Document:

Exhibit 10.1

      

      

      

      INVESTMENT ADVISORY AGREEMENT 

       

      

      BETWEEN

       

      

      STAR MOUNTAIN CREDIT OPPORTUNITIES FUND, LP

       

      

      AND

       

      

      STAR MOUNTAIN FUND MANAGEMENT, LLC

       

      

      Agreement made this 1st day of September, 2019, by and between Star Mountain Credit
        Opportunities Fund, LP, a Delaware limited partnership (such limited partnership and any successor entity, the “Fund”), and Star Mountain Fund Management, LLC, a Delaware limited liability company (the “Adviser”).

       

      

      WHEREAS, the Fund is a Delaware limited partnership that may in the future convert to a closed-end management investment company that may elect to be treated as a business
        development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”) (such election, together with any accompanying restructuring of the Fund, the “BDC Conversion”); and

       

      

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

       

      

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

       

      

      	

            	1.	
              Definitions.

            

       

      

      Capitalized terms used herein without definition shall have the same meaning as set forth in the Amended and Restated Limited Partnership Agreement of the Fund, dated as of
        September 13, 2019 (as it may be amended from time to time, the “Partnership Agreement”).

        

      

      	

            	2.	
              Duties of the Adviser.

            

       

      

      (a)          The Fund hereby engages the Adviser to act as the investment adviser to the Fund and to manage the investment and reinvestment of the assets of the Fund, subject to
        the supervision of the Fund’s general partner (the “General Partner”) (or, following the BDC Conversion, the board of directors of the Fund (the “Board of Directors”)), for the period and upon the terms herein set forth, (i) in
        accordance with the investment objective, policies and restrictions that are set forth in the Fund’s Confidential Private Placement Memorandum, dated September 1, 2019, as the same may be amended from time to time, and, following the BDC
        Conversion, in any registration statements filed by the Fund with the Securities and Exchange Commission (the “SEC”); (ii) during the term of this Agreement in accordance with all other applicable federal and state laws, rules and
        regulations, and the Fund’s organizational documents, as the same may be amended or superseded from time to time; and (iii) following the BDC Conversion, the Adviser will manage the assets of the Fund in accordance with the Investment Company Act
        and such policies and instructions as the Board of Directors may establish.  Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the
        portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, source, research, evaluate and negotiate the structure of the investments made by the Fund; (iii) close and monitor the
        Fund’s investments; (iv) determine the securities and other assets that the Fund will purchase, retain or sell; (v) perform due diligence on prospective portfolio companies; and (vi) provide the Fund with such other investment advisory, research
        and related services as the Fund may, from time to time, reasonably require for the investment of its funds, including providing operating and managerial assistance to the Fund and its portfolio companies, as required. The Adviser shall have the
        power and authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the execution and delivery of all documents relating to the Fund’s investments and the placing of orders for other purchase or sale
        transactions on behalf of the Fund. In the event that the Fund determines to directly or indirectly (including through any Alternative Investment Vehicle or any subsidiary of the Fund (a “Subsidiary”)) acquire debt financing, the Adviser
        will arrange for such financing on the Fund’s behalf, subject to the oversight and approval of the General Partner (or, following the BDC Conversion, the Board of Directors). If it is necessary or appropriate for the Adviser to make investments on
        behalf of the Fund through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose vehicle (in accordance with the
        Investment Company Act following the BDC Conversion). The authority of the Adviser conferred pursuant to this Agreement shall apply equally in respect of any controlled Subsidiary of the Fund.

       

      

      
        
          

      

      
      (b)         The Adviser hereby accepts such engagement and agrees during the term hereof to render the services described herein for the compensation provided herein.

       

      

      (c)         The Adviser is hereby authorized to enter into one or more sub-advisory agreements with other investment advisers (each, a “Sub-Adviser”) pursuant to which the
        Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Fund’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 Fund, subject to the oversight
        of the Adviser and the Fund. The Adviser shall be responsible for any compensation payable to any Sub-Adviser. Nothing in this subsection 2(c) will obligate the Adviser to pay any expenses that are the expenses of the Fund under Section 3 hereof.
        Following the BDC Conversion, any sub-advisory agreement entered into by the Adviser shall be subject to approval by the Board of Directors as required by Section 15 of the Investment Company Act and shall otherwise be in accordance with the
        requirements of the Investment Company Act and other applicable federal and state law.

       

      

      (d)         The Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no
        authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

      

      

      (e)          Following the BDC Conversion, the Adviser shall keep and preserve for the period required by the Investment Company Act any books and records relevant to the
        provision of its investment advisory services to the Fund and shall specifically maintain all books and records in accordance with Section 31(a) of the Investment Company Act with respect to the Fund’s portfolio transactions and shall render to the
        Fund’s 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 Fund are the property of the Fund and will surrender promptly to the Fund
        any such records upon the Fund’s request, provided that the Adviser may retain a copy of such records.

        

      

      	

            	3.	
              Fund’s Responsibilities and Expenses Payable by the Fund.

            

       

      

      (a)          All personnel of the Adviser, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine
        overhead expenses of such personnel allocable to such services, will be provided and paid for by the Adviser and not by the Fund, except as provided below.

