Document:

Exhibit 10.1

 

INVESTMENT
ADVISORY AGREEMENT

BETWEEN BRIGHTWOOD CAPITAL CORPORATION I AND BRIGHTWOOD CAPITAL ADVISORS, LLC

 

This Investment Advisory Agreement
(this “Agreement”) made effective as of this  26th day of July, 2022 (the “Effective Date”),
by and between BRIGHTWOOD CAPITAL CORPORATION I, a Maryland corporation (the “Corporation”), and BRIGHTWOOD CAPITAL
ADVISORS, LLC, a Maryland limited liability company (the “Adviser”).

 

WHEREAS, the Corporation is
a newly organized corporation that will operate as a closed-end, non-diversified management investment company;

 

WHEREAS, the Corporation has
filed an election to be regulated as a business development company under the Investment Company Act of 1940, as amended (the “Investment
Company Act”);

 

WHEREAS, the Adviser is registered
as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”); and

 

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

 

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

 

1.            Duties
of the Adviser.

 

(a)            The
Corporation hereby employs the Adviser to act as the investment adviser to the Corporation and to manage the investment and reinvestment
of the assets of the Corporation, subject to the supervision of the board of directors of the Corporation (the “Board of Directors”),
for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies and restrictions that
are set forth in the Corporation’s private placement memorandum, registration statement or other filing submitted or filed by the
Corporation with the Securities and Exchange Commission, in each case as the same may be amended from time to time, (ii) in accordance
with the Investment Company Act, the Investment Advisers Act and all other applicable federal and state law, including the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), if applicable and (iii) in accordance with the Corporation’s
charter and bylaws. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions
of this Agreement, (i) determine the composition of the portfolio of the Corporation, the nature and timing of the changes therein
and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Corporation
(including performing due diligence on prospective portfolio companies); (iii) execute, close, service and monitor the Corporation’s
investments; (iv) determine the securities and other assets that the Corporation will purchase, retain or sell; and (v) provide
the Corporation with such other investment advisory, research and related services as the Corporation may, from time to time, reasonably
require for the investment of its funds. The Adviser shall have the power and authority on behalf of the Corporation to effectuate its
investment decisions for the Corporation, including the execution and delivery of all documents relating to the Corporation’s investments
and the placing of orders for other purchase or sale transactions on behalf of the Corporation. In the event that the Corporation, consistent
with its investment objective and policies, determines to acquire debt financing or to refinance existing debt financing, the Adviser
shall arrange for such financing on the Corporation’s behalf, subject to the oversight and approval of the Board of Directors. If
it is necessary for the Adviser to make investments on behalf of the Corporation through a subsidiary or special purpose vehicle, the
Adviser shall have authority to create or arrange for the creation of such subsidiary or special purpose vehicle and to make such investments
through such subsidiary or special purpose vehicle in accordance with the Investment Company Act.

 

    	 	 	 

     

    

 

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

 

(c)            Subject
to the requirements of the Investment Company Act and ERISA, if applicable, the Adviser is hereby authorized, but not required, to enter
into one or more sub-advisory agreements with other investment advisers (each, a “Sub-Adviser”) pursuant to which
the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically,
the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Corporation’s investment
objective and policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition or disposition
of such investments and monitoring investments on behalf of the Corporation, subject in all cases to the oversight of the Adviser and
the Corporation. The Adviser, and not the Corporation, shall be responsible for any compensation payable to any Sub-Adviser. Any sub-advisory
agreement entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act, the Investment Advisers
Act and other applicable federal and state law, including ERISA, if applicable.

 

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

 

(e)         The
Adviser shall keep and preserve, in the manner and for the period that would be applicable to investment companies registered under the
Investment Company Act, any books and records relevant to the provision of its investment advisory services to the Corporation, shall
specifically maintain all books and records with respect to the Corporation’s portfolio transactions and shall render to the Board
of Directors such periodic and special reports as the Board of Directors may reasonably request. The Adviser agrees that all records that
it maintains for the Corporation are the property of the Corporation and shall surrender promptly to the Corporation any such records
upon the Corporation’s request, provided that the Adviser may retain a copy of such records.

