Document:

Exhibit
4.1

 

AUDAX
CREDIT BDC INC.

 

Subscription Documents

 

[_____], 2015

 

Administrator:

 

Audax Management Company, LLC

101 Huntington Avenue

Boston, Massachusetts 02199

 

    	 

    	 

    

 

DIRECTIONS FOR THE COMPLETION

OF THE SUBSCRIPTION DOCUMENTS

 

Prospective investors must complete the
Subscription Agreement, the Investor Questionnaire (the “Investor Questionnaire”) and any necessary attachments (the
Subscription Agreement, the Investor Questionnaire and all such attachments collectively, the “Subscription Documents”)
contained in this package in the manner described below. Capitalized terms not defined herein are used as defined in the Confidential
Private Placement Memorandum of Audax Credit BDC Inc., a Delaware corporation (as amended from time to time) (the “Memorandum”).
For purposes of these Subscription Documents, the “Investor” is the person or entity for whose account the units will
be purchased and that can satisfy the representations and warranties set forth in the Subscription Documents. Another person or
entity with investment authority may execute the Subscription Documents on behalf of the Investor, but should indicate the capacity
in which it is doing so and the name of the Investor.

 

1.          Subscription
Agreement:

 

(a)        Each
Investor should fill in the amount of the Capital Commitment (as defined in the Subscription Agreement), fill in the date, print
the name of the Investor and sign (and print name, capacity and title of signatory, if applicable) on the signature page of the
Subscription Agreement.

 

(b)        Each
Investor should complete the appropriate acknowledgment form (making any changes to reflect the Investor’s circumstances).

 

2.          Investor
Questionnaire:

 

(a)        In
Section A, each Investor should fill in its name, type of entity, address, tax identification or social security number, contact
person(s), telephone and facsimile numbers, email address, and the other requested information.

 

(b)        In
connection with any offering under Regulation D of the Securities Act of 1933, as amended, each Investor should check the box or
boxes in Section B which are next to the category or categories under which each of the equity owners of the Investor qualifies
as an “accredited investor.”

 

(c)        Each
Investor should check the box or boxes in Section C which are next to the category or categories under which the Investor qualifies
as a “qualified purchaser.”

 

(d)        Each
Investor that is an entity should provide the information and respond to the questions in Section D.

 

(e)        Each
Investor should respond to the questions in Sections E, F and G.

 

(f)        Print
the name of the Investor and sign (and print name, capacity and title of signatory, if applicable) on the final page of the Investor
Questionnaire.

 

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3.          Tax
Forms:

 

Each U.S. Investor is required
to fill in and sign and date the attached Form W-9, and each non-U.S. investor is required to fill in and date the relevant Form(s)
W-8 (W-8BEN, W-8IMY, W-8ECI or W-8EXP), as applicable, in accordance with the instructions to such Form. In the event that any
applicable reduction or exemption from U.S. federal withholding tax is claimed, each Investor is required to provide all applicable
attachments or addendums as required to claim such exemption or reduction.

 

4.          Evidence
of Authorization:

 

Each Investor must provide
satisfactory evidence of authorization.

 

For Corporations:

 

Generally, Investors which are corporations must submit
certified corporate resolutions authorizing the subscription and identifying the corporate officer empowered to sign the Subscription
Documents.

 

For Partnerships:

 

Partnerships must submit a certified copy of the partnership
certificate (in the case of limited partnerships) or partnership agreement identifying the general partners.

 

For Limited Liability Companies:

 

Limited liability companies must submit a certified
copy of the limited liability operating agreement or certificate of formation identifying the manager or managing member, as applicable,
empowered to sign the Subscription Documents.

 

For Trusts:

 

Trusts must submit a copy of the trust agreement.

 

For Employee Benefit Plans:

 

Employee benefit plans must submit a certificate
of an appropriate officer certifying that the subscription has been authorized and identifying the individual empowered to sign
the Subscription Documents.

 

Each Investor may be required to submit
further information for know your customer and anti-money laundering purposes, including, but not limited to, the information set
forth in Exhibit A of this Subscription Agreement.

 

5.          Delivery
of Subscription Documents: 

 

Two (2) original completed and executed copies of
the Subscription Agreement and the Investor Questionnaire, together with the Form W-9 or W-8, (W-8BEN, W-8IMY, W-8ECI or W-8EXP),
as applicable, the appropriate acknowledgment form and any required evidence of authorization, should be delivered to the Company
at the following address:

 

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Audax Management Company, LLC

Attn: Investor Relations

101 Huntington Avenue

Boston, MA 02199

 

With
copies via facsimile to Audax Management Company, LLC, Attention: Investor Relations
at (617) 859-1600 or via electronic mail to lprequest@audaxgroup.com,
as soon as possible.

 

Inquiries regarding subscription procedures
(including, if the Investor Questionnaire indicates that any Investor’s response to a question requires further information)
should be directed to Audax Management Company, LLC by phone at (617) 859-1500, by fax at (617) 859-1600.

 

6.          Acceptance
by the Company:

 

If the Investor’s subscription is accepted (in
whole or in part) by the Company, a fully executed set of the Subscription Documents will be returned to the Investor. The Company
may accept and countersign the Investor’s Subscription Agreement (in whole or in part) at any time.

 

7.          Wire
Instructions:

 

Please wire funds to: Audax Credit BDC Inc.

 

	 	Bank:	Bank of America 
	 	ABA #:	026-009-593
	 	Account Number:	0046-4056-5561
	 	Bank Address:	100 Federal Street, Boston, MA 02110
	 	Reference:	«InvestorName» 

 

[remainder of page intentionally left blank]

 

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SUBSCRIPTION AGREEMENT

 

Audax Credit BDC Inc.

101 Huntington Avenue

Boston, Massachusetts 02199

 

Ladies and Gentlemen:

 

1.          Subscription.

 

(a)        The
undersigned (the “Investor”) subscribes for and agrees to contribute to Audax Credit BDC Inc. or any successor thereto
(the “Company”) the aggregate capital commitment in the amount set forth on the signature page hereto (“Capital
Commitment”), and such Investor shall receive shares of common stock of the Company at the time of each drawdown under the
Capital Commitment. The Investor understands that the Company intends to make an election to qualify as a regulated investment
company under the Internal Revenue Code of 1986, as amended (the “Code”).

 

The
Investor acknowledges and agrees that this subscription (i) is irrevocable on the part of the Investor, (ii) is conditioned upon
acceptance by or on behalf of the Company and (iii) may be accepted or rejected in whole or in part by the Company in its sole
discretion at any time. The Investor agrees to be bound by all the terms and provisions of the Company’s Confidential Private
Placement Memorandum, as amended, restated and/or supplemented from time to time (the “Memorandum”), the Company’s
certificate of incorporation, substantially in the form attached hereto as Appendix A (as amended from time to time, the “Charter”),
the Company’s bylaws, substantially in the form attached hereto as Appendix B (as amended from time to time, the “Bylaws”),
the Investment Advisory Agreement by and between Audax Management Company (NY), LLC, our investment adviser (the “Adviser”),
substantially in the form attached hereto as Appendix C (as amended from
time to time, the “Advisory Agreement”), the Administration Agreement by and between the Company and Audax Management
Company, LLC, our administrator (the “Administrator”), substantially
in the form attached hereto as Appendix D (as amended from time to time, the “Administration Agreement” and, together
with the Memorandum, the Charter, the Bylaws and the Advisory Agreement, collectively the “Operative Documents”), together
with this subscription agreement (the “Subscription Agreement”). Capitalized terms not defined herein are used as defined
in the Memorandum. 

 

The Company intends to file a registration
statement on Form 10 (the “Form 10 Registration Statement”) for the registration of its common stock with the U.S.
Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). The Form 10 Registration Statement is not the offering document pursuant to which the Company is conducting this offering
of securities and may not include all information regarding the Company contained in the Memorandum. Accordingly, Investors should
rely exclusively on information contained in the Memorandum in making their investment decisions.

 

(b)          Payment
in cleared funds for Shares must be received three business days prior to the Closing Date (as defined below). Subject to any legal
or regulatory restrictions before the Closing Date, the Investor’s payment (the “Payment”) shall be held by the
Company in a non-interest bearing account. If the subscription is rejected, the Payment shall be returned promptly to the Investor,
and this Subscription Agreement shall have no force or effect.

 

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2.          Closings.

 

(a)        The closing of the Offering (as defined
in the Memorandum) will take place at the offices of Dechert LLP at 1900 K Street NW, Washington DC 20006, immediately before the
Company files its election to be regulated as a business development company under the Investment Company Act of 1940, as amended
(the “1940 Act”) (such date being the “Closing Date”). The Company may accept (in whole or in part) and
countersign this Subscription Agreement at any time prior to or on the Closing Date.

 

(b)        The
Investor agrees to provide any information reasonably requested by the Company to verify the accuracy of the representations contained
herein, including, without limitation, the Investor Questionnaire. Upon acceptance of this Subscription Agreement (in whole or
in part), the Company shall deliver to the Investor or its representative, a countersigned copy of this Subscription Agreement
and other documents and instruments necessary to reflect the Capital Commitment, including any documents and instruments to be
delivered pursuant to this Subscription Agreement.

 

3.         Drawdowns.

 

(a)        Subject
to Section 3(d), the Investor agrees to purchase Shares for an aggregate purchase price equal to its Capital Commitment, payable
at such times and in such amounts as required by the Company. The Company shall deliver a notice (the “Drawdown Notice”)
to the Investor at least ten calendar days prior to the Drawdown (each, a “Drawdown Date”), setting forth the amount,
in U.S. dollars, of the aggregate purchase price (the “Drawdown Purchase Price”) to be paid by the Investor to purchase
Shares on such Drawdown Date. Each purchase of Shares pursuant to a Drawdown Notice shall be made at a per Share price equal to
the then-current net asset value per Share.

 

(b)        Each
Drawdown Purchase Price shall be payable, in U.S. dollars and in immediately available funds as set forth in wire transfer instructions
included in the Drawdown Notice. In addition to the wire transfer instructions, each Drawdown Notice shall set forth (i) the Drawdown
Date, (ii) the aggregate amount of the Drawdown and (iii) the Investor’s share of the Drawdown.

 

(c)        Concurrent
with any payment of all or a portion of the Drawdown Purchase Price, the Company shall issue to the Investor a number of Shares
equal to the amount of the Drawdown Purchase Price funded by the Investor on the applicable Drawdown Date divided by the most recently
determined net asset value per Share as of such Drawdown Date.

 

(d)        Upon
termination of the period (the “Commitment Period”) beginning on the Closing Date and ending on the completion of an
initial public offering of the Shares or the listing of the Shares on a national securities exchange, the Investor shall be released
from any further obligation to fund any portion of its Capital Commitment for which it has not received a Drawdown Notice prior
to the termination of the Commitment Period.