       

      

      
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      (b)         The Fund will bear all other costs and expenses of its investment activities, operations, administration, transactions, meetings or liquidation, including, without
        limitation, legal, accounting, tax, auditing, consulting and other professional expenses (including, without limitation, expenses relating to establishing reputation and public relations in connection with self-sourced lending or other financial
        transactions); the Management Fee (as defined below) and Incentive Compensation (as defined below); professional liability insurance (including costs relating to directors’ and officers’ liability insurance and errors and omissions insurance);
        research and market data expenses; interest on indebtedness; custodial fees; bank service fees; investment-related fees and expenses (such as third-party sourcing fees, fees and expenses of legal and other professionals, due diligence expenses and
        travel, lodging and meal expenses) related to the analysis, purchase or sale of investments, whether or not the investments are consummated; expenses related to special purpose vehicles (including, without limitation, overhead expenses related
        thereto); interest payable on debt, if any, incurred to finance the Fund’s investments; other expenses related to the purchase, monitoring, sale, settlement, custody or transmittal of Fund assets (directly or through trading Affiliates) as will be
        determined by the Adviser (or, following the BDC Conversion, an Affiliate thereof, as applicable) in its sole discretion (including costs associated with systems and software used in connection with investment- related activities); costs of
        reporting to investors and investor meetings (including meetings of the Advisory Committee and reasonable expenses incurred by members of the Advisory Committee in connection with their attendance); administration fees and expenses charged by any
        third-party provider of administration services; entity-level taxes; expenses relating to the offer, transfer, sale and marketing of Interests in the Fund (other than any private placement fees or expenses incurred in connection with the sale of
        Interests or interests in the BDC Vehicle prior to an initial public offering (including a Qualified IPO, an “IPO”), which will instead be borne by the General Partner and/or the Adviser); organizational fees and expenses of the Fund or any
        Parallel Investment Entity (including legal, accounting, consulting, filing and other direct organizational costs, but excluding any costs and expenses incurred in connection with the BDC Conversion or an IPO) up to an aggregate amount not to
        exceed $1 million; filing fees and expenses; Federal and state registration fees and expenses; regulatory and compliance fees and expenses of the Fund (including with respect to any registration activities of the Fund); costs of winding up and
        liquidating the Fund; costs associated with the BDC Conversion and ensuring compliance with the applicable BDC and regulated investment company (“RIC”) requirements under the Investment Company Act and the U.S. Internal Revenue Code of 1986,
        as amended (the “Code”), respectively, including, but not limited to, costs incurred in connection with the organization of, and transfer of assets to, a private investment vehicle and all other expenses incurred in connection with effecting
        the BDC Conversion; expenses incurred in connection with a Limited Partner that defaults in respect of a Commitment; and other expenses associated with the operation of the Fund and its investment activities, including extraordinary expenses such
        as litigation, workout and restructuring and indemnification expenses, if any. For the avoidance of doubt, the Fund will also bear its allocable share (based on invested capital) of any of the foregoing expenses incurred by any Subsidiary.

       

      

      (c)          Following the BDC Conversion, the Fund will also be responsible for the costs of the offering of common shares and other securities, including, but not limited to,
        all expenses incurred in connection with an IPO; costs and expenses relating to distributions paid to investors; costs of effecting sales and repurchases of the Fund’s securities; allocated costs incurred by the Adviser or its Affiliate in
        providing managerial assistance to those companies in which the Fund has invested who request it; transfer agent fees; fees and expenses paid to the Fund’s independent directors (including expenses and costs related to meetings of the independent
        directors); costs of preparing and filing reports with the SEC and other Fund reporting and compliance costs, including registration and listing fees; the Fund’s allocable portion of the fidelity bond; the costs of reports, proxy statements or
        other notices to investors, including printing and mailing costs; the costs of any stockholders’ meetings and communications; expenses payable under any underwriting agreement, including associated fees, expenses and any indemnification
        obligations; and all other expenses incurred by the Fund in connection with maintaining its status as a BDC. In addition, the Fund will reimburse the Adviser or its Affiliates, as applicable, for all costs and expenses incurred in connection with
        administering the Fund’s business including out of pocket expenses (including travel, lodging and meals), the Fund’s allocable portion of the Adviser’s or any affiliated Administrator’s (as defined below) overhead expenses in performing its
        obligations under this Agreement or any administration agreement with one or more Administrators (each, an “Administration Agreement”), as applicable, including rent and the allocable portion of the compensation paid by the Adviser or its
        Affiliates, as applicable, to the Fund’s Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on the percentage of time such individuals devote, on an estimated basis, to the business affairs of the Fund),
        third-party software licensing, implementation, data management and recovery services and custom development costs.

       

      

      
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      (d)          To the extent that expenses to be borne by the Fund are paid by the Adviser and/or one or more administrators of the Fund (each, together with any successor
        thereto, an “Administrator”), the Fund will reimburse the Adviser and/or such Administrator(s), as applicable, for such expenses, it being understood that the administrative services contemplated by this Section 3 may be performed by the
        Adviser or any of its Affiliates, one or more third party Administrators, or a combination thereof.

       

      

      	

            	4.	
              Compensation of the Adviser.

            

       

      

      The Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (the “Management Fee”)
        and, following the BDC Conversion, incentive compensation (“Incentive Compensation”) as hereinafter set forth. The Fund 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 the Fund may adopt a deferred compensation plan pursuant to which the Adviser may elect, to defer or waive all or a portion of its fees hereunder for a specified period of time.

       

      

      (a)          The Fund will pay to the Adviser an annual Management Fee, payable quarterly in arrears at a rate of 1.75% per annum of the average of the Fund’s total gross assets
        (excluding cash or cash equivalents but including assets purchased with borrowed amounts) as of the end of each of the two most recently completed calendar quarters. The Management Fee is payable quarterly in arrears and will be appropriately prorated for any partial quarter

       

      

      (b)          Following the BDC Conversion, Incentive Compensation will be payable by the Fund to the Adviser and will consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage
        of the Fund’s income (an “Income Incentive Fee”) and a portion is based on a percentage of the Fund’s capital gains (the “Capital Gains Incentive Fee”), each as described below:

       

      

      	

            	(i)	
              Income Incentive Fee.

