Document:

Exhibit 10.1

 

AUDAX
CREDIT BDC INC.

 

Subscription
Documents

 

Administrator:

 

Audax Management Company, LLC

101 Huntington Avenue

Boston, Massachusetts 02199

 

    

     

    

 

DIRECTIONS FOR THE COMPLETION

OF THE SUBSCRIPTION DOCUMENTS

 

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

 

1.            Subscription
Agreement:

 

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

 

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

 

2.            Investor
Questionnaire:

 

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

 

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

 

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

 

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

 

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

 

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

 

3.            Tax
Forms:

 

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

 

    

     

    

 

4.            Evidence
of Authorization:

 

Each Investor
must provide satisfactory evidence of authorization.

 

For Corporations:

 

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

 

For Partnerships:

 

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

 

For Limited Liability Companies:

 

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

 

For Trusts:

 

Trusts must submit a copy of
the trust agreement.

 

For Employee Benefit Plans:

 

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

 

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

 

5.            Delivery
of Subscription Documents:

 

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

 

Audax Management Company, LLC

Attn: Investor Relations

101 Huntington
Avenue

Boston, MA
02199

 

    

     

    

 

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

 

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

 

6.            Acceptance
by the Company:

 

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

 

7.            Wire
Instructions:

 

Please wire funds to: Audax Senior BDC Inc.

 

	Bank:	 	Wells Fargo Bank, NA
	ABA #:	 	121-000-248
	Account Number:	 	6355067033
	Account Name:	 	CDO Clearing
	Reference:	 	AUDAX CREDIT BDC INC. A/C 84260000

 

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blank]

 

     

     

    

 

SUBSCRIPTION AGREEMENT

 

Audax Credit BDC Inc.

101 Huntington Avenue

Boston, Massachusetts 02199

Ladies and Gentlemen:

 

1.           Subscription.

 

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

 

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

 

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

 

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

 

     

     

    

 

2.           Closings.

 

(a)          The
closing of the Offering (as defined in the Memorandum) will take place at the offices of Dechert LLP at 100 Oliver St., 40th
Floor, Boston, Massachusetts 02110, on the date the Company accepts the Subscription Agreement unless otherwise agreed to by the
parties (such date being the “Closing Date”). The Company may accept (in whole or in part) and countersign this Subscription
Agreement at any time prior to or on the Closing Date.

 

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

 

3.            Drawdowns.

 

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

 

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

 

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

 

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

 

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

 

(f)           The
Investor acknowledges that it may have capital commitments pursuant to other agreements with the Company and that the Capital Commitment
pursuant to this Subscription Agreement shall in no way limit its obligations under such other agreements.

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(vii)          the
Plan’s acquisition, holding and disposition of interests in the Company do not and will not constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or violation of Similar Law;

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

8.            Compliance
with Laws.

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

12.          Power
of Attorney.

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

     

     

    

 

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

 

	Date:	              	 	Capital Commitment
	 	 	 
	 	 	USD ONLY 
	 	 	 
	 	 	$11,200,000 
	 	 	 
	 	 	INDIVIDUAL INVESTOR: 
	 	 	 
	 	 	(Print Name) 
	 	 	 
	 	 	(Signature) 
	 	 	 
	 	 	(Witnessed By) 
	 	 	 
	 	 	PARTNERSHIP, CORPORATION,
    LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, OTHER INVESTOR: 
	 	 	 
	 	 	Mercer Audax Credit Feeder Fund LP 
	 	 	(Print Name of Entity) 
	 	 	 
	 	 	By:	                                                                                   
	 	 	(Signature) 
	 	 	 
	 	 	Harry Leggat –
    VP of Mercer Investments LLC, manager of the GP 
	 	 	(Print Name and Title) 
	 	 	 
	 	 	(Witnessed By) 

 

	Agreed and accepted:
	 
	AUDAX CREDIT BDC INC.
	 
	By:	 	 
	Name:
	Title:

 

[Signature
Page to Subscription Agreement]

 

     

     

    

 

INVESTOR QUESTIONNAIRE

 

		A.	General Information

 

		1.	Print Full Name of Investor:

 

	Individual:	 	 	 
	 	First	Middle	Last

 

	Entity:	Mercer
    Audax Credit Feeder Fund LP
	 	Name of Entity

 

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

 

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

 

	Jurisdiction of Organization:	Cayman Islands
	 	 
	Location of Domicile:	Cayman Islands*

 

	2.	U.S. Taxpayer Identification or Social Security Number:	N/A
	 	 	 
	3.	Date
of Birth: 	 

 

	4.	Primary Contact Person for this Account and for General
Notices:	 
	 	 	 
	 	Name:	Harry Leggat Mercer	 
	 	Address:	701 Market Street	 
	 	 	Suite 1100	 
	 	 	St. Louis, MO 63101	 
	 	Telephone:	(314) 588-2500	 
	 	Fax:	 	 

 

* Investor is a Cayman Islands exempted limited partnership
that has a US general partner and is beneficially owned by non-US investors. Attached is Form W-8 IMY for the Investor along
with Forms W-8 from beneficial owners and a withholding statement, including tax treaty jurisdictions.