 

(e)        The
Investor acknowledges and agrees that the Company intends to allocate Drawdowns on each Drawdown Date to all Investors with an
undrawn Capital Commitment pro rata in proportion to the then undrawn Capital Commitments of all Investors.

 

4.          Dividend
Reinvestment Program. As described more fully in the Memorandum, the Company generally intends to distribute, out of assets
legally available for distribution, substantially all of its available earnings, on a quarterly basis, as determined by the Board
in its discretion. The Company intends to reinvest all cash distributions declared by the Board of Directors on behalf of Investors
who do not elect to receive their dividends in cash, crediting to each such Investor a number of Shares equal to the quotient determined
by dividing the cash value of the distribution payable to such Investor by the net asset value per Share as last determined by
the Board of Directors. The Investor may elect to receive any or all such distributions in cash by notifying the Administrator,
in writing no later than 10 days prior to the record date for the first distribution that the Investor wishes to receive distributions
in cash.

 

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5.          Representations
and Warranties of the Investor. To induce the Company to accept this subscription, the Investor represents and warrants as
follows:

 

(a)        This
Subscription Agreement has been duly authorized, executed and delivered by the Investor and, upon due authorization, execution
and delivery by the Company, shall constitute the valid and legally binding agreement of the Investor enforceable in accordance
with its terms against the Investor, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization,
fraudulent conveyance, moratorium or other laws of general application relating to or affecting the enforcement of creditors’
rights and remedies, as from time to time in effect, and (ii) application of equitable principles (regardless of whether such enforceability
is considered in a proceeding in equity or at law).

 

(b)        (i)          If
the Investor is not a natural person, (A) that all of the equity owners of the Investor are “accredited investors”
within the meaning of Regulation D under the Securities Act, (B)
the Investor has the power and authority to enter into this Subscription Agreement and each other document required to be executed
and delivered by the Investor in connection with this subscription for Shares, and to perform its obligations hereunder and thereunder
and consummate the transactions contemplated hereby and thereby and (C) the person signing this Subscription Agreement on behalf
of the Investor has been duly authorized to execute and deliver this Subscription Agreement and each other document required to
be executed and delivered by the Investor in connection with this subscription for Shares. 

 

(ii)         If
the Investor is a natural person, the Investor has all requisite legal capacity to acquire and hold the Shares and to execute,
deliver and comply with the terms of each of the documents required to be executed and delivered by the Investor in connection
with this subscription for Shares. The execution and delivery by the Investor of, and compliance by the Investor with, this Subscription
Agreement and each other document required to be executed and delivered by the Investor in connection with this subscription for
Shares does not violate, represent a breach of, or constitute a default under, any instruments governing the Investor, any law,
regulation or order, or any agreement to which the Investor is a party or by which the Investor is bound. This Subscription Agreement
has been duly executed by the Investor and constitutes a valid and legally binding agreement of the Investor, enforceable against
it in accordance with its terms.

 

(c)        The
Shares to be acquired hereunder are being acquired by the Investor for the Investor’s own account for investment purposes
only and not with a view to resale or distribution.

 

(d)        The
Investor understands that the Company will file elections to be treated as (i) a business development company under the 1940 Act
and (ii) a regulated investment company within the meaning of Section 851 of the Code, for U.S. federal income tax purposes; pursuant
to those elections, the Investor shall be required to furnish certain information to the Company as required under Treasury Regulations
§ 1.852-6(a) and other regulations. If the Investor is unable or refuses to provide such information directly to the Company,
the Investor understands that it shall be required to include additional information on its income tax return as provided in Treasury
Regulations § 1.852-7.

 

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(e)        (i)          The
Investor understands that the offering and sale of the Shares are intended to be exempt from registration under the Securities
Act of 1933, as amended (the “Securities Act”), applicable U.S. state securities laws and the laws of any non-U.S.
jurisdictions by virtue of the private placement exemption from registration pursuant to Regulation D of the Securities Act, exemptions
under applicable U.S. state securities laws and exemptions under the laws of any non-U.S. jurisdictions.

 

(ii)         The
Investor understands that a legend will be placed on any certificate or certificates evidencing the Shares stating that they have
not been registered under the Securities Act and setting forth or referring to the restrictions on transfers and sales thereof.

 

(iii)        The
Investor understands that the offering and sale of the Shares in non-U.S. jurisdictions may be subject to additional restrictions
and limitations and represents and warrants that it is acquiring its Shares in compliance with all applicable laws, rules, regulations
and other legal requirements applicable to the Investor including, without limitation, the legal requirements of jurisdictions
in which the Investor is resident and in which such acquisition is being consummated.

 

(f)         The
Investor has been furnished and has carefully read this Subscription Agreement, each Operative Document, in each case as amended,
restated and/or supplemented through the Closing Date, and a current copy of the Proxy Voting Policies and Procedures of the Adviser.
The Investor has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and
risks of an investment in the Shares, is able to bear the risks of an investment in the Shares and understands the risks of, and
other considerations relating to, a purchase of Shares, including the matters set forth under the caption “Risk Factors”
in the Memorandum.

 

(g)        To
the satisfaction of the Investor, the Investor has been furnished any materials the Investor has requested relating to the Company,
the offering of Shares or any statement made in the Memorandum, and the Investor has been afforded the opportunity to ask questions
of representatives of the Company concerning the terms and conditions of the offering and to obtain any additional information
necessary to verify the accuracy of any representations or information set forth in the Memorandum.

 

(h)        Other
than as set forth in this Subscription Agreement, the Operative Documents and any separate agreement in writing with the Company
executed in conjunction with the Investor’s subscription for Shares, the Investor is not relying upon any other information,
representation or warranty by the Company, its Adviser or any affiliate of the foregoing or any agent of them, written or otherwise,
in determining to invest in the Company and the Investor understands that the Memorandum is not intended to convey tax or legal
advice. The Investor has consulted, to the extent deemed appropriate by the Investor, with the Investor’s own advisers as
to the financial, tax, legal, accounting, regulatory and related matters concerning an investment in Shares and on that basis understands
the financial, tax, legal, accounting, regulatory and related consequences of an investment in Shares, and believes that an investment
in the Shares is suitable and appropriate for the Investor.

 

(i)        If
the Investor is not a “United States Person,” as defined below (a “non-U.S. Person”),

 

(i)        the
Investor has heretofore notified the Company in writing of such status. For this purpose, “United States Person” means
a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws
of the United States or any political subdivision thereof, an estate the income of which is subject to U.S. federal income taxation
regardless of its source, or any trust (A) the administration of which may be subject to the primary supervision of a U.S. court
and (B) the authority to control all of the substantial decisions of which is held by one or more U.S. persons.

 

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(ii)        The
Investor shall notify the Company immediately if the Investor becomes a United States Person.

 

(iii)        The Investor is acquiring
the Shares for its own account for investment purposes only and is not subscribing on behalf of or funding its commitment with
funds obtained from a United States Person.

 

(iv)        Except
for offers and sales to discretionary or similar accounts held for the benefit or account of a non-U.S. Person by a U.S. dealer
or other professional fiduciary, all offers to sell and offers to buy the Shares were made to or by the Investor while the Investor
was outside the United States, and at the time the Investor’s order to buy the Shares originated (and at the time this Subscription
Agreement was executed by the Investor), the Investor was outside the United States.

 

(j)         If
the Investor is, or is acting on behalf of, (i) an “employee benefit plan” (as defined in Section 3(3) of the U.S.
Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to Part 4 of Subtitle B of Title
I of ERISA, (ii) a “plan” that is subject to Section 4975 of the Code, (iii) an entity whose underlying assets include
“plan assets” of any employee benefit plan or other plan described in clause (i) or (ii) by reason of such plan’s
investment in the entity or otherwise or (iv) an employee benefit plan subject to federal, state or local law (collectively, “Similar
Law”) similar to Section 406 of ERISA or Section 4975 of the Code (each, a “Plan”), then the person executing
this Subscription Agreement on behalf of the Plan represents and agrees that:

 

(i)        such
person has completed Section D of the Investor Questionnaire, which, without limiting any other assurances in the Investor Questionnaire,
such person hereby specifically represents and agrees is correct and complete;

 

(ii)       such
person is a “fiduciary” of such Plan within the meaning of Section 3(21) of ERISA, Section 4975(e)(3) of the Code or
Similar Law, and such person is authorized and has the discretion to execute the Subscription Agreement (the “Fiduciary”);

 

(iii)      unless
otherwise indicated in writing to the Company, the Plan is not a participant-directed defined contribution plan;

 

(iv)      the
Plan’s investment in the Company has been duly authorized under, and conforms in all respects to, the documents governing
the Plan and the Fiduciary and complies with all applicable requirements of ERISA, the Code or Similar Law;

 

(v)       the
Fiduciary is: (1) responsible for the decision to invest in the Company; (2) independent of the Company, the Adviser
and their respective employees, officers, representatives and affiliates; and (3) qualified to make such investment decision;

 

(vi)      the
Adviser and the Company and their respective employees, officers, representatives and affiliates do not have investment discretion,
and are not otherwise acting in a fiduciary capacity, with respect to the investment of the Plan’s assets in the Company,
and, without limiting the generality of the foregoing, the Fiduciary has not relied on, and is not relying on, any investment advice
or recommendation of any such person with respect to the Plan’s investment in the Company;

 

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(vii)     the
Plan’s acquisition, holding and disposition of interests in the Company do not and will no constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or violation of Similar Law;

 

(viii)     the
Fiduciary expressly acknowledges that the Board of Directors has the authority to require the redemption, withdrawal or other cancellation
of any Shares if the Board of Directors determines that the continued holding of such Shares, in the opinion of the Board of Directors,
could result in the Company being subject to ERISA or Section 4975 of the Code;

 

(ix)       the
Fiduciary has been informed about the fee structure of the Company, including, but not limited to, any performance fee or allocation,
and has concluded that such fees are reasonable and the investment in the Company otherwise constitutes a reasonable contract or
arrangement; and

 

(x)        the
Fiduciary acknowledges and agrees that neither the Adviser nor any of its employees, representatives or affiliates will be a fiduciary
with respect to the Plan as a result of the Plan’s investment in the Company, pursuant to the provisions of ERISA, the Code
or any applicable Similar Laws, or otherwise.

