Document:

EX-4.1

 Exhibit 4.1 

[            ], 2018 

FORM OF 
 SCP PRIVATE
CREDIT INCOME BDC LLC 
 SUBSCRIPTION AGREEMENT 
  

	
	 SCP Private Credit Income BDC LLC
 500
Park Avenue
 3rd Floor

New York, NY 10022

 Ladies and Gentlemen: 

1. Subscription. The undersigned (the “Subscriber”) hereby irrevocably subscribes for and agrees to purchase common
limited liability company units (the “Units”) in SCP Private Credit Income BDC LLC (the “Fund”), on the terms and conditions described herein and in the Amended and Restated Limited Liability Company Agreement of
the Fund, dated as of                 , 2018 (as amended, restated and/or modified from time to time, the “LLC Agreement”), delivered to the Subscriber
with this subscription agreement (this “Agreement”). The Subscriber agrees to make a capital commitment of
$                         to the Fund, which amount shall be payable on the terms and conditions as set forth in the LLC
Agreement. Payment of any portion of any capital commitment shall be made in immediately available funds in U.S. dollars. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the LLC Agreement. 

2. Subscriber Status. The Subscriber represents that it is an investment fund organized to invest in the Fund and is subscribing for
Units on behalf of its investors (each, an “Access Fund Subscriber”), who have each acquired an interest (an “Access Fund Interest”) in the Subscriber. The Fund acknowledges and agrees that the Access Fund
Subscribers invested in the Subscriber shall not be required to complete this Agreement or any other subscription materials and the Subscriber shall not have any obligation to disclose to the Fund any information in respect of the Access Fund
Subscribers or prospective Access Fund Subscribers, including the identities and commitments of any such investors or prospective investors or any information that could be used to discover the identity of any actual or prospective Access Fund
Subscriber. 
 3. Representations and Warranties; Covenants. In connection with the Fund’s acceptance of this subscription, the
Subscriber represents, warrants and covenants as of the date hereof and on the date of each capital contribution to the Fund as follows: 

(a) (i) the Subscriber understands, and represents and warrants that the Units are offered to and purchased by the Subscriber in a transaction
not involving any public offering in the United States in reliance on Section 4(a)(2) of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and/or Regulation D promulgated under the Securities Act, and that the
Units will not be registered under the Securities Act. The Subscriber acknowledges that no representation is made by the Fund or the Investment Manager or any of their respective Affiliates as to the availability of any exemption under the
Securities Act or any other securities laws for resale of the Units; 

 (ii) it is acquiring the Units as principal for investment only and not with
a view to the resale, distribution or other disposition thereof in violation of the Securities Act, and is not a partnership, limited liability company, common trust fund, special trust, profit sharing, pension fund or other retirement plan in which
partners, members, beneficiaries or participants, as applicable, may designate the particular investments to be made; and 

(iii) based on representations by each Access Fund Subscriber, each Access Fund Subscriber is both an “accredited
investor” as defined in Rule 501(a) under the Securities Act and a “qualified purchaser” for purposes of Section 3(c)(7) of the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”). The
Subscriber agrees to use commercially reasonable efforts to provide, if reasonably requested by the Fund or the Investment Manager in order for the Fund to comply with applicable law or regulation, additional information and representations that may
reasonably be required to substantiate an Access Fund Subscriber’s status as an “accredited investor” or “qualified purchaser” or to otherwise determine the eligibility of the Subscriber to purchase Units and reconfirm the
Subscriber’s tax status, provided that under no circumstances will the Subscriber be required to provide any personal identifying information or information that may be used to identify any Access Fund Subscriber or prospective Access Fund
Subscriber. 
 (b) The Subscriber represents that to its knowledge (based upon representations it receives from Access Fund Subscribers) that
no “beneficial owner”1 of 19.99% or more of the Units is subject to any of the “Bad Actor” disqualifications (each, a “Disqualification Event”) described in
Rule 506(d)(1) under the Securities Act, except for a Disqualification Event contemplated by Rule 506(d)(2) of the Securities Act. In the event that the Subscriber becomes aware at any time that the foregoing is no longer accurate, the Subscriber
agrees that it will (i) notify the Fund and (ii) provide such information to the Fund as the Fund reasonably requests in order to determine whether such circumstances would be expected to adversely affect the Fund and whether there is any remedial
action that must be taken in connection therewith. 
  

	1 	 For purposes of this paragraph, the “beneficial owner” of a security includes any person who,
directly or indirectly has or shares, or is deemed to have or share: (i) voting power which includes the power to vote, or to direct the voting of, such security; and/or (ii) investment power which includes the power to dispose, or to
direct the disposition of, such security. 

  
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 (c) The Subscriber and its Affiliates have provided each Access Fund Subscriber with access
to financial and other information relating to the Fund, the Investment Manager or the offering of the Units, including, but not limited to, the LLC Agreement, the Fund’s Private Placement Memorandum (as amended, restated and/or supplemented
from time to time, the “Memorandum”), and the Investment Management Agreement by and between the Fund and the Investment Manager (the “Investment Management Agreement”) (collectively, the “Operative
Documents”), and such other information or documents as such Access Fund Subscriber has deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of an Access Fund Interest. The Subscriber
has presented the Access Fund Subscribers with an opportunity to ask questions related to an investment in the Fund and has, in turn, had the opportunity to ask questions of and receive answers from persons acting on behalf of the Fund and the
Investment Manager. The Subscriber and its Affiliates have been furnished any information the Subscriber has requested for itself and on behalf of the Access Fund Subscribers, and all such questions have been answered to the full satisfaction of the
Subscriber and the Access Fund Subscribers, and neither the Subscriber nor any Access Fund Subscriber has received nor is relying upon any recommendation from the Fund or the Investment Manager regarding the advisability of acquiring, holding,
disposing of or exchanging securities or other investment property, including the Units. Based on representations made by each Access Fund Subscriber, each Access Fund Subscriber has such knowledge and experience in financial and business matters as
to be capable of evaluating the merits and risks of the Subscriber’s investment in the Units, and each Access Fund Subscriber is able to bear the economic risk of the investment. Based on representations by each Access Fund Subscriber, each
Access Fund Subscriber has carefully read, reviewed and considered the Operative Documents (including the matters set forth under the caption “Investment Considerations and Risk Factors” in the Memorandum and “Appendix A – Tax
and ERISA Considerations” and “Appendix B – Certain Regulatory Matters” attached to the Memorandum) and any other information or documents provided to it, and has considered and discussed with its legal, tax, accounting and
financial advisors the suitability of an investment in the Units (including the financial, tax, legal, accounting, regulatory and related consequences related to such investment), through the Subscriber, for its particular tax and financial
situation and has determined that an investment in the Units, through the Subscriber, is a suitable investment for it. 
 (d) The Subscriber
understands that the Fund intends to file elections to be: (i) regulated as a business development company (“BDC”) under the Investment Company Act and (ii) treated as a regulated investment company within the meaning of
Section 851 of the Internal Revenue Code of 1986, as amended (the “Code”), for U.S. federal income tax purposes. The Fund has filed a registration statement on Form 10 (the “Form 10”) related to the Units with
the U.S. Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Form 10 is not the offering document pursuant to which the Fund is conducting the offering of the Units and
may not include all information regarding the Fund contained in the Memorandum; accordingly, the Subscriber and Access Fund Subscribers should rely exclusively on information contained in the Operative Documents in making their respective investment
decisions. 
 (e) The Subscriber understands, and represents and warrants that the Subscriber’s investment in the Units involves certain
risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. The Subscriber further understands, and represents and warrants that the Units will be highly illiquid and is not suitable for trading. The
Units may represent an indirect, leveraged exposure to loans, which may expose the Units to disproportionately large changes in value. The Units will rank behind obligations of the Fund to all creditors (secured and unsecured and whether known or
unknown) of the Fund, including, without limitation, the Investment Manager. 
 (f) None of the Subscriber or, to the Subscriber’s
knowledge, any Access Fund Subscriber will, at any time, offer to buy or offer to sell the Units by any form of general solicitation or advertising, including, but not limited to, any advertisement, article, notice or other communication published
in any newspaper, magazine or similar medium or broadcast over television or radio or seminar or meeting whose attendees have been invited by general solicitations or advertising. 

