Document:

Exhibit 10.3

   

  

  ADMINISTRATION
      AGREEMENT

   

  This
      ADMINISTRATION AGREEMENT (this “Agreement”) is made as of May 13, 2021 by and between Barings Private Credit
      Corporation, a Maryland corporation (the “Company”), and Barings LLC, a Delaware limited liability company
      (the “Administrator”).

   

  WITNESSETH:

   

  WHEREAS,
      the Company is a non-diversified, closed-end investment company that has elected to be regulated as a business development company
      under the Investment Company Act of 1940, as amended (the “1940 Act”);

   

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

   

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

   

  NOW,
      THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration,
      the receipt and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as follows:

   

  1.             Duties
        of the Administrator.

   

  (a)          Employment
        of Administrator. The Company hereby employs the Administrator to act as administrator of the Company, and to furnish, or
      arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and
      the overall control of the Company’s board of directors (the “Board of Directors”), 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 and to assume the obligations herein set forth subject to the
      reimbursement of costs and expenses as provided for below. The Administrator and any such other persons providing services arranged
      for by the Administrator 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.

   

  (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 office facilities and such other services
      as the Administrator, subject to review by the Board of Directors, shall from time to time determine to be necessary or useful
      to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Company and subject to the Board
      of Directors’ approval, arrange for the services of, and oversee, 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 regarding its performance of the obligations 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, in its capacity as
      Administrator, 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 all reports and other materials required to be filed
      with the Securities and Exchange Commission (the “SEC”) or any other regulatory authority, including, but not
      limited to, current reports on Form 8-K, quarterly reports on Form 10-Q, annual reports on Form 10-K and proxy or information
      statements to stockholders. In addition, the Administrator will assist the Company in determining and publishing the Company’s
      net asset value, overseeing the preparation and filing of the Company’s tax returns, and the printing and dissemination
      of reports to stockholders of the Company, and generally overseeing the payment of the Company’s expenses and the performance
      of administrative and professional services rendered to the Company by others.

   

  

  
     

    
      

    

  

  
   

  (c)          Sub-Administrators.
      The Administrator may engage one or more administrators (each, a “Sub-Administrator”) to act as sub-administrators
      to provide the Company certain administrative services set forth in Section 1(b) of this Agreement, all as shall be set forth
      in a written contract (each, a “Sub-Administration Agreement”) to which the Administrator shall be a party.

   

  2.             Records.

   

  The
      Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed
      by the Administrator hereunder and, if required by any applicable statutes, rules and regulations, including without limitation,
      the 1940 Act, will maintain and keep such books, accounts and records in accordance with such statutes, rules and regulations.
      In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records that it maintains
      for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours,
      and shall be promptly surrendered upon the termination of this Agreement or otherwise on written request. The Administrator further
      agrees that all records which it maintains for the Company pursuant to Rule 31a-1 under the 1940 Act will be preserved for the
      periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records
      shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records
      subject to observance of its confidentiality obligations under this Agreement.

   

  3.             Confidentiality.

   

  The
      parties hereto agree that each shall treat confidentially all information provided by each party to the other regarding its business
      and operations. All confidential information provided by a party hereto, including all “nonpublic personal information,”
      as defined under the Gramm-Leach-Bliley Act of 1999 (Public law 106-102, 113 Stat. 1138), shall be used by the other party hereto
      solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement,
      shall not be disclosed to any third party, without the prior consent of such providing party, except that such confidential information
      may be disclosed to an affiliate or agent of the disclosing party to be used for the sole purpose of providing the services set
      forth herein. 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 requested by or required to be disclosed
      to any governmental or regulatory authority, including in connection with any required regulatory filings or examinations, by
      judicial or administrative process or otherwise by applicable law or regulation. Notwithstanding the foregoing, the Company hereby
      consents and authorizes the Administrator and its affiliates to use and disclose confidential information relating to the Company
      in connection with (a) the preparation of performance information relating to the Company and (b) in connection with any contemplated
      sale of the outstanding equity or assets of the Adviser (defined below), Administrator, or any person who may be deemed to “control”
      either of the Adviser or the Administrator, in each case within the meaning of the 1940 Act.

   

  

  
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  4.             Compensation;
        Allocation of Costs and Expenses.

