Document:

Exhibit 10.2

 

EXECUTION VERSION

 

ESCROW AGREEMENT

 

THIS ESCROW AGREEMENT (this “Agreement”)
is made and entered into as of this 8th day of September, 2014 by and among Business Development Corporation of America II, a Maryland
corporation (the “Company”), Realty Capital Securities, LLC, a Delaware limited liability company (the “Dealer
Manager”), for itself and for and on behalf of its selected dealers (the “Selected Dealers”), and
UMB Bank, N.A., as escrow agent, a national banking association organized and existing under the laws of the United States of America
(the “Escrow Agent”).

 

RECITALS

 

WHEREAS, the Company proposes to
offer and sell up to $3,000,000,000 in shares of its common stock, par value $0.001 per share (the “Shares”),
on a best-efforts basis (excluding the shares of its common stock to be offered and sold pursuant to the Company’s distribution
reinvestment plan), at an initial subscription price of $10.00 per share (the “Offering”) to investors pursuant
to the Company’s Registration statement on Form N-2 (File No. 333-197447), as amended from time to time (the “Offering
Document”);

 

WHEREAS, the Dealer Manager has been
engaged by the Company to offer and sell the Shares on a best efforts basis through a network of Selected Dealers;

 

WHEREAS, the Company has agreed that
the subscription price paid by subscribers for shares will be refunded to such subscribers if at least $2,000,000 of gross offering
proceeds from persons who are not affiliated with the Company (the “Minimum Amount Requirement”) has not been
raised within one year from the date that the U.S. Securities and Exchange Commission (the “SEC”) declared the
Offering Document effective (such one-year anniversary being referred to as the “Closing Date”);

 

WHEREAS, the Dealer Manager and the
Company desire to establish an escrow account (the “Escrow Account”), as further described in this Agreement,
in which funds received from subscribers will be deposited, and the Company desires that the Escrow Agent act as escrow agent to
the Escrow Account and the Escrow Agent is willing to act in such capacity; and

 

WHEREAS, in order to subscribe for
Shares during the Escrow Period (as defined below), a subscriber must deliver the full amount of its subscription price by check,
payable to UMB Bank, as Escrow Agent for Business Development Corporation of America II, to American National Stock Transfer, LLC,
the Company’s transfer agent (the “Transfer Agent”) at the address set forth in the subscription agreement.

 

AGREEMENT

 

NOW, THEREFORE, the Company, the Dealer
Manager and the Escrow Agent agree to the terms of this Agreement as follows:

 

1.Establishment of Escrow Account;
Escrow Period.

 

(a)On or prior to the commencement of
the Offering, the parties shall establish the Escrow Account with the Escrow Agent, which shall be entitled “UMB Bank, as

 

    	 

    	 

    

 

Escrow Agent for Business Development Corporation of America II” Prior to meeting the Minimum Offering Requirement, the Dealer
Manager and Selected Dealers will instruct subscribers to make checks for subscriptions payable to the order of “UMB Bank,
as Escrow agent for Business Development Corporation of America II.”

 

(b)This Agreement shall be effective on
the date on which the Offering Document is declared effective by the SEC. The escrow period shall commence upon the effectiveness
of this Agreement and shall continue until the earlier of (i) the date upon which the Escrow Agent receives confirmation from the
Company or the Dealer Manager that the Company has met the Minimum Offering Requirement, (ii) the Closing Date, or (iii) the termination
of the Offering by the Company prior to meeting the Minimum Offering Requirement (the “Escrow Period”).