  
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 (g) The Subscriber represents and warrants that as a result of the Subscriber’s
acquisition and holding of Units: (i) the assets of the Fund will not constitute the assets of any employee benefit plan subject to any federal, state, local or non-U.S. law, rule or regulations
(“Similar Law”) that is similar to (A) the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or (B) Section 4975 of the Code; (ii) any Service Provider will not be considered
to be a fiduciary of the Subscriber under any Similar Law; and (iii) no activity of the Fund contemplated in the LLC Agreement will violate any Similar Law. 

(h) The Subscriber is not a “benefit plan investor” within the meaning of the regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the U.S. Code of Federal Regulations, as amended (by ERISA or otherwise) from time to time (the “Plan Asset Regulation”);
provided, however, that in the event that the Subscriber becomes a “benefit plan investor” within the meaning of the Plan Asset Regulation at any time following the date of this Agreement, the Subscriber shall immediately provide
written notification to the Fund of such change in status and provide any additional information reasonably requested by the Fund. 
 (i) The
Subscriber is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation and has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement has
been duly authorized, executed and delivered by it and constitutes a valid and legally binding agreement of it, enforceable against it in accordance with its terms. Based on representations by each Access Fund Subscriber, each Access Fund Subscriber
has full power and authority to execute and deliver any agreement to acquire an Access Fund Interest and such agreement has been duly authorized, executed and delivered by such Access Fund Subscriber and constitutes a valid and legally binding
agreement for such Access Fund Subscriber, enforceable against such Access Fund Subscriber in accordance with its terms. 
 (j) The execution
and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of the Subscriber’s obligations hereunder do not and will not conflict with, constitute a default under or result in any breach or
violation of, any of the terms or provisions of any governing instrument applicable to the Subscriber, or any agreement or other instrument to which the Subscriber is a party or by which the Subscriber, or any of its assets is bound, or any permit,
franchise, judgment, decree, statute, rule or regulation applicable to the Subscriber or its business or assets. 
 (k) There is no judgment,
decree, statute, rule or regulation, or any event, condition or contractual restriction that would restrict the Subscriber’s ability to purchase the Units and make capital contributions to the Fund or to the Subscriber’s knowledge any
Access Fund Subscriber’s ability to purchase an Access Fund Interest and make capital contributions to the Subscriber. 
 (l) The
Subscriber acknowledges and agrees that a number of obligations may be imposed on the Fund (or any of its Affiliates) under (i) legislation known as the U.S. Foreign Account Tax Compliance Act (FATCA), Sections 1471 through 1474 of the Code and
the U.S. Treasury regulations thereunder (whether proposed, temporary or final), (ii) the Common Reporting Standard issued by the Organisation for Economic Cooperation and Development, (iii) any similar automatic exchange of financial, account
or tax information agreements or arrangements, and (iv) in each case, including any successor provisions, subsequent amendments, and administrative guidance promulgated thereunder (or which may be promulgated in the future), any applicable
intergovernmental agreement and related statutes, regulations or rules, and other guidance thereunder, any governmental authority pursuant to the foregoing authorities, and any agreement entered into by or with respect to the Fund or any of its
Affiliates (collectively, “AEOI”). In this regard: 

  
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 i. The Subscriber acknowledges that in order to comply with AEOI and/or to
avoid the imposition of U.S. federal withholding tax, the Fund and/or its agents, Affiliates, directors or officers, may, from time to time, (i) require further information and/or documentation from the Subscriber, which information and/or
documentation may (A) include, but will not be limited to, information and/or documentation relating to or concerning the Subscriber and/or controlling persons, any such person’s identity, residence (or jurisdiction of formation or tax
residence) and income tax status, and (B) need to be certified by the Subscriber and, where applicable, under penalties of perjury, and (ii) provide or disclose any such information and documentation to the Internal Revenue Service (the
“IRS”), or other governmental authorities or agencies, or to any applicable jurisdiction under AEOI, and to certain withholding agents. 

ii. The Subscriber agrees that it shall provide and/or update such information and/or documentation concerning itself and/or
controlling persons, as and when requested by the Fund or any of the Fund’s agents or Affiliates, as any such person, in its sole discretion, determines is necessary or advisable for the Fund (or any of its Affiliates) to comply with its
obligations under AEOI. 
 iii. The Subscriber agrees to waive any provision of law of any jurisdiction that would, absent a
waiver, prevent compliance with AEOI by the Fund or any Affiliate thereof, including, but not limited to, the Subscriber’s provision of any requested information and/or documentation. 

iv. The Subscriber acknowledges that if the Subscriber provides information or documentation that is in any way misleading, or
does not timely provide or update the requested information and/or documentation or waiver (each, an “AEOI Compliance Failure”), as applicable, the Fund may, at its sole discretion and in addition to all other remedies available at
law or in equity, immediately or at such other time or times redeem or withdraw all or a portion of the Subscriber’s Units or investment, prohibit in whole or part the Subscriber from participating in additional investments of the Fund and/or
deduct from the Subscriber’s account and retain amounts sufficient to indemnify and hold harmless the Fund and any of the Fund’s agents, or any other subscriber/investor, or any partner, member, shareholder, director, manager, officer,
employee, delegate, agent, Affiliate, executor, heir, assign, successor or other legal representative of any of the foregoing persons, from any and all withholding taxes, interest, penalties, costs, expenses and other losses or liabilities suffered
by any such person or persons on account of an AEOI Compliance Failure; provided that the foregoing indemnity shall be in addition to and supplement any other indemnity provided under this Agreement. 

v. To the extent that the Fund and any of the Fund’s agents, or any other subscriber/investor, or any partner, member,
shareholder, director, manager, officer, employee, delegate, agent, Affiliate, executor, heir, assign, successor or other legal representative of any of the foregoing persons suffers any withholding taxes, interest, penalties and/or other expenses
and costs on account of the Subscriber’s AEOI Compliance Failure, (a) the Subscriber shall promptly pay upon demand by or on behalf of the Fund to the Fund or, at the Fund’s direction, to any of the foregoing persons, an amount equal
to such withholding taxes, interest, penalties and other expenses and costs, or (b) the Fund may reduce the amount of the next distribution or distributions which would otherwise have been made to the Subscriber or, if such distributions are
not sufficient for that purpose, reduce the proceeds of liquidation otherwise payable to the Subscriber by an amount equal to such withholding taxes, interest, penalties and other expenses and costs. 