 

If applicable,
the Investor has identified its status as a Benefit Plan Investor (as defined below) to the Company in its completed Investor Questionnaire. 
If the Investor has identified to the Company in its completed Investor Questionnaire that it is not currently a Benefit Plan Investor,
but becomes a Benefit Plan Investor, without limiting the remedies available in the event of a breach, the Investor shall forthwith
disclose to the Adviser promptly in writing such fact and also the percentage of such Investor’s equity interests held by
Benefit Plan Investors.  For these purposes, a “Benefit Plan Investor” is (i) an “employee benefit plan”
as defined in and subject to Part 4 of Subtitle B of Title I of ERISA, (ii) a “plan” as defined in and subject to Section
4975 of the Code, and (iii) any entity whose underlying assets are deemed for purposes of ERISA or Section 4975 of the Code to
include “plan assets” by reason of such plan’s investment in the entity or otherwise. Without limiting the remedies
available in the event of a breach, the Investor agrees to notify the Adviser promptly in writing if there is any change in the
percentage of the Investor’s assets that are treated as “plan assets” for purposes of Section 3(42) of ERISA
and any regulations promulgated thereunder as set forth in the Investor Questionnaire to this Subscription Agreement.

 

(k)        If
the Investor is an insurance company and is investing the assets of its general account (or the assets of a wholly owned subsidiary
of its general account) in the Company, it has identified in the Investor Questionnaire whether the assets underlying the general
account constitute “plan assets” under Section 401(c) of ERISA. Without limiting the remedies available in the event
of a breach, the Investor agrees promptly to notify the Company in writing if there is a change in the percentage of the general
account’s assets that constitute plan assets for purposes of ERISA or Section 4975 of the Code, and shall disclose such new
percentage ownership.

 

(l)        The
Investor was offered the Shares through private negotiations, not through any general solicitation or general advertising.

 

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(m)       Neither
the Investor, nor any of its affiliates or beneficial owners, (i) appears on the list of Specially Designated Nationals and Blocked
Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”), the list
of Foreign Sanctions Evaders maintained by OFAC, or any other lists of restricted parties maintained by the U.S. Government, nor
are they otherwise a party with which any entity is prohibited to deal under the laws of the United States, or (ii) is a Person
identified as a terrorist organization on any other relevant lists maintained by governmental authorities. The Investor further
represents and warrants that the monies used to fund the investment in the Shares are not derived from, invested for the benefit
of, or related in any way to, and that no monies or dividends received as a result of the investment in the Shares will be provided
to or for the benefit of, the governments of, or persons within, any country (A) under a U.S. embargo enforced by OFAC, (B) that
has been designated as a “non-cooperative country or territory” by the Financial Action Task Force on Money Laundering
or (C) that has been designated by the U.S. Secretary of the Treasury as a “primary money laundering concern.” The
Investor further represents and warrants that the Investor: (1) has conducted thorough due diligence with respect to all of its
beneficial owners, (2) has established the identities of all beneficial owners and the source of each of the beneficial owner’s
funds and (3) will retain evidence of any such identities, any such source of funds and any such due diligence. The Investor further
represents and warrants that the Investor does not know or have any reason to suspect that (x) the monies used to fund the Investor’s
investment in the Shares have been or will be derived from or related to any illegal activities, including money laundering activities,
and (y) the proceeds from the Investor’s investment in the Shares will be used to finance any illegal activities.

 

(n)        None
of the information concerning the Investor nor any statement, certification, representation or warranty made by the Investor in
this Subscription Agreement or in any document required to be provided under this Subscription Agreement (including the Investor
Questionnaire and any forms W-9 or W-8 (W-8BEN, W-8IMY, W-8ECI or W-8EXP),
as applicable, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the
statements contained therein or herein not misleading.

 

(o)       The
execution, delivery and performance of this Subscription Agreement by the Investor do not and will not result in a breach of any
of the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement,
note or other evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, to which
the Investor is a party or by which it is bound or to which any of its properties are subject, or require any authorization or
approval under or pursuant to any of the foregoing, violate the organizational documents of the Investor, or violate in any material
respect any statute, regulation, law, order, writ, injunction or decree to which the Investor is subject. The Investor has obtained
all authorizations, consents, approvals and clearances of all courts, governmental agencies and authorities and such other persons,
if any, required to permit the Investor to enter into this Subscription Agreement and to consummate the transactions contemplated
hereby.

 

6.         Additional
Limitations on Transfer of Shares. The Investor agrees that:

 

(a)        (i)         The
Investor may not transfer any of its Shares unless (A) the Company provides its prior written consent, (B) the Transfer is made
in accordance with applicable securities laws and (C) the Transfer is otherwise in compliance with the transfer restrictions set
forth in Appendix E. No Transfer shall be effectuated except by registration of the Transfer on the Company’s books. Each
transferee must agree to be bound by these restrictions and all other obligations as an Investor in the Company.

 

“Transfer” shall mean sell, offer
for sale, exchange, transfer, assign, pledge, hypothecate or otherwise dispose of.

 

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(ii)        The
Investor acknowledges and understands that there are other substantial restrictions on the transferability of Shares under this
Subscription Document, the Operative Documents and under applicable law including the fact that (A) there is no established market
for the Shares and it is possible that no public market for the Shares will develop; (B) the Shares are not currently, and Investors
have no rights to require that the Shares be, registered under the Securities Act or the securities laws of the various states
or any non-U.S. jurisdiction and therefore cannot be Transferred unless subsequently registered or unless an exemption from such
registration is available; and (C) the Investor may have to hold the Shares herein subscribed for and bear the economic risk of
this investment indefinitely, and it may not be possible for the Investor to liquidate its investment in the Company.

 

7.         Disclosure
of Investor’s Information. The Investor acknowledges and agrees
that certain non-public information concerning the Investor set forth in this Agreement or otherwise disclosed by the Investor
to the Company, or other agents of the Company, such as the Investor’s name, address, social security number, assets and
income, and information regarding the Investor’s investment in the Company (collectively, the “Information”)
(i) may be disclosed to the Adviser, Administrator, attorneys, accountants and auditors in furtherance of the Company’s business
and to other service providers such as brokers who may have a need for the Information in connection with providing services to
the Company, (ii) to third party service providers or financial institutions who may be providing marketing services to the Company;
provided that such persons must agree to protect the confidentiality of the Information and use the Information only for the purposes
of providing services to the Company, and (iii) as otherwise required or permitted by applicable law. The Company, Adviser and
Administrator restrict access to the Information to its employees who need to know the Information to provide services to the Company
and maintain physical, electronic and procedural safeguards that comply with U.S. federal standards to guard the Information.

 

8.         Compliance
with Laws.

 

(a)        The
Investor shall provide to the Company at any time such information as the Company determines to be necessary or appropriate (A)
to comply with the anti-money laundering laws, rules and regulations of any applicable jurisdiction and (B) to respond to requests
for information concerning the identity of Investors from any governmental authority, self-regulatory organization or financial
institution in connection with its anti-money laundering compliance procedures, or to update such information. Failure to provide
such information upon request may result in the compulsory redemption of the Investor’s Shares.

 

(b)        To
comply with applicable U.S. anti-money laundering laws and regulations, all payments and contributions by the Investor to the Company,
and all payments and distributions to the Investor, shall only be made in the Investor’s name and to and from a bank account
of a bank based or incorporated in or formed under the laws of the United States or that is regulated in and either based or incorporated
in or formed under the laws of the United States and that is not a “foreign shell bank” within the meaning of the U.S.
Bank Secrecy Act (31 U.S.C. § 5311 et seq.), as amended, and the regulations promulgated thereunder by the U.S. Department
of the Treasury, as such regulations may be amended from time to time.

 

(c)        The
Investor understands and agrees that the Company may not accept any amounts from a prospective Investor if such prospective Investor
cannot make the representations set forth above. If an existing Investor cannot make such representations, the Company may require
the withdrawal of such Investor from the Company.

 

    	8

    	 

    

 

(d)        The
Investor acknowledges and agrees that, in order to comply with the provisions of the U.S. Foreign Account Tax Compliance Act (“FATCA”)
and avoid the imposition of U.S. federal withholding tax, the Company and Administrator may from time to time require further information
and/or documentation from the Investor and, if and to the extent required under FATCA, the Investor’s direct and indirect
beneficial owners (if any), relating to or establishing such person’s identity, residence (or jurisdiction of formation)
and income tax status, and may provide or disclose such information and documentation to the U.S.
Internal Revenue Service.  The Investor agrees that it shall provide such information and documentation concerning itself
and its beneficial owners, if any, as and when requested by the Company or the Administrator sufficient for the Company to comply
with its obligations under FATCA.  The Investor acknowledges that, if the Investor does not provide the requested information
and documentation, the Company may, at its sole option and in addition to all other remedies available at law or in equity, immediately
redeem such Investor’s Shares, reduce such Investor’s Capital Commitment, prohibit additional investments, decline
or delay any redemption requests by the Investor and/or deduct from such Investor’s account and retain amounts sufficient
to indemnify and hold harmless the Company from any and all withholding taxes, interest, penalties and other losses or liabilities
suffered by the Company on account of the Investor not providing all requested information and documentation in a timely manner. 
The Investor shall have no claim against the Company, the Administrator, the Adviser or any of their respective affiliates for
any form of damages or liability as a result of any of the aforementioned actions.

 

9.         Credit
Facilities. The Investor acknowledges and agrees that the Company
may enter into one or more revolving or other credit facilities with one more syndicates of banks or otherwise incur indebtedness.
In connection therewith, each Investor hereby agrees to cooperate with the Company and provide financial information and other
documentation reasonably and customarily required to obtain such facilities.

 

10.       Dividend
Reinvestment. Notwithstanding anything to the contrary provided
in Section 4, in the event that the Investor has not otherwise elected to receive its dividends in cash and the reinvestment of
any dividend (or any portion thereof) on behalf of the Investor would cause the Investor to hold in aggregate more than three percent
(3%) of the outstanding Shares, the Investor shall be deemed to have elected to receive such dividend (or any portion thereof)
in cash (but only to the extent necessary to avoid the occurrence of the foregoing consequence).

 

11.       Further
Advice and Assurances. All information which the Investor has provided to the Company, including the information in the Investor
Questionnaire, is true, correct and complete as of the date hereof, and the Investor agrees to notify the Company immediately in
writing if any representation, warranty or information contained in this Subscription Agreement or any of the information in the
Investor Questionnaire, becomes untrue at any time. The Investor agrees to provide such information and execute and deliver such
documents with respect to itself and its direct and indirect beneficial owners as the Company may from time to time reasonably
request to determine the eligibility of the Investor to purchase Shares in the Company, to verify the accuracy of the Investor’s
representations and warranties herein, establish the identity of the Investor and the direct and indirect participants in its investment
in Shares, to the extent applicable, to effect any transfer and admission and/or to comply with any law, rule or regulation to
which the Company may be subject, including, without limitation, compliance with anti-money laundering laws and regulations or
for any other reasonable purpose.

