relating to or affecting creditors&rsquo; rights generally, and by general equitable principles and the discretion of the court before
which any proceeding therefore may be brought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of the Securities pursuant to this Agreement will not violate the Trust Indenture Act of 1939, as amended (the &ldquo;<U>Trust
Indenture Act</U>&rdquo;), and the Indenture will be duly qualified under the Trust Indenture Act on the tenth calendar day following
the Company&rsquo;s filing with the Commission of a Form T-1 on November 8, 2021 to determine the eligibility of the Trustee pursuant
to Section 305(b)(2) of the Trust Indenture Act in accordance with the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has not, directly or indirectly, distributed and will not distribute any offering material in connection with the offering and
sale of the Securities other than the Registration Statement, the General Disclosure Package and the Prospectus or other materials, if
any, permitted by the 1933 Act and the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated financial statements of the Company and the Subsidiaries, together with related notes and schedules as set forth in the Registration
Statement, the General Disclosure Package and the Prospectus, present fairly in all material respects the financial position and the results
of operations and cash flows of the Company and the Subsidiaries, as of the indicated dates and for the indicated periods. Such financial
statements and related schedules have been prepared in accordance with generally accepted principles of accounting (&ldquo;<U>GAAP</U>&rdquo;),
consistently applied throughout the periods involved, except as disclosed therein, and all adjustments necessary for a fair presentation
of results for such periods have been made. The summary and selected consolidated financial and statistical data included in the Registration
Statement, the General Disclosure Package and the Prospectus present fairly the information shown therein, and such data have been compiled
on a basis consistent with the financial statements presented therein and the books and records of the Company. All disclosures contained
in the Registration Statement, the General Disclosure Package and the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as
such term is defined by the 1933 Act) comply with Regulation G of the Securities Exchange Act of 1934, as amended (collectively with the
rules and regulations of the Commission promulgated thereunder, the &ldquo;<U>Exchange Act</U>&rdquo;), and Item 10 of Regulation S-K
under the 1933 Act, to the extent applicable. The Company and the Subsidiaries do not have any material liabilities or obligations, direct
or contingent (including any off-balance sheet obligations or any &ldquo;variable interest entities&rdquo; within the meaning of the Financial
Accounting Standards Board&rsquo;s Accounting Standards Codification Topic 810), which are not disclosed in the Registration Statement,
the General Disclosure Package and the Prospectus. There are no financial statements (historical or pro forma) that are required to be
included in the Registration Statement or the Prospectus that are not included as required.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
audited consolidated financial statements of a Portfolio Company, together with related notes and schedules, included in the Registration
Statement, the General Disclosure Package and the Prospectus, present fairly in all material respects the financial position and the results
of operations and cash flows of such Portfolio Company, as of the indicated dates and for the indicated periods. Such audited consolidated
financial statements and related schedules have been prepared in accordance with GAAP, consistently applied throughout the periods involved,
except as disclosed therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernst
&amp; Young LLP, who has certified certain of the financial statements filed with the Commission as part of the Registration Statement,
the General Disclosure Package and the Prospectus, is an independent registered public accounting firm with respect to the Company and
the Subsidiaries within the meaning of the 1933 Act and the Public Company Accounting Oversight Board (United States).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, neither the Company nor any of the Subsidiaries
is aware of (i)&nbsp;any material weakness in its internal control over financial reporting or (ii)&nbsp;any change in internal control
over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control
over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solely
to the extent that the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated by the Commission and Nasdaq
thereunder (collectively, the &ldquo;<U>Sarbanes-Oxley Act</U>&rdquo;) have been applicable to the Company, there is and has been no failure
on the part of the Company to comply with any applicable provision of the Sarbanes-Oxley Act that would reasonably be expected to have
a Company Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is no action, suit, claim or proceeding pending or, to the Company&rsquo;s knowledge, threatened against the Company or any of the Subsidiaries
before any court or administrative agency or otherwise, which if determined adversely to the Company or any of the Subsidiaries would
reasonably be expected to have a Company Material Adverse Effect, except as set forth in the Registration Statement, the General Disclosure
Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Subsidiaries have good and marketable title to all of the properties and assets reflected in the consolidated financial
statements hereinabove described or described in the Registration Statement, the General Disclosure Package and the Prospectus, subject
to no lien, mortgage, pledge, charge or encumbrance of any kind, except those reflected in such financial statements or described in the
Registration Statement, the General Disclosure Package and the Prospectus or which are not material in amount. Except as described in
the Registration Statement, the General Disclosure Package and the Prospectus, the Company and the Subsidiaries are not party to any leases,
except for such leases entered into after the effective date of the Prospectus and such leases that would not be reasonably likely to
result in a Company Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Subsidiaries have filed all federal, state, local and foreign tax returns which have been required to be filed and have
paid all taxes indicated by such returns and all tax assessments received by them or any of them to the extent that such taxes have become
due and are not being contested in good faith and for which an adequate reserve has been established in accordance with GAAP, other than
as set forth or contemplated in the Registration Statement, the General Disclosure Package and the Prospectus, and except where the failure
to so file or pay would not reasonably be expected to have a Company Material Adverse Effect. All tax liabilities have been adequately
provided for in the financial statements of the Company, and the Company does not know of any actual or proposed additional material tax
assessments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and the Prospectus,
there has not been any material adverse change or any development that is reasonably likely to involve a prospective material adverse
change in the earnings, business, management, properties, assets, rights, operations, condition (financial or otherwise) or prospects
of the Company and the Subsidiaries taken as a whole, whether or not occurring in the ordinary course of business, and there has not been
any material transaction entered into, or any material transaction that is probable of being entered into, by the Company or the Subsidiaries,
other than transactions in the ordinary course of business and changes and transactions described in the Registration Statement, the General
Disclosure Package and the Prospectus, as amended or supplemented. The Company and the Subsidiaries have no material contingent obligations
which are not disclosed in the Company&rsquo;s financial statements which are included in the Registration Statement, the General Disclosure
Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor any of the Subsidiaries is or, with the giving of notice or lapse of time or both, will be as of the Applicable Time,
the Closing Date and any Option Closing Date: (i)&nbsp;in violation of its certificate or articles of incorporation (including any certificate
of designation), bylaws, certificate of formation, limited liability company agreement, partnership agreement or other organizational
documents, (ii)&nbsp;in violation of or in default under any agreement, lease, contract, indenture or other instrument or obligation to
which it is a party or by which it, or any of its properties, is bound, or (iii)&nbsp;in violation of any law, order, rule or regulation,
judgment, order, writ or decree applicable to the Company or any Subsidiary of any court or of any government, regulatory body or administrative
agency or other governmental body having jurisdiction over the Company or such Subsidiary or any of its properties, as applicable, and,
solely with respect to clauses (ii)&nbsp;and (iii), which violation or default would reasonably be expected to have a Company Material
Adverse Effect. The execution and delivery of this Agreement, the Indenture and the Securities and the consummation of the transactions
contemplated hereby and thereby and the fulfillment of the terms hereof and thereof will not conflict with or result in a breach of (i)&nbsp;any
of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust or other agreement or instrument
to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary or any of their respective properties is bound,
(ii)&nbsp;the certificate of incorporation or bylaws of the Company or (iii)&nbsp;any law, order, rule or regulation, judgment, order,
writ or decree applicable to the Company or any Subsidiary of any court or of any government, regulatory body or administrative agency
or other governmental body having jurisdiction over the Company or such Subsidiary or any of its properties, as applicable, except in
the case of clauses (i)&nbsp;and (iii) only, such conflicts, or breaches as would not, individually or in the aggregate, reasonably be
expected to have a Company Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution and delivery of, and the performance by the Company of its obligations under, this Agreement have been duly and validly authorized
by all necessary corporate action on the part of the Company, and this Agreement has been duly executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative or other governmental
body necessary in connection with the execution and delivery by the Company of this Agreement, the Indenture and the Securities and the
consummation of the transactions contemplated hereby and thereby (except (i)&nbsp;the Current Reports on Form 8-K adding certain documents
related to the offering of the Securities as exhibits to the Registration Statement and (ii)&nbsp;such additional steps as may be (x)&nbsp;required
by the Financial Industry Regulatory Authority (&ldquo;<U>FINRA</U>&rdquo;); (y) required by Nasdaq in connection with the listing of
the Securities; or (z)&nbsp;necessary to qualify the Securities for public offering by the Underwriters under state securities or Blue
Sky laws) has been obtained or made and is in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and each of the Subsidiaries hold all licenses, certificates and permits from governmental authorities which are necessary to
the conduct of their businesses as described in the Registration Statement, the General Disclosure Package and the Prospectus, except
where the failure to hold such licenses, certificates or permits would not reasonably be expected to have a Company Material Adverse Effect;
the Company and the Subsidiaries each own or possess rights to use all patents, patent rights, trademarks, trade names, service marks,
service names, copyrights, license rights, know-how (including trade secrets and other unpatented and unpatentable proprietary or confidential
information, systems or procedures) and other intellectual property rights (&ldquo;<U>Intellectual Property</U>&rdquo;) necessary to carry
on their businesses as described in the Registration Statement, the General Disclosure Package and the Prospectus in all material respects.