 

2.Operation of the Escrow

 

(a)Deposits in the Escrow Account.
During the Escrow Period, the Dealer Manager will promptly deliver, but in no event later than the end of the second business day
following receipt by the Dealer Manager, any monies received from subscribers for the payment of Shares to the Escrow Agent for
deposit in the Escrow Account, and the Escrow Agent shall deposit and hold in the Escrow Account any monies received directly from
subscribers for the payment of Shares (collectively, the “Escrowed Funds”). All monies deposited into the Escrow
Account shall be held in the Escrow Account until such funds are disbursed in accordance with this Section 2. Prior to disbursement
of the funds deposited in the Escrow Account, such funds shall not be subject to claims by creditors of the Company or any of its
affiliates. If any of the instruments of payment are returned to the Escrow Agent for nonpayment prior to receipt of the Break
Escrow Affidavit (as described below), the Escrow Agent shall promptly notify the Company in writing via mail, e-mail or facsimile
of such nonpayment, and is authorized to debit the Escrow Account, as applicable in the amount of such returned payment as well
as any interest earned on the amount of such payment. The Company will, or will cause the Transfer Agent to maintain a written
account of each subscription, which account shall set forth, among other things, the following information: (i) the subscriber’s
name and address; (ii) the number of Shares subscribed for by such subscriber; and (iii) the amount paid by such subscriber for
such Shares. During the Escrow Period, neither the Company nor the Dealer Manager will be entitled to any principal funds deposited
into the Escrow Account.

 

(b)Disbursement of Escrowed Funds.
If at any time on or prior to the Closing Date the Minimum Offering Requirement has been met, then upon the happening of such event,
the principal amount of the Escrowed Funds shall remain in the Escrow Account until the Escrow Agent receives written direction
provided by the Company or the Dealer Manager instructing the Escrow Agent to deliver the principal amount, or a portion thereof,
of such Escrowed Funds as the Company or the Dealer Manager, as the case may be, shall direct in writing. An affidavit or certification
from an officer of the Company or the Dealer Manager to the Escrow Agent stating that the Minimum Offering Requirement has been
timely met, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break
Escrow Affidavit”). The Break Escrow Affidavit shall indicate: (i) the date on which the Minimum Offering Requirement
has been met (the “Break Escrow Date”); (ii) the actual total number of Shares sold as of the Break Escrow Date;
and (iii) if not all, that portion of the

 

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Escrowed Funds to be transferred. Upon the receipt by the Escrow Agent of the Break Escrow
Affidavit, the Escrow Agent will deliver to U.S. Bank (the “Custodian”), as directed by the Company, on the
date of the first closing following the receipt of the Break Escrow Affidavit, the principal and interest earned on such Escrowed
Funds to be transferred and the Escrow Agent shall from that point forward, transfer on the first business day following each subsequent
closing all principal and interest earned on the Escrowed Funds for the prior subscription period to the Custodian, as directed
by the Company. Additionally, the Company hereby directs the Escrow Agent to provide the Transfer Agent with all electronic files
and information needed by the Transfer Agent to perform its duties as record keeper under its agreement with the Company.

 

If the Escrow Agent has not received a Break
Escrow Affidavit on or prior to the Closing Date, the Escrow Agent shall promptly return the Escrowed Funds, including interest,
if any, thereon, to the subscribers, per the name, address and in the amounts provided by the Company, the Dealer Manager or the
Transfer Agent to the Escrow Agent without deduction, penalty or expense, and the Escrow Agent shall notify the Company and the
Dealer Manager in writing of its distribution of the funds. The subscription payments returned to each subscriber shall be free
and clear of any and all claims of the Company or any of its creditors. The parties hereto hereby agree that, for purposes of this
Section 2(b), the term “promptly return” shall mean that the Escrow Agent shall return the Escrowed Funds to subscribers,
upon the terms and subject to the conditions set forth in this Section 2(b), no later than 30 days following the Closing Date,
in compliance with Rules 10b-9 and 15c2-4 promulgated under the Securities Exchange Act of 1934, as amended.

 

3.Escrowed Funds. Upon receipt
of the Escrowed Funds, the Escrow Agent shall hold the Escrowed Funds in escrow pursuant to the terms of this Agreement. Until
such time as the Escrowed Funds shall be distributed by the Escrow Agent as provided herein, the Escrowed Funds shall be deposited
by the Escrow Agent in UMB Money Market Special, a UMB Bank interest-bearing account, or as may otherwise be directed by the Company
in writing. The Escrow Agent shall be entitled to sell or redeem any investment of the Escrowed Funds as necessary to make any
distributions required under this Agreement and shall not be liable or responsible for any loss resulting from any such sale or
redemption. Interest, if any, resulting from any investment of the Escrowed Funds shall be retained by the Escrow Agent, and shall
be distributed according to this Agreement.