 

     

     

    

 

	5.	_________________________________ Residence (if an individual) or Principal Place of Business (if an entity) of the Investor (no P.O. Boxes, if any):
	 	 	 
	 	Address:	c/o Mercer Investments LLC	 
	 	 	701 Market Street Suite 1100	 
	 	 	St. Louis, MO 63101	 
	 	Telephone:	(314) 588-2500	 
	 	Fax:	(314) 588-2525	 
	 	E-mail:	harry.leggat@mercer.com	 

 

	6.	 For distributions of cash, please wire funds to the following bank account:
	 	 
	 	Bank Name:	State Street Bank and Trust Company
	 	 
	 	Bank Location:	Boston, MA, USA
	  	 
	 	Account Number:	011000028
	 	 
	 	Account Name:	Mercer Audax Credit Feeder Fund, LP
	 	 
	 	Bank’s Routing No.:	10631877
	 	 
	 	For further credit to:	 
	 	 
	 	(if any)	 
	 	 
	 	Reference:	MEP2
	 	 
	 	SWIFT Code:	 

 

	7.	For distributions in-kind, please:
	 	 	 
	 	Credit securities to my brokerage account at the following firm:
	 	 	 
	 	Firm Name:	DTC Settlement Instructions
	 	 	 
	 	Address:	State Street Bank
	 	 	 
	 	Account Name:	997

	 	 	 
	 	Account Number:	26022
	 	 	 
	 	DTC Number:	58873

 

     

     

    

 

		B.	Regulation D – Accredited Investor Status

 

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

 

The Investor is:

 

		 ̈	(i)	an individual who had an income in excess of $200,000 in each of the two most recent years (or joint income with his or her spouse
in excess of $300,000 in each of those years) and has a reasonable expectation of reaching the same income level in the coming
year;

 

		 ̈	(ii)	an individual who has a net worth (or joint net worth with his or her spouse) in excess of $1,000,000. For purposes of determining
the Investor’s net worth, the Investor must exclude the value of his or her primary residence and any indebtedness secured
by the primary residence up to its fair market value (i.e., any indebtedness secured by the residence that is in excess of the
value of the home should be considered a liability and deducted from the Investor’s net worth).  The Investor must
also subtract from his or her net worth any indebtedness secured by his or her primary residence that was obtained within the
sixty days preceding the effective date of his or her subscription, unless such indebtedness was used to acquire the residence
(in which case, the rule set forth in the preceding sentence would govern the application of such indebtedness when calculating
the Investor’s net worth);
	 	 	 	 
		 ̈	(iii)	a broker or dealer registered pursuant to Section 15 of the Exchange Act;
	 	 	 	 
		 ̈	(iv)	a bank as defined in Section 3(a)(2) of the Securities Act or any savings and loan association as defined in Section 3(a)(5)(A) of
the Securities Act, whether acting in its individual or fiduciary capacity;
	 	 	 	 
		 ̈	(v)	an insurance company as defined in Section 2(a)(13) of the Securities Act;
	 	 	 	 
		 ̈	(vi)	an investment company registered under the 1940 Act;

 

		 ̈	(vii)	an Individual Retirement Account (“IRA”) or revocable trust and the individual who established the IRA or each grantor
of the trust is an accredited investor on the basis of (i) or (ii) above;

 

		 ̈	(viii)	a self-directed pension plan and the participant who directed that assets of his or her account be invested in the Company is
an accredited investor on the basis of (i) or (ii) above and such participant is the only participant whose account
is being invested in the Company;

 

		 ̈	(ix)	a pension plan which is not a self-directed plan and which has total assets in excess of $5,000,000;
	 	 	 	 
		 ̈	(x)	a trust which consists of a single trust (a) with total assets in excess of $5,000,000, (b) which was not formed for
the specific purpose of investing in the Company and (c) whose purchase is directed by a person who has such knowledge and
experience in financial and business matters that he or she is capable of evaluating the merits and risks of the prospective investment;

 

     

     

    

 

		x	(xi)	a
                                         corporation, a partnership, a limited liability company or a Massachusetts or similar
                                         business trust, that was not formed for the specific purpose of acquiring an interest
                                         in the Company, with total assets in excess of $5,000,000;
	 	 	 	 
		 ̈	(xii)	an organization described in Section 501(c) of the Code, and exempt from U.S. income tax pursuant to Section 501(a) of
the Code with total assets in excess of $5,000,000;
	 	 	 	 
		 ̈	(xiii)	an entity in which all of the equity owners are accredited investors;

 

		 ̈	(xiv)	(A) a business development company as defined in Section 2(a)(48) of the 1940 Act or (B) a Small Business Investment
Fund licensed by the United States Small Business Administration under Section 301(c) or (d) of the Small Business
Investment Company Act of 1958;
	 	 	 	 
		 ̈	(xv)	a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended;
	 	 	 	 
		 ̈	(xvi)	a director or executive officer of the Company; or
	 	 	 	 
		 ̈	(xvii)	none of the above applies (further information may be required).

 

Check all applicable categories.

 

     

     

    

 

		C.	Qualified Purchaser Status

 

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

 

(1)       
 ̈   A natural person (including any person who will hold a joint, community property, or other similar shared ownership
interest in the Company with that person’s qualified purchaser spouse) who owns at least $5,000,000 in “Investments”
(as defined in Rule 2a51-1 under the 1940 Act).

 

(2)       
 ̈   A company* that owns at least $5,000,000 in Investments and that is owned directly or indirectly by or
for two or more natural persons who are related as siblings or spouse (including former spouses), or direct lineal descendants
by birth or adoption, spouses of such persons, the estates of such persons, or foundations, charitable organizations, or trusts
established by or for the benefit of such persons.

 

(3)       
 ̈   A trust that is not covered by clause (2) above, and that was not formed for the specific purpose of investing
in the Company, as to which the trustee or other person authorized to make decisions with respect to the trust, and each settlor
or other person who has contributed assets to the trust, is a person described in clause (1), (2), or (4) below.

 

(4)       
x   A person (including a company), acting for its own account or the accounts of other qualified purchasers, who in
the aggregate owns and invests on a discretionary basis, not less than $25,000,000 in Investments.

 

(5)       
 ̈   A natural person (including any person who will hold a joint, community property, or other similar shared ownership
interest in the Company with that person’s qualified purchaser spouse) who owns at least $5,000,000 in Investments.

 

(6)       
 ̈   A “Qualified Institutional Buyer” as defined in Rule 144A under the Securities Act (as that term
is modified by the limitations imposed thereon by Rule 2a51-1(g)(1) under the 1940 Act).