 

12.       Power
of Attorney. (a) The Investor, by its execution hereof, hereby irrevocably makes, constitutes and appoints the Company
as its true and lawful agent and attorney-in-fact, with full power of substitution and full power and authority in its name, place
and stead, to make, execute, sign, acknowledge, swear to, record and file:

 

    	9

    	 

    

 

(i)         any
and all filings required to be made by the Investor under the Exchange Act with respect to any of the Company’s securities
which may be deemed to be beneficially owned by the Investor under the Exchange Act;

 

(ii)        all
certificates and other instruments deemed advisable by the Company in order for the Company to enter into any borrowing or pledging
arrangement;

 

(iii)       all
certificates and other instruments deemed advisable by the Company to comply with the provisions of this Subscription Agreement
and applicable law or to permit the Company to become or to continue as a business development company and/or regulated investment
company under the Code; and

 

(iv)       all
other instruments or papers not inconsistent with the terms of this Subscription Agreement, which may be required by law to be
filed on behalf of the Company.

 

(b)        With
respect to the Investor and the Company, the foregoing power of attorney:

 

(i)         is
coupled with an interest and shall be irrevocable;

 

(ii)        may
be exercised by the Company either by signing separately as attorney-in-fact for the Investor or, after listing all of the Investors,
executing an instrument, by a single signature of the Company acting as attorney-in-fact for all of them;

 

(iii)        shall
survive the assignment by the Investor of the whole or any fraction of its Shares;

 

(iv)        may
not be used by the Company in any manner that is inconsistent with the terms of this Subscription Agreement and any other written
agreement between the Company and the Investor.

 

13.       Indemnity.
The Investor understands that the information provided herein (including the Investor Questionnaire) shall be relied upon
by the Company for the purpose of determining the eligibility of the Investor to purchase Shares in the Company. To the fullest
extent permitted under applicable law, the Investor agrees to indemnify and hold harmless the Company, the Adviser, the Administrator,
and their affiliates and each partner, member, officer, director, employee and agent thereof, from and against any loss, damage
or liability due to or arising out of a breach of any representation, warranty or agreement of the Investor contained in this
Subscription Agreement (including the Investor Questionnaire) or in any other document provided by the Investor to the Company
or in any agreement executed by the Investor in connection with the Investor’s investment in Shares.

 

14.       Miscellaneous.
This Subscription Agreement is not transferable or assignable by the Investor. Any purported assignment of this Subscription Agreement
shall be null and void.
The representations and warranties made by the Investor in this Subscription Agreement (including the Investor Questionnaire) shall
survive the closing of the transactions contemplated hereby and the dissolution of the Company without limitation as to time. The
Investor Questionnaire, including the representations and warranties contained therein, is an integral part of this Subscription
Agreement, and shall be deemed incorporated by reference herein. This Subscription Agreement may be executed in one or more counterparts,
all of which together shall constitute one instrument. The headings contained in this Subscription Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Subscription Agreement. Notwithstanding the
place where this Subscription Agreement may be executed by any of the parties hereto, the parties expressly agree that this Subscription
Agreement shall be governed by and construed in accordance with the laws of the state of Delaware, and the parties hereto submit
to the non-exclusive jurisdiction of the Delaware courts.

 

    	10

    	 

    

 

15.        Confidentiality.
The Investor acknowledges that the Memorandum and other information relating to the Company has been submitted to the Investor
on a confidential basis for use solely in connection with the Investor’s consideration of the purchase of Shares. The Investor
agrees that, without the prior written consent of the Company (which consent may be withheld at the sole discretion of the Company),
the Investor shall not (a) reproduce the Memorandum or any other information relating to the Company, in whole or in part, or (b)
disclose the Memorandum or any other information relating to the Company to any person who is not an officer or employee of the
Investor who is involved in its investments, or partner (general or limited) or affiliate of the Investor (it being understood
and agreed that if the Investor is a pooled investment fund, it shall only be permitted to disclose the Memorandum or other information
related to the Company if the Investor has required its investors to enter into confidentiality undertakings no less onerous than
the provisions of this Section 15), except to the extent (1) such information is in the public domain (other than as a result of
any action or omission of the Investor or any person to whom the Investor has disclosed such information) or (2) such information
is required by applicable law or regulation to be disclosed; provided, however, that in the event disclosure is required
pursuant to clause (2), the Investor agrees to (a) inform the Company of the full circumstances of the required disclosure, (b)
consult with the Company as to the possible steps to avoid or limit the required disclosure and to take such steps where they would
not result in material adverse consequences to the Investor and (c) provide the Company with an opportunity to review the contents
of any such disclosure. The Investor further agrees to return the Memorandum and any other information relating to the Company
if no purchase of Shares is made or upon the Company’s request therefore. The Investor acknowledges and agrees that monetary
damages would not be sufficient remedy for any breach of this section by the Investor, and that in addition to any other remedies
available to the Company in respect of any such breach, the Company shall be entitled to specific performance and injunctive or
other equitable relief as a remedy for any such breach.

 

16.        Necessary
Acts, Further Assurances. The parties shall at their own cost and expense execute and deliver such further documents and instruments
and shall take such other actions as may be reasonably required or appropriate to evidence or carry out the intent and purposes
of this Subscription Agreement or to show the ability to carry out the intent and purposes of this Subscription Agreement.

 

17.        No
Joint Liability Among the Company, the Adviser, and the Administrator. The Company shall not be liable for the fulfillment
of any obligation or the accuracy of any representation of the Adviser, or the Administrator under or in connection with this Subscription
Agreement, the Adviser shall not be liable for the fulfillment of any obligation or the accuracy of any representation of the Company,
or the Administrator under or in connection with this Subscription Agreement and the Administrator shall not be liable for the
fulfillment of any obligation or the accuracy of any representation of the Company, or the Adviser under or in connection with
this Subscription Agreement. There shall be no joint and several liability of the Company, the Adviser and the Administrator for
any obligation under or in connection with this Subscription Agreement.

 

    	11

    	 

    

 

IN WITNESS WHEREOF, the undersigned has executed
this Subscription Agreement as a deed on the date set forth below.

  

	Date:	 	 	Capital Commitment

 

	 	 	 	$	 

 

	 	 	 	INDIVIDUAL INVESTOR:
	 	 	 	 
	 	 	 	 
	 	 	 	(Print Name)
	 	 	 	 
	 	 	 	 
	 	 	 	(Signature)
	 	 	 	 
	 	 	 	 
	 	 	 	(Witnessed By)
	 	 	 	 
	 	 	 	PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, OTHER INVESTOR:
	 	 	 	 
	 	 	 	 
	 	 	 	(Print Name of Entity)

 

	 	 	 	By:	 

	 	 	 	(Signature)
	 	 	 	 
	 	 	 	 
	 	 	 	(Print Name and Title)
	 	 	 	 
	 	 	 	 
	 	 	 	(Witnessed By)

 

Agreed and accepted:

 

AUDAX CREDIT BDC INC.

 

	By:	 	 
	Name:	 
	Title:	 

 

[Signature Page to Subscription Agreement]

 

    	 

    	 

    

 

INVESTOR QUESTIONNAIRE

 

	A.	
        General Information

	 	 
	1.	Print Full Name of Investor:

 

	 	Individual:	 	 	 	 
	 	 	First 	Middle	Last	 
	 	 	 	 	 	 
	 	Entity:	 	 	 	 
	 	 	Name of Entity	 	 	 

 

To assist the Company in preparing
its tax filings, please check the category into which you fall:

 

	Partnership	q	Corporation	q
	S-Corporation	q	Estate	q
	Grantor Trust	q	 	 
	Trust-EIN (a trust with an	 	Trust-SSN (a trust with an	 
	EIN in this format: 12-3456789)	q	EIN in this format: 123-45-6789)	q
	IRA-EIN	q	IRA-SSN	q
	Exempt Organization	q	 	 
	LLP	q	LLC	q
	Nominee-EIN	q	Nominee-SSN	q
	Other	q	 	 

 

	 	    Jurisdiction of Organization: 	 	 
	 	 	 	 
	 	    Location of Domicile:	 	 
	 	 	 	 
	2.	U.S. Taxpayer Identification or Social Security Number:	 	 
	 	 	 	 

 

	3.	Date of Birth:	 	 
	 	 	 	 
	4.	Primary Contact Person for this Account and for General Notices:	 

 

	 	Name:	 	 

 

	 	Address:	 	 
	 	 	 	 
	 	 	 	 

 

	 	Telephone:	 	 

 

	 	Fax:	 	 

 

    	 

    	 

    

 

		4.	Residence (if an individual) or Principal Place of Business (if an entity) of the Investor (no P.O. Boxes, if any):

 

Address:______________________________________________________________________________________

 

_____________________________________________________________________________________________

 

Telephone:____________________________________________________________________________________

 

Fax:_________________________________________________________________________________________

 

E-mail:_______________________________________________________________________________________

 

		5.	For distributions of cash, please wire funds to the following
bank account:

 

Bank Name:____________________________________________________________________________

 

Bank Location:__________________________________________________________________________

 

Account Number:________________________________________________________________________

 

Account Name:_________________________________________________________________________

 

Bank’s Routing No.:______________________________________________________________________

 

For further credit to:______________________________________________________________________

 

(if any)________________________________________________________________________________

 

Reference:______________________________________________________________________________

 

SWIFT Code:___________________________________________________________________________

 

		6.	For distributions in-kind, please:

 

Credit securities to my brokerage account at the following
firm:

 

Firm Name:____________________________________________________________________________

 

Address:_______________________________________________________________________________

 

Account Name:_________________________________________________________________________

 

Account Number:________________________________________________________________________

 

DTC Number:__________________________________________________________________________

 

    	 

    	 

    

 

		B.	Regulation D – Accredited Investor Status

 

The Investor represents and warrants that each equity owner
of the Investor is an “accredited investor” within the meaning of Regulation D under the Securities Act, and has indicated
below each category under which such equity owner qualifies as an “accredited investor.”