 

4.Duties of the Escrow Agent.
The Escrow Agent shall have no duties or responsibilities other than those expressly set forth in this Agreement, and no implied
duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent is not a party to, or bound
by, any other agreement among the other parties hereto, and the Escrow Agent’s duties shall be determined solely by reference
to this Agreement. The Escrow Agent shall have no duty to enforce any obligation of any person, other than as provided herein.
The Escrow Agent shall be under no liability to anyone by reason of any failure on the part of any other party hereto or any maker,
endorser or other signatory of any document or any other person to perform such person’s obligations under any such document.

 

5.Liability of the Escrow Agent;
Indemnification. The Escrow Agent acts hereunder as a depository only. The Escrow Agent shall not be liable for any action
taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith, and in the

 

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exercise of its own best
judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice
of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as
to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information
therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person(s). The
Escrow Agent shall not be held liable for any error in judgment made in good faith by an officer or employee of either unless it
shall be proved that such officer or employee was grossly negligent or reckless in ascertaining the pertinent facts or acted intentionally
in bad faith. The Escrow Agent shall not be bound by any notice of demand, or any waiver, modification, termination or rescission
of this Agreement or any of the terms hereof, unless evidenced by a writing delivered to the Escrow Agent signed by the proper
party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall give its prior written consent
thereto.

 

The Escrow Agent may consult legal counsel
and shall exercise reasonable care in the selection of such counsel, in the event of any dispute or question as to the construction
of any provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in accordance
with the reasonable opinion or instructions of such counsel.

 

The Escrow Agent shall not be responsible,
may conclusively rely upon and shall be protected, indemnified and held harmless by the Company, for the sufficiency or accuracy
of the form of, or the execution, validity, value or genuineness of any document or property received, held or delivered by it
hereunder, or of the signature or endorsement thereon, or for any description therein; nor shall the Escrow Agent be responsible
or liable in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to
execute or deliver any document, property or this Agreement.

 

In the event that the Escrow Agent shall
become involved in any arbitration or litigation relating to the Escrowed Funds in the Escrow Account, the Escrow Agent is authorized
to comply with any decision reached through such arbitration or litigation.

 

The Company hereby agrees to indemnify the
Escrow Agent for, and to hold it harmless against any loss, liability or expense incurred in connection herewith without gross
negligence, recklessness or willful misconduct on the part of the Escrow Agent, including without limitation, legal or other fees
arising out of or in connection with its entering into this Agreement and carrying out its duties hereunder, including without
limitation the costs and expenses of defending itself against any claim of liability in the premises or any action for interpleader.
The Escrow Agent shall not be under any obligation to institute or defend any action, suit, or legal proceeding in connection herewith,
unless first indemnified and held harmless to its satisfaction in accordance with the foregoing, except that neither shall be indemnified
against any loss, liability or expense arising out of its own gross negligence, recklessness or willful misconduct. Such indemnity
shall survive the termination or discharge of this Agreement or resignation of the Escrow Agent.

 

The terms of this Section 5 shall survive
the termination of this Agreement and the resignation or removal of the Escrow Agent.

 

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6.The Escrow Agent’s Fee.
The Escrow Agent shall be entitled to fees and expenses for its regular services as Escrow Agent as set forth in Exhibit A.
Additionally, the Escrow Agent is entitled to reasonable fees for extraordinary services and reimbursement of any reasonable out
of pocket and extraordinary costs and expenses related to its obligations as the Escrow Agent under this Agreement, including,
but not limited to, reasonable attorneys’ fees. All of the Escrow Agent’s compensation, costs and expenses shall be
paid by the Company.

 

7.Security Interests. No party
to this Escrow Agreement shall grant a security interest in any monies or other property deposited with the Escrow Agent under
this Escrow Agreement, or otherwise create a lien, encumbrance or other claim against such monies or borrow against the same.