 

(7)       
 ̈  A company, regardless of the amount of its Investments, where each of the beneficial owners of securities issued by such
company is a person described in clause (1), (2), (3), (4), or (5).  (If this item is checked, please contact the Company. 
Additional requirements may apply.)

 

 

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

 

     

     

    

 

		D.	Required Supplemental Data

 

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

 

 ̈
Yes          x No

 

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

 

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

 

		 ̈	(a)	an “employee benefit plan” or trust that is subject to Part 4, Subtitle B of Title I of ERISA;
	 	 	 	 
		 ̈	(b)	a “plan” to which Section 4975 of the Code applies;
	 	 	 	 
		 ̈	(c)	an entity (other than an insurance company general account) whose underlying assets include “plan assets” by reason
of an employee benefit plan’s or other plan’s investment in the entity or otherwise for purposes of ERISA or Section 4975
of the Code;

 

If Item 2(c) above is applicable,
insert the maximum percentage of the assets of the entity that constitutes or may in the future constitute “plan assets”
during the period of its investment in the Company:

 

_________%

 

		 ̈	(d)	An insurance company using assets of its general account (directly or through subsidiaries) that are subject to ERISA or Section 4975
of the Code (including, without limitation, by virtue of Section 401(c) of ERISA).

 

If Item 2(d) above is applicable,
insert the maximum percentage of the general account as a whole that constitutes or may in the future constitute “plan assets”
during the period of its investment in the Company:

 

_________%

 

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

 

     

     

    

 

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

 

 ̈ Yes          x No

 

		E.	Certain Unregistered Private Investment Companies:

 

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

 

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

 

		F.	Controlling Persons:

 

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

 

 ̈ Yes              x
No

 

		G.	Related Parties/Other Beneficial Interests:

 

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

 

 ̈ Yes              x
No

 

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

 

____________________________________

 

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

 

 ̈ Yes              x
No

 

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

 

     

     

    

 

		H.	BHC Investor Status:

 

Is the Investor a “BHC Investor”?1

 

 ̈ Yes              x
No

 

[remainder of page intentionally
left blank]

 

 

 

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

 

     

     

    

 

	 	Signatures:
	 	 
	 	INDIVIDUAL:
	 	 
	 	(Signature)
	 	 
	 	(Print Name)
	 	 
	 	 
	 	PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, OTHER:
	 	 
	 	Mercer Audax Credit Feeder Fund LP
	 	(Name of Entity)
	 	 
	 	By:	              
	 	(Signature)
	 	 
	 	(Print Name and Title)

 

     

     

    

 

APPENDIX A

 

[CERTIFICATE OF INCORPORATION]

 

     

     

    

 

APPENDIX B

 

[BYLAWS]

 

     

     

    

 

APPENDIX C

 

[FORM OF ADVISORY AGREEMENT]

 

     

     

    

 

APPENDIX D

 

[FORM OF ADMINISTRATION AGREEMENT]

 

     

     

    

 

APPENDIX E

 

TRANSFER RESTRICTIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

EXHIBIT A

 

CIP MATRIX

 

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

 

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

 

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

 

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

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

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

         

         

 

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

 

	Type of Investor	Identification Information	Verification Information
	
        Individual

         

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

        2.       Physical
        address and mailing address (if different)

        3.       Date
        of Birth

        4.       Social
        Security Number

        5.       Signed
        subscription document

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

        7.       Source
        of Wealth*

        8.       Telephone
        number*

        9.       Occupation
        *

        10.     Employer
        *

        11.     Email
        address/website *

         
	
        Copy of either:

        1. Passport OR

        2. Photo Drivers license OR

        3. Other government–issued
        photo ID

         

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

         

 

     

     

    

 

	Type of Investor	Identification Information	Verification Information
	
        Private Corporation

         

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

        2.       Beneficial
        Owners with more than 20% interest

        3.       Physical
        address & mailing address (if different)

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

        5.       Signed
        subscription document

        6.       List
        of Authorized Signers

        7.       Nature
        of business

        8.       Source
        of Wealth*

        9.       Telephone
        number*

        10.       Email
        address/website *

         
	
        Copy of either:

        1. Certificate of Incorporation OR

        2. Certificate of good standing OR

        3. Government issued business license

         

        Note: Non-Documentary methods (i.e.

        PA compliance) may also be utilized for

        verification.

         

        Foreign Banks: a Shell Bank certification must be supplied

         

	U.S. Public Corporation	
        1.       Name
        of corporation

        2.       Physical
        address & mailing address (if different)

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

        4.       Signed
        subscription document

        5.       List
        of Authorized Signers

        6.       Source
        of Wealth*

        7.       Telephone
        number*

        8.       Email
        address/website *

         
	
        Obtain:

        Ticker Symbol

         

	
        Partnerships

         

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

        2.       Partners
        with more than 20% interest

        3.       Physical
        address & mailing address (if different)

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

        5.       Signed
        subscription document

        6.       List
        of Authorized Signers

        7.       Nature
        of business

        8.       Source
        of Wealth*

        9.       Telephone
        number*

        10.     Email
        address/website *

         
	
        Copy of:

        1. Partnership/Membership Agreement

         

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

         

        Non-U.S.-Based Partnerships:

        Copy of:

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

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

         

 

     

     

    

 

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

        2.       Physical
        address & mailing address (if different)

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

        4.       Signed
        subscription document

        5.       List
        of Authorized Signers

        6.       Nature
        of business

        7.       Source
        of Wealth*

        8.       Telephone
        number*

        9.       Email
        address/website *

         
	
        Copy of:

        1. IRS Determination Letter

         

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

         