            

      

      

      Incentive Fee on Pre-Incentive Fee Net Investment Income

      

      

      The first component of the Incentive Compensation, the Income Incentive Fee, is payable quarterly in arrears. The Income Incentive Fee will be determined by comparing the
        Fund’s Pre-Incentive Fee Net Investment Income (as defined herein) to a “Hurdle Amount.” The Hurdle Amount is equal to the product of (i) the hurdle rate of 1.75% per quarter (7.00%
        annualized) and (ii) the Fund’s net assets at the end of the immediately preceding quarter.

      

      

      The Fund will pay the Adviser an Income
        Incentive Fee quarterly in arrears with respect to the Fund’s Pre-Incentive Fee Net Investment Income in each calendar quarter as follows:

      

      

      	

            	1)	
              no Income Incentive Fee in any calendar quarter in which the Fund’s Pre- Incentive Fee Net Investment Income does not exceed the Hurdle Amount;

            

      

      

      
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            	2)	
              100% of that portion of the Fund’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Amount but is less than or equal to a “Catch-up
                  Amount.” The Catch-up Amount is equal to the product of (i) 2.19% per quarter (8.75% annualized) and (ii) the Fund’s net assets at the end of the immediately preceding quarter. The Catch-up Amount is meant to provide the Adviser with approximately 20% of the Fund’s Pre- Incentive Fee Net Investment Income as if a hurdle rate did not apply; and

            

      

      

      	

            	3)	
              20% of the Fund’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the Catch-up Amount. This reflects that once the Hurdle Amount and the
                Catch-up Amount are achieved, 20% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Adviser.

            

      

      

      Pre-Incentive Fee Net Investment Income shall mean interest income, dividend income
        and any other income accrued or earned by the Fund during the calendar quarter, minus the Fund’s operating expenses for the quarter (including Management Fee, administrative expenses payable under the Administration Agreement or any Sub-Administration Agreement, and any interest expense and
        dividends paid on any issued and outstanding preferred stock, but excluding Incentive Compensation). Pre-Incentive Fee Net Investment
        Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay in kind interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses and unrealized capital appreciation or depreciation.

      

      

      	

            	(ii)	
              Capital Gains Incentive Fee.

            

      

      

      Incentive Fee on Capital Gains

      

      

      The second component of the Incentive Compensation, the Capital Gains Incentive Fee, is payable at the end of each calendar year in arrears.

      

      

      The amount payable equals:

      

      

      20% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis,
        less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

      

      

      	

            	5.	
              Transaction Fees

            

       

      

      (a)          If the Adviser or its Affiliates or their respective officers, directors, partners, members, shareholders or employees (other than the Fund, any Alternative
        Investment Vehicle, any Subsidiary or any Parallel Investment Entity) receive any compensation in the form of directors’ fees, transaction fees, monitoring fees, financial advisory fees, investment management fees, origination fees, arrangement
        fees, commitment fees, broken deal fees and other fees for similar or related services and any other compensation in connection with lending or other financial transactions or investments (including, without limitation, acquisitions, dispositions,
        recapitalizations and restructurings), the portion of such compensation ratably attributable to investments made (or, in the case of broken deal fees, proposed) either directly by the Fund or indirectly through an Alternative Investment Vehicle or
        a Subsidiary will be either (a) paid to the Fund (or such Alternative Investment Vehicle or Subsidiary, as applicable) or (b) prior to the BDC Conversion, applied as an offset to the Management Fee.  Prior to the BDC Conversion, if the Management
        Fee is not sufficient to offset any such fees, any shortfall will be carried forward to reduce future Management Fees until the earlier of such time as (i) such shortfall is fully offset or (ii) the Adviser is no longer entitled to receive the
        Management Fee from the Fund. Upon the BDC Conversion or such time that the Adviser is no longer entitled to receive the Management Fee from the Fund, any remaining shortfall shall be paid by the Adviser or its Affiliates to the Fund.

       

      

      
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      (b)          Any fees received by the Adviser or its Affiliates in connection with or arising from providing administrative, collateral management or similar or related services
        in respect of lending or other financial transactions or Investments will be retained by the Adviser and will not be applied as an offset to the Management Fee, it being understood that, in the event that any expenses incurred by the Adviser or its
        Affiliates in connection with the provision of the foregoing services are charged to the Fund (or an Alternative Investment Vehicle or a Subsidiary) as a Fund Expense, the portion of such compensation ratably attributable to such expenses will be
        either (i) paid to the Fund (or an Alternative Investment Vehicle, as applicable) or (ii) prior to the BDC Conversion, paid to the Adviser and applied as an offset to the Management Fee as provided in Section 5(a) above.

       

      

      	

            	6.	
              Covenants of the Adviser.

            

       

      

      (a)          The Adviser agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations
        and investments, including, but not limited to, the Investment Advisers Act of 1940, as amended (the “Advisers Act”).

       

      

      (b)          The Adviser further covenants that it will maintain its registration as an investment adviser under the Advisers Act at all times that the Adviser is required by
        applicable law or regulation to be registered.

       

      

      	

            	7.	
              Excess Brokerage Commissions.

            

      

        The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Fund to pay any broker-dealer or other member of a national securities exchange (a “Broker-Dealer”) an amount of commission for effecting
        a securities transaction in excess of the amount of commission another Broker-Dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account such factors as overall cost of the transaction
        (including the applicable brokerage commission or dealer spread); the size and type of the transaction; the nature of the market for the financial instrument; execution capability, speed and efficiency; market intelligence regarding the
        transaction; the extent to which the Broker-Dealer makes a market in the financial instrument involved or has access to such markets; the Broker-Dealer’s financial stability; the Broker-Dealer’s reputation for diligence, fairness and integrity;
        quality of service rendered by the Broker-Dealer in other transactions for the Adviser; confidentiality considerations; the quality and usefulness of research services and investment ideas presented by the Broker-Dealer; the Broker-Dealer’s
        willingness to correct errors; the Broker-Dealer’s ability to accommodate any special execution or order handling requirements in connection with any particular transaction; and other factors deemed appropriate by the Adviser.