 

    	 	2	 

     

    

 

2.            ERISA
Matters.

 

(a)  If an investor in the Corporation
is an employee benefit plan under ERISA (“Benefit Plan Investor”), then, in the event that, and during any period when, the
assets of the Corporation are deemed “plan assets” (for purposes of ERISA) of such Benefit Plan Investor, the investment in
the Corporation (as evidenced by the Corporation’s acceptance of such Benefit Plan Investor’s respective subscription agreement)
constitutes the appointment by the Benefit Plan Investor’s authorized fiduciary of the Adviser as an “investment manager”
as defined in Section 3(38) of ERISA, with respect to the assets of such Benefit Plan Investor that is invested in the Corporation.

 

(b) The Adviser agrees that, during
any period in which the assets of the Corporation are deemed “plan assets” for purposes of ERISA, the Adviser shall use its
commercially reasonable efforts to ensure that the Adviser (i) remains registered as an investment adviser under the Investment Advisers
Act and (ii) is a “qualified professional asset manager” within the meaning of Part VI of Prohibited Transaction
Class Exemption 84-14 (a “QPAM”). The Adviser further agrees that during any period in which the assets of the Corporation
are deemed “plan assets” for purposes of ERISA (y) the Adviser is a fiduciary under Section 3(21) of ERISA and shall
satisfy the requirements to be an “investment manager” (as that term is defined in Section 3(38) of ERISA) with respect
to the Benefit Plan Investor; and (z) the Adviser shall comply with the fiduciary requirements of Part 4 of Title I of ERISA
in the management of the Corporation, including, but not limited to, the indicia of ownership obligations set forth in Section 404(b) of
ERISA and the prohibited transaction provisions contained in Section 406 of ERISA. Notwithstanding the foregoing, the Adviser will
bear responsibility for the fidelity bond required under Section 412 of ERISA.

 

    	 	3	 

     

    

 

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

 