   

  (a)          Reimbursement.
      In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for
      the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities set
      forth in Section 1 herein. Specifically, the reimbursements made by the Company to the Administrator shall include, but not be
      limited to:

   

  (i)       the
      allocable portion of the Administrator’s rent for the Company’s Chief Financial Officer and the Chief Compliance Officer
      and their respective staffs, which is based upon the allocable portion of the usage thereof by such personnel in connection with
      their performance of administrative services under this Agreement;

   

  (ii)       the
      allocable portion of the salaries, bonuses, benefits and expenses of the Company’s Chief Financial Officer and Chief Compliance
      Officer and their respective staffs, which is based upon the allocable portion of the time spent by such personnel in connection
      with performing administrative services for the Company under this Agreement;

   

  (iii)       the
      actual cost of goods and services used for the Company and obtained by the Administrator from entities not affiliated with the
      Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming
      with generally accepted accounting principles;

   

  (iv)       all
      fees, costs and expenses associated with the engagement of a Sub-Administrator, if any; and

   

  (v)       costs
      associated with (a) the monitoring and preparation of regulatory reporting, including registration statements and amendments thereto,
      prospectus supplements, and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost
      of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight
      of audits, regulatory inquiries, certifications and sub-certifications.

   

  (b)          Allocation
        of Costs and Expenses. The Company will bear all costs and expenses that are incurred in its operation and transactions and
      not specifically assumed by the Company’s investment adviser (the “Adviser”), pursuant to that certain
      Investment Advisory Agreement, dated as of May 13, 2021, by and between the Company and the Adviser (the “Advisory Agreement”).

   

  

  
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  5.             Limitation
        on Indemnification.

   

  The
      Administrator, its affiliates and their respective directors, officers, managers, partners, agents, employees, controlling persons,
      members, and any other person or entity affiliated with any of them 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, and the Company shall indemnify, defend and protect the Administrator (and its
      officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with
      the Administrator) (collectively, the “Indemnified Parties”), and hold them harmless from and against all damages,
      liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys’ fees and amounts reasonably paid
      in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation
      or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any
      actions or omissions 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 fraud, willful misfeasance, bad faith or gross negligence in the performance of
      the Administrator’s duties or by reason of the reckless disregard of the Administrator’s duties and obligations under
      this Agreement (to the extent applicable, as the same shall be determined in accordance with the 1940 Act and any interpretations
      or guidance by the SEC or its staff thereunder).

   

  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 other person
      providing services 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 officers, directors, stockholders or otherwise.

   

  7.             Duration
        and Termination of this Agreement.

   

  (i)       This
      Agreement shall continue in effect for two years from the date hereof and thereafter continue automatically for successive annual
      periods, but only so long as such continuance is specifically approved at least annually by (i) the Board of Directors of the
      Company and (ii) a majority of the Non-Interested Directors.

   

  

  
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  (ii)       This
      Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board of Directors, or by the Administrator,
      upon 90 days’ written notice to the other party.

   

  (iii)       This
      Agreement may not be assigned by a party without the consent of the other party. 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.

   

  8.             Amendments
        of this Agreement.

   

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

   

  9.             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 New York and
      the applicable provisions of the 1940 Act, if any. In such case, to the extent the applicable laws of the State of New York, or
      any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

   

  10.           Notices.

   

  All
      notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall
      be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required),
      by facsimile, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at their
      respective principal executive office addresses.

   

  11.           Miscellaneous.

   

  The
      captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions
      hereof or otherwise affect their construction or effect. 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. This Agreement shall
      be binding on, and shall inure to the benefit of the parties hereto and their respective successors.

   

  12.           Counterparts.

   

  This
      Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all
      of which, together, shall constitute one Agreement.

   

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

    

  	 	BARINGS PRIVATE CREDIT CORPORATION, a Maryland Corporation
	 	 	 
	 	By:	/s/ Jonathan Landsberg
	 	Name:	Jonathan Landsberg
	 	Title:	Chief Financial Officer
	 	 	 
	 	BARINGS LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jon Bock
	 	Name:	Jon Bock
	 	Title:	Managing Director

  

   

  [Signature Page to
      Administration Agreement]Exhibit
        10.4 

  

  TRADEMARK
        LICENSE AGREEMENT

   

  This
      TRADEMARK LICENSE AGREEMENT (this “Agreement”) is made and effective as of May 13, 2021 (the “Effective
        Date”), by and between Barings LLC, a Delaware limited liability company (“Licensor”), and Barings
      Private Credit Corporation, a Maryland corporation (“Licensee”) (each a “party,” and collectively,
      the “parties”).

   

  RECITALS

   

  WHEREAS,
      Licensee is a newly formed, externally managed, non-diversified closed-end management investment company that is regulated as
      a business development company under the Investment Company Act of 1940, as amended (the “1940 Act”);

   

  WHEREAS,
      Licensor has used the mark “Barings” and the Barings logo (each, a “Licensed Mark” and together,
      the “Licensed Marks”) in the United States of America (the “Territory”) in connection with
      the investment management and investment advisory services that Licensor provides;

   

  WHEREAS,
      Licensee has entered into an investment advisory agreement dated May 13, 2021 with Licensor, wherein Licensee has engaged Licensor
      to act as the investment adviser to Licensee; and

   

  WHEREAS,
      Licensee desires to use the Licensed Marks as part of its corporate name and in connection with the operation of its business,
      and Licensor is willing to grant Licensee a license to use the Licensed Marks, subject to the terms and conditions of this Agreement.