  
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 vi. The Subscriber acknowledges that the Fund, in consultation with its
agents, will determine in its sole discretion, whether and how to comply with AEOI, and any such determinations shall include, but not be limited to, an assessment of the possible burden to subscribers/investors, the Fund, the Fund’s agents,
the Administrative Coordinator and the Administrator of timely collecting information and/or documentation. 
 vii. The
Subscriber acknowledges and agrees that it shall have no claim against the Fund and any of the Fund’s agents, or any other subscriber/investor, or any partner, member, shareholder, director, manager, officer, employee, delegate, agent,
Affiliate, executor, heir, assign, successor or other legal representative of any of the foregoing persons, for any damages or liabilities attributable to any AEOI compliance related determinations pursuant to this subsection (l); provided that the
indemnity set forth in this subsection (l) shall be in addition to and supplement any other indemnity provided under this Agreement. 

(m) (i) Neither the Subscriber, nor any of its Affiliates, nor any beneficial owner(s) of the Subscriber or the Subscriber’s Affiliates,
including the Access Fund Subscribers, (A) appears on the Specially Designated Nationals and Blocked Persons List, Foreign Sanctions Evaders List or Sectoral Sanctions Identifications List2
of the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury, nor are they otherwise a party with which any entity is prohibited to deal under the laws of the United States or otherwise the subject of U.S.
sanctions laws,3 or (B) is a person identified as, or affiliated with, a terrorist organization on any other relevant lists maintained by governmental authorities. The Subscriber further
represents and warrants that the monies used to fund the investment in the Units are not derived from, invested for the benefit of, or related in any way to, the governments of, or persons within, any country (1) under a U.S. embargo enforced
by OFAC, (2) that has been designated as a “non-cooperative country or territory” by the Financial Action Task Force on Money Laundering or (3) that has been designated by the U.S.
Secretary of the Treasury as a “primary money laundering concern.” The Subscriber further represents and warrants that the Subscriber: (1) has conducted thorough due diligence with respect to all of its beneficial owners, including
the Access Fund Subscribers, (2) has established the identities of all beneficial owners and the sources of each of the beneficial owner’s funds, including the Access Fund Subscribers, and (3) will retain evidence of any such
information for at least five years from the date of complete withdrawal from the Fund. Pursuant to anti-money laundering laws and regulations, including rules issued by the Financial Crimes Enforcement Network (“FinCEN”) under
authority granted it by the U.S. Department of the Treasury, the Fund may be required to respond to certain requests related to the Fund’s or the Subscriber’s ownership, and the Subscriber agrees to reasonably cooperate with such requests
to the extent applicable. The Subscriber further represents and warrants that the Subscriber does not know or have any reason to suspect that (x) the monies used to fund the Subscriber’s investment in the Units have been or will be derived
from or related to any illegal activities, including, but not limited to, money laundering activities, and (y) the proceeds from the Subscriber’s investment in the Units will be used to finance any illegal activities. 

 

	2 	 This information may be found online at www.treas.gov/ofac. 

	3 	 This information may be found online at www.treas.gov. 

  
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 (ii) The Subscriber will provide to the Fund at any time such information as
the Fund determines to be necessary or appropriate (A) to comply with the anti-money laundering laws, rules and regulations issued by FinCEN, any other federal or state governmental authority, self-regulatory organization, or applicable
jurisdiction and (B) to respond to requests for information concerning the identity of the Subscriber or any Access Fund Subscribers from any governmental authority, self-regulatory organization or financial institution in connection with its
anti-money laundering compliance procedures, or to update such information. 
 (iii) The Subscriber understands and agrees
that the Fund may not accept any subscriptions from the Subscriber if the Subscriber cannot make the representations set forth in this Section. The Subscriber is advised that, by law, the Fund may be obligated to “freeze the account” of
the Subscriber, either by prohibiting additional subscriptions from the Subscriber, declining any redemption requests and/or segregating the assets in the account in compliance with governmental regulations, and Fund may also be required to report
such action and disclose the Subscriber’s identity to OFAC, to the extent required by applicable law. The Subscriber further acknowledges that the Fund may, by written notice to the Subscriber, suspend the redemption rights (if any) of the
Subscriber as reasonably required to comply with applicable anti-money laundering regulations applicable to the Fund and the Investment Manager or any of the Fund’s other service providers. 

(n) Each of the Subscriber and, based on representations given by each Access Fund Subscriber, the Access Fund Subscribers has the financial
capacity and necessary authorization to complete the transactions contemplated by the LLC Agreement and the limited partnership agreement of the Subscriber (as amended, restated and/or modified from time to time). 

(o) The Subscriber confirms that, to its knowledge, five or fewer individuals do not own 50 percent or more in value of the GS Access Fund
Interests. 
 (p) The Subscriber agrees to provide the Fund with an accurately completed and duly executed IRS Form W-9 (or any successor form) certifying its status as a U.S. person and its U.S. tax identification number or similar tax forms reasonably requested by the Fund. 

  
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 (q) The Subscriber agrees to provide the Fund, the Administrative Coordinator, the
Administrator and/or any other authorized agent of the Fund any additional tax information or documentation that the Fund, the Administrative Coordinator, the Administrator and/or any other authorized agent of the Fund believes will enable it or any
subsidiary or Affiliate of the foregoing to comply with or mitigate any of their respective tax reporting, tax withholding, and/or tax compliance obligations, or which may arise as a result of a change in law or in the interpretation thereof.
Notwithstanding the foregoing or anything else to the contrary in this Agreement, the Subscriber shall not be required to disclose to the Fund any information in respect of the Access Fund Subscribers or their direct or indirect owners and, if any
such information is requested or required by the IRS or another tax authority, the Fund and the Subscriber shall cooperate to the extent reasonably possible to provide such information in a manner that does not disclose the identities of the Access
Fund Subscribers or their direct or indirect owners to the Fund, the IRS or another tax authority. 
 (r) The Subscriber agrees that the tax
certifications, representations, warranties or covenants required to be provided and agreements required to be entered into hereunder shall survive the acceptance and closing of this subscription and the dissolution of the Fund, without limitation
as to time. Without limiting the foregoing, the Subscriber agrees (i) to give the Fund prompt written notice in the event that any tax statement, certification, representation, warranty or other information provided to the Fund herein or in any
document required to be provided under this Agreement (including, without limitation, any forms W-9 and/or W-8) ceases to be true at any time following the date hereof,
and (ii) from time to time to provide an updated tax statement, certification, representation, warranty or other information. 
 (s) The
Subscriber hereby agrees that any representations, warranties and covenants made hereunder will be deemed to be reaffirmed by the Subscriber at any time it makes a capital contribution to the Fund and the act of making such capital contribution will
be evidence of such reaffirmation. 
 4. Further Assurances. The Subscriber agrees to provide such information and execute and deliver
such documents as the Fund may reasonably request from time to time to comply with any law or regulation to which the Fund may be subject. In addition, the Subscriber agrees to provide any additional information and execute any additional documents
as may reasonably be required in connection with any subscription or any credit facility or other similar borrowing arrangement by the Fund or any lender named in the credit facility or similar lending arrangement. 