None of the Company or the Subsidiaries has received notice of conflict with, and to the Company&rsquo;s knowledge, none of the Company
or any of the Subsidiaries has infringed, any Intellectual Property of any other person or entity. None of the technology employed by
the Company has been obtained or is being used by the Company in violation of any contractual obligation binding on the Company or any
of its respective officers, directors or employees or otherwise in violation of the rights of any persons. The Company has not received
any written or oral communications alleging that the Company has violated, infringed or conflicted with, or, by conducting its business
as set forth in the Registration Statement, the General Disclosure Package and the Prospectus, would violate, infringe or conflict with,
any of the Intellectual Property of any other person or entity, except for such violations, infringements or conflicts that would not
reasonably be expected to have a Company Material Adverse Effect. Except as disclosed in the Registration Statement and the Prospectus
and except as would not reasonably be expected to result in a Company Material Adverse Effect, the Company knows of no infringement by
others of Intellectual Property owned by or licensed to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company, nor to the Company&rsquo;s knowledge, any of its affiliates, has taken or will take, directly or indirectly, any action designed
to cause or result in, or which has constituted or which might reasonably be expected to constitute, the stabilization or manipulation
of the price of the Notes to facilitate the sale or resale of the Notes. The Company acknowledges that the Underwriters may engage in
passive market-making transactions in the Securities on Nasdaq in accordance with Regulation M under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reserved</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Company
and each of its Subsidiaries maintains a system of internal accounting controls sufficient to provide reasonable assurances that (i)&nbsp;transactions
are executed in accordance with management&rsquo;s general or specific authorization; (ii)&nbsp;transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii)&nbsp;access to
assets is permitted only in accordance with management&rsquo;s general or specific authorization; and (iv)&nbsp;the recorded accountability
for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has established
and maintains &ldquo;disclosure controls and procedures&rdquo; (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act); the
Company&rsquo;s &ldquo;disclosure controls and procedures&rdquo; are reasonably designed to ensure that all material information (both
financial and non-financial) required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is
recorded, processed, summarized and reported within the time periods specified in the Exchange Act, and that all such information is accumulated
and communicated to the Company&rsquo;s management as appropriate to allow timely decisions regarding required disclosure and to make
the certifications of the Chief Executive Officer and Chief Financial Officer of the Company required under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The statistical, industry-related
and market-related data, if any, included in the Registration Statement, the General Disclosure Package and the Prospectus are based on
or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree with the
sources from which they are derived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The operations of the
Company and its consolidated subsidiaries are and have, been conducted at all times in compliance with applicable financial record-keeping
and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, those of the Bank
Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable money laundering statutes of all jurisdictions in which the Company
and its consolidated subsidiaries conduct business, and the applicable rules and regulations thereunder, and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental or regulatory agency (collectively, the &ldquo;<U>Money
Laundering Laws</U>&rdquo;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any or its consolidated subsidiaries with respect to the Money Laundering Laws is pending or, to the
Company&rsquo;s knowledge, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company
nor any of its consolidated subsidiaries, nor, any director or officer of the Company or its consolidated subsidiaries, nor to the knowledge
of the Company, any agent, employee or representative of the Company or its consolidated subsidiaries, or other person acting on behalf
of the Company or its consolidated subsidiaries is currently the subject or target of any sanctions administered or enforced by the U.S.
government (including, without limitation, the Office of Foreign Assets Control of the U.S. Treasury Department or the U.S. Department
of State and including the designation as a &ldquo;specially designated national&rdquo; or &ldquo;blocked person&rdquo;), the United Nations
Security Council, the European Union, Her Majesty&rsquo;s Treasury or other relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;),
nor is the Company or any of its consolidated subsidiaries located, organized or resident in a country or territory that is the target
of Sanctions, including Cuba, Iran, North Korea, the Crimean region, Sudan and Syria (each, a &ldquo;<B>Sanctioned Country</B>&rdquo;);
and the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise
make available such proceeds to any subsidiary, joint venture partner or other person or entity (i)&nbsp;to fund or facilitate any unlawful
activities of or business with any person that, at the time of such funding or facilitation, is the target of Sanctions, (ii)&nbsp;to
fund or facilitate any unlawful activities of or business in any Sanctioned Country or (iii)&nbsp;in any other manner that will result
in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise)
of Sanctions. For the past five years, neither the Company nor any of its consolidated subsidiaries have knowingly engaged in, or are
now knowingly engaged in, and will not engage in, any dealings or transactions with any person that at the time of the dealing or transaction
is or was the target of Sanctions or with any Sanctioned Country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and each
of the Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as the Company deems adequate for the
conduct of their respective business and the value of their respective properties and as is customary for companies engaged in similar
businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is in compliance
in all material respects with all presently applicable provisions of the Employee Retirement Income Security Act of 1974, as amended,
including the regulations and published interpretations thereunder (&ldquo;<U>ERISA</U>&rdquo;); no &ldquo;reportable event&rdquo; (as
defined in ERISA) has occurred with respect to any &ldquo;pension plan&rdquo; (as defined in ERISA) for which the Company and each Subsidiary
would have any liability; the Company and each Subsidiary has not incurred and does not expect to incur liability under (i)&nbsp;Title
IV of ERISA with respect to termination of, or withdrawal from, any &ldquo;pension plan&rdquo; or (ii)&nbsp;Sections 412 or 4971 of the
Internal Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (the &ldquo;<U>Code</U>&rdquo;);
and each &ldquo;pension plan&rdquo; for which the Company or any Subsidiary would have any liability that is intended to be qualified
under Section&nbsp;401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by action or by failure
to act, which would reasonably be expected to cause the loss of such qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the Company&rsquo;s
knowledge, there are no affiliations or associations between any member of FINRA and any of the Company&rsquo;s officers, directors or
5% or greater securityholders except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus or
on <U>Schedule A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no relationships or related-party transactions involving the Company or any of the Subsidiaries or any other person required to be
described in the Registration Statement, the General Disclosure Package or the Prospectus which have not been described as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company
nor any of the Subsidiaries has made any contribution or other payment to any official of, or candidate for, any federal, state or foreign
office in violation of any law, which violation is required to be disclosed in the Registration Statement, the General Disclosure Package
or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date hereof,
there are no outstanding personal loans made, directly or indirectly, by the Company to any director or executive officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any advertising, sales
literature or other promotional material (including &ldquo;prospectus wrappers,&rdquo; &ldquo;broker kits,&rdquo; &ldquo;road show slides,&rdquo;
&ldquo;road show scripts&rdquo; and &ldquo;electronic road show presentations&rdquo;) authorized in writing by or prepared by the Company
to be used in connection with the public offering of the Securities (collectively, &ldquo;<U>Sales Material</U>&rdquo;) do not and will
not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein in light of the circumstances under which they were made not misleading. Moreover, all Sales Material complies
and will comply in all material respects with the applicable requirements of the 1933 Act (except that this representation and warranty