(a)            All
investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and
management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall
be provided and paid for by the Adviser and not by the Corporation. The Corporation, to the extent permitted by ERISA, if applicable,
shall bear all other costs and expenses of its operations and transactions, including those relating to: (a) organizational expenses
of the Corporation; (b) calculating the net asset value of the Corporation, including the cost and expenses of any independent valuation
firm; (c) fees and expenses incurred by the Adviser and payable to third parties, including agents, consultants or other advisors,
in monitoring financial and legal affairs for the Corporation and in monitoring the Corporation’s investments, performing due diligence
on prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, which fees and expenses
include, among other items, due diligence reports, appraisal reports, any studies commissioned by the Adviser and travel and lodging expenses;
(d) interest payable on debt, if any, incurred by the Corporation and expenses related to unsuccessful portfolio acquisition efforts;
(e) private placements of securities of the Corporation; (f) investment advisory and management fees; (g) administration
fees and expenses payable under the administration agreement dated as of [•], 2022 (as amended from time to time, the “Administration
Agreement”), between the Corporation and the Corporation’s administrator (the “Administrator”); (h) fees
payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments
in portfolio companies, including costs associated with meeting financial sponsors; (i) fees incurred by the Corporation for transfer
agent, dividend agent and custodial fees and expenses; (j) U.S. federal and state registration and franchise fees; (k) U.S.
federal, state and local taxes, fees or other governmental charges levied against the Corporation, and all expenses incurred in connection
with any tax audit, investigation settlement or review of the Corporation; (l) independent directors’ fees and expenses; (m) costs
of preparing and filing reports or other documents required by the Securities and Exchange Commission or other regulators; (n) costs
of any reports, proxy statements or other notices to stockholders, including printing costs and filing fees; (o) costs associated
with individual or group stockholders; (p) costs associated with compliance with the Sarbanes-Oxley Act of 2002, as amended; (q) the
Corporation’s allocable portion of any fidelity bond, insurance (including directors and officers and errors and omissions liability
insurance), and any other insurance premiums; (r) direct costs and expenses of administration, including printing and filing fees,
mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; (s) proxy voting
expenses; (t) all fees, costs, expenses, liabilities and obligations attributable to structuring, organizing, acquiring, managing,
operating, holding, valuing, monitoring, winding-up, liquidating, dissolving and disposing of investments (including follow-on investments
and refinancings (including interest on money borrowed by the Corporation or the Adviser; (u) expenses incurred in connection with
the establishment, incurrence or repayment of credit facilities; expenses of portfolio tracking facilities; fees paid to third parties
or to the Adviser or any affiliate to provide collateral management, debt servicing and other administrative services to special purpose
vehicles that hold certain of the Corporation’s portfolio investments pledged as collateral to secure credit facilities extended
to finance the loan portfolio; origination fees; registration expenses; and brokerage, finder, custodial and other fees)), including the
costs and expenses of any related portfolio management, portfolio loan management, monitoring or tracking tools or software (but not including
any other technology or software expense); (v) legal, accounting, administration, depositary, registration, auditing, consulting
(including consulting and retainer fees paid to consultants performing investment initiatives and other similar consultants), broker,
litigation and indemnification costs and expenses, judgments and settlements, finder, financing, financing commitment, real estate title
and appraisal; and other fees and expenses (including fees, costs and expenses associated with the preparation or distribution of the
Corporation’s financial statements, tax returns and tax estimates or any other administrative, compliance, regulatory or investment-related
reporting or filing (including any filings, notifications, reports or other regulatory requirements (other than the initial registrations,
filing and compliance) contemplated by or arising under the laws of any foreign jurisdiction or any other similar law, rule or regulation
(including any implementing law, rule or regulation relating to the foregoing))); (v) costs
and expenses of the Advisory Committee (including, for the avoidance of doubt, any costs and expenses incurred in connection with
any legal counsel retained by the Advisory Committee); (w) fees, costs, expenses, liabilities and obligations incurred in connection
with transactions not consummated (including travel expenses, legal, accounting, auditing, valuation, insurance, consulting, finder, financing,
appraisal, filing, printing, real estate title, survey and other fees and expenses); (x) all out-of-pocket fees, costs and expenses
incurred by the Corporation, the Adviser and each of their respective managers, members, shareholders, officers and employees in connection
with annual and other periodic meetings of the board of directors and any other conference or meeting with any directors; (y) private
placement or finders’ fees, commissions and expenses (including interest thereon) payable to a placement agent (or other similar
agent) with respect to the offering, subscription or sale of interests in the Corporation; (z) all fees, costs and expenses incurred
in connection with the dissolution, liquidation and final winding-up of the Corporation; (aa) all fees, costs and expenses incurred in
connection with the organization, management, operation, dissolution, liquidation and final winding-up of any alternative investment vehicles,
any special purpose vehicles; (bb) costs of complying with side letters; and (cc) any and all other expenses incurred by the Corporation
or the Administrator in connection with administering the Corporation’s business, including payments made under the Administration
Agreement based upon the Corporation’s allocable portion (subject to the review and approval of the Corporation’s independent
directors) of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and
the allocable portion of the cost of the Corporation’s chief compliance officer and chief financial officer and their respective
staffs.

 

    	 	4	 

     

    

 

4.            Compensation
of the Adviser. The Corporation agrees to pay, and the Adviser agrees to accept, as compensation for the investment advisory and management
services provided by the Adviser hereunder, a base management fee (the “Base Management Fee”), as hereinafter set forth.
The Corporation shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct.
To the extent permitted by applicable law, including ERISA, if applicable, the Adviser may elect, or adopt a deferred compensation plan
pursuant to which it may elect to defer all or a portion of its fees hereunder for a specified period of time. The Adviser may agree to
temporarily or permanently waive, in whole or in part, the Base Management Fee.

 

(a)            The
Base Management Fee shall be calculated as follows: (a) if the aggregate Capital Commitment of Investors is less than or equal to
$350,000,000, an annual rate equal to 0.80% of the fair value of the average gross assets of the Company associated with such Capital
Commitment and (b) if the aggregate Investors’ Capital Commitment is greater than $350,000,000, an annual rate equal to 0.70%
of the fair value of the average gross assets of the Company associated with such Capital Commitment in excess of $350,000,000. For services
rendered under this Agreement, the Base Management Fee shall be payable quarterly in arrears. The Base Management Fee shall be calculated
based on the fair value of the average value of the gross assets of the Company at the end of the two most recently completed calendar
quarters. Such amount shall be appropriately adjusted (based on the actual number of days elapsed relative to the total number of days
in such calendar quarter) for any share issuances or repurchases during a calendar quarter. The Base Management Fee for any partial month
or quarter shall be appropriately pro-rated (based on the number of days actually elapsed at the end of such partial month or quarter
relative to the total number of days in such month or quarter).

