Document:

Exhibit 10.3

   

  

  ADMINISTRATION AGREEMENT

   

  This ADMINISTRATION AGREEMENT (this “Agreement”) is made as of May [●], 2021 by and between
      Barings Private Credit Corporation, a Maryland corporation (the “Company”), and Barings LLC, a Delaware limited liability company (the “Administrator”).

   

  WITNESSETH:

   

  WHEREAS, the Company is a non-diversified, closed-end investment company that has elected to be
      regulated as a business development company under the Investment Company Act of 1940, as amended (the “1940 Act”);

   

  WHEREAS, the Company desires to retain the Administrator to provide administrative services to the
      Company in the manner and on the terms hereinafter set forth; and

   

  WHEREAS, the Administrator is willing to provide administrative services to the Company on the terms
      and conditions hereafter set forth.

   

  NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for
      other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as follows:

   

  		1.	Duties of the Administrator.

   

  (a)            Employment of Administrator. The Company hereby employs
      the Administrator to act as administrator of the Company, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Company’s board of
      directors (the “Board of Directors”), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such
      services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses as provided for below. The Administrator and any such other persons providing services arranged for by the Administrator shall for all purposes
      herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company.

   

  (b)            Services. The Administrator shall perform (or
      oversee, or arrange for, the performance of) the administrative services necessary for the operation of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities, equipment,
      clerical, bookkeeping and record keeping services at such office facilities and such other services as the Administrator, subject to review by the Board of Directors, shall from time to time determine to be necessary or useful to perform its
      obligations under this Agreement. The Administrator shall also, on behalf of the Company and subject to the Board of Directors’ approval, arrange for the services of, and oversee, custodians, depositories, transfer agents, dividend disbursing agents,
      other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Administrator shall make
      reports to the Board of Directors regarding its performance of the obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company as it shall determine to be desirable; provided that

      nothing herein shall be construed to require the Administrator to, and the Administrator shall not, in its capacity as Administrator, provide any advice or recommendation relating to the securities and other assets that the Company should purchase,
      retain or sell or any other investment advisory services to the Company. The Administrator shall be responsible for the financial and other records that the Company is required to maintain and shall prepare all reports and other materials required to
      be filed with the Securities and Exchange Commission (the “SEC”) or any other regulatory authority, including, but not limited to, current reports on Form 8-K, quarterly reports on Form 10-Q, annual reports on Form 10-K and proxy or
      information statements to stockholders. In addition, the Administrator will assist the Company in determining and publishing the Company’s net asset value, overseeing the preparation and filing of the Company’s tax returns, and the printing and
      dissemination of reports to stockholders of the Company, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others.

   

  
     

    
      
 

  

  
   

  (c)            Sub-Administrators. The Administrator may engage one or
      more administrators (each, a “Sub-Administrator”) to act as sub-administrators to provide the Company certain administrative services set forth in Section 1(b) of this Agreement, all as shall be set forth in a written contract (each, a “Sub-Administration

        Agreement”) to which the Administrator shall be a party.

   

  		2.	Records.

   

  The Administrator agrees to maintain and keep all books, accounts and other
      records of the Company that relate to activities performed by the Administrator hereunder and, if required by any applicable statutes, rules and regulations, including without limitation, the 1940 Act, will maintain and keep such books, accounts and
      records in accordance with such statutes, rules and regulations. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records that it maintains for the Company shall at all times remain the property
      of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of this Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains
      for the Company pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable
      machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.

   

  		3.	Confidentiality.

   

  The parties hereto agree that each shall treat confidentially all information
      provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including all “nonpublic personal information,” as defined under the Gramm-Leach-Bliley Act of 1999 (Public law
      106-102, 113 Stat. 1138), shall be used by the other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party,
      without the prior consent of such providing party, except that such confidential information may be disclosed to an affiliate or agent of the disclosing party to be used for the sole purpose of providing the services set forth herein. The foregoing
      shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is requested by or required to be disclosed to any governmental or
      regulatory authority, including in connection with any required regulatory filings or examinations, by judicial or administrative process or otherwise by applicable law or regulation. Notwithstanding the foregoing, the Company hereby consents and
      authorizes the Administrator and its affiliates to use and disclose confidential information relating to the Company in connection with (a) the preparation of performance information relating to the Company and (b) in connection with any contemplated
      sale of the outstanding equity or assets of the Adviser (defined below), Administrator, or any person who may be deemed to “control” either of the Adviser or the Administrator, in each case within the meaning of the 1940 Act.

   

  
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  		4.	Compensation; Allocation of Costs and Expenses.