 

8.Dispute. In the event of any
disagreement between the undersigned or the person or persons named in the instructions contained in this Agreement, or any other
person, resulting in adverse claims and demands being made in connection with or for any papers, money or property involved in
this Agreement, or affected hereby, the Escrow Agent shall be entitled to refuse to comply with any demand or claim, as long as
such disagreement shall continue, and in so refusing to make any delivery or other disposition of any money, papers or property
involved or affected hereby, the Escrow Agent shall not be or become liable to the undersigned or to any person named in such instructions
for its refusal to comply with such conflicting or adverse demands, and the Escrow Agent shall be entitled to refuse and refrain
to act until: (a) the rights of the adverse claimants shall have been fully and finally adjudicated in a court assuming and having
jurisdiction of the parties and money, papers and property involved in this Agreement or affected hereby, or (b) all differences
shall have been adjusted by agreement and the Escrow Agent shall have been notified thereof in writing, signed by all the interested
parties.

 

9.Resignation of the Escrow Agent.
The Escrow Agent may resign or be removed, at any time, for any reason, by written notice of its resignation or removal to the
proper parties at their respective addresses as set forth in this Agreement, at least 60 days before the date specified for such
resignation or removal to take effect. Upon the effective date of such resignation or removal:

 

(a)All cash and other payments and all
other property then held by the Escrow Agent hereunder shall be delivered by it to such successor escrow agent as may be designated
in writing by the Company, whereupon the Escrow Agent’s obligations hereunder shall cease and terminate;

 

(b)If no such successor escrow agent has
been designated by such date, all obligations of the Escrow Agent hereunder shall, nevertheless, cease and terminate, and the Escrow
Agent’s sole responsibility thereafter shall be to keep all property then held by it and to deliver the same to a person
designated in writing by the Company or in accordance with the directions of a final order or judgment of a court of competent
jurisdiction.

 

(c)Further, if no such successor escrow
agent has been designated by such date, the Escrow Agent may petition any court of competent jurisdiction for the appointment of
a successor agent; further the Escrow Agent may pay into court all monies and property deposited with the Escrow Agent under this
Agreement.

 

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The terms of this Section shall survive
the termination of the Escrow Agreement and the resignation or removal of the Escrow Agent.

 

10.Notices. All notices, demands
and requests required or permitted to be given under the provisions hereof must be in writing and shall be deemed to have been
sufficiently given, upon receipt, if (i) personally delivered, (ii) sent by telecopy and confirmed by phone or (iii) mailed by
registered or certified mail, with return receipt requested, or by overnight courier with signature required, delivered to the
addresses set forth below, or to such other address as a party shall have designated by notice in writing to the other parties
in the manner provided by this paragraph:

 

	If to the Company:	
        Business Development Corporation of America II

        405 Park Avenue, 3rd Floor

        New York, New York 10022

        Facsimile: (212) 421-5799

        Attention: General Counsel

         

        with a copy to (which shall not constitute a Notice):

         

        Alston & Bird LLP

        One Atlantic Center

        1201 West Peachtree Street

        Atlanta, Georgia 30309-3424

        Attn: Rosemarie A. Thurston

	 	 
	If to the Escrow Agent:  	
        UMB Bank, N.A.

        1010 Grand Blvd, 4th Floor

        Corporate Trust & Escrow Services

        Kansas City, MO 64106

        Facsimile: (816) 860-3029

        Attention: Lara L. Stevens

	 	 
	If to the Dealer Manager:	Realty Capital Securities, LLC

One Beacon Street, 14th Floor

Boston, Massachusetts 02108

Facsimile:  (857) 207-3399

Attention:  Louisa Quarto, President
	 	 
	 	
        with a copy to (which shall not constitute a Notice):

         

        Alston & Bird LLP

        One Atlantic Center

        1201 West Peachtree Street

        Atlanta, Georgia 30309-3424

        Attn: Rosemarie A. Thurston

 

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11.Governing Law. This Agreement
shall be construed and enforced in accordance with the laws of the Missouri without regard to the principles of conflicts of law.