	Trust	
        1.       Name
        of trust

        2.       List
        of Trustee(s)

        3.       Physical
        address & mailing address (if different)

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

        5.       Signed
        subscription document

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

        7.       List
        of principal beneficiaries

        8.       Source
        of Wealth*

        9.       Telephone
        number of Trust*

        10.     Successor
        Trustee*

        11.     Email
        address/website *

         
	
        Copy of:

        1. Trust deed

         

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

         

         

	
        Investor declared as exempt from CIP

         

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

        2.       Physical
        address & mailing address (if different)

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

        4.       Signed
        subscription document

        5.       List
        of authorized signers

        6.       Telephone
        number *

        7.       Email
        address/website *

         
	
        Copy of:

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

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

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

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

 

     

     

    

 

Individuals Associated with U.S. Entities

 

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

 

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

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

		·	Trustees

 

	Identification Information	Verification Information
	
        1.       Name

        2.       Physical
        address & mailing address (if different)

        3.       Date
        of birth

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

        1. Passport OR

        2. Photo drivers license OR

        3. Other government-issued
        photo ID

         

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

 

     

     

    

 

Exhibit C

 

Contact
Information Sheet for Mercer Audax Credit Feeder Fund, LP

 

For all correspondence, including statements, tax forms,
legal documents, audits, performance letters, etc.

 

Harry Leggat

Mercer

701 Market Street

Suite 1100

St. Louis, MO 63101

Phone: (314) 588-2500

Email: harry.leggat@mercer.com

 

Mercer US PIP Operations Team: Kristin Ferrer, Zoya Filippova,
Geraldine Arnold, Maxwell Bauer, David Greenberg, David Kowalczyk, Marcus Winston, Nicholas Vogler

701 Market Street, Suite 1100, St. Louis, MO 63101

Phone: (314) 588-2500

MercerUSPIPFunds@mercer.com

 

Mercer Private Equity Team: Eric Rudy and Justin Straatman

701 Market Street, Suite 1100, St. Louis, MO 63101

Phone: (314) 588-2500

Email: SLH-PrivateEquity@mercer.com

 

IFS, A State Street Company

Attn: Melanie Klepper

100 Summer Street, Boston, MA 02110

Phone: (617) 662-7136

Email: MercerNAV@ifs.statestreet.com

		 	 IFSPricingTeam@statestreet.com

 

Data Services

The Burgiss Group

111 River Street, 10th Floor, Hoboken, NJ 07030

Phone: (201) 724-9600

Email: dsdata@burgiss.com

 

     

     

    

 

EXHIBIT D

 

WIRE INSTRUCTIONS FOR MERCER AUDAX CREDIT
FEEDER FUND, LP

 

Please update your records with the following wire instructions
for Mercer Audax Credit Feeder Fund, LP

 

	USD
        Cash Instructions

        State Street Bank and
        Trust Company, Boston

        One Lincoln Street

        Boston, MA, USA

        02111

         

        ABA#: 011000028

        DDA#: 10631877

        Acct Name: Mercer Audax
        Credit Feeder Fund, LP

        Ref: MEP2

 

	DTC
        Settlement Instructions

        State Street Bank

        Participant #: 997

        Agent Bank #: 26022

        FINS ID#: 58873

        FFC: SSC Fund MEP2Exhibit

Exhibit 10.1

FOURTH AMENDMENT AND WAIVER TO

TO

AMENDED AND RESTATED CREDIT AGREEMENT
 
DATED AS OF JUNE 12, 2020

AMONG

CHESAPEAKE ENERGY CORPORATION,
AS THE BORROWER,

MUFG UNION BANK, N.A.,
AS ADMINISTRATIVE AGENT,

AND

THE LENDERS
PARTY HERETO

FOURTH AMENDMENT AND WAIVER TO AMENDED AND RESTATED CREDIT AGREEMENT
This Fourth Amendment and Waiver to Amended and Restated Credit Agreement (this “Agreement”) dated as of June 12, 2020, is among Chesapeake Energy Corporation, an Oklahoma corporation (the “Borrower”), each of the undersigned guarantors (the “Guarantors”), each Lender (as defined below) party hereto, and MUFG Union Bank, N.A., as administrative agent for the Lenders (in such capacity, together with its successors and assigns, the “Administrative Agent”).
RECITALS
A.    The Borrower, the Administrative Agent and the banks and other financial institutions from time to time party thereto (together with their respective successors and assigns in such capacity, each a “Lender”) have entered into that certain Amended and Restated Credit Agreement dated as of September 12, 2018 (as amended, restated, modified and supplemented from time to time, the “Credit Agreement”).
B.    The Borrower has requested, and the Majority Lenders have agreed, to amend certain provisions of the Credit Agreement on the terms and conditions set forth herein as provided in this Agreement.
C.    NOW, THEREFORE, to induce the Administrative Agent and the Lenders to enter into this Agreement and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.    Definitions. Each capitalized term which is defined in the Credit Agreement but which is not defined in this Agreement, shall have the meaning assigned to such term in the Credit Agreement. Unless otherwise indicated, all section references in this Agreement refer to sections of the Credit Agreement.
Section 2.    Amendments to Credit Agreement.
2.1    Amendment of Section 5.1.
(i)    Section 5.1(a) is hereby amended and restated in its entirety as follows:
(a)    the Borrower shall give the Administrative Agent at the Administrative Agent’s Office written notice (or telephonic notice promptly confirmed in writing) of (1) the Borrower’s intent to make such prepayment, (2) the amount of such prepayment, (3) the Type of Loans to be prepaid (or whether Swingline Loans are to be paid) and, if applicable, the Loans proposed to be prepaid, (4) in the case of LIBOR Loans, the specific Borrowing(s) being prepaid and (5) in the case of Swingline Loans, the Swingline Lender(s) and particular Swingline Loan(s) being prepaid, which 