 

The Investor is:

 

	 ̈	(i) 	an individual who had an income in excess of $200,000 in each of the two most recent years (or joint income with his or her spouse in excess of $300,000 in each of those years) and has a reasonable expectation of reaching the same income level in the coming year;
	 	 	 
	 ̈	(ii)	an individual who has a net worth (or joint net worth with his or her spouse) in excess of $1,000,000. For purposes of determining the Investor’s net worth, the Investor must exclude the value of his or her primary residence and any indebtedness secured by the primary residence up to its fair market value (i.e., any indebtedness secured by the residence that is in excess of the value of the home should be considered a liability and deducted from the Investor’s net worth).  The Investor must also subtract from his or her net worth any indebtedness secured by his or her primary residence that was obtained within the sixty days preceding the effective date of his or her subscription, unless such indebtedness was used to acquire the residence (in which case, the rule set forth in the preceding sentence would govern the application of such indebtedness when calculating the Investor’s net worth); 
	 	 	 
	 ̈	(iii)	a broker or dealer registered pursuant to Section 15 of the Exchange Act;
	 	 	 
	 ̈	(iv)	a bank as defined in Section 3(a)(2) of the Securities Act or any savings and loan association as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity;
	 	 	 
	 ̈	(v) 	an insurance company as defined in Section 2(a)(13) of the Securities Act; 
	 	 	 
	 ̈	(vi)	an investment company registered under the 1940 Act;
	 	 	 
	 ̈	(vii)	an Individual Retirement Account (“IRA”) or revocable trust and the individual who established the IRA or each grantor of the trust is an accredited investor on the basis of (i) or (ii) above;
	 	 	 
	 ̈	(viii)	a self-directed pension plan and the participant who directed that assets of his or her account be invested in the Company is an accredited investor on the basis of (i) or (ii) above and such participant is the only participant whose account is being invested in the Company;
	 	 	 
	 ̈	(ix)	a pension plan which is not a self-directed plan and which has total assets in excess of $5,000,000;
	 	 	 
	 ̈	(x)	a trust which consists of a single trust (a) with total assets in excess of $5,000,000, (b) which was not formed for the specific purpose of investing in the Company and (c) whose purchase is directed by a person who has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of the prospective investment;

 

    	 

    	 

    

 

	 ̈	(xi)	a corporation, a partnership, a limited liability company or a Massachusetts or similar business trust, that was not formed for the specific purpose of acquiring an interest in the Company, with total assets in excess of $5,000,000;
	 	 	 
	 ̈	(xii)	an organization described in Section 501(c) of the Code, and exempt from U.S. income tax pursuant to Section 501(a) of the Code with total assets in excess of $5,000,000;
	 	 	 
	 ̈	(xiii)	an entity in which all of the equity owners are accredited investors;
	 	 	 
	 ̈	(xiv)	 (A) a business development company as defined in Section 2(a)(48) of the 1940 Act or (B) a Small Business Investment Fund licensed by the United States Small Business Administration under Section 301(c) or (d) of the Small Business Investment Company Act of 1958;
	 	 	 
	 ̈	(xvi)	a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended;
	 	 	 
	 ̈	(xvii)	a director or executive officer of the Company; or
	 	 	 
	 ̈	(xviii)	none of the above applies (further information may be required).

 

Check all applicable categories.

 

    	 

    	 

    

 

		C.	Qualified Purchaser Status

 

Qualified Purchaser Status. 
Please mark the appropriate box next to each description applicable to the Investor:

 

	(1)	[       ]   A natural person (including any person who will hold a joint, community property, or other similar shared ownership interest in the Company with that person’s qualified purchaser spouse) who owns at least $5,000,000 in “Investments” (as defined in Rule 2a51-1 under the 1940 Act).
	 	 
	(2)	[       ]   A company* that owns at least $5,000,000 in Investments and that is owned directly or indirectly by or for two or more natural persons who are related as siblings or spouse (including former spouses), or direct lineal descendants by birth or adoption, spouses of such persons, the estates of such persons, or foundations, charitable organizations, or trusts established by or for the benefit of such persons.
	 	 
	(3)	[       ]   A trust that is not covered by clause (2) above, and that was not formed for the specific purpose of investing in the Company, as to which the trustee or other person authorized to make decisions with respect to the trust, and each settlor or other person who has contributed assets to the trust, is a person described in clause (1), (2), or (4) below.
	 	 
	(4)	[       ]   A person (including a company), acting for its own account or the accounts of other qualified purchasers, who in the aggregate owns and invests on a discretionary basis, not less than $25,000,000 in Investments.
	 	 
	(5)	[       ]   A natural person (including any person who will hold a joint, community property, or other similar shared ownership interest in the Company with that person’s qualified purchaser spouse) who owns at least $5,000,000 in Investments.
	 	 
	(6)	[       ]   A “Qualified Institutional Buyer” as defined in Rule 144A under the Securities Act (as that term is modified by the limitations imposed thereon by Rule 2a51-1(g)(1) under the 1940 Act).
	 	 
	(7)	[       ]   A company, regardless of the amount of its Investments, where each of the beneficial owners of securities issued by such company is a person described in clause (1), (2), (3), (4), or (5).  (If this item is checked, please contact the Company.  Additional requirements may apply.)

 

 

		*	For purposes of this Question, “company”
includes a corporation, a partnership, an association, a joint-stock company, a trust or a fund.  In order to be a “qualified
purchaser” any company that both (i) would, but for an exception provided in Sections 3(c)(1) or 3(c)(7) of the 1940 Act,
be an investment company and (ii) was in existence prior to May 1, 1996, must have complied with the consent provisions of Section
2(a)(51)(C) of the 1940 Act.

 

    	 

    	 

    

 

		D.	Required Supplemental Data

 

1.          Is
the Investor, or is the Investor acting (directly or indirectly) on behalf of or using the assets of, a person that is or will
be a Benefit Plan Investor (as defined below)?

 

 ̈  Yes                     ̈  No

 

A “Benefit Plan Investor” is as defined in 29 C.F.R.
Section 2510.3-101, as modified by Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
(the “Plan Asset Regulation”) and includes (i) an “employee benefit plan” subject to Part 4, Subtitle B
of Title I of ERISA, (ii) a “plan” subject to Section 4975 of the Code, and (iii) any entity whose underlying assets
include “plan assets” by reason of such employee benefit plan’s or other plan’s investment in the entity
or otherwise. A Benefit Plan Investor can also include an insurance company general account the assets of which are considered
for purposes of ERISA or Section 4975 of the Code to be assets of a Benefit Plan Investor.

 

2.          If the Investor is, or is acting (directly
or indirectly) on behalf of or using the assets of, a person that is or will be a Benefit Plan Investor, the Investor is:

 

	 	 ̈	(a)	an “employee benefit plan” or trust that is subject to Part 4, Subtitle B of Title I of ERISA;
	 	 	 	 
	 	 ̈	(b)	a “plan” to which Section 4975 of the Code applies;
	 	 	 	 
	 	 ̈	(c)	an entity (other than an insurance company general account) whose underlying assets include “plan assets” by reason of an employee benefit plan’s or other plan’s investment in the entity or otherwise for purposes of ERISA or Section 4975 of the Code;
	 	 	 	 
	 	 	 	If Item 2(c) above is applicable, insert the maximum percentage of the assets of the entity that constitutes or may in the future constitute “plan assets” during the period of its investment in the Company:
	 	 	 	 
	 	 	 	_________%
	 	 	 	 
	 	 ̈	(d)	An insurance company using assets of its general account (directly or through subsidiaries) that are subject to ERISA or Section 4975 of the Code (including, without limitation, by virtue of Section 401(c) of ERISA).
	 	 	 	 
	 	 	 	If Item 2(d) above is applicable, insert the maximum percentage of the general account as a whole that constitutes or may in the future constitute “plan assets” during the period of its investment in the Company:
	 	 	 	 
	 	 	 	_________%

 

Without limiting the remedies available
in the event of a breach, the Investor agrees promptly to notify the Adviser in writing if there is a change in the percentage
set forth above, or any other response above, at such time or times as the Adviser may request.

 

    	 

    	 

    

 

3.          If
the Investor is not subject to Title I of ERISA or Section 4975 of the Code, indicate whether or not such Investor is subject to
any other federal, state, local, non-U.S. or other laws or regulations that could cause the underlying assets of the Company to
be treated as assets of the Investor by virtue of its investment in the Company and thereby subject the Company and the Adviser
(or other persons responsible for the investment and operation of the Company’s assets) to laws or regulations that are similar
to Section 406 of ERISA or Section 4975 of the Code.

 

 ̈  Yes                  ̈  No

 

		E.	Certain Unregistered Private Investment Companies:

 

Is the Investor a private investment company
which is not registered under the 1940 Act in reliance on:

 

	Section 3(c)(1) thereof?	 ̈    Yes	 	 ̈    No
	 	 	 	 
	Section 3(c)(7) thereof?	 ̈    Yes	 	 ̈    No

 

		F.	Controlling Persons:

 

Is the undersigned or will the undersigned be a person (including
an entity) that has discretionary authority or control with respect to the assets of the Company or a person who provides investment
advice with respect to the assets of the Company or an “affiliate” of such a person? For purposes of this representation
and agreement, an “affiliate” is any person controlling, controlled by or under common control with any such person,
including by reason of having the power to exercise a controlling influence over the management or policies of such person.

 

 ̈  Yes                  ̈  No

 

		G.	Related Parties/Other Beneficial Interests:

 

1.          To the best of the Investor’s
knowledge, does the Investor control, or is the Investor controlled by or under common control with, any other Investor in the
Company?

 

 ̈  Yes                  ̈  No

 

If the question above was answered
“Yes,” please indicate the name of such other investor in the space below:

 

 

  

2.          Will any other person or persons have
a beneficial interest in the Shares to be acquired hereunder (other than as a shareholder, partner, policy owner or other beneficial
owner of equity interests in the Investor)? (By way of example, and not limitation, “nominee” Investors or Investors
who have entered into swap or other synthetic or derivative instruments or arrangements with regard to the Shares to be acquired
herein would check “Yes”)

 

 ̈  Yes                  ̈  No

 

If either question above was
answered “Yes,” please contact the Administrator for additional information that will be required.

 

    	 

    	 

    

 

		H.	BHC Investor Status:

 

Is the Investor a “BHC Investor”?1

 

 ̈  Yes                  ̈  No

 

[remainder of page intentionally left blank]

 

 

1
A “BHC Investor” is defined as an Investor that is a bank holding company, as defined in Section 2(a) of the
Bank Holding Company Act of 1956, as amended (the “BHC Act”), a non-bank subsidiary (for purposes of the BHC
Act) of a bank holding company, a foreign banking organization, as defined in Regulation K of the Board of Governors of the Federal
Reserve System (12 C.F.R. § 211.23) or any successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of
a foreign banking organization which subsidiary is engaged, directly or indirectly in business in the United States and which
in any case holds Shares for its own account.