 

5.            Covenants
of the Adviser. The Adviser hereby covenants that it is registered as an investment adviser under the Investment Advisers Act. The
Adviser hereby agrees that its activities shall at all times be in compliance in all material respects with all applicable federal and
state laws governing its operations and investments, including ERISA, if applicable.

 

6.            Excess
Brokerage Commissions. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, including ERISA,
if applicable, to cause the Corporation to pay a member of a national securities exchange, broker or dealer an amount of commission for
effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have
charged for effecting such transaction if the Adviser determines, in good faith and taking into account such factors as price (including
the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm
and the firm’s risk and skill in positioning blocks of securities, that the amount of such commission is reasonable in relation
to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular
transaction or its overall responsibilities with respect to the Corporation’s portfolio, and constitutes the best net result for
the Corporation.

 

    	 	5	 

     

    

 

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

 

8.            Limitations
on the Employment of the Adviser. The services of the Adviser to the Corporation are not, and shall not be, exclusive. The Adviser
may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect
sponsorship or management of other investment-based accounts or commingled pools of capital, however structured, having investment objectives
similar to those of the Corporation; provided that its services to the Corporation hereunder are not impaired thereby. Nothing in this
Agreement shall limit or restrict the right of any manager, partner, officer or employee of the Adviser to engage in any other business
or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any
fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or
more of the portfolio companies of the Corporation, subject at all times to applicable law, including ERISA, if applicable). So long as
this Agreement or any extension, renewal or amendment hereof remains in effect, the Adviser shall be the only investment adviser for the
Corporation, subject to the Adviser’s right to enter into sub-advisory agreements. The Adviser assumes no responsibility under this
Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees and stockholders
of the Corporation are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners, stockholders,
members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, stockholders, members and managers
of the Adviser and its affiliates are or may become similarly interested in the Corporation as stockholders or otherwise.

 

    	 	6	 

     

    

 

Subject to any restrictions
prescribed by law, including ERISA, if applicable, by the provisions of the Code of Ethics of the Corporation and the Adviser and by the
Adviser’s allocation policy, the Adviser and its members, officers, employees and agents shall be free from time to time to acquire,
possess, manage and dispose of securities or other investment assets for their own accounts, for the accounts of their family members,
for the account of any entity in which they have a beneficial interest or for the accounts of others for whom they may provide investment
advisory, brokerage or other services (collectively, “Managed Accounts”), in transactions that may or may not correspond
with transactions effected or positions held by the Corporation or to give advice and take action with respect to Managed Accounts that
differs from advice given to, or action taken on behalf of, the Corporation; provided that the Adviser allocates investment opportunities
to the Corporation, over a period of time on a fair and equitable basis compared to investment opportunities extended to other Managed
Accounts. The Adviser is not, and shall not be, obligated to initiate the purchase or sale for the Corporation of any security that the
Adviser and its members, officers, employees or agents may purchase or sell for its or their own accounts or for the account of any other
client if, in the opinion of the Adviser, such transaction or investment appears unsuitable or undesirable for the Corporation; provided
however, that to the extent that the Corporation’s assets are deemed “plan assets” under ERISA, the Adviser will only
co-invest in the same issuer with Managed Accounts, so long as the Corporation’s and Managed Accounts’ respective investments
are at the same level of such security issuer’s capital structure and so long as such co-investment would not otherwise constitute
a “prohibited transaction” under ERISA. Moreover, it is understood that when the Adviser determines that it would be appropriate
for the Corporation and one or more Managed Accounts to participate in the same investment opportunity, the Adviser shall seek to execute
orders for the Corporation and for such Managed Account(s) on a basis that the Adviser considers to be fair and equitable over time.
In such situations, the Adviser may (but is not required to) place orders for the Corporation and each Managed Account simultaneously
or on an aggregated basis. If all such orders are not filled at the same price, the Adviser may cause the Corporation and each Managed
Account to pay or receive the average of the prices at which the orders were filled for the Corporation and all relevant Managed Accounts
on each applicable day. If all such orders cannot be fully executed under prevailing market conditions, the Adviser may allocate the investment
opportunities among participating accounts in a manner that the Adviser considers equitable, taking into account, among other things,
the size of each account, the size of the order placed for each account and any other factors that the Adviser deems relevant.

