Document:

Exhibit 10.1

 Exhibit 10.1 

Execution Copy 

INVESTMENT MANAGEMENT AGREEMENT 

BETWEEN 

MUZINICH BDC, INC. 

AND 
 MUZINICH
BDC ADVISER, LLC 
 Investment Management Agreement made this 7th day of August, 2019 (this “Agreement”), by and between
MUZINICH BDC, INC., a Delaware corporation (the “Company”), and MUZINICH BDC ADVISER, LLC, a Delaware limited liability company (the “Adviser”). 

WHEREAS, the Company operates as a closed-end, non-diversified
management investment company; 
 WHEREAS, the Company has filed an election to be treated as a business development company under the
Investment Company Act of 1940, as amended (the “Investment Company Act”); 
 WHEREAS, the Adviser is registered as an investment
adviser under the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”); 
 WHEREAS, the Company and the
Adviser desire to enter into this Agreement to set forth the terms and conditions for the provision by the Adviser of investment advisory services to the Company. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows: 

1.    Duties of the Adviser. 

(a)    The Company hereby engages 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 of Directors”), for the period and upon the terms herein set forth and in accordance with this Agreement. The
Adviser shall have full and complete authority at its sole discretion, without prior reference to the Company, and at such times as the Adviser shall think fit, to make decisions to invest the assets of the Company, subject to and in accordance with
(i) the investment objective, policies and restrictions that are set forth in the Registration Statement of the Company, as the same may be amended from time to time; (ii) the Investment Company Act, the Investment Advisers Act and all
other applicable federal and state law; and (iii) the Company’s certificate of incorporation and bylaws. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement,
(i) determine the securities and other assets that the Company will purchase, retain or sell, (ii) determine the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such
changes; (iii) identify, evaluate and negotiate investments made by the Company and/or the structure thereof (including without limitation performing due diligence with respect to any instrument and/or company in which the Company may invest);
(iv) buy, sell, exchange, redeem hold, convert or otherwise 

 
deal with and/or execute transactions with respect to, any kind of security or other property in which the Company may invest; (v) service and monitor the Company’s investments,
including without limitation by exercising or refraining from exercising any right conveyed by a particular investment to buy, sell, subscribe for, exchange or redeem an investment; (vi) exercise or refrain from exercising any governance or
ownership right conferred by a particular investment; (vii) enter into any foreign exchange and/or derivative transactions; 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 and/or which the Adviser reasonably considers to be necessary, desirable or incidental to carrying out the services under this Agreement. The Adviser shall have the power and
authority on behalf of the Company to effectuate its investment decisions for the Company and to enter into and/or execute any documents agreements, master agreements confirmations, deeds, or other instruments, and to open any accounts, required or
appropriate to provide the services described herein. In the event that the Company determines to acquire debt financing or to refinance existing debt financing, the Adviser shall arrange for such financing on the Company’s behalf, subject to
the oversight and approval of the Board of Directors. If it is necessary for the Adviser to make investments on behalf of the Company through a subsidiary or special purpose vehicle, the Adviser shall have authority to create or arrange for the
creation of such subsidiary or special purpose vehicle and to make such investments through such subsidiary or special purpose vehicle in accordance with the Investment Company Act. Notwithstanding anything to the contrary herein, the Adviser shall
not be required to take or accept any responsibility or action that the Adviser reasonably determines could cause it to be deemed to have custody for purposes of Rule 206(4)-2 under the Investment Advisers
Act. 
 (b)    The Adviser hereby accepts such engagement and agrees during the term hereof to render the services
described herein for the amounts of compensation provided herein. 
 (c)    Subject to the requirements of the
Investment Company Act, the Adviser is hereby authorized, but not required, 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 in all cases to the oversight of the Adviser and the Company. The Adviser, and not 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, the Investment Advisers Act and other applicable federal and state law. For the avoidance of doubt, the Adviser shall also be permitted to delegate and/or outsource to third parties back-office services
which do not involve such service providers providing investment advice. 
 (d)    For all purposes herein provided, the
Adviser shall be deemed to be an independent contractor. 
 (e)    The Adviser shall keep and preserve, in the manner
and for the period that would be applicable to investment companies registered under the Investment Company Act, any books and records relevant to the provision of its investment advisory services to the Company, shall specifically maintain all
books and records with respect to the Company’s portfolio transactions and shall render to the Board of Directors such periodic and special reports as the Board of Directors may reasonably request. The Adviser agrees that all records that it
maintains for the Company are the property of the Company and 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. 

  
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 2.    Reimbursement of Expenses. 