       

      

      
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            	8.	
              Limitations on the Activities of the Adviser.

            

       

      

      The services of the Adviser to the Fund are not exclusive, and the Adviser and each of its Affiliates 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 Fund and nothing in
        this Agreement shall limit or restrict the right of any member, manager, partner, officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or
        dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Fund’s portfolio companies, subject to applicable law), provided
        that the foregoing shall be without prejudice to the obligations of the Adviser and its Affiliates pursuant to the Partnership Agreement or any related agreement. So long as this Agreement or any extension, renewal or amendment remains in effect,
        the Adviser shall be the only investment adviser for the Fund, 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, limited partners and/or stockholders of the Fund 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 Fund as limited partners, stockholders or otherwise.

       

      

      	

            	9.	
              Responsibility of Dual Directors, Officers and/or Employees.

            

       

      

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

       

      

      	

            	10.	
              Exculpation; Indemnification; Advancement of Expenses.

            

       

      

      (a)          None of the Adviser, its Affiliates, and their respective directors, officers, partners, members, shareholders, “controlling persons” (as defined under the Investment
        Company Act), employees, agents, consultants and representatives (collectively, the “Covered Persons”) will be liable to the Fund or the Limited Partners for (i) any act taken or failed to be taken by any such Covered Person except for any
        such act or failure to act that constitutes (x) Disabling Conduct (as defined below), (y) a knowing and material breach of this Agreement, the Partnership Agreement or, following the BDC Conversion, any Shareholder Agreement, that has not been
        cured within thirty (30) days or (z) a violation of the antifraud provisions of any U.S. federal securities law, in each case, as finally determined by a court of competent jurisdiction, (ii) any act or failure to act by any Limited Partner or
        (iii) any mistake, negligence, misconduct or bad faith of any broker or other agent or representative of the Fund selected or employed by the General Partner or the Adviser or their Affiliates in good faith. 

      Notwithstanding anything to the contrary in this Section 10 (except as provided in Section 10(f)), any Covered Person may consult with legal counsel and accountants in respect of
        Fund affairs and shall be fully protected and justified in taking or refraining from any action in good faith, in reliance upon and in accordance with the opinion or advice of such counsel or accountants selected in good faith for purposes of
        exculpation and indemnification contemplated herein (irrespective of any judicial determination regarding the conduct of such Covered Person).

       

      

      (b)          To the fullest extent permitted by law, the Fund shall indemnify and hold harmless the Covered Persons from and against all claims, damages, liabilities, costs and
        expenses, including legal fees (“Indemnifiable Items”), to which they may be or become subject by reason of their activities on behalf of the Fund, or otherwise relating to this Agreement, except (i) to the extent that such Indemnifiable
        Items were incurred as a result of such Covered Person’s (x) Disabling Conduct, (y) knowing and material breach of this Agreement, the Partnership Agreement or, following the BDC Conversion, any Shareholder Agreement, that has not been cured within
        thirty (30) days or (z) violation of the antifraud provisions of any U.S. federal securities law, in each case, as finally determined by a court of competent jurisdiction, (ii) with respect to any Indemnifiable Items that arise out of any action,
        suit or proceeding solely among the General Partner, the Adviser and/or their respective Affiliates and their respective directors, officers, partners, members, shareholders and employees and (iii) 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 a tribunal of competent jurisdiction) with respect to the receipt of compensation for services to the extent the Fund elects to
        be regulated as a BDC under the Investment Company Act. The termination of any proceeding by settlement, judgment, order, conviction or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that the
        Covered Person’s conduct constituted Disabling Conduct, a knowing and material breach of this Agreement or the Partnership Agreement that has not been cured within thirty (30) days or a violation of the antifraud provisions of any U.S. federal
        securities law. “Disabling Conduct” shall mean fraud, willful misfeasance or gross negligence as finally determined by a court of competent jurisdiction.

       

      

      
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      (c)          Expenses (including attorneys’ fees) incurred by a Covered Person in defense or settlement of any claim that may be subject to a right of indemnification hereunder
        (i) prior to the BDC Conversion, may, in the General Partner’s sole discretion, and (ii) following the BDC Conversion, shall, be advanced by the Fund prior to the final disposition thereof upon receipt of an undertaking by or on behalf of such
        Covered Person to repay the amount advanced to the extent that it shall be determined ultimately that such Covered Person is not entitled to be indemnified hereunder; provided that no advances shall be made by the Fund in respect of any
        action, suit or proceeding against a Covered Party initiated by (i) the Fund, (ii) Unaffiliated Investors holding greater than 50% of the Commitments of the Unaffiliated Investors or (iii) following the BDC Conversion, BDC Vehicle shareholders
        holding more than 50% of the BDC Shares and bringing substantially similar claims under their respective Shareholder Agreements. For the avoidance of doubt, in the event any such Covered Person is not finally determined to have engaged in Disabling
        Conduct, a knowing and material breach of this Agreement, the Partnership Agreement or, following the Conversion, any Shareholder Agreement, that has not been cured within thirty (30) days or a violation of the antifraud provisions of any U.S.
        federal securities laws, in each case, by a court of competent jurisdiction, the indemnification provision described in Section 10(b) will apply. The right of any Covered Person to the indemnification provided herein shall be cumulative of, and in
        addition to, any and all rights to which such Covered Person may otherwise be entitled by contract or as a matter of law or equity and shall be extended to such Covered Person’s successors, assigns and legal representatives.