 

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

 

    	 	7	 

     

    

 

10.            Limitation
of Liability of the Adviser; Indemnification. The Adviser (and its officers, managers, partners, agents, employees, controlling persons,
members and any other person or entity affiliated with the Adviser, including without limitation, the Administrator) shall not be
liable to the Corporation for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its
duties or obligations under this Agreement or otherwise as an investment adviser of the Corporation, except to the extent specified in
Section 36(b) of the Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally
determined by judicial proceedings) with respect to the receipt of compensation for services, and the Corporation shall indemnify,
defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person
or entity affiliated with the Adviser, including without limitation, the Administrator, each of whom shall be deemed a third party beneficiary
hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and against all damages, liabilities,
costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified
Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or
suit by or in the right of the Corporation or its security holders) arising out of or otherwise based upon the performance of any
of the Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Corporation. Notwithstanding
the preceding sentence of this Paragraph 9 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified
Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Corporation
or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith, gross
negligence in the performance of the Adviser’s duties, by reason of the reckless disregard of the Adviser’s duties and obligations
under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance
by the Securities and Exchange Commission or its staff thereunder), or violation of applicable law, including breach of its fiduciary
duties under ERISA, if applicable.

 

11.            Effectiveness,
Duration and Termination of Agreement. This Agreement shall become effective as of the date hereof. This Agreement shall continue
for a term of one year, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically
approved at least annually by (a) the vote of the Board of Directors or by the vote of a majority of the outstanding voting securities
of the Corporation and (b) the vote of a majority of the Corporation’s Directors who are not parties to this Agreement or “interested
persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with
the requirements of the Investment Company Act. This Agreement may be terminated at any time, without the payment of any penalty, upon
60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Corporation or by the vote of the
Corporation’s Directors or by the Adviser. This Agreement shall automatically terminate in the event of its “assignment”
(as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act). The provisions of Section 10
of this Agreement shall remain in full force and effect, and the Indemnified Parties shall remain entitled to the benefits thereof, notwithstanding
any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser
shall be entitled to any amounts owed under Section 4 through the date of termination or expiration and Section 10 shall continue
in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

 

12.            Notices.
Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its
principal office.

 

13.            Amendments.
This Agreement may be amended by mutual consent, but the consent of the Corporation must be obtained in conformity with the requirements
of the Investment Company Act.

 

    	 	8	 

     

    

 

14.            Entire
Agreement; Governing Law. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings
and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State
of Delaware and the applicable provisions of the Investment Company Act. To the extent the applicable laws of the State of Delaware, or
any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	9	 

     

    

 

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

 

	 	BRIGHTWOOD CAPITAL CORPORATION I
	 
	 	By:	/s/ Russell C. Zomback
	 	 	Name:	Russell C. Zomback
	 	 	Title:	Chief Financial Officer

 

	BRIGHTWOOD CAPITAL ADVISORS,
    LLC	 
	 	 
	By:	 /s/ Sengal Selassie	 
	 	Name:	Sengal Selassie	 
	 	Title:	Managing Member	 

 

    	 	10Exhibit 10.2

 

ADMINISTRATION
AGREEMENT

 

This ADMINISTRATION AGREEMENT
(“Agreement”) is made as of the 26th day of July, 2022 by and between Brightwood Capital Corporation I, a Maryland
corporation (the “Company”), and Brightwood Capital Advisors LLC, a Maryland limited liability company (the
 “Administrator”).  The Company and the Administrator are sometimes referred to herein separately as a “party”
and collectively as the “parties”.

 

RECITALS

 

WHEREAS, the Company is a
closed-end management investment company that intends to elect to be regulated as business development company (“BDC”)
under the Investment Company Act of 1940, as amended (the “Investment Company Act”);

 

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

 

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

 

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

 

		1.	Duties of the Administrator

 

(a)            Employment
of Administrator. The Company hereby employs the Administrator to act as administrator, and to furnish, or arrange for others to furnish,
the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Directors
of the Company, with respect to services provided to the Company (the “Services”) for the period and on the terms and
conditions set forth in this Agreement.  The Administrator hereby accepts such employment and agrees during such period to render,
or arrange for the rendering of, such Services to the Company and to assume the obligations herein set forth subject to the reimbursement
of costs and expenses provided for below.  The Administrator and such others shall for all purposes herein be deemed to be independent
contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Company
in any way or otherwise be deemed agents of the Company; provided, however, that the Administrator may enter into agreements as
an agent of the Company in furtherance of its responsibilities under this Agreement.