does not apply to statements in or omissions from the Sales Material made in reliance upon and in conformity with information relating
to the Underwriters furnished to the Company by the Underwriters expressly for use therein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed
in the Registration Statement, the General Disclosure Package and the Prospectus, no Subsidiary of the Company is prohibited, directly
or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary&rsquo;s capital stock,
from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary&rsquo;s
property or assets to the Company or any other Subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company
nor any of its consolidated subsidiaries, nor any director or officer of the Company or its consolidated subsidiaries, nor to the knowledge
of the Company, any agent, employee or affiliate of the Company or its consolidated subsidiaries is aware of or has taken any action,
directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and
the rules and regulations thereunder (the &ldquo;<U>FCPA</U>&rdquo;), or any applicable law or regulation implementing the OECD Convention
on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offense under any other applicable
anti-bribery or anti-corruption laws, including 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 of any money, or other property, gift, promise to
give, or authorization of the giving of anything of value to any &ldquo;foreign official&rdquo; (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 any applicable anti-bribery
or anti-corruption laws, and the Company, the Company&rsquo;s consolidated subsidiaries and their respective affiliates have conducted
their businesses in compliance with any applicable anti-bribery or anti-corruption laws and have instituted, maintained and enforced and
will continue to maintain and enforce policies and procedures designed to ensure, and which are reasonably expected to continue to ensure,
continued compliance therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and its Subsidiaries are (i)&nbsp;in compliance with any and all applicable foreign, federal, state and local laws and regulations
relating to the protection of human health and safety, access for disabled persons, the environment or hazardous or toxic substances or
wastes, pollutants or contaminants (collectively, &ldquo;<U>Environmental Laws</U>&rdquo;), (ii)&nbsp;have received and are in compliance
with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses
and (iii)&nbsp;have not received notice of any actual or potential liability under any Environmental Laws, except where such non-compliance
with Environmental Laws, failure to receive required permits, licenses or other approvals, or liability would not, individually or in
the aggregate, reasonably be expected to have a Company Material Adverse Effect, except as set forth in or contemplated in the Registration
Statement, the General Disclosure Package and the Prospectus. Except as set forth in the Registration Statement, the General Disclosure
Package and the Prospectus, neither the Company nor any of the Subsidiaries has been named as a &ldquo;potentially responsible party&rdquo;
under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has elected
to be regulated as a business development company under the 1940 Act and has filed with the Commission, pursuant to Section&nbsp;54(a)
of the 1940 Act, a duly completed and executed Form N-54A (the &ldquo;<U>Company BDC Election</U>&rdquo;); the Company has not filed with
the Commission any notice of withdrawal of the Company BDC Election pursuant to Section&nbsp;54(c) of the 1940 Act; the Company BDC Election
remains in full force and effect and, to the Company&rsquo;s actual knowledge, no order of suspension or revocation of such election under
the 1940 Act has been issued or proceedings therefor initiated or threatened by the Commission. The operations of the Company are in compliance
with the provisions of the 1940 Act applicable to business development companies, except where such non-compliance would not reasonably
be expected to result in a Company Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is currently
organized and operates in compliance in all material respects with the requirements to be taxed as, and has duly elected to be taxed as
(which election has not been revoked), a regulated investment company under Subchapter M of the Code. The Company intends to direct the
investment of the net proceeds received by it from the sale of the Securities in the manner specified in the Registration Statement, the
General Disclosure Package and the Final Prospectus Supplement under the caption &ldquo;Use of Proceeds&rdquo; and in such a manner as
to continue to comply with the requirements of Subchapter M of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are no contracts
or documents that are required to be described in the Registration Statement, the General Disclosure Package and the Prospectus or to
be filed as exhibits to the Registration Statement that have not been so described and filed as required. All descriptions of contracts
or documents described in the Registration Statement, the General Disclosure Package and the Prospectus are accurate and complete in all
material respects. Notwithstanding the foregoing, as of the date hereof, the Company has not filed this Agreement, the Fourth Supplemental
Indenture or the opinion of Company Counsel (as defined below) with respect to the legality of the Securities as exhibits to the Registration
Statement, although all such exhibits will be filed in a Current Report on Form 8-K under the Exchange Act on or before the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed
in the Registration Statement, the General Disclosure Package and the Prospectus: (i)&nbsp;no person is serving or acting as an officer
or director of the Company, except in accordance with the provisions of the 1940 Act ; and (ii)&nbsp;to the knowledge of the Company,
no director of the Company is an &ldquo;interested person&rdquo; (as defined in the 1940 Act) of the Company or an &ldquo;affiliated person&rdquo;
(as defined in the 1940 Act) of the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes, by the Closing
Date, will be registered pursuant to Section&nbsp;12(b) of the Exchange Act, and the Company has taken no action designed to, or likely
to have the effect of, terminating the registration of the Notes under the Exchange Act, nor has the Company received any notification
that the Commission or Nasdaq is contemplating terminating such registration or listing. The application for listing of the Notes for
trading on Nasdaq has been submitted by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(uu)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Common Stock conforms
in all material respects to all of the respective statements relating thereto contained in the Registration Statement, the General Disclosure
Package and the Prospectus, and such statements conform to the rights set forth in the respective instruments and agreements defining
the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(vv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities conform
to the provisions of the Indenture and the relative rights, preferences, interests and powers of such Securities are set forth in the
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ww)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this
Agreement and on a pro forma basis, after giving effect to the issuance and sale of the Securities and the use of proceeds therefrom (including
the repayment of the Company&rsquo;s existing 6.125% notes due 2023 outstanding), the Company will be in compliance with the applicable
asset coverage requirements set forth in Sections 18 and 61 of the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement, the Indenture and the Notes comply in all material respects with all applicable provisions of the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(yy)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is not an
ineligible issuer, as defined in Rule&nbsp;405 under the 1933 Act, at the times specified in Rule&nbsp;405 under the 1933 Act in connection
with the offering of the Securities, and is eligible to rely on General Instruction A.2 of Form&nbsp;N-2, including the transaction requirements
set forth in&nbsp;General Instruction&nbsp;I.B.1 of Form&nbsp;S-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(zz)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&rsquo;s
information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively,
&ldquo;<B>IT Systems</B>&rdquo;) are adequate for, and operate and perform in all material respects as required in connection with the
operation of the business of the Company and the Subsidiaries as currently conducted. The Company has 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 material IT Systems and data (including all personal, personally identifiable, sensitive,
confidential or regulated data (&ldquo;<B>Personal Data</B>&rdquo;)) used in connection with its business, 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 Company Material Adverse Effect. The Company and the Subsidiaries are presently in compliance in all material
respects 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 Company Material Adverse Effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any certificate signed by any officer of the Company
and delivered to the Underwriters or to counsel for the Underwriters shall be deemed a representation and warranty by the Company to the
Underwriters as to the matters covered thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Reserved.