5. Indemnity. The Subscriber understands that the information provided herein will be relied upon by the Fund, the Investment Manager,
the Administrator and their respective counsel for the purpose of determining the eligibility of the Subscriber to purchase or hold the Units. The Subscriber agrees to provide, if requested, any additional information that may reasonably be required
to determine the eligibility of the Subscriber to purchase and hold the Units. The Subscriber agrees to indemnify and hold harmless the Fund, the Investment Manager, the Administrator and each of their respective Affiliates and directors, officers,
members, partners, employees and agents thereof from and against any loss, damage or liability due to or arising out of a breach of any representation, warranty, covenant or agreement of the Subscriber contained in this Agreement. 

6. Conflicts of Interest. The Subscriber acknowledges and agrees as follows: 

(a) That the Investment Manager will receive compensation for its services to the Fund pursuant to the terms set forth in the LLC Agreement and
the Investment Management Agreement, and may be incented to maximize its compensation. 

  
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 (b) It is understood that the Investment Manager and any of its Affiliates may engage in any
other business and furnish investment management and advisory services to others, including Persons which may have investment policies similar to those followed by the Fund (“Other Accounts”) and the Other Accounts may own
obligations of the same class, or of the same type (or conflicting class or type), as those owned by the Fund. The Investment Manager will be free, in its sole discretion, to make recommendations to others, or effect transactions on behalf of itself
or for others, which may be the same as or different from those it makes on behalf of the Fund. 
 (c) The Investment Manager will not
acquire (directly or indirectly) any obligation from, or dispose of or otherwise transfer any such obligation to, the Fund, any of its Affiliates or any Other Account; provided, however, that the Investment Manager may effect any
acquisition or disposition described above, if (i) such acquisition or disposition is effected in compliance with the LLC Agreement, (ii) such acquisition or disposition (and any consent, if required) is effected in accordance with all
applicable laws (including, without limitation, the U.S. Investment Advisers Act of 1940, as amended, and the Investment Company Act) and in accordance with the LLC Agreement, and (iii) the Investment Manager does not receive any compensation
in connection with such acquisition or disposition. 
 (d) To the extent that applicable law requires disclosure to and the consent and
approval of the Subscriber to any purchase or sale transaction on a principal basis with the Investment Manager or its Affiliates, such requirements may be satisfied with respect to the Subscriber by giving disclosure and obtaining consent and
approval on behalf of the Subscriber (i) from any one of Subscriber’s Authorized Representatives or (ii) in any other manner that is permitted pursuant to applicable law. The Investment Manager is not required to obtain consent and
approval of the Subscriber for any transaction unless such consent and approval is required by applicable law or as otherwise required by the LLC Agreement. 

7. Voting. If the Fund’s board of directors authorizes the liquidation or dissolution of the Fund, the Subscriber hereby provides a
standing instruction and proxy to vote its Units in favor of effectuating the withdrawal of the Fund’s election to be regulated as a BDC. The Subscriber acknowledges that any Unitholder vote that is not required by the Investment Company Act
will be deemed approved by the Unitholders unless a majority-in-interest of the Unitholders affirmatively vote to reject the item, with Access Fund Subscribers voting on a pass-through basis. 

8. Benefit of Agreement. The Subscriber acknowledges that each representation, warranty or agreement of the Subscriber contained in this
Agreement is made for the benefit of the Fund and its Affiliates. 
 9. Entire Agreement. This Agreement and the LLC Agreement contain
the entire agreement of the parties with respect to the subject matter hereof and supersede all oral statements and prior writings with respect thereto. Notwithstanding anything in this Subscription Agreement to the contrary, in the event of a
conflict between the terms of this Subscription Agreement or the LLC Agreement, on the one hand, and the terms of the placement agreement dated May 30, 2018, as amended or restated (the “Placement Agreement”) on the other hand,
the terms of the Placement Agreement shall control. 
 10. Amendments. No amendment, modification, supplement or waiver of any
provision of this Agreement shall in any event be effective unless the same shall be in writing and signed by the Fund and the Subscriber. 

11. Miscellaneous. This Agreement is not assignable by the Subscriber without the consent of the Fund. Sections 2, 4, 5 and 6 of this
Agreement shall survive the closing of the transactions contemplated hereby and any investigation made by the Fund. 
 12.
Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement. Counterparts may be executed in
either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form. 

  
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 13. Governing Law; Waiver of Jury Trial 

(a) THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY WHATSOEVER TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE. 
 (b) THE UNITS AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY WHATSOEVER TO THE
UNITS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE. 
 (c) EACH OF THE FUND AND THE SUBSCRIBER
HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the undersigned has executed this Agreement on the date set forth above.

  

	
	[         ]
	
	By: [     ]
	
	By:                                     
                                    
	      Name:
	      Title:

			
	 AGREED AND ACCEPTED:
 This
        day of                 , 2018

	
	SCP PRIVATE CREDIT INCOME BDC LLC
	
	By:                                   
                                  
	 Name: Michael Gross
 Title: Chief
Executive Officer and PresidentEX-10.1

 Exhibit 10.1 

FORM OF 
 INVESTMENT
MANAGEMENT AGREEMENT 
 This INVESTMENT MANAGEMENT AGREEMENT (as amended, supplemented, restated or otherwise modified from time to
time, this “Agreement”) is made and entered into as of [            ], 2018, by and among SCP Private Credit Income BDC LLC, a Delaware limited liability company (the
“Fund”) and Solar Capital Partners, LLC, a Delaware limited liability company (the “Investment Manager” or “SCP” or, where applicable, the “Administrative Coordinator”). 

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

WHEREAS, the Investment Manager is registered as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the
“Advisers Act”); 
 WHEREAS, the Fund also wishes to retain the Administrative Coordinator to provide certain
administrative and operational services to the Fund and the Administrative Coordinator has agreed to furnish such services to the Fund. 