 

    	 

    	 

    

 

	 	Signatures:
	 	 
	 	INDIVIDUAL:
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Print Name)

 

	 	PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, OTHER:
	 	 
	 	 
	 	(Name of Entity)
	 	 
	 	By:	 
	 	 	(Signature)
	 	 
	 	 
	 	(Print Name and Title)

 

    	 

    	 

    

 

APPENDIX A

 

[CERTIFICATE OF INCORPORATION]

 

    	 

    	 

    

 

APPENDIX B

 

[BYLAWS]

 

    	 

    	 

    

 

APPENDIX C

 

[FORM OF ADVISORY AGREEMENT]

 

    	 

    	 

    

 

APPENDIX D

 

[FORM OF ADMINISTRATION AGREEMENT]

 

    	 

    	 

    

 

APPENDIX E

 

TRANSFER RESTRICTIONS

 

No Transfer of the Investor’s Capital Commitment or all
or any fraction of the Investor’s Shares may be made without (i) registration of the Transfer on the Company books and (ii)
the prior written consent of the Administrator. In any event, the consent of the Company may be withheld (x) if the creditworthiness
of the proposed transferee, as determined by the Company in its sole discretion, is not sufficient to satisfy all obligations under
the Subscription Agreement or (y) unless, in the opinion of counsel (who may be counsel for the Company or the Investor) satisfactory
in form and substance to the Company:

 

		·	such Transfer would not violate the Securities Act, the 1940 Act or any state (or other jurisdiction) securities or “Blue
Sky” laws applicable to the Company or the Shares to be Transferred; and

 

		·	such Transfer would not be a “prohibited transaction” under ERISA or the Code or the regulations promulgated thereunder
or cause all or any portion of the assets of the Company to constitute “plan assets” under ERISA, certain Department
of Labor regulations or Section 4975 of the Code.

 

The Investor agrees that it shall
pay all reasonable expenses, including attorneys’ fees, incurred by the Company in connection with any Transfer of
all or any fraction of its Shares, prior to the consummation of such Transfer.

 

Any person that acquires all or any fraction of the Shares of
the Investor in a Transfer permitted under this Appendix E shall be obligated to pay to the Company the appropriate portion of
any amounts thereafter becoming due in respect of the Capital Commitment committed to be made by its predecessor in interest. The
Investor agrees that, notwithstanding the Transfer of all or any fraction of its Shares, as between it and the Company it shall
remain liable for its Capital Commitment prior to the time, if any, when the purchaser, assignee or transferee of such Shares,
or fraction thereof, becomes a holder of such Shares.

 

The Company shall not recognize for any purpose any purported
Transfer of all or any fraction of the Shares and shall be entitled to treat the transferor of Shares as the absolute owner thereof
in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless the Company shall
have given its prior written consent thereto and there shall have been filed with the Company a dated notice of such Transfer,
in form satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee
or transferee, and such notice (i) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions
of this Subscription Agreement and its agreement to be bound thereby, and (ii) represents that such Transfer was made in accordance
with this Subscription Agreement, the provisions of the Memorandum and all applicable laws and regulations applicable to the transferee
and the transferor.

 

    	 

    	 

    

 

EXHIBIT A

 

CIP MATRIX

 

To help the government fight the funding of
terrorism and money laundering activities, U.S. federal law requires certain financial institutions to obtain, verify, and record
information that identifies each person who opens an account.

 

The Company may reject your subscription if
the required identifying information is not provided.

 

Each Investor must provide the following information
and documents to the Administrator in order to satisfy its anti-money laundering program:

 

	Non-U.S. Persons:
	
        In addition to the specific requirements listed below, Non-U.S.
        Investors must also:

         

        1.           Provide a translation for
        any documents not in English.

         

        2.           (Other than individual
        Non-U.S. Persons) Provide a statement of account purpose, including: (a). Nature of the customer’s business and the market
        it serves; (b) Account purpose/Is the account being established on behalf of the customers’ customers? (c) Anticipated account
        activity

         

 

(Note: If
an asterisk (*) appears next to an item listed below, the item is optional.)

 

	Type of Investor	Identification Information	Verification Information
	
        Individual

         

        Individuals include owners
        of individual accounts, both individual owners of joint accounts and power of attorney
	
        1.        Name
        of investor

        2.        Physical
        address and mailing address (if different)

        3.        Date
        of Birth

        4.        Social
        Security Number

        5.        Signed
        subscription document

        6.        List
        of authorized signers (other than investor, if any)

        7.        Source
        of Wealth*

        8.        Telephone
        number*

        9.        Occupation
        *

        10.       Employer
        *

        11.       Email
        address/website *

         
	
        Copy of either:

        1. Passport OR

        2. Photo Drivers license OR

        3. Other government–issued
        photo ID

         

        Note: Non-Documentary methods
        (i.e., PA compliance) may also be utilized for verification.

         

 

    	 

    	 

    

 

	Type of Investor	Identification Information	Verification Information
	
        Private Corporation

         

        Private Corporation includes Limited
        Liability Companies (LLC)
	
        1.        Name
        of corporation

        2.        Beneficial
        Owners with more than 20% interest

        3.        Physical
        address & mailing address (if different)

        4.        U.S.
        TIN or other government ID number (accompanied by a description of the type of identification and the name of the issuing government
        body)

        5.        Signed
        subscription document

        6.        List
        of Authorized Signers

        7.        Nature
        of business

        8.        Source
        of Wealth*

        9.        Telephone
        number*

        10.       Email
        address/website *

         
	
        Copy of either:

        1. Certificate of Incorporation OR

        2. Certificate of good standing OR

        3. Government issued business license

         

        Note: Non-Documentary methods (i.e.

        PA compliance) may also be utilized for

        verification.

         

        Foreign Banks: a Shell Bank certification must be supplied

         

	U.S. Public Corporation	
        1.        Name
        of corporation

        2.        Physical
        address & mailing address (if different)

        3.        U.S.
        TIN or other government ID number

        4.        Signed
        subscription document

        5.        List
        of Authorized Signers

        6.        Source
        of Wealth*

        7.        Telephone
        number*

        8.        Email
        address/website *

         
	
        Obtain:

        Ticker Symbol

         

	
        Partnerships

         

        Partnerships include Limited Partnership
        (LP)
	
        1.        Name
        of partnership

        2.        Partners
        with more than 20% interest

        3.        Physical
        address & mailing address (if different)

        4.        U.S.
        TIN or other government ID number

        5.        Signed
        subscription document

        6.        List
        of Authorized Signers

        7.        Nature
        of business

        8.        Source
        of Wealth*

        9.        Telephone
        number*

        10.       Email
        address/website *

         
	
        Copy of:

        1. Partnership/Membership Agreement

         

        Note: Non-Documentary methods (i.e. PA compliance) may also
        be utilized for verification.

         

        Non-U.S.-Based Partnerships:

        Copy of:

        1. An unexpired government-issued
        photo drivers license or other government-issued ID for all managing or general partner(s)

        2. If the GP/managing partner is
        a business entity, U.S. TIN or other government ID number with a description of the type of the identification and the name of
        the issuing body

         

 

    	 

    	 

    

 

	Type of Investor	Identification Information	Verification Information
	U.S. Non-Profit	
        1.        Name
        of entity

        2.        Physical
        address & mailing address (if different)

        3.        U.S.
        TIN or other government ID number

        4.        Signed
        subscription document

        5.        List
        of Authorized Signers

        6.        Nature
        of business

        7.        Source
        of Wealth*

        8.        Telephone
        number*

        9.        Email
        address/website *

         
	
        Copy of:

        1. IRS Determination Letter

         

        Note: Non-Documentary methods are not an acceptable backup for
        Non-Profits; IRS Determination Letter must be obtained.

         

	Trust	
        1.        Name
        of trust

        2.        List
        of Trustee(s)

        3.        Physical
        address & mailing address (if different)

        4.        U.S.
        TIN or other government ID number

        5.        Signed
        subscription document

        6.        Name
        of maker of trust (grantor/trustor)

        7.        List
        of principal beneficiaries

        8.        Source
        of Wealth*

        9.        Telephone
        number of Trust*

        10.       Successor
        Trustee*

        11.       Email
        address/website *

         
	
        Copy of:

        1. Trust deed

         

        Note: Non-Documentary methods are not an acceptable backup for
        Trusts; Trust deed must be obtained.

         

         

	
        Investor declared as exempt from CIP

         

        (ERISA Plan, Governmental Agency, Financial
        Institution subject to Section 352 of the USA PATRIOT Act or Publicly Traded Companies listed on the New York Stock Exchange &
        Nasdaq)
	
        1.        Name
        of entity

        2.        Physical
        address & mailing address (if different)

        3.        U.S.
        TIN or other government ID number

        4.        Signed
        subscription document

        5.        List
        of authorized signers

        6.        Telephone
        number *

        7.        Email
        address/website *

         
	
        Copy of:

        1.   If ERISA – copy of
        IRS letter or IRS form 5500 or plan document

        2.   If Governmental Agency –
        website research or alternative informational source

        If Financial Institution subject
        to Section 352 of the USA PATRIOT Act certificate # for bank on FDIC website or look up CRD# for a Broker Dealer on the FINRA.org
        website

        4.   If publicly traded company
        listed on the New York Stock Exchange or Nasdaq – Ticker symbol in order to research in Bloomberg

 

    	 

    	 

    

 

Individuals Associated with U.S. Entities

 

In addition to the identification verification performed on
the entity (i.e. LLC, LP, trust), verification of the identities of the individuals listed below must also be performed, where
applicable, as specified in the table.

 

		·	Beneficial Owners with more than 20% interest of Private Companies and Limited Liability Companies (LLC)

		·	Partners with more than 20% interest of all Partnerships including Limited Partnerships (LP)

		·	Trustees

 

	Identification Information	Verification Information
	
        1.     Name

        2.     Physical
        address & mailing address (if different)

        3.     Date
        of birth

        4.     U.S.
        TIN or other government ID number
	
        Copy of:

        1. Passport OR

        2. Photo drivers license OR

        3. Other government-issued
        photo ID

         

        Note: Non-Documentary methods
        (i.e. PA compliance) may also be utilized for verification.Exhibit 10.1

 

INVESTMENT ADVISORY AGREEMENT

 

INVESTMENT ADVISORY AGREEMENT (“Agreement”),
dated as of [____], 2015, by and between Audax Credit BDC Inc., a Delaware corporation (the “Company”),
and Audax Management Company (NY), LLC, a Delaware limited liability company (the “Adviser”).

 

WHEREAS, the Company is a newly organized
closed-end management investment fund that intends to elect to be treated as a business development company (“BDC”)
under the Investment Company Act of 1940, as amended (the “Investment Company Act”); and

 

WHEREAS, the Adviser is an investment adviser
that is registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”); and

 

WHEREAS, the Company desires to retain the
Adviser to furnish investment advisory services to the Company on the terms and conditions hereinafter set forth, and the Adviser
wishes to be retained to provide such services.