   

  (a)            Reimbursement. In full consideration of the provision of
      the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities set forth in Section 1 herein.
      Specifically, the reimbursements made by the Company to the Administrator shall include, but not be limited to:

   

  (i)          the allocable portion of the Administrator’s rent for the Company’s
      Chief Financial Officer and the Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the usage thereof by such personnel in connection with their performance of administrative services under this
      Agreement;

   

  (ii)         the allocable portion of the salaries, bonuses, benefits and expenses
      of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time spent by such personnel in connection with performing administrative services for the Company
      under this Agreement;

   

  (iii)        the actual cost of goods and services used for the Company and
      obtained by the Administrator from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming with generally accepted accounting principles;

   

  (iv)        all fees, costs and expenses associated with the engagement of a
      Sub-Administrator, if any; and

   

  (v)         costs associated with (a) the monitoring and preparation of regulatory
      reporting, including registration statements and amendments thereto, prospectus supplements, and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and
      (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications.

   

  (b)            Allocation of Costs and Expenses. The Company will bear
      all costs and expenses that are incurred in its operation and transactions and not specifically assumed by the Company’s investment adviser (the “Adviser”), pursuant to that certain Investment Advisory Agreement, dated as of May [●], 2021, by
      and between the Company and the Adviser (the “Advisory Agreement”).

   

  
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  		5.	Limitation on Indemnification.

   

  The Administrator, its affiliates and their respective directors, officers,
      managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with any of them shall not be liable to the Company for any action taken or omitted to be taken by the Administrator in connection with the
      performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Company, and the Company shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees,
      controlling persons, members, and any other person or entity affiliated with the Administrator) (collectively, the “Indemnified Parties”), and hold them harmless from and against all damages, liabilities, costs, demands, charges, claims and
      expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action
      or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator
      for the Company. Notwithstanding the preceding sentence of this Section 5 to the contrary, 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 fraud, willful misfeasance, bad faith or gross negligence in the performance of the
      Administrator’s duties or by reason of the reckless disregard of the Administrator’s duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the 1940 Act and any interpretations or
      guidance by the SEC or its staff thereunder).

   

  		6.	Activities of the Administrator.

   

  The services of the Administrator to the Company are not to be deemed to be
      exclusive, and the Administrator and each other person providing services as arranged by the Administrator is free to render services to others. It is understood that directors, officers, employees and stockholders of the Company are or may become
      interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners, stockholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and stockholders
      of the Administrator and its affiliates are or may become similarly interested in the Company as officers, directors, stockholders or otherwise.

   

  		7.	Duration and Termination of this Agreement.

   

  (i)          This Agreement shall continue in effect for two years from the date
      hereof and thereafter continue automatically for successive annual periods, but only so long as such continuance is specifically approved at least annually by (i) the Board of Directors of the Company and (ii) a majority of the Non-Interested
      Directors.

   

  
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  (ii)         This Agreement may be terminated at any time, without the payment of
      any penalty, by vote of the Board of Directors, or by the Administrator, upon 90 days’ written notice to the other party.

   

  (iii)        This Agreement may not be assigned by a party without the consent of
      the other party. The provisions of Section 5 of this Agreement shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement.

   

  		8.	Amendments of this Agreement.

   

  This Agreement may be amended pursuant to a written instrument by mutual consent
      of the parties hereto.

   

  		9.	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 the applicable provisions of the 1940 Act, if any. In such case,
      to the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

   

  		10.	Notices.

   

  All notices, requests, claims, demands and other communications hereunder shall
      be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by facsimile, or by registered or certified mail (postage
      prepaid, return receipt requested) to the respective parties at their respective principal executive office addresses.

   

  		11.	Miscellaneous.

   

  The captions in this Agreement are included for convenience of reference only
      and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this
      Agreement shall not be affected thereby. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto and their respective successors.

   

  		12.	Counterparts.

   

  This Agreement may be executed in counterparts by the parties hereto, each of
      which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

   

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  IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date
      first above written.

   

  	 	BARINGS PRIVATE CREDIT CORPORATION, a Maryland Corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	BARINGS LLC, a Delaware limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

   

  [Signature Page to Administration Agreement]Exhibit 10.4

   

  TRADEMARK LICENSE AGREEMENT

   

  This TRADEMARK LICENSE AGREEMENT (this “Agreement”) is made and
      effective as of [●], 2021 (the “Effective Date”), by and between Barings LLC, a Delaware limited liability company (“Licensor”), and Barings Private Credit Corporation, a Maryland corporation (“Licensee”) (each a “party,”
      and collectively, the “parties”).