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, the sufficiency of which are hereby acknowledged, the
Fund and SCP, in its capacity as the Investment Manager and/or the Administrative Coordinator, as applicable, hereby agree as follows: 
 1. Appointment

 The Fund hereby retains the Investment Manager to act as investment adviser to the Fund for the periods and on the terms set forth
herein, and the Fund hereby delegates to the Investment Manager full and exclusive discretion to invest, reinvest and dispose of the Fund’s assets. The Investment Manager hereby agrees to furnish the services to the Fund as set forth herein for
the compensation provided herein. 
 2. Services 

(a) Services as Investment Manager to the Fund. The Investment Manager will provide investment advisory and related services, including
without limitation, (i) providing overall investment management services to the Fund in accordance with the Memorandum, the Supplements, the Fund’s registration statement on Form 10 (File No. 000-55955) initially filed on June 29, 2018 (as
the same shall be amended from time to time, the “Registration Statement”), the Limited Liability Company Agreement of the Fund (as amended, supplemented, restated or otherwise modified from time to time, the “LLC
Agreement”) and in accordance with the Investment Company Act, including without limitation, sourcing, structuring, negotiating, underwriting, performing diligence, originating and disposing of Investments of the Fund and otherwise making
all investment decisions for the Fund, (ii) making investment decisions for the Fund, (iii) servicing investments including, without limitation, monitoring the investments and the creditworthiness of all issuers, developing and executing
work out strategies where applicable and assisting the Administrative Coordinator, when requested, in confirming all principal, interest, fee, penalties or other amounts due with respect to all investments, (iv) overseeing the placement of
purchase and sale orders on behalf of the Fund, including, without limitation, realization of the Fund’s assets during a wind down and/or liquidation of the Fund’s affairs (unless otherwise provided pursuant to the LLC Agreement), (v)
undertaking certain compliance-related activities in respect of the Fund in accordance with the investment objective, (vi) providing good faith valuations of investments for 

 
which market quotes are not readily available pursuant to the LLC Agreement (vii) voting proxies, exercise rights, options, warrants, conversion privileges, and redemption privileges, and
tender securities pursuant to a tender offer, (viii) enter into agreements and execute any documents (including, but not limited to, any loan or credit facility agreements), including without limitation, any market and/or industry standard
documentation and standard representations contained therein and (ix) providing periodic and special reports to the Fund as requested. In addition, subject to the ultimate supervision and direction of the Fund’s Board of Directors (the
“Board”), the Investment Manager may settle, compromise or submit to arbitration any claims, debts, or damages due or owing to or from the Fund, participate in, commence or defend legal proceedings and represent the Fund in legal
proceedings (including, without limitation, class actions and derivative actions). In providing those services, the Investment Manager will (x) invest and otherwise manage the assets of the Fund in accordance with the Memorandum, the
Supplements, the Registration Statement and the LLC Agreement and (y) provide the Fund with ongoing research, analysis, advice and judgments regarding individual investments, general economic conditions and trends and long-range investment
policy. The Fund hereby agrees that the Investment Manager may (and the Fund further authorizes the Investment Manager to) use information obtained by it in its capacity as investment manager to the Fund to provide information to, or for the benefit
of, the unit holders of the Fund (the “Unitholders”), including without limitation reports on valuation, portfolio positions and portfolio risk profiles. The Investment Manager has the authority to (A) enter into agreements and
execute any documents required to make investments pursuant to the Memorandum and Supplements, which shall include without limitation any market and/or industry standard documentation and the standard representations contained therein and
(B) acknowledge the receipt of brokers’ risk disclosure statements, electronic trading disclosure statements and similar disclosures. The Investment Manager is also authorized to instruct Citibank N.A. or its permitted successor or assign,
(the “Custodian”) to: (1) pay cash for securities and other property delivered to the Custodian for the Fund, (2) deliver or accept delivery of cash, foreign currency, securities, commodities or other property underlying
any futures or options contracts, and other property for the benefit of the Fund and (3) deposit margin or collateral which shall include the transfer of money, securities or other property to the extent necessary to meet the obligations of the
Fund. 
 (b) Services as Administrative Coordinator of the Fund. The Administrative Coordinator will provide certain Administrative
Services (as defined in the LLC Agreement) to the Fund, including (i) responsibility for the books and records with respect to the Fund and its transactions and coordinating the financial reporting of the Fund in accordance with the LLC
Agreement, (ii) coordinating and supervising the activities of, and act as liaison with, each party providing legal, audit, tax, administrator services, prime brokerage (if applicable), custodial, fund accounting, financial reporting and/or
other services to the Fund and (iii) assisting the Investment Manager to provide good faith valuations of investments for which market quotes are not readily available pursuant to the LLC Agreement. 

3. Investment Manager Personnel and Resources 

The Investment Manager and the Administrative Coordinator shall make those of its and its Affiliates’ employees and other personnel
(“Investment Manager Personnel”) and those of its and its Affiliates’ other resources available to the Fund that are reasonably necessary in the reasonable discretion of the Investment Manager and the Administrative Coordinator
to perform, or shall otherwise ensure the performance of, the services hereunder, including without limitation providing on behalf of the Fund, to the extent required under the Investment Company Act, any managerial assistance as may be requested by
any eligible portfolio company investment. 

  
 2 

 4. Brokerage 

To the extent the Investment Manager selects brokers or dealers to execute transactions on behalf of the Fund, the Investment Manager will use
commercially reasonable efforts to seek the best overall terms available. In assessing the best overall terms available for any Fund transaction, the Investment Manager will consider all factors it deems relevant, including but not limited to the
breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, the reasonableness of the commission, if any, for the specific transaction and on a continuing basis, factors
specific to alternative transactions (including, but not limited to, investments in commercial or residential real estate companies and entities) and the brokerage and research services (as those terms are defined in Section 28(e) of the U.S.
Securities Exchange Act of 1934, as amended) provided to the other accounts over which the Investment Manager or its Affiliates exercise investment discretion. The parties hereto acknowledge that it is desirable for the Fund that the Investment
Manager have access to supplemental investment and market research and security and economic analysis provided by broker-dealers who may execute brokerage transactions at a higher cost to the Fund than may result when allocating brokerage to other
brokers on the basis of seeking the most favorable price and efficient execution. Therefore, the Investment Manager may cause the Fund to pay a broker-dealer which furnishes brokerage and research services a higher commission or spread than that
which might be charged by another broker-dealer for effecting the same transaction, provided that the Investment Manager determines in good faith that such commission or spread is reasonable in relation to the value of the brokerage and research
services provided by such broker-dealer, viewed in terms of either the particular transaction or the overall responsibilities of the Investment Manager. It is understood and agreed that the services provided by such broker-dealers may be useful to
the Investment Manager in connection with the Investment Manager’s services to other clients. 
 5. Records 

The Administrative Coordinator agrees to be responsible for and to preserve for the Fund such records as are necessary and proper or required
by Applicable Law. For the avoidance of doubt, the Administrative Coordinator will have the primary responsibility for the books and records of the Fund. The Fund hereby acknowledges and agrees that certain records relating to the Fund as prepared
by the Administrative Coordinator may be kept on a consolidated basis with other clients/accounts advised by the Investment Manager. 
 6. Standard of
Care/Indemnification 
 (a) To the fullest extent permitted by Applicable Law, and 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), the Investment Manager and/or the Administrative Coordinator, and each of their respective
affiliates, as applicable, shall not be liable to the Fund or any Unitholder thereof, and the Fund does hereby release the Investment Manager and/or the Administrative Coordinator, for any act or omission, including any mistake of fact or error in
judgment, taken, suffered or made by the Investment Manager and/or the Administrative Coordinator, as applicable, in good faith and in the belief that such act or omission is in or is not contrary to the best interests of the Fund; provided that
such act or omission does not constitute Disabling Conduct (as defined herein) by the Investment Manager and/or the Administrative Coordinator. To the extent that, at law or in equity, the Investment Manager and/or the Administrative Coordinator, as
applicable, has duties and liabilities relating to the Fund or the Unitholders, the Investment Manager and/or the Administrative Coordinator, as applicable, acting under this Agreement shall not be liable to the Fund or any Unitholder for its good
faith reliance on the provisions of this Agreement, to the maximum extent permitted by Applicable Law. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of