 

(b)            Services.
The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation
of the Company.  Without limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities,
equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the Administrator, subject
to review by the Board of Directors of the Company, the Administrator shall also, on behalf of the Company, conduct relations with custodians,
depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers
and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. 
The Administrator shall make reports to the Board of Directors of the Company of its performance of its obligations to the Company hereunder,
and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company, as it shall determine
to be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, provide
any advice or recommendation relating to the securities and other assets that the Company should purchase, retain or sell or any other
investment advisory services to the Company.  The Administrator shall be responsible for the financial and other records that the
Company is required to maintain and shall prepare, print and disseminate reports to stockholders and reports and other materials filed
with the Securities and Exchange Commission (the “SEC”) or any other regulatory authority.  The Administrator
will provide on the Company’s behalf significant managerial assistance to those portfolio companies to which the Company is required
to provide such assistance.  In addition, the Administrator will assist the Company in overseeing the preparation and filing of its
tax returns, and generally overseeing the payment of its expenses and the performance of administrative and professional services rendered
to the Company by others.

 

    	 	 

     

    

 

(c)            Retention
of Third Party Service Providers. The Administrator is hereby authorized to enter into one or more agreements with third party service
providers as an agent of the Company (including any sub-administrator) (each, a “Service Provider”) pursuant to which
the Administrator may obtain the services of the Service Provider(s) to assist the Administrator in fulfilling its responsibilities
to the Company hereunder; provided, however, that if the Company’s assets are treated as “plan assets” for purposes
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Administrator shall engage an independent
third-party firm to manage all responsibility regarding valuation matters. The Company shall be responsible for any expenses incurred
by the Administrator on behalf of the Company payable to any Service Provider. Any sub-administration agreement entered into by the Administrator
shall be in accordance with the requirements of the Investment Company Act and other applicable federal and state law, including ERISA,
if applicable.

 

		2.	Records

 

The
Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by
the Administrator for the Company hereunder and will maintain and keep such books, accounts and records in accordance with the Investment
Company Act.  In compliance with the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that
all records which it maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during
normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. 
The Administrator further agrees that all records which it maintains for the Company pursuant to Rule 31a-1 under the Investment
Company Act will be preserved for the periods prescribed by Rule 31a-2 under the Investment Company Act unless any such records are
earlier surrendered as provided above.  Records shall be surrendered in usable machine-readable form. The Administrator shall have
the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.

 

    	 	 

     

    

 

		3.	Confidentiality

 

The parties hereto agree that
each shall treat confidentially all information provided by a party to any other party regarding its business and operations. All confidential
information provided by a party hereto, including nonpublic personal information (regulated pursuant to Regulation S-P of the SEC), shall
be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required
in carrying out this Agreement or any other agreement between the Company, the Administrator or any of their respective affiliates, shall
not be disclosed to any third party, without the prior consent of such providing party.  The foregoing shall not be applicable to
any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this
Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial
or administrative process or otherwise by applicable law or regulation, including ERISA, if applicable.

 

		4.	Compensation; Allocation
of Costs and Expenses

 

In full consideration of the
provision of the Services of the Administrator, to the extent permitted by ERISA, if applicable, the Company shall reimburse the Administrator
for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities to the Company
hereunder.  In addition, under such circumstances, to the extent permitted by ERISA, if applicable, the Company shall reimburse any
affiliate of the Administrator for any costs and expenses incurred by such affiliate on behalf of the Administrator in connection with
the Administrator’s provision of Services to the Company under this Agreement.

 

Except as otherwise indicated
in this Section 4, the Company will bear all costs and expenses that are directly and specifically related to its operation, administration
and transactions and not specifically assumed by the Company’s investment adviser (the “Adviser”), pursuant to
that certain Investment Advisory and Management Agreement, dated as of [ ], 2022 by and between the Company and the Adviser (the “Investment
Management Agreement”). Furthermore, the Company will bear its own legal and other expenses incurred in connection with the
Company’s formation and organization and the offering of its shares, including external legal and accounting expenses, printing
costs, travel and out-of-pocket expenses related to marketing efforts (other than any placement fees, which will be borne by the Adviser
directly).