notice shall be given by the Borrower no later than (i) in the case of LIBOR Loans, 1:00 p.m. three Business Days before the date of such prepayment, (ii) in the case of ABR Loans, 1:00 p.m. on the date of such prepayment, and (iii) in the case of Swingline Loans, 3:00 p.m. on the date of such prepayment, and in each case, shall promptly be transmitted by the Administrative Agent to each of the Lenders (in the case of Loans) or the applicable Swingline Lender(s), as the case may be;
(ii)    Section 5.1(b) is hereby amended and restated in its entirety as follows: 
(b)    unless otherwise directed by the Borrower and consented to in writing by the Administrative Agent to effectuate a debtor-in-possession financing approved in a proceeding under the Bankruptcy Code, each partial prepayment of (i) LIBOR Loans shall be in a minimum amount of $500,000 and in multiples of $100,000 in excess thereof, and (ii) any ABR Loans shall be in a minimum amount of $500,000 and in multiples of $100,000 in excess thereof; but no partial prepayment of LIBOR Loans made pursuant to a single Borrowing shall reduce the outstanding LIBOR Loans made pursuant to such Borrowing to an amount less than $1,000,000 for such LIBOR Loans; and
(iii)    The last paragraph of Section 5.1 is hereby amended and restated in its entirety as follows:
With respect to each prepayment of Loans elected under this Section, the Borrower may designate (i) the Types of Loans that are to be prepaid and the specific Borrowing(s) being repaid and (ii) the specific Loans to be prepaid, if applicable; but (A) unless otherwise directed by the Borrower and consented to in writing by the Administrative Agent to effectuate a debtor-in-possession financing approved in a proceeding under the Bankruptcy Code, each prepayment of any Loans made pursuant to a Borrowing shall be applied pro rata among such Loans and (B) notwithstanding the provisions of the preceding clause (A), no prepayment of Loans shall be applied to the Loans of any Defaulting Lender unless otherwise agreed in writing by the Borrower. In the absence of a designation by the Borrower under Section 5.2(d), the Administrative Agent shall, subject to the above, make such designation in its reasonable discretion with a view, but no obligation, to minimize breakage costs owing under Section 2.11.
Section 3.    Limited Waiver.
3.1    In consideration of the Credit Parties’ agreement of timely compliance with the terms of this Agreement, and in reliance upon the representations, warranties, agreements and covenants of the Credit Parties set forth herein, subject to the satisfaction of each of the conditions precedent to the effectiveness of this Agreement, from the Effective Date (as defined below) until 

2

the Termination Date (as defined below), each Lender hereby agrees to automatically waive, both retroactively and prospectively, and, if necessary, to direct the Agent to automatically waive (the “Waiver”) any Events of Default arising under (a) Section 11.4(i) of the Credit Agreement that resulted or may have resulted from any failure to make a payment of interest due and payable (i) on those certain 5.375% Notes due 2021 issued under that certain Indenture dated as of August 2, 2010 among the Borrower, the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “2021 Notes”), (ii) on those certain 8.00% Notes due 2027 issued under that certain Indenture dated as of April 24, 2014 among the Borrower, the subsidiary guarantors party thereto and Deutsche Bank Trust Company Americas, as Trustee (the “2027 Notes”) and (iii) under that certain Term Loan Agreement dated as of December 9, 2019, among the Borrower, GLAS USA LLC, as the Term Agent and the several lenders party from time to time thereto, in each case solely to the extent such payment of interest is due and payable during the Waiver Period (as defined below) and (b) any requirement to provide notices in respect of the occurrences described in clause (a) (collectively, the “Waived Defaults”), immediately prior to their occurrence without any further action and to continue to provide additional extensions of credit in accordance with Section 2.1 of the Credit Agreement after giving effect to this Waiver.
3.2    Waiver Period. The Waiver shall commence on the Effective Date (as defined below) and continue until the earlier of (a) 11:59 p.m. Houston time on June 30, 2020 and (b) upon prior notice from the Required Lenders following the date on which either (i) the requisite holders of the 2021 Notes have declared the principal due on the 2021 Notes to be due and payable prior to the stated maturity thereof, (ii) the requisite holders of the 2027 Notes have declared the principal due on the 2027 Notes to be due and payable prior to the stated maturity thereof or (iii) the requisite lenders under the Term Loan Agreement have declared the principal due on the loans outstanding under the Term Loan Agreement to be due and payable prior to the stated maturity thereof (the earlier of (a) and (b), the “Termination Date” and the period commencing on the Effective Date and ending on the Termination Date, the “Waiver Period”); provided that the Waiver Period may be extended by confirmation (including via e-mail) from Lenders constituting Majority Lenders). Upon the occurrence of the Termination Date, the Waiver Period shall immediately and automatically terminate and have no further force or effect, and each of the Lenders shall be released from any and all obligations and agreements under this Waiver and shall be entitled to exercise any of the rights and remedies under the Credit Agreement as if this Waiver had never existed, and all of the rights and remedies under the Credit Agreement shall be available without restriction or modification, as if this Agreement had not been effectuated.
Section 4.    Redetermination of Borrowing Base. Pursuant to Section 2.14(d) of the Credit Agreement and effective as of June 15, 2020 (the “Redetermination Effective Date”), the Borrowing Base is hereby redetermined by the Required Lenders to decrease to $2,300,000,000 and such Borrowing Base shall remain in effect at that level until the effective date of the new redetermination of the Borrowing Base in accordance with the terms of the Credit Agreement.  This redetermination of the Borrowing Base provided for in this Section 4 constitutes the Scheduled Redetermination to occur on or about June 15, 2020, for purposes of Section 2.14(d)(i) of the Credit Agreement.