  
 3 

 
the Investment Manager and/or the Administrative Coordinator, as applicable, otherwise existing at law or in equity, are agreed by the Fund to replace such other duties and liabilities of the
Investment Manager and/or the Administrative Coordinator, as applicable, to the maximum extent permitted by Applicable Law. Notwithstanding any provisions of this Agreement to the contrary, nothing contained herein shall protect or be deemed to
protect the Investment Manager and/or Administrative Coordinator against or entitle or be deemed to entitle the Investment Manager or Administrative Coordinator to indemnification in respect of any liability to the Fund or the Unitholders to which
the Investment Manager or the Administrative Coordinator would otherwise by subject by reason of Disabling Conduct in the performance of their 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). As used in this Section 6, the term “Disabling Conduct” shall mean fraud, willful misfeasance, bad
faith, gross negligence or reckless disregard of the obligations and duties of the Investment Manager and/or the Administrative Coordinator, as applicable, under this Agreement and in the conduct of the Investment Manager’s and/or the
Administrative Coordinator’s office, as applicable. 
 (b) The Fund shall, to the fullest extent permitted by Applicable Law, indemnify
and hold harmless the Investment Manager and/or the Administrative Coordinator, as applicable, from and against any and all liabilities, disputes, costs, expenses (including reasonable attorneys’ fees and disbursements), damages, losses, fines,
penalties, fees, interest and judgments, of whatever nature, known or unknown, liquidated or unliquidated (“Losses”), that may accrue to or be incurred by the Investment Manager and/or the Administrative Coordinator, as applicable,
in connection with any claim, demand, investigation, suit, proceeding or action (a “Proceeding”), whether civil or criminal, in which the Investment Manager and/or the Administrative Coordinator, as applicable, may become involved,
as a party or otherwise, or with which the Investment Manager and/or the Administrative Coordinator, as applicable, may be threatened, relating to or arising out of the investments or other activities of the Fund, activities undertaken in connection
with the Fund, or otherwise relating to or arising out of this Agreement, including amounts paid in compromise or settlement approved by the Board, and attorneys’ fees and expenses incurred in connection with the preparation for or defense or
disposition of any Proceeding (all of such Losses, amounts and expenses referred to in this Section 6 are referred to collectively as “Damages”), except to the extent that it shall have been determined by a court of competent
jurisdiction in a non-appealable judgment, or there has been an admission by the Investment Manager and/or the Administrative Coordinator, as applicable, in a settlement or proceeding, that such Damages arose
from Disabling Conduct of the Investment Manager and/or the Administrative Coordinator, as applicable (with such limitation applied solely to the extent attributable to such Disabling Conduct). The termination of any Proceeding by settlement shall
not, of itself, create a presumption that any Damages relating to such settlement or otherwise relating to such Proceeding arose primarily from Disabling Conduct of the Investment Manager and/or the Administrative Coordinator, as applicable. 

(c) As used in this Section 6, the term “Investment Manager” and/or the term “Administrative Coordinator” shall
include each of their respective members, principals, officers, managers, investors, employees and other representatives and agents and entities controlling, controlled by or under common control with the Investment Manager and/or the Administrative
Coordinator, as applicable. 
 (d) Nothing herein shall be deemed or construed to effect a waiver of any rights of any person under U.S.
federal securities laws or state securities laws, which provide protections that by law cannot be waived. 

  
 4 

 (e) In the event of a conflict between the provisions of this Section 6 and Article XI
of the LLC Agreement, the provisions of Article XI of the LLC Agreement shall control. Notwithstanding the foregoing, the provisions of this Section 6 shall survive the termination of this Agreement and shall continue to afford protection to
the Investment Manager and/or the Administrative Coordinator, as applicable, regardless of any subsequent amendment to this Agreement, the Fund Agreement, or termination of the Fund, and no amendment to this Agreement, the Fund Agreement, or
termination of the Fund shall reduce or restrict the extent to which these indemnification provisions apply to actions taken or omissions made prior to the date of such amendment or termination. 

7. Compensation 
 In consideration of the
services rendered pursuant to this Agreement, the Fund will pay the Investment Manager a Management Fee and Incentive Fee and will pay the Administrative Coordinator an Administration Fee in the amount and in the manner as follows: 

(a) Management Fee and Administration Fee: The Fund shall pay to the Investment Manager a management fee (the “Management
Fee”), calculated as of the close of business in New York, New York on the last day of each calendar quarter (each such date, the “Management Fee Calculation Date”), in an amount equal to 1.5% per annum of Invested
Capital (defined as, of any date, the sum of capital contributions to the Fund plus the total amount of credit drawn on subscription credit facilities), and payable quarterly in arrears after such Management Fee Calculation Date. 

The Fund shall pay to the Administrative Coordinator a fee (the “Administration Fee”), calculated as of the close of business in New York,
New York on the last day of each calendar quarter (the “Administration Fee Calculation Date”), in an amount equal to 0.08% per annum of the average Cost Basis (defined as the aggregate accreted and amortized cost of all
investments, including any amounts reinvested in investments and the cost of investments acquired using leverage), as measured on the last day of the preceding quarter and the last day of the current quarter for the period ended and payable
quarterly in arrears after such Administration Fee Calculation Date. The Administration Fee will not offset any fees paid to the Investment Manager. The Administrative Coordinator will be responsible for all expenses of its own staff responsible for
(i) certain on-going, routine, non-investment-related administrative services for the Fund, (ii) the coordination of various third party services needed or
required by the Fund and (iii) certain Unitholder servicing functions. 
 Each of the Management Fee and the Administration Fee will be appropriately
adjusted for any stub period. Such fees will be paid out of net current income and/or disposition proceeds or, to the extent such amounts are not available, from unfunded capital commitments that will be drawn down, or borrowings of the Fund. In the
event that the Investment Manager arranges for the Fund to pay any portion of a fee to a placement agent, the amount of the Management Fee otherwise payable shall be reduced by an amount equal to 100% of such payment to such placement agent. 