   

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

   

  ARTICLE
      1.

      LICENSE GRANT

   

  1.1.       License.
      Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee, and Licensee hereby accepts from Licensor,
      a personal, non-exclusive, royalty-free right and license to use the Licensed Marks solely and exclusively as a component of Licensee’s
      own name and in connection with marketing the investment management, investment consultation and investment advisory services
      that Licensor may provide to Licensee. During the term of this Agreement, Licensee shall use the Licensed Marks only to the extent
      permitted under this Agreement, and except as provided above, neither Licensee nor any affiliate, owner, member, manager, director,
      officer, employee or agent thereof shall otherwise use the Licensed Marks or any derivative thereof in the Territory without the
      prior express written consent of Licensor, which consent Licensor may grant or withhold in its sole and absolute discretion, and
      shall not use the Licensed Marks for any purpose outside the Territory. All rights not expressly granted to Licensee hereunder
      shall remain the exclusive property of Licensor.

   

  

  
     

    
      

    

  

  
   

  1.2.       Nothing
      in this Agreement shall preclude Licensor or any of its successors or assigns from using or permitting other entities to use the
      Licensed Marks, whether or not such entity directly or indirectly competes or conflicts with Licensee’s business in any
      manner.

   

  ARTICLE
      2.

      COMPLIANCE

   

  2.1.       Quality
        Control. In order to preserve the inherent value of the Licensed Marks, Licensee agrees to use reasonable efforts to ensure
      that it maintains the quality of Licensee’s business and the operation thereof equal to the standards prevailing in the
      operation of Licensee’s business as applicable to Licensee from time to time. Licensee further agrees to use the Licensed
      Marks in accordance with such quality standards as may be reasonably established by Licensor and communicated to Licensee from
      time to time in writing, or as may be agreed to by Licensor and Licensee from time to time in writing.

   

  2.2.       Compliance
        With Laws. Licensee agrees that the business operated by it in connection with the Licensed Marks shall comply with all laws,
      rules, regulations and requirements of any governmental body in the Territory or elsewhere as may be applicable to the operation,
      marketing, and promotion of the business and shall notify Licensor of any action that must be taken by Licensee to comply with
      such laws, rules, regulations or requirements.

   

  2.3.       Notification
        of Infringement. Each party shall immediately notify the other party and provide to the other party all relevant background
      facts upon becoming aware of: (a) any registrations of, or applications for registration of, marks in the Territory that do or
      may conflict with Licensor’s rights in the Licensed Marks or the rights granted to Licensee under this Agreement, (b) any
      infringements or misuse of the Licensed Marks in the Territory by any third party (“Third Party Infringement”)
      or (c) any claim that Licensee’s use of the Licensed Marks infringes the intellectual property rights of any third party
      in the Territory (“Third Party Claim”). Licensor shall have the exclusive right, but not the obligation, to
      prosecute, defend and/or settle, in its sole discretion, all actions, proceedings and claims involving any Third Party Infringement
      or Third Party Claim, and to take any other action that it deems necessary or proper for the protection and preservation of its
      rights in the Licensed Marks. Licensee shall cooperate with Licensor in the prosecution, defense or settlement of such actions,
      proceedings or claims.

   

  

  
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  ARTICLE
      3.

      REPRESENTATIONS AND WARRANTIES

   

  3.1.       Licensee
      accepts this license on an “as is” basis. Licensee acknowledges that Licensor makes no explicit or implicit representation
      or warranty as to the registrability, validity, enforceability or ownership of the Licensed Marks, or as to Licensee’s ability
      to use the Licensed Marks without infringing or otherwise violating the rights of others, and Licensor has no obligation to indemnify
      Licensee with respect to any claims arising from Licensee’s use of the Licensed Marks, including, without limitation, any
      Third Party Claim.

   

  3.2.       Mutual
        Representations. Each party hereby represents and warrants to the other party as follows:

   

  (a)       Due
        Authorization. Such party is duly organized, validly existing and in good standing as of the Effective Date in its jurisdiction
      of formation or incorporation, and the execution, delivery and performance of this Agreement by such party have been duly authorized
      by all necessary action on the part of such party.

   

  (b)       Due
        Execution. This Agreement has been duly executed and delivered by such party and, upon due authorization, execution and delivery
      of this Agreement by the other party, constitutes a legal, valid and binding obligation of such party, enforceable against such
      party in accordance with its terms.