(a)    All investment professionals and staff of the Adviser, when and to the extent engaged in providing investment
advisory and management services hereunder, and the base compensation, bonus and benefits, and the routine overhead expenses of such personnel allocable to such services, will be provided and paid for by the Adviser and its affiliates 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: (a) initial organization costs and operating costs incurred prior to the
commencement of the Company’s operations; (b) calculating individual asset values and the Company’s price per share equal to the net asset value (including the cost and expenses of any independent valuation firm); (c) out-of-pocket expenses, including travel expenses, incurred by the Adviser, or members of Muzinich, or payable to third parties in performing due diligence on prospective
portfolio companies, and, if necessary, enforcing the Company’s rights; (d) costs of offering or effecting any sale of, or repurchases of, our common stock and other securities, if any (e) costs of research and market data;
(f) the Management Fee and any Incentive Fee; (g) certain costs and expenses relating to distributions paid on the Company’s shares; (h) administration fees payable under the Administration Agreement; (i) costs relating to
the engagement of the Company’s chief compliance officer; (j) debt service and other costs of borrowings or other financing arrangements; (k) direct costs incurred by the Adviser or its affiliates in providing managerial assistance to
portfolio companies; (l) amounts payable to third parties relating to, or associated with, making or holding investments; (m) transfer agent and custodial fees; (n) costs of hedging; (o) commissions and other compensation payable
to brokers or dealers; (p) federal, state and local taxes; (q) Independent Director fees and expenses, including certain travel expenses; (r) costs of preparing financial statements and maintaining books and records and filing reports
or other documents with the SEC (or other regulatory bodies); (s) costs associated with other reporting and/or compliance obligations under applicable federal and/or state laws, including registration and listing fees, and the compensation of
professionals responsible for the preparation of any of the foregoing; (t) the costs of any reports, proxy statements or other notices to the Company’s stockholders (including printing and mailing costs); (u) the costs of any
stockholders’ meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; (v) the Company’s fidelity bond; (w) directors and officers/errors and omissions
liability insurance, and any other insurance premiums; (x) extraordinary expenses (such as litigation or indemnification payments); (y) direct costs and expenses of administration; (z) fees and expenses associated with audits, accounting,
tax advisors and outside legal and consulting costs; (aa) costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Company’s assets for tax or other purposes; (bb) costs of winding up; (cc) and all
other expenses reasonably incurred by the Company in connection with making investments and administering the Company’s business. 

(b)    To the extent that expenses to be borne by the Company, are paid by the Adviser, the Company will reimburse the
Adviser for such expenses. 
 3.    Compensation of the Adviser. The Company agrees to pay, and the Adviser
agrees to accept, as compensation for the investment advisory and management services provided by the Adviser hereunder, a fee consisting of two components: a base management fee (the “Management Fee”) and incentive fees (the
“Incentive Fee”), each 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. To the extent permitted by applicable law, the Adviser
may elect, or adopt a deferred compensation plan pursuant to which it may elect, to defer all or a portion of its fees hereunder for a specified period of time. 

  
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 (a)    The Management Fee shall accrue at an annual rate equal to 1.00%
(0.25% quarterly) of the average of the Company’s net asset value (“NAV”) (excluding uninvested cash and cash equivalents), calculated based on the Company’s NAV at the end of the then-current calendar quarter and the
Company’s NAV at the end of the prior calendar quarter. For the avoidance of doubt, the Management Fee payable in respect of the Company’s first quarter (i.e., the period beginning on the initial drawdown date and ending on the last day of
the quarter in which the initial drawdown date occurred) will be equal to 0.25% of the average of the Company’s NAV at the end of such quarter and zero. The Management Fee shall be payable quarterly in arrears. Such amount shall be
appropriately adjusted (based on the number of days actually elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases by the Company during a calendar quarter. The Management Fee for any partial
quarter shall be appropriately pro-rated (based on the number of days actually elapsed at the end of such partial quarter relative to the total number of days in such quarter). For purposes of this Agreement,
cash equivalents shall mean U.S. government securities and investment grade debt instruments maturing within one year of purchase of such instrument by the Company. The fair value of derivative financial instruments held in the Company’s
portfolio will be included in the calculation of net assets of the Company. 
 (b)    The Incentive Fee will not be
released to the Adviser until the liquidation of the Company’s portfolio. However, the Incentive Fee will accrue throughout the Company’s life, and the Company may set aside assets in anticipation of the payment thereof. . In order to
determine the size of the Incentive Fee, the Company will refer to the Incentive Fee calculation methodology described below (the “Incentive Fee Calculation Methodology”). For the avoidance of doubt, the Incentive Fee Calculation
Methodology is not intended to describe the Company’s actual operations with respect to the making of distributions – and the Incentive Fee Calculation Methodology does not limit the Company’s ability to make distributions to
stockholders over the life of the Company (other than the Company’s actual payment of the Incentive Fee upon liquidation of the Company). Rather, the Incentive Fee Calculation Methodology is a tool whose sole purpose is to calculate the size of
the Incentive Fee. 
 To calculate the size of the Incentive Fee, the Company will refer to (1) the amounts and timing of
stockholders’ contributions to the Company, and (2) the amounts and timing of the Company’s distributions, and will analyze those contributions and distributions under the incentive fee calculation methodology described below. The
Incentive Fee will equal the total amount of distributions that would be made to the Adviser under paragraphs (iii) and (iv) of the Incentive Fee Calculation Methodology. 

The Incentive Fee Calculation Methodology is: 
  

	 	(i)	 First, the Company will make distributions to its stockholders until stockholders have received 100% of
Contributed Capital (as defined below). 

  

	 	(ii)	 Second, the Company will make distributions to its stockholders until stockholders have received a 7% return
per annum, compounded annually, on their capital contributions, from the date each capital contribution is made through the date such capital has been returned. 