 

12.Binding Effect; Benefit. This
Agreement shall be binding upon and inure to the benefit of the permitted successors and assigns of the parties hereto.

 

13.Modification. This Agreement
may be amended, modified or terminated at any time by a writing executed by the Dealer Manager, the Company and the Escrow Agent.

 

14.Assignability. This Agreement
shall not be assigned by the Escrow Agent without the Company’s prior written consent.

 

15.Counterparts. This Agreement
may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute
one and the same instrument. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents
shall be deemed to be authentic and valid counterparts of such original documents for all purposes, including the filing of any
claim, action or suit in the appropriate court of law.

 

16.Headings. The section headings
contained in this Agreement are inserted for convenience only, and shall not affect in any way, the meaning or interpretation of
this Agreement.

 

17.Severability. This Agreement
constitutes the entire agreement among the parties and supersedes all prior and contemporaneous agreements and undertakings of
the parties in connection herewith. No failure or delay of the Escrow Agent in exercising any right, power or remedy may be, or
may be deemed to be, a waiver thereof; nor may any single or partial exercise of any right, power or remedy preclude any other
or further exercise of any right, power or remedy. In the event that any one or more of the provisions contained in this Agreement,
shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then to the maximum extent permitted by
law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement.

 

18.Earnings Allocation; Tax Matters;
Patriot Act Compliance; Office of Foreign Control Search Duties. The Company or its agent shall be responsible for all tax
reporting under this Escrow Agreement. The Company shall provide to the Escrow Agent upon the execution of this Agreement any documentation
requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from
time to time. The Escrow Agent, or its agent, shall complete an Office of Foreign Assets Control (“OFAC”) search,
in compliance with its policy and procedures, of each subscription check and shall inform the Company if a subscription check fails
the OFAC search. The Dealer Manager shall provide a copy of each subscription check in order that the Escrow Agent, or its agent,
may perform such OFAC search.

 

19.Miscellaneous. This Agreement
shall not be construed against the party preparing it, and shall be construed without regard to the identity of the person who
drafted it or the party who caused it to be drafted and shall be construed as if all parties had jointly prepared this Agreement
and it shall be deemed their joint work product, and each and every provision of this

 

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Agreement shall be construed as though all
of the parties hereto participated equally in the drafting hereof; and any uncertainty or ambiguity shall not be interpreted against
any one party. As a result of the foregoing, any rule of construction that a document is to be construed against the drafting party
shall not be applicable.

 

20.Termination of the Escrow Agreement.
This Agreement, except for Sections 5 and 9 hereof, which shall continue in effect, shall terminate upon written notice from the
Company to the Escrow Agent.

 

21.Relationship of Parties. The
Dealer Manager, the Company and the Escrow Agent are unaffiliated parties, and this Agreement does not create any partnership or
joint venture among them.

 

[Signature
page follows.]

 

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IN WITNESS WHEREOF, the undersigned
have caused this Agreement to be executed by their duly authorized representatives as of the date first written hereinabove:

 

	 	COMPANY:
	 	 
	 	Business Development Corporation of America
    II

    

    

    By: /s/ Nicholas S. Schorsch             

    Name:Nicholas S. Schorsch

    Title:Chief Executive Officer
	 	 
	 	DEALER MANAGER:
	 	 
	 	Realty Capital Securities, LLC

    

    

    By: /s/ Louisa Quarto                         

    Name:Louisa Quarto

    Title:President
	 	 
	 	ESCROW AGENT:
	 	 
	 	UMB Bank, N.A., as Escrow Agent

    

    

    By: /s/ Lara L. Stevens                       

    Name:Lara L. Stevens

    Title:Vice President

 

    	 

    	 

    

 

EXHIBIT
A

ESCROW FEES AND EXPENSES

 

 

 

Acceptance Fee

Review escrow agreement,
establish account $3,000

Transfer Agent Agency Engagement $250

 

Annual Fees

Annual Escrow Agent $2,500

 

Transactional Fees

Outgoing Wire Transfer $15 each

Daily Recon BAI File to Transfer Agent $2.50 per Business Day

Daily Wire Ripping File to Transfer Agent $10 per
Business Day

Web Exchange Access $15 per month

Overnight Delivery/Mailings $16.50 each

IRS Tax Reporting $10 per 1099

 

Acceptance fee and first year Annual Escrow
Agent fee will be payable at the initiation of the escrow. Thereafter, the Annual Escrow Agent fees will be billed annually in
advance and transactional fees, if any, will be billed quarterly in arrears. Other fees and expenses will be billed as incurred.