</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Purchase,
Sale and Delivery of the Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the basis of the representations and warranties herein contained, and subject to the terms and conditions herein set forth, the Company
hereby agrees to sell to the Underwriters, severally and not jointly, the respective aggregate principal amount of Initial Securities
set forth opposite the name of the Underwriter in <U>Exhibit A</U> hereto, and each Underwriter, severally and not jointly, agrees to
purchase the respective aggregate principal amount of Initial Securities set forth opposite the name of such Underwriter on <U>Exhibit
A</U> hereto, plus any additional aggregate principal amount of Initial Securities which such Underwriter may become obligated to purchase
pursuant to the provisions of <U>Section&nbsp;8</U> hereof, subject to such adjustments among the Underwriters as the Representative in
its sole discretion shall make to eliminate any sales or purchases of fractional Securities, in each case at a purchase price of 97.0%
of the aggregate principal amount (the &ldquo;<B>Purchase Price</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, on the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth,
the Company hereby grants an option to the Underwriters, severally and not jointly, to purchase all or any portion of the Option Securities
at a price equal to the Purchase Price (without giving effect to any accrued interest from the Closing Date to the applicable Option Closing
Date). The option hereby granted will expire at 11:59 P.M. (New York City time) on the 30th day after the date hereof and may be exercised
on up to three occasions in whole or in part only for the purpose of covering over-allotments which may be made in connection with the
offering and distribution of the Initial Securities upon notice by the Representative to the Company setting forth the aggregate principal
amount of Option Securities as to which the several Underwriters are then exercising the option and the time and date of payment and delivery
for such Option Securities. Any such time and date of delivery (an &ldquo;<B>Option Closing Date</B>&rdquo;) shall be determined by the
Representative, but shall not be earlier than three or later than seven full business days after the exercise of said option, unless otherwise
agreed upon by the Company and the Representative, nor in any event prior to the Closing Date. If the option is exercised as to all or
any portion of the Option Securities, the Company will sell to the Underwriters that proportion of the aggregate principal amount of Option
Securities then being purchased, and each of the Underwriters, acting severally and not jointly, will purchase that proportion of the
aggregate principal amount of Option Securities then being purchased, which the aggregate principal amount of Initial Securities set forth
in <U>Exhibit A</U> opposite the name of such Underwriter, plus any additional aggregate principal amount of Initial Securities which
such Underwriter may become obligated to purchase pursuant to the provisions of <U>Section&nbsp;8</U> hereof, bears to the aggregate principal
amount of Initial Securities, subject in each case to such adjustments as the Representative in its discretion shall make to eliminate
any sales or purchases of fractional Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
of the purchase price for, and delivery of any certificates for, the Initial Securities shall be made at the offices of Dechert LLP at
1900 K Street, N.W., Washington, D.C. 20006 or at such other place as shall be agreed upon by the Representative and the Company, at 10:00
A.M. (New York City time) on November 15, 2021 (unless postponed in accordance with the provisions of <U>Section&nbsp;8</U> hereof), or
such other time not later than ten business days after such date as shall be agreed upon by the Representative and the Company (such time
and date of payment and delivery being herein called &ldquo;<U>Closing Date</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, in the event
that any or all of the Option Securities are purchased by the Underwriters, payment of the Purchase Price for, and delivery of any certificates
for, such Option Securities shall be made at 10:00 A.M. (New York City time) at the above-mentioned offices, or at such other place as
shall be agreed upon by the Representative and the Company, on each Option Closing Date.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates
for the Initial Securities and the Option Securities, if any, shall be in such denominations and registered in such names as the Representative
may request in writing at least two full business days before the Closing Date or the relevant Option Closing Date, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Expenses</U>.
The Company agrees to pay the reasonable costs and expenses relating to the following matters: (i)&nbsp;the preparation, printing or reproduction
and filing with the Commission of the Registration Statement (including financial statements and exhibits thereto) and the Prospectus,
and each amendment or supplement to either of them; (ii)&nbsp;the printing (or reproduction) and delivery (including postage, air freight
charges and charges for counting and packaging) of such copies of the Registration Statement, the General Disclosure Package, and the
Prospectus, and all amendments or supplements to any of them, as may, in each case, be reasonably requested for use in connection with
the offering and sale of the Securities; (iii)&nbsp;the costs and expenses incurred by the Company arising out of the marketing of the
sale of the Securities to investors; (iv)&nbsp;the preparation, printing, authentication, issuance and delivery of the Securities; (v)&nbsp;the
printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all closing documents printed (or reproduced) and
delivered in connection with the offering of the Securities; (vi)&nbsp;the listing of the Securities on Nasdaq; (vii)&nbsp;any registration
or qualification of the Securities for offer and sale under the securities or blue sky laws of the several states of the United States
(including filing fees and the reasonable fees and expenses of counsel for the Underwriters relating to such registration and qualification;
(viii)&nbsp;any filings required to be made with FINRA; (ix)&nbsp;the fees and expenses of the Company&rsquo;s accountants and the fees
and expenses of counsel for the Company; (x)&nbsp;the fees and expenses of the Trustee; (xi) the fees and expenses of counsel for the
Underwriters, in an amount not to exceed $125,000, in connection with the offer and sale of the Securities under this Agreement and filings
required to be made with FINRA; and (xii) expenses incurred by the Company incident to the performance by the Company of its obligations
hereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Agreements
of the Company</U>. The Company agrees with the Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the termination of the offering of the Securities, the Company will not file any amendment of the Registration Statement or supplement
to the Prospectus or any Rule 462(b) Registration Statement unless the Company has furnished the Representative a copy for its review
prior to filing and will not file any such proposed amendment, supplement or Rule 462(b) Registration Statement to which the Representative
reasonably objects. Subject to the foregoing sentence, if the Registration Statement has become or becomes effective pursuant to Rule
430A under the 1933 Act, or filing of the Prospectus is otherwise required under Rule 424, the Company will cause the Prospectus, properly
completed, and any supplement thereto to be filed in a form approved by the Representative with the Commission pursuant to Rule 424 within
the time period prescribed and will provide evidence satisfactory to the Representative of such timely filing. The Company will promptly
advise the Representative (1)&nbsp;when the Prospectus, and any supplement thereto, will have been filed (if required) with the Commission
pursuant to Rule 424 or when any Rule 462(b) Registration Statement will have been filed with the Commission, (2)&nbsp;when, prior to
termination of the offering of the Securities, any amendment to the Registration Statement will have been filed or become effective, (3)&nbsp;of
any request by the Commission or its staff for any amendment of the Registration Statement or any Rule 462(b) Registration Statement,
or for any supplement to the Prospectus or for any additional information, (4)&nbsp;of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or the institution or, to the knowledge of the Company, threatening of any
proceeding for that purpose and (5)&nbsp;of the receipt by the Company of any notification with respect to the suspension of the qualification
of the Securities for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose. The Company will
use reasonable efforts to prevent the issuance of any such stop order or the suspension of any such qualification and, if issued, to obtain
as soon as possible the withdrawal thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will comply with the requirements of Rule 430B under the 1933 Act and will notify the Representative immediately, and confirm
the notice in writing, of (i)&nbsp;the effectiveness of any post-effective amendment to the Registration Statement or any new registration
statement relating to the Securities or the filing of any supplement or amendment to the Prospectus, (ii)&nbsp;the receipt of any comments
from the Commission, (iii)&nbsp;any request by the Commission for any amendment to the Registration Statement or the filing of a new registration
statement or any amendment or supplement to the Prospectus or for additional information, (iv)&nbsp;the issuance by the Commission of
any stop order suspending the effectiveness of the Registration Statement or such new registration statement or of any order preventing
or suspending the use of any preliminary 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 of any examination pursuant to