   

  RECITALS

   

  WHEREAS, Licensee is a newly formed, externally managed, non-diversified
      closed-end management investment company that is regulated as a business development company under the Investment Company Act of 1940, as amended (the “1940 Act”);

   

  WHEREAS, Licensor has used the mark “Barings” and the Barings logo
      (each, a “Licensed Mark” and together, the “Licensed Marks”) in the United States of America (the “Territory”) in connection with the investment management and investment advisory services that Licensor provides;

   

  WHEREAS, Licensee has entered into an investment advisory agreement
      dated [•], 2021 with Licensor, wherein Licensee has engaged Licensor to act as the investment adviser to Licensee; and

   

  WHEREAS, Licensee desires to use the Licensed Marks as part of its
      corporate name and in connection with the operation of its business, and Licensor is willing to grant Licensee a license to use the Licensed Marks, subject to the terms and conditions of this Agreement.

   

  NOW, THEREFORE, in consideration of the mutual covenants and agreements
      set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

   

  ARTICLE 1.

      LICENSE GRANT

   

  1.1.          License. Subject to the terms and conditions of
      this Agreement, Licensor hereby grants to Licensee, and Licensee hereby accepts from Licensor, a personal, non-exclusive, royalty-free right and license to use the Licensed Marks solely and exclusively as a component of Licensee’s own name and in
      connection with marketing the investment management, investment consultation and investment advisory services that Licensor may provide to Licensee. During the term of this Agreement, Licensee shall use the Licensed Marks only to the extent permitted
      under this Agreement, and except as provided above, neither Licensee nor any affiliate, owner, member, manager, director, officer, employee or agent thereof shall otherwise use the Licensed Marks or any derivative thereof in the Territory without the
      prior express written consent of Licensor, which consent Licensor may grant or withhold in its sole and absolute discretion, and shall not use the Licensed Marks for any purpose outside the Territory. All rights not expressly granted to Licensee
      hereunder shall remain the exclusive property of Licensor.

   

  

  
     

    
      
 

  

   

  1.2.          Nothing in this Agreement shall preclude Licensor or any
      of its successors or assigns from using or permitting other entities to use the Licensed Marks, whether or not such entity directly or indirectly competes or conflicts with Licensee’s business in any manner.

   

  ARTICLE 2.

      COMPLIANCE

   

  2.1.          Quality Control. In order to preserve the inherent
      value of the Licensed Marks, Licensee agrees to use reasonable efforts to ensure that it maintains the quality of Licensee’s business and the operation thereof equal to the standards prevailing in the operation of Licensee’s business as applicable to
      Licensee from time to time. Licensee further agrees to use the Licensed Marks in accordance with such quality standards as may be reasonably established by Licensor and communicated to Licensee from time to time in writing, or as may be agreed to by
      Licensor and Licensee from time to time in writing.

   

  2.2.          Compliance With Laws. Licensee agrees that the
      business operated by it in connection with the Licensed Marks shall comply with all laws, rules, regulations and requirements of any governmental body in the Territory or elsewhere as may be applicable to the operation, marketing, and promotion of
      the business and shall notify Licensor of any action that must be taken by Licensee to comply with such laws, rules, regulations or requirements.

   

  2.3.          Notification of Infringement. Each party shall
      immediately notify the other party and provide to the other party all relevant background facts upon becoming aware of: (a) any registrations of, or applications for registration of, marks in the Territory that do or may conflict with Licensor’s
      rights in the Licensed Marks or the rights granted to Licensee under this Agreement, (b) any infringements or misuse of the Licensed Marks in the Territory by any third party (“Third Party Infringement”) or (c) any claim that Licensee’s use of
      the Licensed Marks infringes the intellectual property rights of any third party in the Territory (“Third Party Claim”). Licensor shall have the exclusive right, but not the obligation, to prosecute, defend and/or settle, in its sole
      discretion, all actions, proceedings and claims involving any Third Party Infringement or Third Party Claim, and to take any other action that it deems necessary or proper for the protection and preservation of its rights in the Licensed Marks.
      Licensee shall cooperate with Licensor in the prosecution, defense or settlement of such actions, proceedings or claims.

   

  ARTICLE 3.

      REPRESENTATIONS AND WARRANTIES

   

  3.1.          Licensee accepts this license on an “as is” basis.
      Licensee acknowledges that Licensor makes no explicit or implicit representation or warranty as to the registrability, validity, enforceability or ownership of the Licensed Marks, or as to Licensee’s ability to use the Licensed Marks without
      infringing or otherwise violating the rights of others, and Licensor has no obligation to indemnify Licensee with respect to any claims arising from Licensee’s use of the Licensed Marks, including, without limitation, any Third Party Claim.

   

  

  
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  3.2.          Mutual Representations. Each party hereby
      represents and warrants to the other party as follows:

   

  (a)              Due Authorization. Such party is duly organized,
      validly existing and in good standing as of the Effective Date in its jurisdiction of formation or incorporation, and the execution, delivery and performance of this Agreement by such party have been duly authorized by all necessary action on the
      part of such party.