   

  (c)       No
        Conflict. Such party’s execution, delivery and performance of this Agreement do not: (i) violate, conflict with or result
      in the breach of any provision of the certificate of formation, articles of incorporation, limited liability company operating
      agreement or bylaws (or similar organizational documents) of such party; (ii) conflict with or violate any governmental order
      applicable to such party or any of its assets, properties or businesses; or (iii) conflict with, result in any breach of, constitute
      a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent
      under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of any contract,
      agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which it is a party.

   

  ARTICLE
      4.

      TERM AND TERMINATION

   

  4.1.       Term.
      This Agreement shall expire if Licensor or one of its affiliates ceases to serve as investment adviser to Licensee. This Agreement
      shall be terminable by Licensor, at any time and in its sole discretion, in the event that Licensor or Licensee receives notice
      of any Third Party Claim arising out of Licensee’s use of the Licensed Marks; by Licensor or Licensee upon sixty (60) days’
      prior written notice to the other party; or by Licensor at any time in the event Licensee assigns or attempts to assign or sublicense
      this Agreement or any of Licensee’s rights or duties hereunder without the prior written consent of Licensor.

   

  4.2.       Upon
        Termination. Upon expiration or termination of this Agreement, all rights granted to Licensee under this Agreement with respect
      to the Licensed Marks shall cease, and Licensee shall cease using the Licensed Marks as promptly as practicable, making all reasonable
      efforts to remove “Barings” from its name, including calling special meetings of members or stockholders, as necessary
      and applicable. For twenty-four (24) months following termination of this Agreement, Licensee shall specify on all public-facing
      materials in a prominent place and in prominent typeface that Licensee is no longer operating under the Licensed Marks, is no
      longer associated with Licensor, or such other notice as may be deemed necessary by Licensor in its sole discretion, including
      with respect to its prosecution, defense, and/or settlement of any Third Party Claim.

   

  

  
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  ARTICLE
      5.

      MISCELLANEOUS

   

  5.1.       Third
        Party Beneficiaries. Nothing in this Agreement, either express or implied, is intended to or shall confer upon any third party
      any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

   

  5.2.       Assignment.
      Licensee shall not sublicense, assign, pledge, grant or otherwise encumber or transfer to any third party all or any part of its
      rights or duties under this Agreement, in whole or in part, without the prior written consent of Licensor, which consent Licensor
      may grant or withhold in its sole and absolute discretion. Any purported transfer without such consent shall be void ab initio.

   

  5.3.       Independent
        Contractor. Neither party shall have, or shall represent that it has, any power, right or authority to bind the other party
      to any obligation or liability, or to assume or create any obligation or liability on behalf of the other party.

   

  5.4.       Notices.
      All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and
      shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature
      required), by facsimile or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties
      at the following addresses (or such other address as the parties may provide to each other by written notice):

   

  	
          If to Licensor:

           

          Barings LLC

          300 South Tryon Street

          Suite 2500

          Charlotte, NC 28202

          Tel. No.: 704-805-7200

          Attn: US Legal or General Counsel

        	
          If to Licensee:

           

          Barings Private Credit Corporation

          300 South Tryon Street

          Suite 2500

          Charlotte, NC 28202

          Tel. No.: 704-805-7200

          Attn: US Legal or General Counsel 

        

   

  5.5.       Governing
        Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Maryland. The parties
      unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of Maryland and waive
      any objection with respect thereto, for the purpose of any action, suit or proceeding arising out of or relating to this Agreement
      or the transactions contemplated hereby.

   

  5.6.       Amendment.
      This Agreement may not be amended or modified except by an instrument in writing signed by each party hereto.

   

  

  
    - 4 - 

    
      

    

  

   

  5.7.       No
        Waiver. The failure of either 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.

   

  5.8.       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.

   

  5.9.       Headings.
      The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way the
      meaning or interpretation of this Agreement.

   

  5.10.       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.

   

  5.11.       Entire
        Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes
      all prior agreements and undertakings, both written and oral, between the parties with respect to such subject matter.

   

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    - 5 - 

    
      

    

  

   

  IN
      WITNESS WHEREOF, each party has caused this Agreement to be executed as of the Effective Date by its duly authorized officer.

   

  

  	 	LICENSOR:
	 	 
	 	BARINGS LLC 
	 	 	 
	 	By:	 /s/ Jon Bock
	 	 	Name: Jon Bock
	 	 	Title: Managing Director
	 	 	 
	 	LICENSEE: 
	 	 
	 	BARINGS PRIVATE CREDIT CORPORATION
	 	 	 
	 	By:	 /s/ Jonathan Landsberg
	 	 	Name: Jonathan Landsberg
	 	 	Title: Chief Financial Officer

   

  [Signature
        Page to Trademark License Agreement]

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