Section&nbsp;8(e) of the 1933 Act concerning the Registration Statement and (v)&nbsp;if the Company becomes the subject of a proceeding
under Section&nbsp;8A of the 1933 Act in connection with the offering of the Securities. The Company will promptly effect the filings
required under Rule 424, in the manner and within the time period required by Rule 424, notify the Representative of the filing thereof,
and take such steps as it deems necessary to ascertain promptly whether the Prospectus transmitted for filing under Rule 424 was received
for filing by the Commission and, in the event that it was not, it will promptly file the Prospectus. The Company will make every reasonable
effort to prevent the issuance of any stop order and, if any stop order is issued, to obtain the lifting thereof at the earliest possible
moment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time when the Prospectus is required by the 1933 Act or the Exchange Act to be delivered in connection with sales of the Securities,
any event will occur or condition will exist as a result of which it is necessary, in the reasonable opinion of outside counsel to the
Underwriters or the Company, to amend the Registration Statement in order that the Registration Statement will not contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading
or to amend or supplement the Prospectus in order that the Prospectus 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 not misleading in the light of the circumstances existing at
the time it is delivered to a purchaser, or if it will be necessary, in the reasonable opinion of such outside counsel, at any such time
to amend the Registration Statement, or to amend or supplement the Prospectus in order to comply with the requirements of the 1933 Act,
the Company will (i)&nbsp;promptly prepare and file with the Commission, such amendment or supplement as may be necessary to correct such
statement or omission or to comply with such requirements, provided that the Company shall not make any filing to which the Representative
reasonably objects, (ii)&nbsp;use its best efforts to have such amendment declared effective as soon as practicable, and (iii)&nbsp;furnish
to the Representative, without charge, such number of copies of such amendment, supplement or new registration statement as the Representative
may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will cooperate with the Representative in endeavoring to qualify the Securities for sale under the securities laws of such jurisdictions
as the Representative may reasonably have designated in writing and will make such applications, file such documents, and furnish such
information as may be reasonably required for that purpose; provided the Company will not be required to qualify as a foreign corporation,
to become subject to taxation as a foreign corporation or to file a general consent to service of process in any jurisdiction where it
is not now so qualified, subject to taxation or required to file such a consent. The Company will, from time to time, prepare and file
such statements, reports, and other documents, as are or may be required to continue such qualifications in effect for so long a period
as the Representative may reasonably request for distribution of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will deliver to, or upon the order of, the Representative, from time to time, as many copies of any Preliminary Prospectus as
the Representative may reasonably request. The Company will deliver to, or upon the order of, the Representative during the period when
delivery of a Prospectus is required under the 1933 Act, as many copies of the Prospectus in final form, or as thereafter amended or supplemented,
as the Representative may reasonably request. The Company will make available to the Representative at or before the Closing Date, a copy
(which may be conformed) of the signed Registration Statement and all amendments thereto including all exhibits filed therewith, and will
deliver to the Representative such number of copies of the Registration Statement (including such number of copies of the exhibits filed
therewith that may reasonably be requested) and of all amendments thereto, as the Representative may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will comply with the 1933 Act and the Exchange Act so as to permit the completion of the distribution of the Securities as contemplated
in this Agreement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the General Disclosure Package is being used to solicit offers to buy the Securities at a time when the Prospectus is not yet available
to prospective purchasers and any event will occur as a result of which, in the judgment of the Company or in the reasonable opinion of
the Underwriters, it becomes necessary to amend or supplement the General Disclosure Package in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading, or to make the statements therein not conflict with the
information contained in the Registration Statement then on file, or if it is necessary at any time to amend or supplement the General
Disclosure Package to comply with any law, the Company promptly will prepare, file with the Commission (if required) and furnish to the
Underwriters and any dealers an appropriate amendment or supplement to the General Disclosure Package.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will make generally available to its security holders, as soon as it is practicable to do so, an earnings statement or statements
(which need not be audited), which will satisfy the requirements of Section&nbsp;11(a) of the 1933 Act and Rule 158 under the 1933 Act
and will advise the Representative in writing when such statement has been so made available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
offering, sale, short sale or other disposition of any debt securities issued or guaranteed by the Company or other securities convertible
into or exchangeable or exercisable for debt securities issued or guaranteed by the Company or derivative of debt securities issued or
guaranteed by the Company (or agreement for such) will be made for a period of 45 days after the date of the Prospectus, directly or indirectly,
by the Company otherwise than hereunder or with the prior written consent of the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will apply the net proceeds of its sale of the Securities as set forth in the Registration Statement, the General Disclosure Package
and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will cooperate with the Representative and use its commercially reasonable efforts to permit the offered Securities to be eligible
for clearance and settlement through the facilities of DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will maintain a trustee, paying agent and registrar for the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will not take, directly or indirectly, any action designed to cause or result in, or that has constituted or might reasonably
be expected to constitute, the stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale
of the Securities, except as may be allowed by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, during the period when the Prospectus is required to be delivered under the 1933 Act, will file all documents required to be
filed with the Commission pursuant to the 1933 Act, the Exchange Act and the 1940 Act within the time periods required by such act, rule
or regulation. To the extent the distribution of Securities has been completed, the Company will not be required to provide the Underwriters
with reports it is required to file with the Commission under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will use its reasonable best efforts to effect within thirty (30)&nbsp;days of the Closing Date and to maintain the listing of
the Notes on Nasdaq.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Conditions
to the Underwriters&rsquo; Obligations</U>. The obligations of the Underwriters to purchase the Securities on the Closing Date and the
Option Securities, if any, on the Option Closing Date are subject to the accuracy, as of the Applicable Time, the Closing Date or the
Option Closing Date, as the case may be, of the representations and warranties of the Company contained herein, and to the performance
by the Company of its covenants and obligations hereunder and to the following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement and all post-effective amendments thereto shall have become effective and the Prospectus shall have been filed
as required by Rules 424, 430A or 430B under the 1933 Act, as applicable, within the time period prescribed by, and in compliance with
the 1933 Act, and any request of the Commission for additional information (to be included in the Registration Statement or otherwise)
shall have been disclosed to the Representative and complied with to its reasonable satisfaction. No stop order suspending the effectiveness
of the Registration Statement, as amended from time to time, shall have been issued and no proceedings for that purpose or pursuant to
Section&nbsp;8A under the 1933 Act shall have been taken or, to the knowledge of the Company, shall be contemplated or threatened by the
Commission and no injunction, restraining order or order of any nature by a Federal or state court of competent jurisdiction shall have
been issued as of the Closing Date which would prevent the issuance of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative shall have received from Kramer Levin Naftalis &amp; Frankel LLP, counsel for the Company (the &ldquo;<U>Company Counsel</U>&rdquo;),
an opinion and a negative assurance letter, each dated the Closing Date or the Option Closing Date, as the case may be, addressed to the
Representative in form and substance reasonably satisfactory to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative shall have received from Dechert LLP, counsel to Underwriters (&ldquo;<U>Underwriters&rsquo; Counsel</U>&rdquo;), an opinion
dated the Closing Date or the Option Closing Date, as the case may be, addressed to the Underwriters, in form and substance reasonably