 

In addition to the Management
Fee (as defined in the Investment Management Agreement) paid pursuant to the Investment Management Agreement, except as noted above, costs
and expenses to be borne by the Company include, but are not limited to, those relating to:

 

		(i)	all costs and expenses with respect to the actual or proposed acquisition, financing, holding, monitoring, liquidation, winding up
or disposition of the Company’s investments, including refinancings, whether such investments are ultimately consummated or not,
including, origination fees, syndication fees, due diligence costs, broken deal expenses, bank service fees, fees and expenses of custodians,
transfer agents, brokers, finders, consultants, experts, travel expenses incurred for investment-related purposes, outside legal counsel,
consultants and accountants, administrator’s fees of third party administrators (subject to clause (xxiii) clause below) financing
costs (including interest expenses) fees paid to third parties or to the Adviser or any affiliate to provide collateral management, debt
servicing and other administrative services to special purpose vehicles that hold certain of the Company’s investments pledged as
collateral to secure credit facilities extended to finance the Company’s loan portfolio”;

 

    	 	 

     

    

 

		(ii)	expenses for liability insurance, including officers and independent directors liability insurance, cyber
insurance and other insurance;

 

		(iii)	extraordinary expenses incurred by the Company (including litigation);

 

		(iv)	indemnification and contribution expenses provided, that the Company will not bear such fees, costs
or expenses to the extent that the relevant conduct is not indemnifiable under applicable law, including ERISA, if applicable;

 

		(v)	taxes and other governmental fees and charges;

 

		(vi)	administering and servicing and special servicing fees paid to third parties for the Company’s benefit;

 

		(vii)	the cost of Company-related operational and accounting software and related expenses;

 

		(viii)	cost of software (including the fees of third-party software developers) used by the Adviser and its affiliates
to track and monitor the Company’s investments (specifically, cost of software related to data warehousing, portfolio administration/reconciliation,
loan pricing and trade settlement attributable to the Company);

 

		(ix)	expenses related to the valuation or appraisal of the Company’s investments, including expenses
incurred with respect to third party valuations (in the case that assets of the Company are treated as “plan assets” for purposes
of ERISA);

 

		(x)	risk, research and market data-related expenses (including software) incurred for the Company’s
investments;

 

		(xi)	fees, costs and expenses (including legal fees and expenses) incurred to comply with any applicable law,
rule or regulation (including regulatory filings such as financial statement filings, ownership filings (Section 16 or Section 13
filings), blue sky filings and registration statement filings, as applicable) to which the Company is subject or incurred in connection
with any governmental inquiry, investigation or proceeding involving the Company; provided that the Company will not bear such
fees, costs or expenses to the extent that the relevant conduct is not indemnifiable under applicable law, including ERISA, if applicable;

 

		(xii)	costs associated with the wind-up, liquidation, dissolution and termination of the Company;

 

    	 	 

     

    

 

		(xiii)	other legal, compliance, operating, accounting, tax return preparation and consulting, auditing and administrative
expenses in accordance with this Agreement and the Investment Management Agreement and fees for outside services provided to the Company
or on the Company’s behalf; provided that if the assets of the Company are treated as “plan assets” for purposes
of ERISA, the Company shall not incur such expenses or fees, if such expenses or fees arise in connection with such services, to the extent
that they are performed by the Administrator (as opposed to any sub-administrator or Service Provider appointed by the Administrator);

 

		(xiv)	expenses of the Board of Directors of the Company
(including the reasonable costs of legal counsel, accountants, financial advisors and/or such other advisors and consultants engaged by
the Board of Directors of the Company, as well as travel and out-of-pocket expenses related to the attendance by directors at meetings
of the Board of Directors of the Company), to the extent permitted under applicable law, including ERISA, if applicable;

 

		(xv)	annual or special meetings of the stockholders of the Company (“Shareholders”);

 

		(xvi)	the costs and expenses associated with preparing, filing and delivering to Shareholders periodic and other
reports and filings required under federal securities laws as a result of the Company’s status as a BDC;

 

		(xvii)	ongoing Company offering expenses;

 

		(xviii)	federal and state registration fees pertaining to the Company;

 

		(xix)	costs of Company-related proxy statements, Shareholders’ reports and notices;

 

		(xx)	costs associated with obtaining fidelity bonds as required by the 1940 Act;

 

		(xxi)	printing, mailing and all other similar direct expenses relating to the Company;

 

		(xxii)	expenses incurred in preparation for or in connection with (or otherwise relating to) any initial public
offering or other debt or equity offering conducted by the Company, including but not limited to external legal and accounting expenses,
printing costs, travel and out-of-pocket expenses related to marketing efforts.