   

  (b)             Due Execution. This Agreement has been duly
      executed and delivered by such party and, upon due authorization, execution and delivery of this Agreement by the other party, constitutes a legal, valid and binding obligation of such party, enforceable against such party in accordance with its
      terms.

   

  (c)              No Conflict. Such party’s execution, delivery and
      performance of this Agreement do not: (i) violate, conflict with or result in the breach of any provision of the certificate of formation, articles of incorporation, limited liability company operating agreement or bylaws (or similar organizational
      documents) of such party; (ii) conflict with or violate any governmental order applicable to such party or any of its assets, properties or businesses; or (iii) conflict with, result in any breach of, constitute a default (or event which with the
      giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of any contract, agreement, lease,
      sublease, license, permit, franchise or other instrument or arrangement to which it is a party.

   

  ARTICLE 4.

      TERM AND TERMINATION

   

  4.1.          Term. This Agreement shall expire if Licensor or
      one of its affiliates ceases to serve as investment adviser to Licensee. This Agreement shall be terminable by Licensor, at any time and in its sole discretion, in the event that Licensor or Licensee receives notice of any Third Party Claim arising
      out of Licensee’s use of the Licensed Marks; by Licensor or Licensee upon sixty (60) days’ prior written notice to the other party; or by Licensor at any time in the event Licensee assigns or attempts to assign or sublicense this Agreement or any of
      Licensee’s rights or duties hereunder without the prior written consent of Licensor.

   

  4.2.          Upon Termination. Upon expiration or termination
      of this Agreement, all rights granted to Licensee under this Agreement with respect to the Licensed Marks shall cease, and Licensee shall cease using the Licensed Marks as promptly as practicable, making all reasonable efforts to remove “Barings”
      from its name, including calling special meetings of members or stockholders, as necessary and applicable. For twenty-four (24) months following termination of this Agreement, Licensee shall specify on all public-facing materials in a prominent place
      and in prominent typeface that Licensee is no longer operating under the Licensed Marks, is no longer associated with Licensor, or such other notice as may be deemed necessary by Licensor in its sole discretion, including with respect to its
      prosecution, defense, and/or settlement of any Third Party Claim.

   

  

  
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  ARTICLE 5.

      MISCELLANEOUS

   

  5.1.          Third Party Beneficiaries. Nothing in this
      Agreement, either express or implied, is intended to or shall confer upon any third party any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

   

  5.2.          Assignment. Licensee shall not sublicense, assign,
      pledge, grant or otherwise encumber or transfer to any third party all or any part of its rights or duties under this Agreement, in whole or in part, without the prior written consent of Licensor, which consent Licensor may grant or withhold in its
      sole and absolute discretion. Any purported transfer without such consent shall be void ab initio.

   

  5.3.          Independent Contractor. Neither party shall have,
      or shall represent that it has, any power, right or authority to bind the other party to any obligation or liability, or to assume or create any obligation or liability on behalf of the other party.

   

  5.4.          Notices. All notices, requests, claims, demands
      and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by facsimile or by
      registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or such other address as the parties may provide to each other by written notice):

   

  	
          If to Licensor:

           

          Barings LLC

          300 South Tryon Street

          Suite 2500

          Charlotte, NC 28202

          Tel. No.: 704-805-7200

          Attn: US Legal or General Counsel

        	
          If to Licensee:

           

          Barings Private Credit Corporation

          300 South Tryon Street

          Suite 2500

          Charlotte, NC 28202

          Tel. No.: 704-805-7200

          Attn: US Legal or General Counsel

        

   

  5.5.          Governing Law. This Agreement shall be governed
      by, and construed in accordance with, the laws of the State of Maryland. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of Maryland and waive any objection with respect thereto,
      for the purpose of any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

   

  5.6.          Amendment. This Agreement may not be amended or
      modified except by an instrument in writing signed by each party hereto.

   

  

  
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  5.7.          No Waiver. The failure of either party to enforce
      at any time for any period the provisions of, or any rights deriving from, this Agreement shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and no waiver shall be
      binding unless executed in writing by all parties hereto.

   

  5.8.          Severability. If any term or other provision of
      this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
      transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
      faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent
      possible.

   

  5.9.          Headings. The descriptive headings contained in
      this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.

   

  5.10.        Counterparts. This Agreement may be executed in one
      or more counterparts, each of which when executed shall be deemed to be an original instrument and all of which taken together shall constitute one and the same agreement.

   

  5.11.        Entire Agreement. This Agreement constitutes the
      entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, between the parties with respect to such subject matter.

   

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  IN WITNESS WHEREOF, each party has caused this Agreement to be executed as of the Effective
      Date by its duly authorized officer.

   

  

  	 	LICENSOR:
	 	 
	 	BARINGS LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	LICENSEE:
	 	 
	 	BARINGS PRIVATE CREDIT CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

   

  [Signature Page to Trademark License Agreement]

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