satisfactory to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative shall have received, on each of the date hereof, the Closing Date and, if applicable, the Option Closing Date, the letter
dated the date hereof, the Closing Date or the Option Closing Date, as the case may be, in form and substance satisfactory to the Representative,
of Ernst &amp; Young LLP, containing statements and information of the type ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo;
to underwriters, delivered in accordance with Statement of Auditing Standards No.&nbsp;72 (or any successor bulletin), with respect to
the financial statements and certain financial and statistical information contained in the Registration Statement, the General Disclosure
Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have furnished to the Representative, on the Closing Date and, if applicable, the Option Closing Date, as the case may be,
a certificate substantially in the form of <U>Exhibit 6(e)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Trustee shall have executed and delivered each of the Base Indenture, the Fourth Supplemental Indenture and the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have furnished to the Representative such further certificates and documents as the Representative may reasonably require
for the purpose of enabling the Underwriters to pass upon the issuance and sale of the Securities as herein contemplated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
application for listing of the Securities shall have been submitted to Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Closing Date, the Securities shall be rated at least BBB by Egan-Jones Ratings Company and since the execution of this Agreement,
there shall not have been any decrease in the rating of any debt of the Company by any &ldquo;nationally recognized statistical rating
organization&rdquo; (as defined in Section&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opinions and certificates mentioned in this
Agreement shall be deemed to be in compliance with the provisions hereof only if they are in all material respects reasonably satisfactory
to the Representative and to Underwriters&rsquo; Counsel.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the conditions hereinabove provided
for in this <U>Section&nbsp;6</U> shall not have been fulfilled when and as required by this Agreement to be fulfilled, the obligations
of the Underwriters hereunder may be terminated by the Representative by notifying the Company of such termination in writing at or prior
to the Closing Date or the Option Closing Date, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In such event, the Company and the Underwriters
shall not be under any obligation to each other (except to the extent provided in <U>Sections 4</U> and <U>7</U> hereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Indemnification
and Contribution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees to indemnify and hold harmless the Underwriters, the directors, officers, employees and agents of the Underwriters and
each person who controls the Underwriters within the meaning of either Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the Exchange
Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against
any and all loss, liability, claim, damage and expense whatsoever, arising out of any untrue or alleged untrue statement of a material
fact contained in the Registration Statement for the Securities as originally filed or in any amendment thereof (and including any post-effective
amendment), the General Disclosure Package or the Prospectus or in any Sales Material (or any amendment or supplement to any of the foregoing),
or arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that any such settlement
is effected with the written consent of the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Representative), 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 based upon any such untrue statement or omission, or any such alleged untrue
statement or omission, to the extent that any such expense is not paid under (i)&nbsp;or (ii) above;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>provided, however, </I>that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by any
Underwriter through the Representative expressly for use in the Registration Statement (or any amendment thereto), or the General Disclosure
Package, any Preliminary Prospectus or the Prospectus (or any amendment or supplement thereto), it being understood and agreed that the
only such information furnished by or on behalf of any Underwriter for inclusion in the Prospectus consists of the following information
in the Prospectus: (i) the concession and reallowance figures appearing under the caption &ldquo;Underwriting &ndash; Commissions and
Discounts&rdquo; in the Prospectus, (ii) the statements set forth under the caption &ldquo;Underwriting &ndash; Price Stabilization, Short
Positions&rdquo; in the Prospectus, and (iii) the list of Underwriters and their respective participation in the sale of the Securities,
which is set forth in the first table under the caption &ldquo;Underwriting&rdquo; in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Underwriter severally agrees to indemnify and hold harmless the Company and each of its directors, each of its officers who sign the Registration
Statement, and each person who controls the Company within the meaning of either Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of
the Exchange Act, to the same extent as the indemnity from the Company set forth in <U>Section&nbsp;7(a)(i)</U> and the proviso thereto,
but only with reference to written information relating to the Underwriters furnished to the Company by or on behalf of the Underwriters
specifically for inclusion in the documents referred to in the foregoing indemnity. The Underwriters agree to reimburse each such indemnified
party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any loss,
claim, damage, liability or action to which they are entitled to indemnification pursuant to this <U>Section&nbsp;7(b)</U>. This indemnity
agreement will be in addition to any liability which the Underwriters may otherwise have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity
may be sought pursuant to <U>Section&nbsp;7</U>, such person (the &ldquo;indemnified party&rdquo;) shall promptly notify the person against
whom such indemnity may be sought (the &ldquo;indemnifying party&rdquo;) in writing. No indemnification provided for in <U>Section&nbsp;7</U>
shall be available to any party who shall fail to give notice as provided in this <U>Section&nbsp;7(c)</U> if the party to whom notice
was not given was unaware of the proceeding to which such notice would have related and was materially prejudiced by the failure to give
such notice, but the failure to give such notice shall not relieve the indemnifying party or parties from any liability which it or they
may have to the indemnified party for contribution or otherwise than on account of the provisions of <U>Section&nbsp;7</U>. In case any
such proceeding shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof,
the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party and shall pay
as incurred the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall
have the right to retain its own counsel at its own expense. Notwithstanding the foregoing, the indemnifying party shall pay as incurred
(or within 30 days of presentation) the fees and expenses of the counsel retained by the indemnified party in the event (i)&nbsp;the indemnifying
party and the indemnified party shall have mutually agreed to the retention of such counsel, (ii)&nbsp;the named parties to 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 or (iii)&nbsp;the indemnifying party
shall have failed to assume the defense and employ counsel acceptable to the indemnified party within a reasonable period of time after
notice of commencement of the action. Such firm shall be designated in writing by the Representative in the case of parties indemnified
pursuant to <U>Section&nbsp;7(a)</U> and by the Company in the case of parties indemnified pursuant to <U>Section&nbsp;7(b)</U>. The indemnifying
party shall not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or
if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any
loss or liability by reason of such settlement or judgment. In addition, the indemnifying party will not, without the prior written consent
of the indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding
of which indemnification may be sought hereunder (whether or not any indemnified party is an actual or potential party to such claim,
action or proceeding) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all
liability arising out of such claim, action or proceeding and does not include any statement as to or any admission of fault, culpability
or a failure to act by or on behalf of any indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent the indemnification provided for in <U>Section&nbsp;7</U> is unavailable to or insufficient to hold harmless an indemnified
party under <U>Section&nbsp;7(a)</U> or <U>(b)</U>&nbsp;above in respect of any losses, liabilities, claims, damages or expenses (or actions
or proceedings in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) in such
proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Underwriters, on the other,
from the offering of the Securities. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable
law then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate
to reflect not only such relative benefits but also the relative fault of the Company, on the one hand, and the Underwriters, on the other,
in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions or proceedings
in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one
hand, and the Underwriters, on the other, shall be deemed to be in the same proportion as the total net proceeds from the offering (before
deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriters, in
each case, as set forth in the table on the cover page of the Prospectus. The relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company, on the one hand, or the Underwriters, on the other, and the parties&rsquo; relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the Underwriters