 

Pursuant to the Investment
Management Agreement, investment-related expenses with respect to investments in which the Company invests together with one or more parallel
funds (or co-investment vehicles) shall generally be allocated among all such entities on the basis of available capital for each such
entity; provided that if the Adviser reasonably believes that such allocation method would produce an inequitable result to any
such entity, the Adviser may allocate such expenses among such entities in any other manner that the Adviser believes in good faith to
be fair and equitable.

 

    	 	 

     

    

 

		5.	Limitation of Liability
of the Administrator; Indemnification

 

The
Administrator, its affiliates and their respective officers, managers, partners, agents, employees, controlling persons, members and any
other person or entity affiliated with the Administrator, including without limitation its sole member, to the extent they are providing
services for or otherwise acting on behalf of the Administrator, the Adviser or the Company, shall not be liable to the Company for any
action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under
this Agreement or otherwise as administrator for the Company (except to the extent specified in Section 36(b) of the Investment
Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with
respect to the receipt of compensation for services), and the Company shall indemnify, defend and protect the Administrator, its affiliates
and their respective officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated
with the Administrator, including without limitation its sole member and any person affiliated with Brightwood Capital Advisors, LLC or
the Adviser, each of whom shall be deemed a third party beneficiary hereof (collectively, the “Indemnified Parties”)
and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts
reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit,
investigation or other proceeding (including an action or suit by or in the right of the Company or its stockholders) arising out of or
otherwise based upon the performance of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator
for the Company. Notwithstanding the preceding sentence of this Section 5 to the contrary, nothing contained herein shall protect
or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification
in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason
of willful misfeasance, bad faith, gross negligence in the performance of the Administrator’s duties, by reason of the reckless
disregard of the Administrator’s duties and obligations under this Agreement (as the same shall be determined in accordance with
the Investment Company Act and any interpretations or guidance by the SEC Commission or its staff thereunder), or violation of
applicable law, including breach of its fiduciary duties under ERISA, if applicable.

 

		6.	Activities of the Administrator

 

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

 

    	 	 

     

    

 

		7.	Duration and Termination
of this Agreement

 

(a)            This
Agreement shall become effective as of the date hereof.  This Agreement shall continue in effect for two years from the date hereof,
and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at
least annually by (A) the vote of the Company’s Board of Directors, or by the vote of a majority of the outstanding voting
securities of the Company and (B) the vote of a majority of the Company’s Board of Directors who are not parties to this Agreement
or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party,
in accordance with the requirements of the Investment Company Act.

 

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

 

		8.	Amendments of this Agreement

 

This Agreement may not be
amended or modified except by a written instrument signed by each party hereto.

 

		9.	Assignment

 

This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  This Agreement may not
be assigned by a party without the consent of the other parties.  The provisions of Section 5 of this Agreement shall remain
in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this
Agreement.

 

		10.	Governing Law

 

This
Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware and the applicable provisions of the
Investment Company Act and ERISA.  To the extent the applicable laws of the State of Delaware, or any of the provisions herein,
conflict with the provisions of the Investment Company Act or ERISA, the Investment Company Act or ERISA shall control.

 

		11.	No Waiver

 

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

 

		12.	Severability

 

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

 

    	 	 

     

    

 

		13.	Notices

 

Any notice under this Agreement
shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other parties at their principal office.

 

		14.	Counterparts

 

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

 

		15.	Entire Agreement

 

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

 

Remainder of Page Intentionally Left
Blank

 

    	 	 

     

    

 

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

 

	 	BRIGHTWOOD CAPITAL CORPORATION I
	 	 	 
	 	 	 
	 	By:	/s/ Russell C. Zomback
	 	 	Name: Russell C. Zomback
	 	 	Title: Chief Financial Officer
	 	 	 
	 	 	 
	 	BRIGHTWOOD CAPITAL ADVISORS, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Sengal Selassie
	 	 	Name: Sengal Selassie
	 	 	Title: Managing Member

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]