 

Fees specified
are for the regular, routine services contemplated by the Subscription Escrow Agreement, and any additional or extraordinary services,
including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy
or adverse claim is in existence, will be charged based upon time required at the then standard hourly rate. In addition to the
specified fees, all expenses related to the administration of the Subscription Escrow Agreement (other than normal overhead expenses
of the regular staff) such as, but not limited to, travel, postage, shipping, courier, telephone, facsimile, supplies, legal fees,
accounting fees, etc., will be reimbursable.Exhibit 10.3

 

EXPENSE
SUPPORT AGREEMENT

 

This EXPENSE SUPPORT AGREEMENT (this “Agreement”),
is made as of August 21, 2014 by and between Business Development Corporation of America II (the “Company”)
and BDCA Adviser II, LLC (the “Adviser”).

 

WHEREAS, the Company maintains on file with
the U.S. Securities and Exchange Commission (the “SEC”) an effective registration statement on Form N-2 (File
No. 333-197447) covering the continuous offering and sale of the Company’s common stock pursuant to the Securities Act of
1933, as amended (the “Registration Statement”);

 

WHEREAS, the Company and the Adviser have
entered into an Investment Advisory and Management Services Agreement dated as of August 21, 2014 (the “Advisory Agreement”);
and

 

WHEREAS, the Company and the Adviser have
determined that it is appropriate and in the best interests of the Company for the Adviser to pay on behalf of the Company up to
100% of all Operating Expenses (as defined herein) until the Company has achieved economies of scale sufficient to ensure that
it bears a reasonable level of expense in relation to its investment income.

 

NOW, THEREFORE, in consideration of the
premises and the mutual agreements herein contained, and for other good and valuable consideration (the receipt and sufficiency
of which are hereby acknowledged), the parties hereto agree as follows:

 

1.Expense
Support Payments.

 

Commencing on the date that the Registration
Statement is declared effective by the SEC and continuing monthly thereafter until such time as the Company and the Adviser mutually
agree otherwise (the “Expense Support Payment Period”), the Adviser hereby agrees to pay on behalf of the Company,
at the Adviser’s sole discretion but in consultation with the Company, up to 100% of all Operating Expenses for each month
during the Expense Support Payment Period. Any payment made by the Adviser pursuant to the preceding sentence shall be referred
to herein as an “Expense Support Payment.” Upon determination by the Adviser of the amount of the Expense Support
Payment to be paid for each month, the Adviser shall promptly notify the Company of the amount and the payment date of such Expense
Support Payment (the “Expense Support Payment Date”), which shall be no later than thirty (30) business days
after the end of such month. The Expense Support Payment for any month shall be paid by the Adviser to the Company in any combination
of cash or other immediately available funds and/or offsets against amounts due from the Company to the Adviser.

 

For purposes of this Agreement, the following
definitions shall apply:

 

(a)“Annualized Distribution
Rate” shall mean the per share amount of all regular cash distributions paid to stockholders of the Company, but excluding
special cash distributions or the effect of any stock dividends paid by the Company, as of the applicable period, expressed as
a percentage of the Company’s public offering price per share as of the relevant measurement date;

 

    	 

    	 

    

 

(b)“Net Operating Expenses”
shall mean the sum of all Operating Expenses, excluding Organization and Offering Expenses (as defined in the Advisory Agreement),
the Base Management Fee (as defined in the Advisory Agreement), the Incentive Fee (as defined in the Advisory Agreement) and any
interest expense attributable to indebtedness incurred by the Company, as of the applicable period;

 

(c)“Operating Expenses”
for any period shall mean all costs and expenses paid or incurred by or on behalf of the Company, as determined under U.S. generally
accepted accounting principles, including, without limitation any interest expense attributable to indebtedness incurred by the
Company for such period and any fees payable to the Adviser pursuant to the Advisory Agreement; and

 

(d)“Operating Expense Ratio”
shall mean Net Operating Expenses, as of the applicable period, expressed as a percentage of the net assets of the Company as of
the relevant measurement date.