agree that it would not be just and equitable if contributions pursuant to this <U>Section&nbsp;7(d)</U> were determined by pro rata allocation
(even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account
of the equitable considerations referred to above in this <U>Section&nbsp;7(d)</U>. The amount paid or payable by an indemnified party
as a result of the losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to above in this <U>Section&nbsp;7(d)</U>
shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this <U>Section&nbsp;7(d)</U>, (i) no Underwriter shall be required
to contribute any amount in excess of the underwriting discounts and commissions applicable to the Securities purchased by such Underwriter
and (ii)&nbsp;no person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the 1933 Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
contribution by the Company shall be subject to the requirements and limitations of Section&nbsp;17(i) of the 1940 Act and Investment
Company Act Release 11330, as amended or updated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Default
by One or More Underwriters.</U> If one or more of the Underwriters shall fail on the Closing Date or an Option Closing Date to purchase
the Securities which it or they are obligated to purchase under this Agreement (the &ldquo;<U>Defaulted Securities</U>&rdquo;), the Representative
shall use reasonable efforts, within 36 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 Representative shall not have completed such arrangements within such 36-hour period,
then:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the aggregate principal amount of Defaulted Securities does not exceed 10% of the aggregate principal amount of Securities to be purchased
on such date, each of the non-defaulting Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof
in the proportions that their respective underwriting obligations hereunder bear to the underwriting obligations of all non-defaulting
Underwriters; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the aggregate principal amount of Defaulted Securities exceeds 10% of the aggregate principal amount of Securities to be purchased on
such date, this Agreement or, with respect to any Option Closing Date which occurs after the Closing Date, the obligation of the Underwriters
to purchase and of the Company to sell the Option Securities that were to have been purchased and sold on such Option Closing Date, shall
terminate without liability on the part of any non-defaulting Underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No action taken pursuant to this <U>Section&nbsp;8</U>
shall relieve any defaulting Underwriter from liability in respect of its default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of any such default which does not
result in a termination of this Agreement or, in the case of an Option Closing Date which is after the Closing Date, which does not result
in a termination of the obligation of the Underwriters to purchase and the Company to sell the relevant Option Securities, as the case
may be, the Representative shall have the right to postpone the Closing Date or the relevant Option Closing Date, as the case may be,
for a period not exceeding seven days in order to effect any required changes in the Registration Statement, the General Disclosure Package
or Prospectus or in any other documents or arrangements. As used herein, the term &ldquo;<U>Underwriter</U>&rdquo; includes any person
substituted for an Underwriter under this <U>Section&nbsp;8</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination</U>.
This Agreement may be terminated by the Representative by notice to the Company (a)&nbsp;at any time prior to the Closing Date or any
Option Closing Date (if different from the Closing Date and then only as to Option Securities) if any of the following has occurred: (i)&nbsp;since
the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and the Prospectus,
any material adverse change or any development involving a prospective material adverse change in or affecting the earnings, business,
properties, assets, rights, operations, condition (financial or otherwise) or prospects of the Company and the Subsidiaries taken as a
whole, whether or not arising in the ordinary course of business, which the Representative deems to materially impair the investment quality
of the Securities, (ii)&nbsp;any outbreak or escalation of hostilities or declaration of war or national emergency or other national or
international calamity or crisis (including, without limitation, an act of terrorism) or change in economic or political conditions, if
the effect of such outbreak, escalation, declaration, emergency, calamity, crisis or change on the financial markets of the United States
would, in the judgment of the Representative, materially impair the investment quality of the Securities, (iii)&nbsp;suspension of trading
in securities generally on the New York Stock Exchange or Nasdaq or limitation on prices (other than limitations on hours or numbers of
days of trading), (iv) the declaration of a banking moratorium by United States or New York State authorities, (v)&nbsp;the suspension
of trading of any security of the Company by Nasdaq, the Commission or any other governmental authority or (vi)&nbsp;the taking of any
action by any governmental body or agency in respect of its monetary or fiscal affairs which in the opinion of the Representative has
a material adverse effect on the securities markets in the United States; or (b)&nbsp;as provided in <U>Section&nbsp;6</U> of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Representations
and Indemnities to Survive</U>. The respective agreements, representations, warranties, indemnities and other statements of the Company
or its officers and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless
of any investigation made by or on behalf of the Underwriters or the Company or any of the officers, directors, employees, agents or controlling
persons referred to in <U>Section&nbsp;8</U> hereof, and will survive delivery of and payment for the Securities. The provisions of <U>Section&nbsp;4</U>,
<U>Section&nbsp;7</U>, <U>Section&nbsp;10</U>, <U>Section&nbsp;14</U>, <U>Section&nbsp;16</U> and <U>Section&nbsp;17</U> shall survive
the termination or cancellation of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Recognition
of the U.S. Special Resolution Regimes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were
governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to
be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Section&nbsp;11, a &ldquo;BHC Act Affiliate&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and
shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k). &ldquo;Covered Entity&rdquo; means any of the following: (i)&nbsp;a
&ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b); (ii) a &ldquo;covered
bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii)&nbsp;a &ldquo;covered FSI&rdquo;
as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b). &ldquo;Default Right&rdquo; has the meaning
assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable. &ldquo;U.S.
Special Resolution Regime&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and
(ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notices</U>.
All communications hereunder will be in writing and effective only on receipt, and will be mailed (postage prepaid, certified or registered
mail, return receipt requested), delivered or transmitted by any standard form of telecommunication:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">if to the Underwriters:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Oppenheimer &amp; Co. Inc.<BR>
<FONT STYLE="background-color: white">85 Broad Street, 23rd&nbsp;Floor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="background-color: white">New York, NY 10004</FONT><BR>
JD.Nelson@opco.com<BR>
Attention: JD Nelson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">with an additional copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Dechert LLP<BR>
1900 K Street, N.W.<BR>
Washington, D.C. 20006<BR>
harry.pangas@dechert.com<BR>
Attention: Harry S. Pangas (which copy shall not constitute notice)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">if to the Company:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">PhenixFIN Corporation<BR>
445 Park Avenue, 9th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, NY 10022<BR>
dlorber@phenixfc.com<BR>
Attention: David A. Lorber</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">with an additional copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Kramer Levin Naftalis &amp; Frankel LLP<BR>
1177 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">gsilfen@kramerlevin.com<BR>
Attention: George M. Silfen (which copy shall not constitute notice)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Successors</U>.
This Agreement has been and is made solely for the benefit of the Underwriters, the Company and its successors, executors, administrators,
heirs and assigns, and the officers, directors and controlling persons referred to herein, and no other person will have any right or
obligation hereunder. No purchaser of any of the Securities from any Underwriter shall be deemed a successor or assign merely because
of such purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Fiduciary Duty</U>. The Company hereby acknowledges that (a)&nbsp;the offering and sale of the Securities pursuant to this Agreement is
an arm&rsquo;s-length commercial transaction between the Company, on the one hand, and the Underwriters and any affiliate through which
an Underwriter may be acting, on the other, (b)&nbsp;the Underwriters have not assumed an advisory or fiduciary responsibility in favor
of the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether any Underwriter
has advised or is currently advising the Company on related or other matters), and (c)&nbsp;the Company&rsquo;s engagement of the Underwriters
in connection with the offering and the process leading up to the offering is as independent contractors and not in any other capacity.