  
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	 	(iii)	 Third, the Company will make distributions to the Adviser until it has received under this paragraph (iii)
12.5% of the total amount distributed by the Company under paragraph (ii) and this paragraph (iii). 

  

	 	(iv)	 Thereafter, any additional amounts that the Company distributes will be paid 87.5% to stockholders and 12.5% to
the Adviser. 

 Notwithstanding anything to the contrary herein, in no event will an amount be paid with respect to the
Incentive Fee to the extent it would exceed the limitations set forth in Section 205(b)(3) of the Advisers Act. 
 “Contributed
Capital” is the aggregate amount of capital contributions that have been made by all stockholders in respect of their shares of common stock to the Company. All distributions (or deemed distributions), including investment income (i.e.,
proceeds received in respect of interest payments, dividends and fees) and proceeds attributable to the repayment or disposition of any investment, to stockholders will be considered a return of Contributed Capital. Unreturned Contributed Capital
equals aggregate Contributed Capital minus cumulative distributions, but is never less than zero. 
 The term “distribution”
includes all distributions of the Company’s assets including in respect of proceeds from the full or partial realization of the Company’s investments and income from investing activities and may include amounts treated as return of
capital, ordinary income and capital gains for accounting, tax and/or other purposes. 
 (c)    In the event that this
Agreement is terminated prior to the termination of the Company (other than an instance in which the Adviser voluntarily terminates the agreement), the Company will pay to the Adviser an Incentive Fee payment in connection with such termination (the
“Termination Incentive Fee Payment”). The Termination Incentive Fee Payment will be calculated as of the date this Agreement is terminated and will equal the amount of Incentive Fee that would be payable to the Adviser if (a) all
Investments were liquidated for their current value (but without taking into account any unrealized appreciation of any investment), and any unamortized deferred investment-related fees would be deemed accelerated, (b) the proceeds from such
liquidation were used to pay all the Company’s outstanding liabilities, and (c) the remainder were distributed to stockholders and paid as Incentive Fee in accordance with the Incentive Fee Calculation Methodology, subject to the
limitations set forth in Section 205(b)(3) of the Advisers Act. The Company will make the Termination Incentive Fee Payment in cash on or immediately following the date this Agreement is so terminated. 

4.    Covenants of the Adviser. The Adviser hereby covenants that it is registered as an investment adviser under
the Investment Advisers Act. The Adviser hereby agrees that its activities shall at all times be in compliance 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 such transaction if the Adviser determines, in good faith and 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 

  
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securities, that the amount of such 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 result for the Company. 

6.    Proxy Voting. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities
held by the Company in the best interest of the Company and in accordance with the Adviser’s proxy voting policies and procedures, as any such proxy voting policies and procedures may be amended from time to time. The Company has been provided
with a copy of the Adviser’s proxy voting policies and procedures and has been informed as to how it can obtain further information from the Adviser regarding proxy voting activities undertaken on behalf of the Company. The Adviser shall
be responsible (for avoidance of doubt, at the expense of the Company) for reporting the Company’s proxy voting activities, as required, through periodic filings on Form N-PX. 

7.    Limitations on the Engagement of the Adviser. The services of the Adviser to the Company are not, and shall
not be, exclusive. 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; provided that its services to the Company hereunder are not impaired thereby. Nothing in this Agreement shall limit or restrict the right of any manager,
partner, officer, employee or shared 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 portfolio companies of the Company, subject at all times to applicable law). So long as this Agreement or any extension,
renewal or amendment hereof 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. 
 Subject to any restrictions prescribed by law, by the provisions of the Code of Ethics
of the Company and the Adviser and by the Adviser’s Allocation Policy, the Adviser and its members, officers, employees and agents shall be free from time to time to acquire, possess, manage and dispose of securities or other investment assets
for their own accounts, for the accounts of their family members, for the account of any entity in which they have a beneficial interest or for the accounts of others for whom they may provide investment advisory, brokerage or other services
(collectively, “Managed Accounts”), in transactions that may or may not correspond with transactions effected or positions held by the Company or to give advice and take action with respect to Managed Accounts that differs from advice
given to, or action taken on behalf of, the Company; provided that the Adviser allocates investment opportunities to the Company, over a period of time on a fair and equitable basis compared to investment opportunities extended to other Managed
Accounts. The Adviser is not, and shall not be, obligated to initiate the purchase or sale for the Company of any security that the Adviser and its members, officers, employees or agents may purchase or sell for its or their own accounts or for the
account of any other client if, in the opinion of the Adviser, such transaction or investment appears unsuitable or undesirable for the Company. Moreover, it is 

  
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understood that when the Adviser determines that it would be appropriate for the Company and one or more Managed Accounts to participate in the same investment opportunity, the Adviser shall seek
to execute orders for the Company and for such Managed Account(s) on a basis that the Adviser considers to be fair and equitable over time. In such situations, the Adviser may (but is not required to) place orders for the Company and each Managed
Account simultaneously or on an aggregated basis. These investment opportunities generally will be allocated between the Company and such other Managed Account(s) in a manner that the Adviser believes to be fair and equitable under the
circumstances, in accordance with the Adviser’s trade allocation policies and procedures. 