       

      

      (d)          In the event that (i) a Covered Person is appointed to serve as a manager, director or officer of the issuer of any Portfolio Investment, or is otherwise authorized
        to act on behalf of such issuer and (ii) such Covered Person is entitled to seek indemnification from such issuer pursuant to a written agreement with such issuer entered into after the Initial Closing (a “Written Agreement”) or pursuant to
        such issuer’s articles of incorporation, bylaws, partnership agreement, limited liability company agreement or other constitutive documents, the Adviser will endeavor to ensure that any such Written Agreement shall provide that the indemnification
        obligations of such issuer are primary and the indemnification obligations of the Fund are secondary. Prior to an IPO, any Covered Person meeting the criteria described in clauses (i) and (ii) above (a “Representative”) entitled to
        indemnification from the Fund in connection with Indemnifiable Items arising from such Representative’s activities in such capacity shall use reasonable efforts to first seek recovery under any other indemnity or any insurance policies by which
        such Representative is indemnified or covered (other than pursuant to terms of the operating agreements of the General Partner, the Adviser and their Affiliates), as the case may be, but only to the extent that the indemnitor with respect to such
        indemnity, or insurer with respect to such insurance policy, provides such indemnity or coverage on a timely basis. Prior to making an indemnification payment or providing advancement of expenses pursuant to this Section 10 to a Representative that
        is also entitled to indemnification from an issuer of a Portfolio Investment or insurance policy, the Adviser shall require such Representative to agree that it shall (x) cause the Fund to be subrogated to its rights with respect to such payment
        from such issuer or insurance policy, as applicable, (y) assign to the Fund all of its rights to advancement, indemnification or contribution from or with respect to such issuer or insurance policy and (z) cooperate with the Fund in its efforts to
        recover such payments through indemnification or otherwise.

       

      

      
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      (e)          In any action, suit or proceeding against the Fund or the Covered Persons relating to or arising out of, or alleged to relate to or arise out of, any Indemnifiable
        Items, the Covered Persons shall have the right to jointly employ, at the expense of the Fund, counsel of the Covered Persons’ choice, which counsel shall be reasonably satisfactory to the Fund, in such action, suit or proceeding; provided that

        if retention of joint counsel by the Covered Persons would create a conflict of interest, each group of Covered Persons which would not cause such a conflict shall have the right to employ, at the expense of the Fund, separate counsel of the
        Covered Persons’ choice, which counsel shall be reasonably satisfactory to the Fund, in such action, suit or proceeding.

       

      

      (f)          Notwithstanding anything in this Section 10 to the contrary, nothing contained herein shall be construed so as to provide for the exculpation of the Adviser or
        Covered Persons for any liability (including liability under federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such liability may not be
        waived, modified or limited under applicable law, but shall be construed so as to effectuate the provisions of this Section 10 to the fullest extent permitted by law.  In addition, following the BDC Conversion, nothing contained herein shall
        protect or be deemed to protect the Covered Persons against or entitle or be deemed to entitle the Covered Persons to indemnification in respect of any liability to the Fund or its security holders to which the Covered Persons would otherwise be
        subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this Agreement (as the same shall be determined
        in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder to the extent the Fund elects to be regulated as a BDC under the Investment Company Act). The provisions set forth in this Section
        10 shall not be construed to limit or exclude any other right to which a Covered Person may be lawfully entitled and shall survive the termination of this Agreement.

       

      

      	

            	11.	
              Use of Name.

            

      

        The Fund acknowledges that it has adopted its name through the permission of the Adviser. The Adviser hereby consents to the non-exclusive use by the Fund of the name “Star Mountain” only so long as the Adviser serves as the investment adviser of
        the Fund. The Fund agrees that it will indemnify and hold harmless the Adviser and its Affiliates from and against any and all costs, losses, claims, damages or liabilities, joint or several, including, without limitation, attorneys’ fees and
        disbursements, which may arise out of the Fund’s use or misuse of the name “Star Mountain” (other than any losses from the Fund’s use or misuse of the name resulting from the Disabling Conduct of the Adviser or any other Covered Person) or out of
        any breach of, or failure to comply with, this Section 11. The provisions set forth in this Section 11 shall survive the termination of this Agreement.

       

      

      	

            	12.	
              Effectiveness, Duration and Termination of Agreement.

            

       

      

      (a)          This Agreement shall become effective as of the first date above written.

        

      

      (b)          Prior to the BDC Conversion, this Agreement shall remain in effect until September 1, 2021 and shall be automatically extended for one-year terms thereafter, except
        (i) if terminated by the mutual agreement of the parties hereto or (ii) upon termination of the Fund under the Partnership Agreement.

       

      

      	

            	(c)	
              Following the BDC Conversion:

            

       

      

      	

            	(i)	
              This Agreement shall continue in effect for two years from the date of the Fund’s election to regulated as a BDC under the Investment Company Act, 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 Fund’s Board of Directors, or by the vote of a majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act) and (B)
                the vote of a majority of the Fund’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; and

            

       

      

      
        9

        
          

      

      	

            	(ii)	
              The Agreement may be terminated at any time, without the payment of any penalty, upon sixty (60) days’ written notice, by the vote of a majority of the outstanding voting securities of the Fund, or by the vote of the Fund’s Board of
                Directors or by the Adviser.

            

       

      

      (d)          This Agreement will 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)
        or in the event that the General Partner is removed as general partner of the Fund pursuant to Section 5.10 of the Partnership Agreement.

        

      

      (e)          The provisions of Sections 3, 10, and 15 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 Sections 3 and 4 through the date of termination or
        expiration and Section 10 shall continue in force and effect and apply to the Adviser and each Covered Person as and to the extent applicable.

       

      

      	

            	13.	
              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.