3

Section 5.    Effectiveness.
5.1    This Agreement (other than the Redetermination of the Borrowing Base provided for in Section 4 hereof) and the Waiver shall become effective on the date on which each of the conditions set forth in this Section 5.1 are satisfied (the “Effective Date”):
(i)    The Administrative Agent shall have received duly executed counterparts (in such number as may be requested by the Administrative Agent) of this Agreement from (a) the Borrower, (b) each Guarantor, (c) the Administrative Agent, and (d) Lenders constituting at least the Majority Lenders.
(ii)    No Default or Event of Default shall have occurred and be continuing as of the date hereof, immediately before and after giving effect to the terms of this Agreement.
(iii)    All representations and warranties made by any Credit Party in the Credit Agreement or in the other Credit Documents are, to the knowledge of an Authorized Officer of the Borrower, true and correct in all material respects (unless such representations and warranties are already qualified by materiality or Material Adverse Effect, in which case they are true and correct in all respects) with the same effect as though such representations and warranties had been made on and as of the date hereof (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (unless such representations and warranties are already qualified by materiality or Material Adverse Effect, in which case they are true and correct in all respects) as of such earlier date).
(iv)    All fees required to be paid pursuant to Section 13.5 of the Credit Agreement to the extent invoiced at least three Business Days before the Effective Date (except as otherwise reasonably agreed by the Borrower) shall have been or will be substantially simultaneously paid.
5.2    The Redetermination of the Borrowing Base provided for in Section 4 hereof shall become effective on the Redetermination Effective Date once the Administrative Agent shall have received duly executed counterparts (in such number as may be requested by the Administrative Agent) of this Agreement from (a) the Administrative Agent and (d) Lenders constituting at least the Required Lenders.
Section 6.    Miscellaneous.
6.1    (a) On and after the effectiveness of this Agreement, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in each other Credit Document to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended or otherwise modified by this Agreement; (b) the execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any default of the Borrower or any right, power or remedy of the Administrative Agent or the Lenders under any of the Credit Documents, nor constitute a waiver of any provision of any of the Credit Documents; (c) this Agreement may be executed in any 

4

number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart; and (d) delivery of an executed counterpart of a signature page to this Agreement by telecopier or electronic mail shall be effective as delivery of a manually executed counterpart of this Agreement.
6.2    Neither the execution by the Administrative Agent or the Lenders of this Agreement, nor any other act or omission by the Administrative Agent or the Lenders or their officers in connection herewith, shall be deemed a waiver, except as expressly provided for herein, by the Administrative Agent or the Lenders of any defaults which may exist or which may occur in the future under the Credit Agreement and/or the other Credit Documents, or any future defaults of the same provision waived hereunder (collectively “Violations”). Similarly, nothing contained in this Agreement shall directly or indirectly in any way whatsoever either: (a) impair, prejudice or otherwise adversely affect the Administrative Agent’s or the Lenders’ right at any time to exercise any right, privilege or remedy in connection with the Credit Documents with respect to any Violations; (b) amend or alter any provision of the Credit Agreement, the other Credit Documents, or any other contract or instrument; or (c) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the other Credit Documents, or any other contract or instrument. Nothing in this letter shall be construed to be a consent by the Administrative Agent or the Lenders to any Violations.
6.3    Each Credit Party hereby acknowledges the terms of this Agreement and represents and warrants to the Lenders that as of the Effective Date, after giving effect to the terms of this Agreement: (i) all of the representations and warranties contained in each Credit Document to which it is a party are true and correct in all material respects (unless already qualified by materiality in which case such applicable representation and warranty shall be true and correct), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects (unless already qualified by materiality in which case such applicable representation and warranty shall be true and correct) as of such specified earlier date, and (ii) no Default or Event of Default has occurred and is continuing.
6.4    Each Credit Party hereby (in each case after giving effect to this Agreement) (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, and, in the case of any such Credit Party, each grant of security interests and liens in favor of the Administrative Agent, any Collateral Trustee (as defined in an Acceptable Collateral Trust Agreement), any Lender or any other Secured Party, as the case may be, under each Credit Document to which it is a party, (ii) in the case of any such Credit Party, agrees and acknowledges that the Liens in favor of Administrative Agent, any Collateral Trustee, or any Secured Party under each Credit Document to which it is party constitute valid, binding, enforceable and perfected first priority liens and security interests (subject only to Permitted Liens) securing the Obligations and are not subject to avoidance, disallowance or subordination pursuant to any applicable law except as may be agreed in writing by the Administrative Agent, (iii) agrees and acknowledges that the Obligations constitute legal, valid and binding obligations of such Credit Party, and (iv) agrees that such ratification and reaffirmation is not a condition to the continued effectiveness of the Credit Documents. Each Credit Party acknowledges and agrees that any of the Credit Documents to which it is party or is otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Agreement.