8.    Responsibility of Dual Directors, Officers and/or Employees. If any person who is a manager, partner, officer
or employee of the Adviser is or becomes a 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 shall be deemed to be acting in such
capacity solely for the Company and not as a manager, partner, officer and/or employee of the Adviser or under the control or direction of the Adviser, even if paid by the Adviser. 

9.    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) 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, each of whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and against all damages, liabilities, costs 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 or otherwise based upon the performance of any of the Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Company. Notwithstanding the
preceding sentence of this Paragraph 9 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 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 Securities and Exchange Commission or its staff
thereunder). 
 (b)    The Company shall promptly advance funds to an Indemnified Party to cover the costs and expenses
(including reasonable attorneys’ fees and amounts reasonably paid in settlement) the Indemnified Party incurs in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit
by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Company, to the
fullest extent permitted by Delaware General Corporation Law, the Investment Company Act and the Articles of Incorporation, subject to the provisions (i) and (ii) of this subparagraph below. 

  
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	 	(i)	 A request by the Indemnified Party for advancement of funds shall be accompanied by the Indemnified
Party’s (A) written affirmation of his or her good faith belief that he or she met the standard of conduct necessary for indemnification, and (B) written undertaking (or a written undertaking of another person or entity on the
Indemnified Party’s behalf) to repay such advancements upon the occurrence of any of the events barring indemnification. 

  

	 	(ii)	 Funds shall be advanced to the Indemnified Party if (A) the Company is insured against losses arising by
reason of any such lawful advancements to the Indemnified Party; (B) a determination is made by the vote of a majority of a quorum of Independent Directors, or by Independent Directors’ counsel in a written opinion, based on a review of
the readily available facts then known, that there is reason to believe that the Indemnified Party ultimately will be found to be entitled to indemnification pursuant to this Section 9; or (C) in the absence of insurance or such a
determination by the Independent Directors or Independent Directors’ counsel, such undertaking is secured by a surety bond or other appropriate security provided by the Indemnified Party. In any such determination by the Independent Directors
or Independent Directors’ counsel pursuant to subpart (B) of this subparagraph, the Indemnified Party shall be afforded a rebuttable presumption that the Indemnified Party did not engage in conduct barring indemnification.

 10.    Effectiveness, Duration and Termination of Agreement. This Agreement shall become
effective as of the date the Company commences its investment operations following the effectiveness of the Company’s Registration Statement. This Agreement shall remain in effect for two years, and thereafter shall continue automatically for
successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Board of Directors, or by the vote of a majority of the outstanding voting securities of the Company and (b) the
vote of a majority of the Company’s 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. This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the
vote of the Company’s Directors or by the Adviser. 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). The
provisions of Section 9 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 9 shall continue in force and effect and apply to the Adviser and the
Indemnified Parties as and to the extent applicable. 
 11.    No Third Party Beneficiaries. This Agreement is
made for the benefit of and shall be enforceable by, each of the parties hereto and nothing in this Agreement shall confer any rights upon, nor shall this Agreement be construed to create any rights in, any person that is not a party (except as
herein otherwise specifically provided) to this Agreement. 

  
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 12.    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. 

13.    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. 
 14.    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
Delaware and the applicable provisions of the Investment Company Act. To the extent the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control.

*        *        *       
 * 

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

			
	MUZINICH BDC, INC.
		
	By:	 	/s/ Paul Fehre
	Name:	 	Paul Fehre
	Title:	 	CFO and Treasurer

  

			
	 MUZINICH BDC ADVISER, LLC
  

By: Muzinich & Co., Inc., acting solely as its managing member

		
	By:	 	/s/ Paul Fehre
	Name:	 	Paul Fehre
	Title:	 	Chief Operating Officer

 [Signature page for Investment Management Agreement]Exhibit 10.2

 Exhibit 10.2 

Execution Copy 
 ADMINISTRATION
SERVICING AGREEMENT 
 THIS AGREEMENT is made and entered into as of the 8th day of
August, 2019 by and between MUZINICH BDC, INC., a Delaware corporation (the “Fund”), and U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company (“Fund Services”). 

WHEREAS, the Fund is a closed-end management 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 Fund desires to retain Fund Services to provide administrative services to the Fund in the manner and on the terms hereinafter
set forth; and 
 WHEREAS, Fund Services is willing to provide administrative services to the Fund on the terms and conditions hereafter set
forth. 
 NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: 
  

	1.	 Engagement of Fund Services as Administrator 

The Fund hereby engages Fund Services to act as administrator of the Fund on the terms and conditions set forth in this Agreement, and Fund
Services hereby accepts such engagement and agrees to perform the services and duties set forth in this Agreement. 
  

	2.	 Services and Duties of Fund Services 

Fund Services shall provide the following administration services to the Fund: 

 

	 	A.	 General Fund Management: 

 

	 	(1)	 Act as liaison among all Fund service providers, including, but not limited to, custodians, transfer agents,
fund accountants, valuation agents, transfer agents, placement agents, auditors, and dividend reinvestment plan administrators, if applicable. 