       

      

      	

            	14.	
              Amendments.

            

       

      

      Prior to the BDC Conversion, this Agreement may be amended by consent of the General Partner, the Adviser and Unaffiliated Investors holding greater than 50% of the Commitments
        of the Unaffiliated Investors; provided, however, that without the consent of any Unaffiliated Limited Partners, the Adviser and the General Partner may amend this Agreement to (i) make a change that does not adversely affect the
        Limited Partners in any material respect; (ii) make a change that is necessary or desirable to cure any ambiguity, or to correct or supplement any provision in this Agreement that would otherwise be inconsistent with any other provision in this
        Agreement, or to otherwise provide for matters or questions arising under this Agreement so long as such change shall not be inconsistent with the provisions of this Agreement, in each case so long as such change does not adversely affect the
        Limited Partners in any material respect; (iii) make a change that is necessary or desirable to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, statute, ruling or regulation of any U.S. federal, state
        or non U.S. governmental entity, so long as such change is made in a manner which minimizes any adverse effect on the Limited Partners; (iv) address the implementation of the AIFM Directive; (v) make any amendments that are required or appropriate
        to facilitate the BDC Conversion in accordance with Article XI of the Partnership Agreement; (vi) make any other amendments similar to the foregoing; or (vii) immediately prior to such time as the Fund elects to be regulated as a BDC under the
        Investment Company Act, subject to applicable law, to remove any provision of this Agreement that would not continue to apply following the BDC Conversion.

       

      

      Following the BDC Conversion, this Agreement may be amended by the mutual consent of the parties hereto; provided that the approval of the Fund’s independent directors
        and the majority of the outstanding voting securities of the Fund must be obtained in conformity with the requirements of the Investment Company Act.

       

      

      
        10

        
          

      

      	

            	15.	
              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. Following the BDC Conversion, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, 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. To the fullest extent permitted by law, in the event of any dispute arising
        out of the terms and conditions of this Agreement, the parties hereto consent and submit to the jurisdiction of the courts of the State of Delaware or (to the extent subject matter jurisdiction exists therefor) of the United States for the District
        of Delaware.

       

      

      	

            	16.	
              Severability.

            

       

      

      If it is determined by a tribunal of competent jurisdiction that any provision of this Agreement is invalid under applicable law, such provision shall be ineffective only to the
        extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

       

      

      	

            	17.	
              Counterparts.

            

       

      

      This Agreement may be executed, through the use of separate signature pages or supplemental agreements in any number of counterparts with the same effect as if the parties
        executing such counterparts had all executed one counterpart.

       

      

      	

            	18.	
              No Third-Party Rights.

            

       

      

      This Agreement is intended solely for the benefit of the parties hereto and, except as expressly provided to the contrary in this Agreement (including the Section 10
        indemnification provisions), is not intended to confer any benefits upon, or create any rights in favor of, any Person other than the parties hereto.

      

      

      [The remainder of this page intentionally left blank]

       

      

      
        11

        
          

      

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

      

      

      	

            	
              STAR MOUNTAIN CREDIT OPPORTUNITIES FUND, LP

            
	

            	 
	

            	By:	 Star Mountain Credit Opportunities Fund GP, LLC, its general partner
	

            	 
	

            	
              By: 

            	/s/ Brett A. Hickey	 
	

            	 
	

            	
              Name: Brett A. Hickey

            
	

            	
              Title: Authorized Signatory

            
	

            	 
	

            	
              STAR MOUNTAIN FUND MANAGEMENT, LLC

            
	

            	 
	

            	By:	 Star Mountain Capital, LLC, its managing member
	

            	 
	

            	
              By: 

            	/s/ Brett A. Hickey	 
	

            	 
	

            	
              Name: Brett A. Hickey

            
	

            	
              Title: Authorized SignatoryExhibit 10.2

        

       

        

      ADMINISTRATION AGREEMENT

       

        

      This Agreement (“Agreement”) is made as of February 24, 2021 by and between Star Mountain Credit Opportunities Fund, LP, a Delaware limited partnership (the “Company”), and Star
        Mountain Fund Management LLC, a Delaware limited liability company (the “Administrator”).

       

      

      W I T N E S S E T H:

       

      

      WHEREAS, the Company is a newly organized closed-end management investment company that intends to elect to be regulated as a business development company (“BDC”) 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)          Engagement of Administrator.  The Company hereby retains 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 Board of Directors of the Company (the “Board”), for the period and on the terms and conditions set forth in this
        Agreement.  The Administrator hereby accepts such retention 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
        provided for below. The Administrator, and any others with whom the Administrator subcontracts to provide the services set forth herein, shall for all purposes herein be deemed to be independent contractors of the Company and shall, unless
        otherwise expressly provided or authorized herein or in another contract with the Company, 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, compliance, and record keeping services at such facilities and such other services as the Administrator,
        subject to review by the Board, 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, conduct relations with custodians, depositories,
        transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks, and other persons in any other capacity deemed by the Administrator
        to be necessary or desirable. The Administrator shall make reports to the Board of its performance of its obligations hereunder and shall 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, however, nothing herein shall be construed to require the Administrator to, and the Administrator shall
        not, provide any advice or recommendation relating to the securities and other assets that the Company should purchase, retain or sell or provide any other investment advisory services to the Company pursuant to this Agreement.  The Administrator
        shall be responsible for the financial and other records that the Company is required to maintain, and under the 1940 Act, shall prepare, print and disseminate reports to stockholders, and reports and other materials filed with the Securities and
        Exchange Commission (the “SEC”).  In addition, the Administrator shall 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 generally
        overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others.

       

      

      (c)          For the avoidance of any doubt, the parties agree that the Administrator is authorized without the consent of any other person, to enter into such sub-administration agreements as the
        Administrator may determine to be necessary or desirable in order to carry out the services set forth in paragraph 1(b) of this Agreement.