 

NOW, THEREFORE, in consideration of the
mutual agreements set forth herein, the parties agree as follows:

 

1.          Duties
of the Adviser.

 

(a)          The
Company hereby retains the Adviser to act as the investment adviser to the Company and to manage the investment and reinvestment
of the assets of the Company, subject to the supervision of the Board of Directors of the Company (the “Board”),
for the period and upon the terms herein set forth (i) in accordance with the investment objective, policies and restrictions that
are set forth in the Company’s registration statement under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), on Form 10 initially filed by the Company with the Securities and Exchange Commission (“SEC”)
on [ __,] 2015 (as the same shall be amended from time to time); and (ii) in accordance with all other applicable federal
and state laws, rules and regulations, and the Company’s certificate of incorporation and bylaws as the same shall be amended
from time to time.

 

(b)          Without
limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i)
determine the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing
such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Company; (iii) monitor the Company’s
investments; (iv) determine the securities and other assets that the Company shall purchase, retain, or sell; (v) perform due diligence
on prospective portfolio companies; (vi) assist the Board with its valuation of the Company’s portfolio companies; (vii)
direct investment professionals of the Adviser to provide managerial assistance to portfolio companies of the Company as requested
by the Company, from time to time and (viii) provide the Company with such other investment advisory, research and related services
as the Company may, from time to time, reasonably require for the investment of its funds. Subject to the supervision of the Board,
the Adviser shall have the power and authority on behalf of the Company to effectuate its investment decisions for the Company,
including the execution and delivery of all documents relating to the Company’s investments and the placing of orders for
other purchase or sale transactions on behalf of the Company. In the event that the Company determines to acquire debt financing,
the Adviser shall arrange for such financing on the Company’s behalf, subject to the oversight and approval of the Board.
If it is necessary for the Adviser to make investments on behalf of the Company through a special purpose vehicle, the Adviser
shall have authority to create, or arrange for the creation of, such special purpose vehicle and to make such investments through
such special purpose vehicle.

 

    	 

    	 

    

 

(c)          The
Adviser hereby accepts such retention as investment adviser and agrees during the term hereof to render the services described
herein for the compensation provided herein.

 

(d)          This
Agreement is intended to create, and creates, a contractual relationship for services to be rendered by the Investment Adviser
acting in the ordinary course of its business and is not intended to create, and does not create, a partnership, joint venture
or any like relationship among the parties hereto (or any other parties). The Adviser shall for all purposes herein provided be
deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for
or represent the Company in any way or otherwise be deemed an agent of the Company.

 

(e)          The
Adviser shall keep and preserve for the period required by the Investment Company Act any books and records relevant to the provision
of its investment advisory services to the Company and shall specifically maintain all books and records in accordance with Section
31(a) of the Investment Company Act with respect to the Company’s portfolio transactions and shall render to the Board such
periodic and special reports as the Board may reasonably request. The Adviser agrees that all records that it maintains for the
Company are the property of the Company, and it shall surrender promptly to the Company any such records upon the Company’s
request, provided that the Adviser may retain a copy of such records.

 

(f)          Subject
to approval by the Board and the shareholders of the Company to the extent required under the Investment Company Act, the Adviser
is hereby authorized to enter into one or more sub-advisory agreements with other investment advisers (each, a “Sub-Adviser”)
pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities
hereunder. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon
the Company’s investment objective and policies, and work, along with the Adviser, in structuring, negotiating, arranging
or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Company, subject to
the oversight of the Adviser and the Company. The Company shall be responsible for any compensation payable to any Sub-Adviser.
Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act
and other applicable federal and state law.

 

    	2

    	 

    

 

2.          Company’s
Responsibilities and Expenses Payable by the Company.

 

All investment professionals of the Adviser,
and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder,
and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for
by the Adviser and not by the Company. The Company shall bear all other costs and expenses of its operations, administration and
transactions, including (without limitation) those relating to: the Company’s initial organization costs and operating costs
incurred prior to the filing of its election to be treated as a BDC; the costs associated with any offerings of the Company’s
securities; calculating individual asset values and the Company’s net asset value (including the cost and expenses of any
third-party valuation services); out-of-pocket expenses, including travel expenses, incurred by the Adviser, or members of its
investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing
the Company’s rights; the Base Management Fee and any Incentive Fees payable under this Agreement; certain costs and expenses
relating to distributions paid by the Company; administration fees payable under the administration agreement, by and between the
Company and Audax Management Company, LLC (the “Administrator”), dated as of the date hereof (the “Administration
Agreement”) and any sub-administration agreements, including related expenses; debt service and other costs of borrowings
or other financing arrangements; the allocated costs incurred by the Adviser in providing managerial assistance to those portfolio
companies that request it; amounts payable to third parties relating to, or associated with, making or holding investments; transfer
agent and custodial fees; costs of hedging; commissions and other compensation payable to brokers or dealers; federal and state
registration fees; U.S. federal, state and local taxes; independent director fees and expenses; costs of preparing financial statements
and maintaining books and records, costs of preparing tax returns, costs of compliance with the Sarbanes-Oxley Act of 2002, as
amended (“Sarbanes-Oxley”), and attestation and costs of filing reports or other documents with the SEC
(or other regulatory bodies) and other reporting and compliance costs, including registration and listing fees, and the compensation
of professionals responsible for the preparation or review of the foregoing; the costs of any reports, proxy statements or other
notices to the Company’s shareholders (including printing and mailing costs), the costs of any shareholders’ meetings
and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; the
costs of specialty and custom software expense for monitoring risk, compliance and overall investments; the Company’s fidelity
bond; any necessary insurance premiums; indemnification payments; direct fees and expenses associated with independent audits,
agency, consulting and legal costs; and all other expenses incurred by either the Administrator or the Company in connection with
administering its business, including payments under the Administration Agreement for administrative services that shall be based
upon the Company’s allocable portion of overhead and other expenses incurred by the Administrator in performing its administrative
obligations under the Administration Agreement, including, but not limited to rent, the fees and expenses associated with performing
compliance functions, and the Company’s allocable portion of the costs of compensation paid to or distributions received
by its Chief Financial Officer, Chief Compliance Officer, any of their respective staff who provide services to the Company and
any internal audit staff, to the extent internal audit performs a role in the Company’s Sarbanes-Oxley internal control assessments.

 

    	3

    	 

    

 

3.          Compensation
of the Adviser.

 

The Company agrees to pay, and the Adviser
agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (“Base
Management Fee”) and an incentive fee (“Incentive Fee”) as hereinafter set forth. 
The Company shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise
direct. 

 

(a)          The
Base Management Fee shall be calculated at an annual rate of 1.00% of the value of the Company’s average gross assets including
cash and any temporary investments in cash-equivalents, including, U.S. government securities and other high-quality investment
grade debt investments that mature in 12 months or less from the date of investment. The Base
Management Fee shall be payable quarterly in arrears. The Base Management Fee shall be appropriately adjusted (based on the actual
number of days elapsed relative to the total number of days in such calendar quarter) for any issuances or repurchases during such
fiscal quarter and the Base Management Fees for any partial month or quarter shall be appropriately pro-rated.

 

(b)          The
Incentive Fee shall consist of two parts, as follows:

 

		(i)	One part will be calculated and payable quarterly in
arrears based on the Pre-Incentive Fee Net Investment Income for the preceding calendar quarter.  “Pre-Incentive
Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees (other
than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or
other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s
operating expenses accrued for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement,
and any interest expense on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred
stock, but excluding the Incentive Fee).

 

Pre-Incentive Fee Net Investment Income
is determined in accordance with generally accepted accounting principles in the United States (without any adjustments), including,
in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind
interest and zero coupon securities), accrued income that the Company has not received in cash. Pre-Incentive Fee Net Investment
Income does not include any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation
or depreciation.

 

Pre-Incentive Fee Net Investment Income,
expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness) at the
end of the immediately preceding calendar quarter, shall be compared to a “hurdle rate” of 1.0% per quarter (4.0% annualized)
(the “Hurdle Rate”).  The Company shall pay the Adviser an Incentive Fee with respect to the Company’s
Pre-Incentive Fee Net Investment Income in each calendar quarter as follows:

 

    	4

    	 

    

 

		(A)	No Incentive Fee in any calendar quarter in which the
Company’s Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate;

 

		(B)	100.0% of the Company’s Pre-Incentive Fee Net Investment
Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but
is less than 1.1765% in any calendar quarter; and

 

		(C)	15.0% of the amount of the Company’s Pre-Incentive
Fee Net Investment Income, if any, that exceeds 1.1765% in any calendar quarter.

 

 These calculations shall be appropriately
pro rated for any period of less than three months and adjusted for any issuances or repurchases during the current quarter.

 

		(ii)	The second part of the Incentive Fee (the “Capital
Gains Fee”) shall be determined and payable in arrears as of the end of each calendar year (or upon termination
of this Agreement as set forth below), commencing with the calendar year ending on December 31, 2015, and is calculated at
the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses
and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in
each case calculated from the date of effectiveness of the Company’s Form 10.  If such amount is positive at the end
of such year, then the Capital Gains Fee for such year is equal to 15.0% of such amount, less the aggregate amount of Capital
Gains Fees paid in all prior years.  If such amount is negative, then there is no Capital Gains Fee for such year. 
If this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though
it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.

 

For purposes of this Section 3:

 

The cumulative aggregate realized capital
gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in
the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.

 

The cumulative aggregate realized capital
losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s
portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.

 

    	5

    	 

    

 

The aggregate unrealized capital depreciation
is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s
portfolio as of the applicable Capital Gains Fee calculation date and (b) the accreted or amortized cost basis of such investment.

 

The aggregate unrealized capital appreciation
is calculated as the sum of the differences, if positive, between (a) the valuation of each investment in the Company’s
portfolio as of the applicable Capital Gains Fee calculation date and (b) the accreted or amortized cost basis of such investment.

 

Examples of Quarterly Incentive Fee Calculation

 

Example 1: Income Related Portion of Incentive Fee (*): 

 

Alternative 1  

Assumptions 

 

Investment income (including interest, dividends,
fees, etc.) = 1.0%

Hurdle rate(1) = 1.0%

Management fee(2) =.25%

Other expenses (legal, accounting, custodian, transfer
agent, etc.)(3) = 0.15%

Pre-incentive fee net investment income

(investment income –
(management fee + other expenses)) = 0.60%

Pre-incentive net investment income does not exceed
hurdle rate, therefore there is no incentive fee.