  

	 	(2)	 Supply non-investment related statistical and research data as
reasonably requested. The Fund will reimburse the Administrator for any out of pocket costs for supplying such data. 

  

	 	(3)	 Coordinate communications with, on behalf of and among the members of the Fund’s Board of Directors’
(the “Board of Directors” or the “Directors”) including by: 

  

	 	a.	 Preparing reports for the Board of Directors based on financial and administrative data provided by the Fund.

  
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 Execution Copy 
  

	 	b.	 Preparing and distributing to appropriate parties notices announcing declaration of dividends and other
distributions to shareholders. 

  

	 	c.	 Attending meetings and preparing minutes of meetings of the Board of Directors and Fund shareholders.

  

	 	(4)	 Audits: 

  

	 	a.	 Prepare appropriate schedules and assist independent auditors. 

 

	 	b.	 Provide office facilities, if necessary, in connection with such audits. 

 

	 	(5)	 Monitor arrangements under shareholder services or similar plan. 

 

	 	(6)	 Monitor and communicate activity under share repurchase or tender offer plans, if applicable.

  

	 	(7)	 Maintain the Fund’s governing documents, including its charter, bylaws and minute books, but only to the
extent such documents are provided to Fund Services by the Fund or its representatives for safe-keeping. 

  

	 	B.	 Compliance: 

  

	 	(1)	 Regulatory and Internal Revenue Service (the “IRS”) Compliance: 

 

	 	a.	 Monitor the Fund’s compliance with the 1940 Act requirements applicable to business development companies
and the Fund’s status as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “IRC”), in each case as modified from time to time, including: 

 

	 	(i)	 Maintenance of books and records under Rule 31a-3 of the 1940 Act.

  

	 	(ii)	 IRC Section 851—90% Qualifying income 

 

	 	(iii)	 IRC Section 851 – Annual Distribution Requirement 

 

	 	(iv)	 IRC Section 851—Fund Diversification 

 

	 	(v)	 Section 12(d)(1)(A) of the 1940 Act—Diversification Requirement, if applicable 

 

	 	(vi)	 Section 55(a) of the 1940 Act—70% Qualifying Assets Requirement 

 

	 	(vii)	 Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act – 150% or 200% Asset Coverage
Requirement, as applicable 

  

	 	b.	 Maintain awareness of applicable regulatory and operational service issues. 

 

	 	c.	 Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably requested by the Fund in connection with any certification required 

  
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of the Fund pursuant to the Sarbanes-Oxley Act of 2002 (“SOX Act”) or any rules or regulations promulgated by the U.S. Securities and Exchange Commission (“SEC”) thereunder,
provided the same shall not be deemed to change USBFS’s standard of care as set forth herein. 

  

	 	d.	 In order to assist the Fund in satisfying the requirements of Rule
38a-1 under the 1940 Act (“Rule 38a-1”), Fund Services will provide the Fund’s Chief Compliance Officer with reasonable access to USBFS’s Fund
records relating to the services provided by it under this Agreement, and will provide quarterly compliance reports and related certifications regarding (i) continued maintenance of (and any changes in) USBFS’s Federal Securities Law
compliance program with respect to the Fund and (ii) the occurrence of any Material Compliance Matter (as these capitalized terms are defined in Rule 38a-1) involving Fund Services that affect or could
affect the Fund. 

  

	 	e.	 Fund Services will provide the Fund with certain copies of third party audit reports (e.g., SSAE 16 or SOC 1)
through access to USBFS’s CCO Portal to the extent such reports are available and related to services performed or made available by Fund Services under this Agreement. The Fund acknowledges and agrees that such reports are confidential and
that it will not disclose such reports except to its employees and service providers who have a need to know and have agreed to obligations of confidentiality applicable to such reports. 

 

	 	(2)	 SEC Reporting: 

  

	 	a.	 Prepare financial statements for inclusion in Form 10-Q, Form 10-K and Form 8-K filings, as applicable. 

  

	 	b.	 Prepare and file fidelity bond under Rule 17g-1 of the 1940 Act.

  

	 	c.	 Prepare drafts of, and upon receipt of approval from the Fund, file, reports and other documents required by
the SEC and/or any U.S. stock exchanges on which the Fund’s shares may be listed (including without limitation Form 10-Q, Form 10-K and Form 8-K filings, as applicable). 

  

	 	C.	 SEC Inspections: 

  

	 	(1)	 Assist in producing materials requested by the SEC. 

 

	 	(2)	 Maintain records of all materials produced as requested by the SEC. 

 

	 	D.	 Financial Reporting: 

 

	 	(1)	 Provide financial data for inclusion in the Fund’s registration statements filed under the Securities Act
of 1933 and/or Securities and Exchange Act of 1934 (the “1934 Act”) . 

  
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	 	(2)	 Supervise the maintenance of the Fund’s general ledger and the preparation of the Fund’s financial
statements, including oversight of expense payments, of the determination of net asset value of the Fund’s shares, and of the declaration and payment of dividends and other distributions to shareholders. 

 

	 	(3)	 Compute the total return and expense ratio of the Fund and the Fund’s portfolio turnover rate.