The Investment Manager reserves the right, upon approval of the Board of Directors, to waive the Management Fee and the Administrative Coordinator reserves
the right, in its sole discretion, to waive the Administration Fee to which each is entitled in respect of all Units. 
 (b) Incentive
Fee: Subject to the requirements of Section 852(a) of the Code, the Fund will make payments of the Incentive Fee and distributions out of two categories: Current Proceeds and Disposition Proceeds (collectively referred to as
“Investment Proceeds”). Investment Proceeds shall be divided between and distributed to all Unitholders, on the one hand, and paid to the Investment Manager as an Incentive Fee, on the other hand, in the following amounts and order
of priority: 
 (i) Return of Capital Contributions. First, 100% to Unitholders until each Unitholder has received cumulative distributions
of Investment Proceeds pursuant to this clause (i) equal to such Unitholder’s total Capital Contributions to the Fund (including amounts contributed to pay Management Fees, Administration Fees, Organizational Expenses and other Fund
Expenses). Amounts constituting Current Proceeds proceed to clause (ii) and are not returned under this clause (i); 

  
 5 

 (ii) Unitholder Preferred Return. Second, 100% of all remaining Investment Proceeds to
Unitholders until they have received cumulative distributions of Investment Proceeds, without duplication, pursuant to this clause (i) and clause (iv) below equal to a 6% per annum, compounded annually, on Unitholders’ unreturned
capital contributions to the Fund (including amounts contributed to pay Management Fees, Administration Fees, Organizational Expenses and other Fund Expenses) (the “Preferred Return”); 

(iii) Investment Manager Catch Up to 15%. Third, 80% of all remaining Disposition Proceeds paid to the Investment Manager as an Incentive Fee
until the Investment Manager has received payments of Investment Proceeds with respect to Unitholders pursuant to this clause (iii) and clause (ii) equal to 15% of the total amounts distributed to Unitholders and paid to the Investment
Manager pursuant to clause ii) above and this clause (iii); and 
 (iv) 85%/15% Shares. Thereafter, 85% to Unitholders and 15% paid to the
Investment Manager as an Incentive Fee. 
 In no event will the Investment Manager receive Investment Proceeds that, as of any distribution date, exceeds
20% of cumulative realized capital gains net of all cumulative realized capital losses and unrealized capital depreciation. 
 The Investment Manager may
also elect, at any time and from time to time, not to receive all or any portion of the incentive fee that would otherwise be distributed to it, and may cause any or all amounts subsequently available for distribution to the Unitholders to be
distributed to the Investment Manager until it has received the same aggregate amount of incentive fees had it not previously waived receipt of incentive fees. 

The Investment Manager, on behalf of the Fund, will be entitled to withhold from any distributions, in its discretion, any required tax withholdings. Amounts
of taxes paid or withheld from amounts otherwise distributable to a Unitholder will be deemed distributed for purposes of the calculations above. 

(c) Clawback: In connection with, but in no event more than 30 days after, the liquidation of the Fund, the Investment Manager shall
return to the Fund for distribution to the Unitholders if and to the extent that the Investment Manager has received cumulative incentive fees in excess of the incentive fees that would have been payable to the Investment Manager if the formulas set
forth in Section 7(b) were applied on an aggregate basis covering all transactions of the Fund; provided, however, that in no event will the Investment Manager be required to contribute an aggregate amount in excess of 100% of the net amount
distributed to the Investment Manager (net of taxes) on account of its incentive fees. In addition, as soon as reasonably practicable following the end of each fiscal year of the Fund, the Investment Manager shall apply an interim incentive fee
adjustment so that, in the event of any over-distribution of incentive fee to the Investment Manager (measured with respect to each Unitholder using the fair value of the Company’s portfolio at the end of the applicable fiscal year as if the
Fund were to liquidate on such date), future distributions that would, absent such interim incentive fee adjustment, otherwise be distributed to the Investment Manager as an incentive fee, shall be distributed to Unitholders until such
over-distribution (net of taxes payable by the Investment Manager with respect to such incentive fee) has been eliminated. 

  
 6 

 8. Expenses 

(a) The Investment Manager shall be responsible for the compensation of the Investment Manager Personnel responsible for the day-to-day investment management of the Fund as well as office rent and routine overhead costs of the Investment Manager. 

(b) The Investment Manager, Administrative Coordinator and/or any of their Affiliates may advance to the Fund any amounts necessary to pay the
Fund’s Organizational Expenses. The Fund shall reimburse the Investment Manager and/or Administrative Coordinator, as applicable, for the Organizational Expenses advanced by the Investment Manager, Administrative Coordinator and/or any of their
Affiliates in the manner specified in Section 8.1 of the LLC Agreement and in accordance with the limitations on such reimbursement therein, including: all of its fees, costs, expenses and liabilities, all investment-related fees, costs, expenses
and liabilities (including with respect to amounts incurred prior to the initial closing) and all of its other operating fees, costs, expenses and liabilities, including all fees, due diligence costs and other fees, costs, expenses and liabilities
related to the identification, sourcing, evaluation, pursuit, acquisition, holding, appraisals, asset management, restructuring and disposing of investments, including all reasonable travel-related fees, costs, expenses and liabilities, including
lodging and meals, all fees, costs, expenses and liabilities of legal counsel and financial and other advisers incurred in connection therewith, all fees, costs, expenses and liabilities of information technology services relating to the ongoing
management of investments, and all other investment-related fees, costs, expenses and liabilities (to the extent not reimbursed by the relevant portfolio company); all fees, costs, expenses and liabilities related to any audits or agreed upon
procedures, tax forms and return preparations and filings, custodian fees and expenses, fund accounting, administrator services, financial statement preparation and reporting, web services for the benefit of Unitholders, delivery costs and expenses
in connection with reporting obligations and communications and compliance services; all fees, costs, expenses and liabilities relating to insurance policies (including director and officer liability insurance) maintained by or for the Fund,
including in respect of Portfolio Investments and/or SCP Persons; other administrative fees, costs, and liabilities; all fees, costs, expenses and liabilities of brokers, transaction finders and other intermediaries, including brokerage commissions
and spreads, and all other transaction-related fees, costs, expenses and liabilities, including reverse break-up fees; all fees, costs, expenses and liabilities relating to derivatives and hedging
transactions; all principal amounts of, and interest expense on, borrowings and guarantees, and all other fees, costs, expenses and liabilities arising out of borrowings and guarantees, including the arranging and maintenance thereof, whether
incurred by the Fund or incurred or facilitated by a special purpose vehicle that makes Portfolio Investments; Management Fees; Administration Fees; all fees, costs, expenses and liabilities incurred through the use or engagement of Service
Providers; all taxes, fees, penalties and other governmental charges levied against the Fund (other than such taxes, fees, penalties or other governmental charges resulting from or relating to an adjustment of the Fund’s income on audit and
assumed by the Unitholders at the direction of the Investment Manager) and all fees, costs, expenses penalties and liabilities related to tax compliance; all fees, costs, expenses and liabilities of the Fund’s legal counsel related to
extraordinary matters, including expenses for any dispute resolution (including litigation and regulatory-related legal expenses); all fees, costs, expenses and liabilities relating to legal and regulatory filings, including securities law filings
relating to Portfolio Investments; all fees, costs, expenses and liabilities related to the Fund’s indemnification or contribution obligations; all fees, costs, expenses and liabilities for subscription services (to the extent such subscription
is required by the general partner of the Access Fund); any required regulatory filings and related legal fees; all fees, costs, expenses and liabilities of liquidating the Fund; transfer agent services; any other fees, costs, expenses and
liabilities not specifically assumed by the Investment Manager or the Administrative Coordinator. Excess Organizational Expenses or Operating Expenses]2 to be borne by the Investment Manager
and/or Administrative Coordinator pursuant to Section 8.1 of the LLC Agreement, if paid by the Fund, shall reduce the Management Fee and/or the Administration Fee, as applicable, payable as provided in Section 8.1 of the LLC Agreement. 