 

2.Conditional
Reimbursement.

 

On the date mutually agreed to by the Company
and the Adviser for reimbursement of a specified Expense Support Payment (the “Reimbursement Date”), the Company
hereby agrees to reimburse the Adviser, as promptly as possible, in an amount equal to such specified Expense Support Payment,
provided that (i) the Operating Expense Ratio as of such Reimbursement Date is equal to or less than the Operating Expense
Ratio as of the Expense Support Payment Date attributable to such specified Expense Support Payment; (ii) the Annualized Distribution
Rate as of such Reimbursement Date is equal to or greater than the Annualized Distribution Rate as of the Expense Support Payment
Date attributable to such specified Expense Support Payment; (iii) such specified Expense Support Payment Date is not earlier than
three years prior to the Reimbursement Date; and (iv) the Expense Support Payment does not cause the Company’s Net Operating
Expenses to exceed 1.5% of the Company’s net assets attributable to common shares (as such term is used in the Registration
Statement), after taking such reimbursement into account.

 

The Adviser may waive such reimbursement
for certain expenses paid by the Adviser to fund the Company’s distributions. Such waived reimbursement may be subject to
repayment in the future, pursuant to the provisions of this Section 2.

 

3.Term
and Termination of Agreement.

 

3.1.Term
of Agreement. This Agreement shall become effective immediately upon the date hereof. Once effective, this Agreement shall
remain in effect unless otherwise terminated pursuant to Section 3.2 hereof.

 

3.2.Termination
of Agreement. This Agreement may be terminated by the Adviser upon written notice to the Company. This Agreement shall
automatically terminate in the event of (a) the termination by the Company of the Advisory Agreement or (b) the dissolution or
liquidation of the Company.

 

    	2

    	 

    

 

3.3.Effect
of Termination. Notwithstanding any provision to the contrary, after the termination of this Agreement pursuant to Section
3.2, the Adviser shall be entitled to all previously unpaid reimbursements of Expense Support Payments within 30 days after the
effective date of such termination, regardless of the limitations of Section 2.

 

4.Miscellaneous.

 

4.1.Headings.
The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or
otherwise affect their construction or effect.

 

4.2.Interpretation.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York (without reference to its
conflicts of laws provisions) and the applicable provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended
(the “Advisers Act”). To the extent that the applicable laws of the State of New York or any of the provisions
herein, conflict with the applicable provisions of the 1940 Act or the Advisers Act, the latter shall control. Further, nothing
herein contained shall be deemed to require the Company to take any action contrary to the Company’s Amended and Restated
Articles of Incorporation or Bylaws, as each may be amended or restated, or to relieve or deprive the board of directors of the
Company of its responsibility for and control of the conduct of the affairs of the Company.

 

4.3.Severability.
If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder
of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable.

 

4.4.Amendments
and Counterparts. This Agreement may only be amended by mutual written consent of the parties. This Agreement may
be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall, together,
constitute only one instrument.

 

[Signatures on following page.]

 

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IN WITNESS WHEREOF, the parties have caused
this Agreement to be signed by their respective officers thereunto duly authorized, as of the day and year first above written.

 

 

	 	BUSINESS DEVELOPMENT CORPORATION
    OF AMERICA II

    

    

    By: /s/ Nicholas S. Schorsch              

    Name:Nicholas S. Schorsch

    Title:Chairman and Chief Executive Officer
	 	 
	 	 
	 	BDCA ADVISER II, LLC

    

    

    By: /s/ Peter M. Budko                        

    Name:Peter M. Budko

    Title:Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}]]