  

	 	(4)	 Prepare quarterly and annual financial statements, which include without limitation the following items:

  

	 	a.	 Schedule of Investments. 

 

	 	b.	 Consolidated Balance Sheet. 

 

	 	c.	 Statement of Operations. 

 

	 	d.	 Statement of Changes in Net Assets. 

 

	 	e.	 Statement of Cash Flows. 

 

	 	f.	 Notes to the quarterly and annual financial statements. 

 

	 	(5)	 Coordinate certification requirements pursuant to the SOX Act. 

 

	 	(6)	 Compute total return calculations. 

 

	 	(7)	 Assist the Fund’s Chief Executive Officer and Chief Financial Officer in connection with establishing and
maintaining internal control over financial reporting (as defined in Rules 13a-15(f) and 15-d(f) under the Securities Exchange Act of 1934 (the “1934 Act”))
for the Fund. 

  

	 	E.	 Tax Reporting: 

  

	 	(1)	 File Form 1099 Miscellaneous for payments to Directors and other service providers. 

 

	 	(2)	 Prepare tax schedules, which include without limitation the following items: 

 

	 	a.	 Fiscal Distribution Schedule (including recorded ROSCOP journal entry to general ledger).

  

	 	b.	 Excise Distribution Schedule. 

 

	3.	 Compensation 

Fund Services shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on
Exhibit A hereto (as amended from time to time by consent of both parties to this Agreement). The Fund shall pay all fees and reimbursable miscellaneous expenses as are reasonably incurred by Fund Services in performing its duties hereunder
and as are described in Exhibit A hereto. In the event any additional requirements are imposed upon Fund Services hereunder due to the 

  
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adoption of any new or amended industry, regulatory or other applicable rules, the parties shall, acting in good faith, mutually agree upon any additional compensation in respect thereof. The
Fund shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify Fund Services in writing
within thirty (30) calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within thirty (30) calendar days of the day on which the parties agree to the
amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices may be assessed, in USBFS’s discretion, a finance charge of 11⁄2% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Fund to Fund Services shall only be paid out of assets and property of the Fund     

Notwithstanding anything to the contrary herein, Exhibit A reflects all fees to be paid by and all expenses to be reimbursed by the Fund in
favor of Fund Services collectively, pursuant to (a) this Agreement, and (b) that certain Fund Accounting Servicing Agreement to be entered into between the Fund and Fund Services on or about the date hereof (the “Fund Accounting
Agreement”), and, for the avoidance of doubt, in all cases the amounts payable hereunder shall be without duplication of any amounts payable under the Fund Accounting Agreement. 

 

	4.	 Representations and Warranties 

 

	 	A.	 The Fund hereby represents and warrants to Fund Services, which representations and warranties shall be deemed
to be continuing throughout the term of this Agreement, that: 

  

	 	(1)	 It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its respective obligations hereunder; 

  

	 	(2)	 This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite
action and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and
remedies of creditors and secured parties; and 

  

	 	(3)	 It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its organizational documents or any
contract binding it or affecting its property which would prohibit its execution or performance of this Agreement. 

  
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	 	B.	 Fund Services hereby represents and warrants to the Fund, which representations and warranties shall be deemed
to be continuing throughout the term of this Agreement, that: 

  

	 	(1)	 It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 

  

	 	(2)	 This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all
requisite action and constitutes a valid and legally binding obligation of Fund Services, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the
rights and remedies of creditors and secured parties; and 

  

	 	(3)	 It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its organizational documents or any
contract binding it or affecting its property which would prohibit its execution or performance of this Agreement. 

  

	5.	 Standard of Care; Indemnification; Limitation of Liability 

 

	 	A.	 Fund Services shall exercise reasonable care in the performance of its duties under this Agreement. Fund
Services shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication
or power supplies beyond USBFS’ control, except a loss arising out of or relating to USBFS’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence, or willful misconduct in the performance of its
duties under this Agreement. Notwithstanding any other provision of this Agreement, if Fund Services has exercised reasonable care in the performance of its duties under this Agreement, the Fund shall indemnify and hold harmless Fund Services from
and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable and documented attorneys’ fees) that Fund Services may sustain or incur or that may be asserted against Fund Services by
any person arising out of or relating to any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance upon any written or oral instruction provided
to Fund Services by the Fund’s investment adviser or by any duly authorized officer of the Fund, as approved by the Board of Directors of the Fund, except for any and all claims, demands, losses, expenses, and liabilities arising out of or
relating to USBFS’ refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of
the the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term “Fund Services” shall include USBFS’ directors, officers and employees. 

  
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 Fund Services shall indemnify and hold the Fund harmless from and against any and all claims,
demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys’ fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising out of or relating to USBFS’
refusal or failure to comply with the terms of this Agreement, or from its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of Fund Services, its
successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term the “Fund” shall include its directors, officers and employees. 