       

      

      	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 shall maintain and keep
        such books, accounts and records in accordance with the 1940 Act.  In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records which 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 shall 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 nonpublic personal information (regulated pursuant to Regulation S-P), shall be used by any 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. 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 required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process, or otherwise by
        applicable law or regulation.

       

      

      
        2

        
          

      

      	4.	
              Compensation; Allocation of Costs and Expenses

            

       

      

      (a)        In full consideration for the provision of the services provided by the Administrator under this Agreement, the parties acknowledge that there shall be no separate fee paid in connection
        with the services provided; rather the Company shall reimburse the Administrator, as soon as practicable following the end of each fiscal quarter, for the Company’s allocable portion of certain expenses incurred by the Administrator in performing
        its obligations under this Agreement, including the Company’s allocable portion of the cost of the Chief Financial Officer and Chief Compliance Officer of the Company and their respective staffs, as well as the actual cost of goods and services
        used for the Company and obtained by the Administrator from entities not affiliated with the Company.  The Administrator may also be reimbursed for the administrative services necessary for the prudent operation of the Company performed by it on
        behalf of the Company; provided, however, the reimbursement shall be an amount equal to the Administrator’s actual cost; and provided, further, that such costs are reasonably allocated to the Company on the basis of assets, revenues, time records
        or other method conforming with generally accepted accounting principles.

       

      

      
        3

        
          

      

      (b)         The Company shall bear all costs and expenses that are incurred in its operation, administration and in the execution of its transactions and are not specifically assumed by Star
        Mountain Fund Management LLC (the “Advisor”) pursuant to that certain Investment Advisory Agreement, dated as of September 1, 2019 (as in effect from time to time, the “Investment Advisory Agreement”), by and between the Company and
        the Advisor. Costs and expenses to be borne by the Company include, but are not limited to, those relating to: the Company’s initial organization costs and operating costs incurred prior to the filing of its election to be regulated as a BDC; the
        costs associated with any public or private offerings of the Company’s common stock and other securities; calculating individual asset values and the Company’s net asset value (including the cost and expenses of any third-party valuation services);
        out-of-pocket expenses, including travel expenses, incurred by the Advisor, or members of its investment team, or payable to third parties, performing due diligence on prospective portfolio companies and monitoring actual portfolio companies and,
        if necessary, enforcing the Company’s rights; the base management fee and any incentive fees payable under the Investment Advisory Agreement; certain costs and expenses relating to distributions paid by the Company; administration fees payable
        under this Agreement and any sub-administration agreements, including related expenses; debt service and other costs of borrowings or other financing arrangements; and the allocated costs incurred by the Advisor in providing managerial assistance
        to those portfolio companies that request it; amounts payable to third parties relating to, or associated with, making or holding investments; the costs associated with subscriptions to data service, research-related subscriptions and expenses and
        quotation equipment and services used in making or holding investments; transfer agent and custodial fees; costs of hedging; commissions and other compensation payable to brokers or dealers; federal and state
        registration fees; any stock exchange listing fees and fees payable to rating agencies; the cost of effecting any sales and repurchases of the Company’s common stock and other securities; U.S. federal, state and local taxes; independent director
        fees and expenses; costs of preparing financial statements and maintaining books and records, costs of preparing tax returns, costs of compliance with the Sarbanes-Oxley Act of 2002, as amended, and attestation and costs of filing reports or other
        documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration and listing fees, and the compensation and expenses of professionals responsible for the preparation or review of the foregoing;
        the costs of any reports, proxy statements or other notices to the Company’s stockholders (including printing and mailing costs), the costs of any stockholders’ meetings and the compensation of investor relations personnel responsible for the
        preparation of the foregoing and related matters; the costs of specialty and custom software expense for monitoring risk, compliance and overall investments; the Company’s fidelity bond; any necessary insurance premiums; extraordinary expenses
        (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company); direct fees and expenses associated with independent audits, agency, consulting and legal costs;
        costs of winding up; and all other expenses incurred by either the Administrator or the Company in connection with administering the Company’s business, including payments under this Agreement for administrative services that will be based upon the
        Company’s allocable portion of overhead and other expenses incurred by the Administrator in carrying out its administrative services under this Agreement, including, but not limited to rent, the fees and expenses associated with performing
        compliance functions, and the Company’s allocable portion of the costs of compensation paid to, or distributions received by, its Chief Financial Officer, Chief Compliance Officer, any of their respective staff who provide services to the Company
        and any internal audit staff, to the extent internal audit performs a role in the Company’s internal control assessments. The presence of an item in or its absence from the foregoing list, on the one hand, and the list of Company expenses set forth
        in Section 3(b) of the Investment Advisory Agreement, on the other, shall in no way be construed to limit the responsibility of the Company for such expense under either agreement.

       

      

      For avoidance of doubt, it is agreed and understood that, from time to time, the Administrator or its affiliates may pay amounts or bear costs properly constituting Company expenses as set forth herein or otherwise
        and that the Company shall reimburse the Administrator or its affiliates for all such costs and expenses that have been paid by the Administrator or its affiliates on behalf of the Company. The Administrator shall have the right to elect to waive
        all or a portion of the reimbursement of such costs and expenses as Administrator is entitled to be paid by the Company under this Agreement.