5

6.5    This Agreement is a Credit Document as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Credit Documents shall apply hereto.
6.6    THE CREDIT DOCUMENTS, INCLUDING THIS AGREEMENT, REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
6.7    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
6.8    Release. IN CONSIDERATION OF, AMONG OTHER THINGS, THE WAIVER PROVIDED FOR HEREIN, AND ANY OTHER FINANCIAL ACCOMMODATIONS WHICH THE ADMINSTRATIVE AGENT, THE LENDERS AND THE OTHER SECURED PARTIES ELECT TO EXTEND TO THE CREDIT PARTIES, EACH CREDIT PARTY HERETO FOREVER WAIVES, RELEASES AND DISCHARGES ANY AND ALL CLAIMS (INCLUDING, WITHOUT LIMITATION, CROSS-CLAIMS, COUNTERCLAIMS, RIGHTS OF SETOFF AND RECOUPMENT), CAUSES OF ACTION, DEMANDS, SUITS, COSTS, EXPENSES AND DAMGES THAT THEY NOW HAVE, OF WHATSOEVER NATURE AND KIND, WHETHER KNOWN OR UNKNOWN, WHETHER ARISING AT LAW OR IN EQUITY, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, OR ANY OTHER SECURED PARTY (IN THEIR RESPECTIVE CAPACITIES AS SUCH) AND ANY OF THEIR RESPECTIVE SUBSIDIARIES AND AFFILIATES, AND EACH OF THEIR RESPECTIVE SUCCESSORS, ASSIGNS, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ATTORNEYS AND OTHER REPRESENTATIVES (COLLECTIVELY, THE "RELEASED PARTIES"), BASED IN WHOLE OR IN PART ON FACTS, WHETHER OR NOT KNOWN, EXISTING ON OR PRIOR TO THE DATE OF THIS AGREEMENT. EACH CREDIT PARTY, ON BEHALF OF ITSELF AND ITS SUCCESSORS, ASSIGNS, AND OTHER LEGAL REPRESENTATIVES, HEREBY ABSOLUTELY, UNCONDITIONALLY AND IRREVOCABLY, COVENANTS AND AGREES WITH AND IN FAVOR OF EACH RELEASED PARTY ABOVE THAT IT WILL NOT SUE (AT LAW, IN EQUITY, IN ANY REGULATORY PROCEEDING OR OTHERWISE) ANY RELEASED PARTY ON THE BASIS OF ANY CLAIM RELEASED, REMISED AND DISCHARGED BY SUCH CREDIT PARTY PURSUANT TO THE ABOVE RELEASE. IF ANY CREDIT PARTY OR ANY OF ITS SUCCESSORS, ASSIGNS OR OTHER LEGAL REPRESENTATIONS VIOLATES THE FOREGOING COVENANT, EACH CREDIT PARTY, FOR ITSELF AND ITS SUCCESSORS, ASSIGNS AND LEGAL REPRESENTATIVES, AGREES TO PAY, IN ADDITION TO SUCH OTHER DAMAGES AS ANY RELEASED PARTY MAY SUSTAIN AS A RESULT OF SUCH VIOLATION, ALL ATTORNEYS' FEES AND COSTS INCURRED BY SUCH RELEASED PARTY AS A RESULT OF SUCH VIOLATION. THE PROVISIONS OF THIS SECTION 6.8 SHALL SURVIVE THE TERMINATION OF THE CREDIT AGREEMENT AND PAYMENT IN FULL OF THE OBLIGATIONS. EACH CREDIT PARTY ACKNOWLEDGES AND AGREES THAT ANY FINANCIAL ACCOMMODATION WHICH THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY OTHER SECURED PARTY MAKES ON OR AFTER THE DATE HEREOF HAS BEEN MADE BY THE ADMINISTRATIVE AGENT, SUCH LENDER, 

6

OR SUCH OTHER SECURED PARTY IN RELIANCE UPON, AND IS CONSIDERATION FOR, AMONG OTHER THINGS, THE GENERAL RELEASES AND REAFFIRMATION OF INDEMNITIES CONTAINED IN THIS SECTION 6.8 AND THE OTHER COVENANTS, AGREEMENTS, REPRESENTATIONS AND WARRANTIES OF CREIDT PARTIES HEREUNDER. EACH CREDIT PARTY ACKNOWLEDGES AND AGREES THAT THE ACCOMMODATIONS CONTAINED IN THIS AGREEMENT CONSTITUTE NEW VALUE GIVEN BY ADMINISTRATIVE AGENT, THE LENDERS AND THE OTHER SECURED PARTIES TO OR FOR THE BENEFIT OF THE CREDIT PARTIES AND THEIR SUBSIDIARIES.

[Signature Pages Follow.]

7

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their officers thereunto duly authorized as of the date first above written.
	
				
	 
	 
	 
	 

	BORROWER:
	CHESAPEAKE ENERGY CORPORATION

	 
	 
	 

	 
	By:
	 
	/s/ Domenic J. Dell'Osso, Jr.

	 
	Name:
	 
	Domenic J. Dell'Osso, Jr.

	 
	Title:
	 
	Executive Vice President and Chief Financial Officer

	 
	 
	 
	 

	GUARANTORS:
	CHESAPEAKE LOUISIANA, L.P.

	 
	 
	 
	 

	 
	By:
	 
	CHESAPEAKE OPERATING, L.L.C., its general partner

	 
	 
	 
	 

	 
	By:
	 
	/s/ Domenic J. Dell'Osso, Jr.

	 
	Name:
	 
	Domenic J. Dell'Osso, Jr.

	 
	Title:
	 
	Executive Vice President and Chief Financial Officer

	 
	 
	 
	 

	 
	EMPRESS LOUISIANA PROPERTIES, L.P.

	 
	 
	 
	 

	 
	By:
	 
	EMLP, L.L.C., its general partner

	 
	 
	 
	 

	 
	By:
	 
	/s/ Domenic J. Dell'Osso, Jr.

	 
	Name:
	 
	Domenic J. Dell'Osso, Jr.

	 
	Title:
	 