Subject to each party’s indemnification obligations with respect to third party claims (as described above), neither party to this
Agreement shall be liable to the other party for consequential, special or punitive damages under any provision of this Agreement. 
 In the
event of a mechanical breakdown or failure of communication or power supplies beyond its control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. Fund Services shall as
promptly as possible under the circumstances notify the Fund in the event of any service interruption that materially impacts USBFS’ services under this Agreement. Fund Services will make every reasonable effort to restore any lost or damaged
data and correct any errors resulting from such a breakdown at the expense of Fund Services as soon as practicable. Fund Services agrees that it shall, at all times, have reasonably adequate business continuity and disaster recovery contingency
plans, systems and processes, including without limitation arrangements with appropriate parties, and shall make reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available.
Representatives of the Fund shall be entitled to inspect USBFS’ premises and operating capabilities, books and records maintained on behalf of the Fund at any time during regular business hours of Fund Services, upon reasonable notice to Fund
Services. Fund Services shall promptly notify the Fund upon discovery of any material administrative error, and shall consult with the Fund about the actions it intends to take to correct the error prior to taking such actions. A “material
administrative error” means any error which the Fund’s management, including its Chief Compliance Officer, would reasonably need to know to oversee Fund compliance. Moreover, Fund Services shall obtain and provide the Fund, at such times
as they may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of Fund Services relating to the services provided by Fund Services under this Agreement. 

  
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 Notwithstanding the above, Fund Services reserves the right to reprocess and correct
administrative errors at its own expense. 
  

	 	B.	 In order that the indemnification provisions contained in this section shall apply, it is understood that if in
any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will
use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any
claim that may be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such
situation initiate no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify
the indemnitee except with the indemnitor’s prior written consent. 

  

	 	C.	 The indemnity and defense provisions set forth in this Section 5 shall indefinitely survive the
termination and/or assignment of this Agreement. 

  

	 	D.	 If Fund Services is acting in another capacity for the Fund pursuant to a separate agreement, nothing herein
shall be deemed to relieve Fund Services of any of its obligations in such other capacity. 

  

	6.	 Proprietary and Confidential Information 

Fund Services agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of
the Fund all records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders) including all shareholder trading information, and not to use such records and information
for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval may not be withheld where Fund Services may be exposed to civil
or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted regulatory authorities, provided that to the extent permitted by law, Fund Services shall provide the Fund notice prior
to such disclosures, or (iii) when so requested by the Fund; provided, however, that in the case of (i) and (ii) above, Fund Services shall reasonably cooperate with the Fund in its efforts to maintain the confidentiality of any such
information. Records and other information which have become known to the public through no wrongful act of Fund Services or any of its directors, officers, employees, agents or representatives, and information that was already in the possession of
Fund Services on an unrestricted basis prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph. Fund Services acknowledges that it may come into possession of material nonpublic information with respect to the
Fund, its portfolio companies or other privately or publicly held companies and confirms that it has in place effective procedures to prevent the use of such information in violation of applicable insider trading laws. 

  
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 Further, Fund Services will adhere to privacy policies adopted and as may be modified from
time to time by Fund Services subject to oversight by the Fund’s Chief Compliance Officer, as required by Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time (the “GLB Act”).    In this
regard, Fund Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and
information relating to the Fund and its shareholders. In addition, Fund Services has implemented and will maintain an effective information security program reasonably designed to protect information relating to Shareholders (such information,
“Personal Information”), which program includes sufficient administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) ensure the security and confidentiality of such Personal
Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal Information
that could result in substantial harm or inconvenience to the Fund or any Shareholder (the “Information Security Program”). The Information Security Program complies and shall comply with reasonable information security practices
prevailing within the registered investment company servicing industry. Fund Services shall promptly notify the Fund in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or
alleged) any Personal Information (any or all of the foregoing referred to individually and collectively for purposes of this provision as a “Security Breach”). Fund Services shall promptly investigate and remedy, and bear the cost of the
measures (including notification to any affected parties), if any, to address any Security Breach. Fund Services shall bear the cost of the Security Breach only if Fund Services is determined to be responsible for such Security Breach. 

In addition to, and without limiting the foregoing, Fund Services will promptly cooperate with the Fund or any of their affiliates’
regulators at USBFS’s expense (only if Fund Services is determined to be responsible for such Security Breach) to prevent, investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or
actions and giving information and testimony. 
 Notwithstanding any other provision in this Agreement, the obligations set forth in this
Section 6 shall survive termination of this Agreement. 
 Notwithstanding the foregoing, Fund Services will not share any nonpublic
personal information concerning any of the Fund’s shareholders to any third party unless specifically directed by the Fund or allowed under one of the exceptions noted under the GLB Act. 

 

	7.	 Term of Agreement; Amendment 

This Agreement shall become effective as of the date first written above and will continue in effect for a period of three (3) years.
However, this Agreement may be 

  
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terminated by either party upon giving one hundred and twenty (120) days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties.
Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within fifteen (15) days of notice of such breach to the
breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by the parties, and authorized or approved by the Board of Directors. 