       

      

      
        4

        
          

      

      	5.	
              Limitation of Liability of the Administrator; Indemnification

            

       

      

      (a)          The Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator or the
        Advisor to the extent that it is providing services for or otherwise acting on behalf of the Administrator, Advisor or the Company) shall not be liable to the Company for any action taken or omitted to be taken by the Administrator or such other
        person in connection with the performance of any of the Administrator’s 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 or the Advisor, each of whom shall be deemed a third party beneficiary hereof) (each, individually, an “Indemnified

          Party” and collectively, the “Indemnified Parties”) and hold each of them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and
        amounts reasonably paid in settlement) incurred by any of them in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security
        holders) arising out of or otherwise based upon the performance in good faith of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator for the Company.  The Company’s indemnification of Indemnified
        Parties shall, to the extent not in conflict with such insurance policy, be secondary to any and all payment to which any Indemnified Party is entitled from any relevant insurance policy issued to or for the benefit of the Company and its
        affiliates or any Indemnified Party.  The Company’s indemnification of the Indemnified Parties shall also be secondary to any payment pursuant to any other indemnification obligation of any other relevant entity or person, including under any
        insurance policy issued to or for the benefit of such other entity or person, in all cases, to the extent not in conflict with the applicable other indemnification or insurance contract.  In the event of payment by the Company under this Agreement
        and pursuant to its indemnification obligations, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnified Parties, including the rights of any Indemnified Party under any insurance policies.

       

      

       (b)          For any claims indemnified by the Company under Section 5(a) above, to the fullest extent permitted by, and subject to the applicable conditions of, law, the Company shall
        promptly pay expenses (including legal fees and expenses) incurred by any Indemnified Party in appearing at, participating in or defending any action, suit, claim, demand or proceeding in advance of the final disposition of such action, suit,
        claim, demand or proceeding, including appeals, within 30 days after receipt by the Company of a statement or statements from the Indemnified Party requesting such advance or advances from time to time.  Each Indemnified Party hereby undertakes to
        repay any amounts advanced on its behalf (without interest) to the extent that it is ultimately determined that the Indemnified Party is not entitled under this Agreement to be indemnified by the Company.  Such undertaking shall be unsecured and
        accepted without reference to the financial ability of the Indemnified Parties to make repayment and without regard to the Indemnified Parties’ ultimate entitlement to indemnification under the other provisions of this Agreement. No other form of
        undertaking shall be required of the Indemnified Parties other than the execution of this Agreement.

       

      

      (c)          Notwithstanding anything in provisions of this Section 5 to the contrary, nothing contained herein shall protect or be deemed to protect any of the Indemnified Parties against,
        or entitle or be deemed to entitle any of the Indemnified Parties to indemnification in respect of, any Losses to the Company or its security holders to which the Indemnified Parties would otherwise be subject primarily attributable to the 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).

       

      

      In addition, notwithstanding any of the foregoing to the contrary, the provisions of this Section 5 shall not be construed so as to provide for the indemnification of any Indemnified Party
        for any liability (including liability under federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such indemnification would be in
        violation of applicable law, but shall be construed so as to effectuate the provisions of this Section 5 to the fullest extent permitted by law.

       

      

      
        5

        
          

      

      	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 affiliate 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 stockholders or otherwise.

       

      

      	7.	
              Duration and Termination of this Agreement

            

       

      

      (a)          This Agreement shall become effective as of the first date above written.  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.  Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Administrator shall be entitled to any
        amounts owed under Section 4 through the date of termination or expiration, and Section 3 and Section 9 shall continue in force and effect following such termination. This Agreement shall continue in effect for two years
        from the date hereof, and thereafter shall continue automatically for successive annual periods, provided, that, such continuance is specifically approved at least
        annually by:

       

      

      (i)          the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company; and

       

      

      (ii)        the vote of a majority of the members of the Company’s Board who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the 1940 Act)
        of any such party (the “Independent Directors”), in accordance with the requirements of the 1940 Act.

       

      

      (b)          The Agreement may be terminated at any time, without the payment of any penalty, (i) by the Company upon 60 days’ prior written notice to the Administrator: (A) by the vote of a majority of the outstanding
        voting securities of the Company (as “majority of the outstanding voting securities” is defined in Section 2(a)(42) of the 1940 Act) or (B) by the vote of the Independent Directors; or (ii) by the Administrator upon not less than 60 days’
        prior written notice to the Company.

       

      

      (c)         This Agreement may not be assigned by a party without the consent of the other party; provided, however,
        that (i) the rights and obligations of the Company under this Agreement shall not be deemed to be assigned to a newly formed entity in the event of the merger of the Company into, or conveyance of all of the assets of the Company to, such newly
        formed entity; provided further, however, that the sole purpose of that merger or conveyance is to effect a mere change in
        the Company’s legal form into another limited liability entity and (ii) the Administrator may, without the consent of any other party, assign the rights and obligations of the Administrator under this Agreement to an affiliate of the Administrator.

       

      

      
        6

        
          

      

      	8.	
              Amendments of this Agreement

            

       

      

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

       

      

      	9.	
              Governing Law

            

       

      

      This Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Company is regulated as a BDC under the 1940 Act, this Agreement shall also be construed
        in accordance with the applicable provisions of the 1940 Act. 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 1940 Act shall control.

       

      

      	10.	
              Entire Agreement

            

       

      

      This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

       

      

      	11.	
              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.

      

      

      [Remainder of Page Intentionally Left Blank]

       

      

      
        7

        
          

      

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

       

      

      	 	
              STAR MOUNTAIN CREDIT OPPORTUNITIES FUND, LP

            
	 	 
	 	
              By:

            	

            	
              /s/ Brett A. Hickey

            	 
	 	
              

              

            	
              Name: Brett A. Hickey

            
	 	
              

              

            	
              Title:   Authorized Signatory

            
	 	 
	 	
              STAR MOUNTAIN FUND MANAGEMENT LLC

            
	 	 
	 	 
	 	
              By:

            	

            	
              /s/ Brett A. Hickey

            	 
	 	

            	
              Name: Brett A. Hickey

            
	 	

            	
              Title:   Authorized Signatory

            

      

      

      

      

      [Signature Page to Administration Agreement]

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