 

Alternative 2  

Assumptions 

 

Investment income (including interest, dividends,
fees, etc.) = 1.5%

Hurdle rate(1) = 1.0%

Management fee(2) = .25%

Other expenses (legal, accounting, custodian, transfer
agent, etc.)(3) = 0.15%

Pre-incentive fee net investment income

(investment income –
(management fee + other expenses)) = 1.1%, which exceeds the hurdle rate

 

Incentive fee = 15% × pre-incentive fee net
investment income, subject to the “catch-up”(4)

= 100% x (1.10%- 1.0%)

= 0.10%

 

Alternative 3 

Assumptions 

 

Investment
income (including interest, dividends, fees, etc.) = 2.0%

Hurdle rate(1)
= 1.0%

Management
fee(2) = .25%

Other expenses
(legal, accounting, custodian, transfer agent, etc.)(3) = 0.15%

Pre-incentive
fee net investment income

(investment
income – (management fee + other expenses)) = 1.60%

 

Incentive fee        =
15% × pre-incentive fee net investment income, subject to “catch-up”(4)

= 100% ×
“catch-up” + (15% × (pre-incentive fee net investment income –1.1765%))

 

    	6

    	 

    

 

Catch-up              =
1.1765% – 1.0% = 0.1765%

 

Incentive fee
       = (100% × 0.1765%) + (15% × (1.60% –1.1765%))

= 0.1765% +
(15% × 0.4235%)

= 0.1765% +
0.063525%

= 0.24%

 

 

		(*)	The hypothetical amount of pre-incentive fee net investment income shown is based on a percentage of total net assets.

		(1)	Represents 4.0% annualized hurdle rate.

		(2)	Represents 1% annualized management fee.

		(3)	Excludes organizational and offering expenses.

		(4)	The “catch-up” provision is intended to provide
our Adviser with an Incentive Fee of approximately 15.0% on all of our pre-incentive fee net investment income as if a hurdle
rate did not apply when our net investment income exceeds 1.1765% in any calendar quarter.

 

Example 2: Capital Gains Portion of Incentive Fee: 

 

Alternative 1 

Assumptions

 

		·	Year 1: $20 million investment made in Company A (“Investment A”), and $30 million
investment made in Company B (“Investment B”)

 

		·	Year 2: Investment A sold for $50 million and fair market value (“FMV”) of Investment
B determined to be $32 million

 

		·	Year 3: FMV of Investment B determined to be $25 million

 

		·	Year 4: Investment B sold for $31 million

 

The capital gains portion of the Incentive Fee, if any, would
be:

 

		·	Year 1: None

 

		·	Year 2: $4.5 million capital gains incentive fee 

$30 million realized capital
gains on sale of Investment A multiplied by 15%

 

		·	Year 3: None

$3.75 million cumulative fee (15% multiplied by $25
million ($30 million cumulative capital gains less $5 million cumulative capital depreciation)) less $4.5 million (previous capital
gains fee paid in Year 2)

 

		·	Year 4: $150,000 capital gains incentive fee

$4.65 million cumulative fee ($31 million cumulative
realized capital gains multiplied by 15%) less $4.5 million (previous capital gains fee paid in Year 2)

 

Alternative 2 

Assumptions 

 

		·	Year 1: $20 million investment made in Company A (“Investment A”), $30 million investment
made in Company B (“Investment B”) and $25 million investment made in Company C (“Investment C”)

 

    	7

    	 

    

 

		·	Year 2: Investment A sold for $50 million, FMV of Investment B determined to be $25 million and
FMV of Investment C determined to be $25 million

 

		·	Year 3: FMV of Investment B determined to be $27 million and Investment C sold for $30 million

 

		·	Year 4: FMV of Investment B determined to be $35 million

 

		·	Year 5: Investment B sold for $20 million

 

The capital gains portion of the Incentive
Fee, if any, would be:

 

		·	Year 1: None

 

		·	Year 2: $3.75 million capital gains incentive fee

15% multiplied by $25 million
($30 million realized capital gains on sale of Investment A less $5 million unrealized capital depreciation on Investment
B)

 

		·	Year 3: $1,050,000 capital gains incentive fee 

$4.8 million cumulative fee (15% multiplied by $32
million ($35 million cumulative realized capital gains less $3 million unrealized capital depreciation)) less $3.75 million (previous
capital gains fee paid in Year 2)

 

		·	Year 4: None

 

		·	Year 5: None 

$3.75 million cumulative fee (15% multiplied by $25
million ($35 million cumulative realized capital gains less $10 million realized capital losses)) less $4.8 million (previous cumulative
capital gains fee paid in Year 2 and Year 3)

 

4.           Covenants
of the Adviser.

 

The Adviser covenants that it shall remain
registered as an investment adviser under the Advisers Act so long as the Company elects to be regulated as a BDC under the Investment
Company Act and maintains such election. The Adviser agrees that its activities shall at all times comply in all material respects
with all applicable federal and state laws governing its operations and investments.

 

5.           Excess
Brokerage Commissions.

 

The Adviser is hereby authorized, to the
fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities exchange, broker
or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of
such exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking
into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty
of execution, and operational facilities of the firm and the firm’s risk and skill in positioning blocks of securities, that
such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member,
broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company’s
portfolio, and constitutes the best net results for the Company.

 

    	8

    	 

    

 

6.           Limitations
on the Employment of the Adviser.

 

The services of the Adviser to the Company
are not exclusive, and the Adviser may engage in any other business or render similar or different services to others including,
without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of
capital, however structured, having investment objectives similar to those of the Company, so long as its services to the Company
hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, officer
or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business,
whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving
as a director of, or providing consulting services to, one or more of the Company’s portfolio companies, subject to applicable
law). So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment
adviser for the Company, subject to the Adviser’s right to enter into sub-advisory agreements. The Adviser assumes no responsibility
under this Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees
and stockholders of the Company are or may become interested in the Adviser and its affiliates, as directors, officers, employees,
partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, stockholders,
members and managers of the Adviser and its affiliates are or may become similarly interested in the Company as stockholders or
otherwise.

 

7.           Responsibility
of Dual Directors, Officers and/or Employees.

 

If any person who is a manager, partner,
officer or employee of the Adviser or the Administrator is or becomes a manager, director, officer and/or employee of the Company
and acts as such in any business of the Company, then such manager, partner, officer and/or employee of the Adviser or the Administrator
shall be deemed to be acting in such capacity solely for the Company, and not as a manager, partner, officer or employee of the
Adviser or the Administrator or under the control or direction of the Adviser or the Administrator, even if paid by the Adviser
or the Administrator.

 

    	9

    	 

    

 

8.           Limitation
of Liability of the Adviser; Indemnification.

 

(a)          The
Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated
with the Adviser, including, without limitation, its sole member) shall not be liable to the Company for any action taken or omitted
to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise
as an investment adviser of the Company (except to the extent specified in Section 36(b) of the Investment Company Act concerning
loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the
receipt of compensation for services), and the Company shall indemnify, defend and protect the Adviser (and its officers, managers,
partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser including,
without limitation, the Administrator, each of whom shall be deemed a third party beneficiary hereof) (each, individually, an “Indemnified
Party” and collectively, the “Indemnified Parties”) and hold each of them harmless from
and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid
in settlement) incurred by any of them in or by reason of any pending, threatened or completed action, suit, investigation or other
proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise
based upon the performance in good faith of any of the Adviser’s duties or obligations under this Agreement or otherwise
as an investment adviser of the Company. The Company’s indemnification of the Indemnified Parties shall, to the extent not
in conflict with such insurance policy, be secondary to any and all payment to which any Indemnified Party is entitled from any
relevant insurance policy issued to or for the benefit of the Company and its affiliates or any Indemnified Party. The Company’s
indemnification of the Indemnified Parties shall also be secondary to any payment pursuant to any other indemnification obligation
of any other relevant entity or person, including under any insurance policy issued to or for the benefit of such other entity
or person, in all cases, to the extent not in conflict with the applicable other indemnification or insurance contract. In the
event of payment by the Company under this Agreement and pursuant to its indemnification obligations, the Company shall be subrogated
to the extent of such payment to all of the rights of recovery of any Indemnified Party, including the rights of the Indemnified
Parties under any insurance policies. 

 

(b)          For
any claims indemnified by the Company under Section 8(a) above, to the fullest extent permitted by law, the Company shall promptly
pay expenses (including legal fees and expenses) incurred by any Indemnified Party in appearing at, participating in or defending
any action, suit, claim, demand or proceeding in advance of the final disposition of such action, suit, claim, demand or proceeding,
including appeals, within 30 days after receipt by the Company of a statement or statements from the Indemnified Party requesting
such advance or advances from time to time.  Each Indemnified Parties hereby undertakes to repay any amounts advanced on its
behalf (without interest) to the extent that it is ultimately determined that the Indemnified Party is not entitled under this
Agreement to be indemnified by the Company.  Such undertaking shall be unsecured and accepted without reference to the financial
ability of the Indemnified Parties to make repayment and without regard to the Indemnified Parties’ ultimate entitlement
to indemnification under the other provisions of this Agreement. No other form of undertaking shall be required of the Indemnified
Parties other than the execution of this Agreement. 

 

(c)          Notwithstanding
the above provisions of Section 8 of this Agreement, nothing contained herein shall protect or be deemed to protect the Indemnified
Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the
Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad
faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s
duties and obligations under this Agreement (as the same shall be determined in accordance with the Investment Company Act and
any interpretations or guidance by the SEC or its staff thereunder).

 

    	10

    	 

    

 

9.           Effectiveness,
Duration and Termination of Agreement.

 

(a)          This
Agreement shall become effective as of the first date above written. The provisions of Section 8 of this Agreement shall remain
in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this
Agreement. Further, notwithstanding the termination or expiration of this Agreement as set forth in this Section 9, the Adviser
shall be entitled to any amounts owed under Section 3 through the date of termination or expiration and Section 8 shall continue
in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

 

(b)          This
Agreement shall continue in effect for two years from the date of effectiveness of the Company’s Form 10 and thereafter shall
continue automatically for successive annual periods, provided that after the Company’s status as a BDC, such continuance
is specifically approved at least annually by the vote of a majority of the Company’s board of directors who are not parties
to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act)
of any such party, in accordance with the requirements of the Investment Company Act.

 

(c)          This
Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the Board or
by the Adviser.

 

(d)          This
Agreement shall automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section
15(a)(4) of the Investment Company Act).

 

(e)          The
provisions of Section 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits
thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement
as aforesaid, the Adviser shall be entitled to any amounts owed under Section 3 through the date of termination or expiration and
Section 8 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

 

10.          Notices.

 

Any notice under this Agreement shall be
given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

 

11.          Amendments.

 

This Agreement may be amended by mutual
consent, but the consent of the Company must be obtained in conformity with the requirements of the Investment Company Act.

 

12.          Entire
Agreement; Governing Law.

 

This Agreement contains the entire agreement
of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.
This Agreement shall be construed in accordance with the laws of the State of New York and in accordance with the applicable provisions
of the Investment Company Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict
with the provisions of the Investment Company Act, the latter shall control.

 

[Remainder of page
intentionally blank]

 

    	11

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed on the date above written.

 

	 	AUDAX CREDIT BDC INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	AUDAX MANAGEMENT COMPANY (NY), LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Investment Advisory Agreement]

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