 

	8.	 Records 

Fund Services shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem
advisable and is agreeable to the Fund, but not inconsistent with any requirements of applicable laws, rules and/or regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. Fund
Services agrees that all such records prepared or maintained by Fund Services relating to the services to be performed by Fund Services hereunder are the property of the Fund and will be preserved, maintained, and made available in accordance with
such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Fund on and in accordance with its request. Fund Services agrees to provide any records necessary to the Fund to comply with the Fund’s disclosure
controls and procedures and internal control over financial reporting adopted in accordance with the SOX Act. Without limiting the generality of the foregoing, Fund Services shall cooperate with the Fund and assist the Fund, as necessary, by
providing information to enable the appropriate officers of the Fund to (i) execute any required certifications and (ii) provide a report of management on the Fund’s internal control over financial reporting (as defined in Sections 13a-15(f) or 15a-15(f) of the 1934 Act). 
  

	9.	 Governing Law 

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the
extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the
1940 Act or any rule or order of the SEC thereunder. 
  

	10.	 Duties in the Event of Termination 

In the event that, in connection with termination, a successor to any of USBFS’ duties or responsibilities hereunder is designated by the
Fund by written notice to Fund Services, Fund Services will promptly, upon such termination and, except in the case of a material breach by Fund Services, in which case all expenses shall be borne by Fund Services, at the expense of the Fund,
transfer to such successor all relevant books, records, correspondence, and other data established or maintained by Fund Services under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which Fund
Services has maintained the same, the Fund shall pay any reasonable and documented expenses incurred in connection with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision
for assistance from USBFS’ personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Fund. 

  
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	11.	 No Agency Relationship 

Fund Services shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or
authorized herein, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund, or conduct business in the name, or for the account, of the Fund. 

 

	12.	 Data Necessary to Perform Services 

The Fund or its agents shall furnish to Fund Services the data necessary to perform the services described herein at such times and in such
form as mutually agreed upon. For the avoidance of doubt, Fund Services agrees that, to the extent required in order to carry out any of its obligations hereunder, Fund Services will coordinate with all other service providers of the Fund as may be
requested and authorized by the Fund, including each custodian of the Fund, as appropriate. If Fund Services is also acting in another capacity for the Fund, nothing herein shall be deemed to relieve Fund Services of any of its obligations in such
capacity. 

  
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	13.	 Assignment 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this
Agreement shall not be assignable by the Fund without the written consent of Fund Services, or by Fund Services without the written consent of the Fund accompanied by the authorization or approval of the Board of Directors. 

 

	14.	 Compliance with Laws 

The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with
the 1940 Act, the Internal Revenue Code of 1986, as amended, the SOX Act, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism of 2001 and the policies and limitations of the Fund related
to its portfolio investments as set forth in its registration statement. USBFS’ services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance or the Board of Directors’ oversight responsibility with
respect thereto. 
 The foregoing shall not affect USBFS’s responsibilities for compliance and related matters delegated to Fund
Services by the Fund as expressly provided herein. Fund Services shall comply with changes to all regulatory requirements affecting its services hereunder to the Fund and shall implement any necessary modifications to the services prior to the
deadline imposed, or extensions authorized by, the regulatory or other governmental body having jurisdiction for such regulatory requirements. 
  

	15.	 Legal-Related Services 

Nothing in this Agreement shall be deemed to appoint Fund Services and its officers, directors and employees as the Fund’ attorneys, form
attorney-client relationships or require the provision of legal advice. The Fund acknowledges that in-house Fund Services attorneys exclusively represent Fund Services and rely on outside counsel retained by
the Fund to review all services provided by in-house Fund Services attorneys and to provide independent judgment on the Fund’s behalf. Because no attorney-client relationship exists between in-house Fund Services attorneys and the Fund, any information provided to Fund Services attorneys may not be privileged and may be subject to compulsory disclosure under certain circumstances. Fund Services
represents that it will maintain the confidentiality of information disclosed to its in-house attorneys in accordance with its obligations under Section 6 above. 

 

	16.	 Notices 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the
date delivered personally or by courier service, upon delivery after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent by email (so long as no error message is received in response thereto), or on
the date sent and confirmed received by facsimile transmission to the other party’s address set forth below: 

  
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 Notice to Fund Services shall be sent to: 

U.S. Bancorp Fund Services, LLC 

777 East Wisconsin Avenue 
 MK-WI-J1S 
 Milwaukee, WI 53202 

Chief Counsel 
 Email:
michael.dahm@usbank.com 
 and notice to the Fund shall be sent to: 

Muzinich BDC, Inc. 

c/o Muzinich BDC Adviser, LLC 

450 Park Ave. 

New York, NY 10022 

Email: legal@muzinich.com 
  

	17.	 Invalidity 

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties. 

 

	18.	 Multiple Originals 

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such
counterparts shall together constitute but one and the same instrument. 
  

	19.	 Entire Agreement 

This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, constitutes the entire agreement
of the parties with respect to the subject matter hereof and supersedes all prior agreements, arrangements and understandings, whether written or oral. 

[Signature on the following page] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly
authorized officer on one or more counterparts as of the last date written above. 
  

									
	MUZINICH BDC, INC.	 		 	U.S. BANCORP FUND SERVICES, LLC
					
	By:	 	/s/ Paul Fehre	 		 	By:	 	/s/ Anita M. Zagrodnik
					
	Name:	 	Paul Fehre	 		 	Name:	 	Anita M. Zagrodnik
					
	Title:	 	Chief Financial Officer and Treasurer	 		 	Title:	 	Senior Vice President

  
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