Furthermore, the Company agrees that it is solely responsible for making its own judgments in connection with the offering (irrespective
of whether any Underwriter has advised or is currently advising the Company on related or other matters). The Company agrees that it will
not claim that any Underwriter has rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to
the Company, in connection with such transaction or the process leading thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Integration</U>.
This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Underwriters with
respect to the subject matter hereof.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Applicable
Law</U>. This Agreement will be governed by and construed in accordance with the laws of the State of New York applicable to contracts
made and to be performed within the State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Waiver
of Jury Trial</U>. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Counterparts</U>.
This Agreement may be signed in two or more counterparts, each of which shall constitute an original and all of which together shall constitute
one and the same agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Headings</U>.
The section headings used herein are for convenience only and shall not affect the construction hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Partial
Unenforceability</U>. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not affect the
validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision of this Agreement
is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor
changes) as are necessary to make it valid and enforceable.</P>

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is in accordance
with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance
shall represent a binding agreement among the Company and the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0in"><B>PhenixFIN Corporation</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 4%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 31%; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-indent: 0in">/s/ David A. Lorber</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Name:&nbsp;</TD>
    <TD STYLE="text-indent: 0in">David A. Lorber</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Title:</TD>
    <TD STYLE="text-indent: 0in">Chairman and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page to Underwriting Agreement]</I></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing Agreement is hereby confirmed and
accepted as of the date first-written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-indent: 0in"><FONT STYLE="text-transform: uppercase; background-color: white"><B>Oppenheimer &amp; Co. Inc.</B></FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 5%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 31%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 60%; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-indent: 0in">/s/ JD Nelson</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Name:&nbsp;</TD>
    <TD STYLE="text-indent: 0in"><FONT>JD Nelson</FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Title:</TD>
    <TD STYLE="text-indent: 0in">Managing Director</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For itself and as Representative of the Underwriters
named in <U>Exhibit A</U> hereto</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page to Underwriting Agreement]</I></P>

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


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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name of Underwriter</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Aggregate Principal<BR> Amount of<BR> Initial&nbsp;Securities</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Oppenheimer &amp; Co. Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">18,500,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">B. Riley Securities, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">BTIG, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Janney Montgomery Scott LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Ladenburg Thalmann &amp; Co. Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,500,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">50,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exh. A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

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

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

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

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

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

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$50,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5.25% Notes Due 2028 </B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>November 9, 2021 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The following sets forth the final terms of the 5.25% Notes due
2028 (the &ldquo;Notes&rdquo;) and should only be read together with the preliminary prospectus supplement, dated November 8, 2021, together
with the accompanying prospectus dated October 19, 2021, relating to these securities (together, the &ldquo;Preliminary Prospectus&rdquo;)
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. </I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">PhenixFIN Corporation (the &ldquo;Company&rdquo;)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Title of the Securities:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">5.25% Notes due 2028</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Rating:*</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">BBB (Egan-Jones)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Initial&nbsp;Aggregate&nbsp;Principal&nbsp;Amount Being Offered:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">$50,000,000</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Over-Allotment Option:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Up to $7,500,000 aggregate principal amount of Notes within 30 days of the date hereof solely to cover over-allotments, if any.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Issue Price:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">$25.00 (par)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Principal Payable at Maturity:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">100% of the aggregate principal amount. The outstanding principal amount of the Notes will be payable on the stated maturity date at the office of the trustee, paying agent and security registrar for the Notes or at such other office as the Company may designate.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Type of Note:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Fixed rate note</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Listing:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">The Company intends to list the Notes on the Nasdaq Global Market within 30 days of the original issue date under the trading symbol &ldquo;PFXNZ&rdquo;.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Stated Maturity Date:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">November 1, 2028</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Interest Rate:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">5.25% per year</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Underwriting Discount:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">3.00% (or $1,500,000 total assuming the over-allotment option is not exercised)</FONT></TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 49%"><FONT STYLE="font-size: 10pt"><B>Net&nbsp;Proceeds&nbsp;to&nbsp;the&nbsp;Issuer,&nbsp;before Expenses:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49%"><FONT STYLE="font-size: 10pt">97% (or $48,500,000 total assuming the over-allotment option is not exercised)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Day Count Basis:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">360-day year of twelve 30-day months</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">November 9, 2021</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Settlement Date:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">November 15, 2021 (T+3)**</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Date&nbsp;Interest&nbsp;Starts&nbsp;Accruing:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">November 15, 2021</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Each February 1, May 1, August 1 and November 1 commencing February 1, 2022. If an interest payment date falls on a non-business day, the applicable interest payment will be made on the next business day and no additional interest will accrue as a result of such delayed payment.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Interest Periods:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">The initial interest period will be the period from and including November 15, 2021, 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 date, as the case may be.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Specified Currency:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">U.S.&nbsp;Dollars</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Denominations:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">The Company will issue the Notes in denominations of $25 and integral multiples of $25 in excess thereof.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Business Day:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York City or the place of payment are authorized or required by law or executive order to close.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">The Notes may be redeemed in whole or in part at any time or from time to time at the Company&rsquo;s option on or after November 1, 2023, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price of 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but not including, the date fixed for redemption.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">71742W 301 / US71742W3016</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Use of Proceeds:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">The Company intends to use the net proceeds from this offering <FONT STYLE="font-family: Times New Roman, Times, Serif">to redeem a portion of the outstanding principal amount of the</FONT> Company&rsquo;s 6.125% notes due 2023.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 49%"><FONT STYLE="font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oppenheimer &amp; Co. Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B. Riley Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BTIG, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Janney Montgomery Scott LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Ladenburg Thalmann &amp; Co.
    Inc.</FONT></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Trustee,&nbsp;Paying&nbsp;Agent,&nbsp;and&nbsp;Security Registrar:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">U.S. Bank National Association</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">**</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Under Rule&nbsp;15c6-1&nbsp;of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on any date prior to the second business day before delivery thereof will be required, by virtue of the fact that the Notes initially will settle T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes prior to their date of delivery hereunder should consult their own advisors. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investors are advised to carefully consider the investment objective,
risks, charges and expenses of the Company before investing.&nbsp;The Preliminary Prospectus, which has been filed with the U.S. Securities
and Exchange Commission (&ldquo;SEC&rdquo;), contains this and other information about the Company and should be read carefully before
investing. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The information in the Preliminary Prospectus and in this pricing
term sheet is not complete and may be changed.&nbsp;This pricing term sheet and the Preliminary Prospectus are not offers to sell or the
solicitation of offers to buy, nor will there be any sale of the Notes referred to in this pricing term sheet, in any jurisdiction where
such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.
</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>A shelf registration statement relating to these securities is on
file with, and has been declared effective by, the SEC. Before you invest, you should read the prospectus in that registration statement,
the Preliminary 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 Web site at<I><U>&nbsp;www.sec.gov</U></I>. Alternatively,
the issuer, the underwriter or any dealer participating in the offering will arrange to send you the Preliminary Prospectus if you request
it by calling <FONT STYLE="background-color: white">Oppenheimer &amp; Co. Inc. toll-free at (212) 667-5040 or emailing FixedIncomeProspectus@opco.com.</FONT></B></P>

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

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