	Executive Vice President and Chief Financial Officer

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	CHESAPEAKE ENERGY CORPORATION
CHESAPEAKE AEZ EXPLORATION, L.L.C.
CHESAPEAKE APPALACHIA, L.L.C.
CHESAPEAKE E&P HOLDING, L.L.C.
CHESAPEAKE ENERGY LOUISIANA, LLC
CHESAPEAKE ENERGY MARKETING, L.L.C.
CHESAPEAKE EXPLORATION, L.L.C.
CHESAPEAKE LAND DEVELOPMENT COMPANY, L.L.C.
CHESAPEAKE MIDSTREAM DEVELOPMENT, L.L.C.
CHESAPEAKE NG VENTURES CORPORATION
CHESAPEAKE OPERATING, L.L.C., on behalf of itself and as the general partner of CHESAPEAKE LOUISIANA, L.P.
CHESAPEAKE PLAINS, LLC
CHESAPEAKE ROYALTY, L.L.C.
CHESAPEAKE VRT, L.L.C.
CHESAPEAKE-CLEMENTS ACQUISITION, L.L.C.
CHK ENERGY HOLDINGS, INC.
CHK UTICA, L.L.C.
COMPASS MANUFACTURING, L.L.C.
EMLP, L.L.C., on behalf of itself and as general partner of EMPRESS LOUISIANA PROPERTIES, L.P.
EMPRESS, L.L.C.
GSF, L.L.C.
MC LOUISIANA MINERALS, L.L.C.
MC MINERAL COMPANY, L.L.C.
MIDCON COMPRESSION, L.L.C.
NOMAC SERVICES, L.L.C.
NORTHERN MICHIGAN EXPLORATION COMPANY, L.L.C.
SPARKS DRIVE SWD, INC.
WINTER MOON ENERGY CORPORATION
BRAZOS VALLEY LONGHORN FINANCE CORP. 
BRAZOS VALLEY LONGHORN, L.L.C.
BURLESON SAND LLC
BURLESON WATER RESOURCES, LLC ESQUISTO RESOURCES II, LLC 
PETROMAX E&P BURLESON, LLC 

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	WHE ACQCO., LLC
WHR EAGLE FORD LLC 
WILDHORSE RESOURCES II, LLC
WILDHORSE RESOURCES MANAGEMENT COMPANY, LLC

	 
	 
	 
	 

	 
	By:
	 
	/s/ Domenic J. Dell'Osso, Jr.

	 
	Name:
	 
	Domenic J. Dell'Osso, Jr.

	 
	Title:
	 
	Executive Vice President and Chief Financial Officer

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	 
	 
	 

	 
	MUFG UNION BANK, N.A., as Administrative Agent

	 
	 
	 

	 
	By:
	 
	/s/ David Helffrich

	 
	Name:
	 
	David Helffrich

	 
	Title:
	 
	Director

	
				
	 
	 
	 
	 

	 
	MUFG BANK, LTD., as Lender

	 
	 
	 

	 
	By:
	 
	/s/ David Helffrich

	 
	Name:
	 
	David Helffrich

	 
	Title:
	 
	Director

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	 
	 
	 

	 
	WELLS FARGO BANK NATIONAL ASSOCIATION, as Lender

	 
	 
	 

	 
	By:
	 
	/s/ Brett Steele

	 
	Name:
	 
	Brett Steele

	 
	Title:
	 
	Director

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	 
	 
	 

	 
	JPMORGAN CHASE BANK, N.A., as Lender

	 
	 
	 

	 
	By:
	 
	/s/ Arina Mavilian

	 
	Name:
	 
	Arina Mavilian

	 
	Title:
	 
	Authorized Signatory

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	 
	 
	 

	 
	BANK OF AMERICA, N.A., as Lender

	 
	 
	 

	 
	By:
	 
	/s/ Tyler D. Levings

	 
	Name:
	 
	Tyler D. Levings

	 
	Title:
	 
	Director

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	 
	 
	 

	 
	BMO HARRIS BANK N.A., as Lender

	 
	 
	 

	 
	By:
	 
	/s/ Melissa Guzmann

	 
	Name:
	 
	Melissa Guzmann

	 
	Title:
	 
	Director

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	 
	 
	 

	 
	CITICORP NORTH AMERICA, INC., as Lender

	 
	 
	 

	 
	By:
	 
	/s/ Todd Megil

	 
	Name:
	 
	Todd Megil

	 
	Title:
	 
	Vice President

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	 
	 
	 

	 
	MIZUHO BANK, LTD., as Lender

	 
	 
	 

	 
	By:
	 
	/s/ Edward Sacks

	 
	Name:
	 
	Edward Sacks

	 
	Title:
	 
	Authorized Signatory

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	 
	 
	 

	 
	ROYAL BANK OF CANADA, as Lender

	 
	 
	 

	 
	By:
	 
	/s/ Leslie P. Vowell

	 
	Name:
	 
	Leslie P. Vowell

	 
	Title:
	 
	Authorized Signatory

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	 
	 
	 

	 
	DNB CAPITAL LLC, as Lender

	 
	 
	 

	 
	By:
	 
	/s/ Mita Zalavadia

	 
	Name:
	 
	Mita Zalavadia

	 
	Title:
	 
	Assistant Vice President

	 
	 
	 
	 

	 
	By:
	 
	/s/ Ahelia Singh

	 
	Name:
	 
	Ahelia Singh

	 
	Title:
	 
	Assistant Vice President

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	 
	 
	 

	 
	EXPORT DEVELOPMENT CANADA, as Lender

	 
	 
	 

	 
	By:
	 
	/s/ Lin Mavula

	 
	Name:
	 
	Lin Mavula

	 
	Title:
	 
	Senior Associate, Special Risks

	 
	 
	 
	 

	 
	By:
	 
	/s/ Jason Carson

	 
	Name:
	 
	Jason Carson

	 
	Title:
	 
	Senior Special Risks Manager

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	 
	 
	 

	 
	GOLDMAN SACHS BANK USA, as Lender

	 
	 
	 

	 
	By:
	 
	/s/ Jamie Minieri

	 
	Name:
	 
	Jamie Minieri

	 
	Title:
	 
	Authorized Signatory

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	 
	 
	 

	 
	MORGAN STANLEY BANK, N.A., as Lender

	 
	 
	 

	 
	By:
	 
	/s/ Kevin Newman

	 
	Name:
	 
	Kevin Newman

	 
	Title:
	 
	Authorized Signatory

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

	
				
	 
	 
	 
	 

	 
	MORGAN STANLEY SENIOR FUNDING, INC., as Lender

	 
	 
	 

	 
	By:
	 
	/s/ Kevin Newman

	 
	Name:
	 
	Kevin Newman

	 
	Title:
	 
	Vice President

[Signature Page - Fourth Amendment and Waiver to the Credit Agreement]

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