  
 7 

 (c) The Fund bears any other fee, cost, expense or liability related to the Fund (whether
related to its investments, operations or otherwise) and not specifically assumed by the Investment Manager, including, without limitation, (i) the Management Fee described in Section 7(a) of this Agreement, (ii) the Administration
Fee described in Section 7(a) of this Agreement and (iii) those fees, costs, expenses and liabilities described in Section 8.3 of the LLC Agreement. For the avoidance of doubt, any placement fees or servicing fees paid by the Fund to a
placement agent and its affiliates shall reduce the Management Fee payable as provided in Section 4.1(f)(iv) of the LLC Agreement. 
 9. Services to
Other Companies or Accounts 
 The investment advisory services of the Investment Manager to the Fund under this Agreement are not to be
deemed exclusive, and the Investment Manager, or any Affiliate thereof, shall be free to render similar services to other investment funds, accounts and clients (whether or not their investment objective and policies are similar to those of the
Fund). 
 10. Aggregation of Orders 

Provided the investment objective of the Fund is adhered to, the Fund agrees that the Investment Manager is permitted to aggregate sales and
purchase orders of securities and other investments held in the Fund with similar orders being made simultaneously for other accounts managed by the Investment Manager or with accounts of the Affiliates of the Investment Manager, provided that any
such aggregation of orders permitted by the Investment Company Act and Applicable Law. 
 11. Cross Trades 

Subject to Applicable Law, the Investment Manager may enter into cross trades on behalf of the Fund with one or more other clients of the
Investment Manager or its Affiliates in accordance with its cross trade policy, provided that any such cross trade is consistent with the Investment Company Act and the Advisers Act. 

12. Duration, Termination, Delegation and Assignment 

(a) This Agreement shall become effective as of the date of this Agreement. 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” (as such term is defined in Section 2(a)(42) of the Investment Company Act) of the Fund or by the vote of the
Fund’s Directors who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) (the “Independent Directors”) of any such party or
by the Investment Manager. The provisions of Section 6 of this Agreement shall remain in full force and effect, and the Investment Manager 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 Investment Manager shall be entitled to any amounts owed under Section 7 through the date of termination or expiration and Section 6 shall continue
in force and effect and apply to the Investment Manager and its representations as and to the extent applicable. 

  
 8 

 (b) 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 Board, or by the vote of a majority of the outstanding voting securities of
the Fund and (B) the vote of a majority of the Fund’s Independent Directors, in accordance with the requirements of the Investment Company Act. 

(c) This Agreement will automatically terminate in the event of its “assignment” as such term is defined for purposes of
Section 15(a)(4) of the Investment Company Act. 
 (d) Notwithstanding any provision of this Agreement to the contrary, at any time
during the Term the Investment Manager may re-delegate all or part of the authority and responsibility delegated to it hereunder to an investment adviser under common control with the Investment Manager,
subject to Applicable Law. The Investment Manager may take any and all actions that are necessary or incidental to such delegation and/or assignment including without limitation and subject to Applicable Law (w) the assignment of this Agreement
to any such investment adviser, (x) causing the Fund to enter into a new investment management agreement with any such investment adviser that is substantially similar to this Agreement in all material respects, and/or (y) delegating all
or part of the Investment Manager’s duties under this Agreement to any such investment adviser. 
 13. Amendment 

No provision of this Agreement may be changed, waived or discharged or terminated orally, but only by an instrument in writing signed by the
party against which enforcement of the change, waiver, discharge or termination is sought. 
 14. Independent Contractor Status 

For all purposes of this Agreement, the Investment Manager shall be an independent contractor and not an employee, agent, dependent agent,
partner or joint venturer of the Fund; nor shall anything herein be construed as making the Fund a partner or co-venturer with the Investment Manager or any of its Affiliates. Except as may be expressly
authorized, the Investment Manager shall not have authority to bind, obligate or represent the Fund in any manner. 
 15. Representations and Agreements
of the Fund 
 The Fund represents to the Investment Manager and the Administrative Coordinator that it has all necessary power and
authority to execute, deliver and perform this Agreement and all transactions contemplated hereby, and such execution, delivery and performance will not violate any Applicable Law, rule, regulation, governing document, contract or other material
agreement binding upon it. 
 16. Miscellaneous 

(a) Capitalized terms not otherwise defined herein will have the meanings specified in the LLC Agreement. 

(b) This Agreement together with the LLC Agreement constitute the full and complete agreement of the parties hereto with respect to the subject
matter hereof. 
 (c) Titles or captions of sections in this Agreement are inserted only as a matter of convenience and for reference, and in
no way define, limit, extend or describe the scope of this Agreement or the intent of any provisions thereof. 

  
 9 

 (d) The obligations of “SCP Private Credit Income BDC LLC” entered into in the
name of or on behalf thereof by any of the officers, representatives or agents of the Fund are made not individually, but in such capacities, and are not binding upon any of the officers, representatives or agents of the Fund personally, but bind
only the assets of the Fund, and all persons dealing with the Fund must look solely to the Fund’s assets for the enforcement of any claims against the Fund in accordance with the terms of the Memorandum, the Supplements, the Registration
Statement, the LLC Agreement and Applicable Law. 
 (e) This Agreement is intended solely for the benefit of the parties hereto and, except
as expressly provided to the contrary in this Agreement, is not intended to confer any benefits upon, or create any rights in favor of, any Person other than the parties hereto 

(f) This Agreement may be executed in several counterparts, all of which together shall for all purposes constitute one Agreement, binding on
all the parties. The parties agree that the electronic or .pdf signature of a party shall be deemed an original for all purposes and binding on the party signing by electronic or .pdf signature. 

(g) This Agreement and the rights and obligations of the parties hereunder shall be governed by, and interpreted, construed and enforced in
accordance with the laws of the State of Delaware, without regard to the conflict of laws provisions thereof that would result in the application of the law of any other jurisdiction. 

(h) If any provisions of this Agreement or the application thereof to any party or circumstances shall be determined by any court of competent
jurisdiction to be invalid or unenforceable to any extent, the remainder of this Agreement or the application of such provision to such person or circumstance, other than those as to which it so determined to be invalid or unenforceable, shall not
be affected thereby, and each provision hereof shall be valid and shall be enforced to the fullest extent permitted by law to give effect to the intent of the parties hereunder. 

(i) Any statement, request, notice, instruction or other instrument required to be given hereunder will be in writing, and may be sent by hand
delivery, facsimile transmission, electronic transmission, or overnight delivery by any recognized delivery service, to the parties at such address or to such individual as shall be specified by the Investment Manager or the Fund, as applicable,
from time to time. 
 (j) This Agreement shall be binding on and shall inure to the benefit of the Fund and the Investment Manager and their
respective successors and permitted assigns. 
 (k) This Agreement is governed by, and shall be construed in accordance with, the laws of the
State of New York, without regard to the conflict of law principles thereof. 
 (l) With respect to any suit, action or proceedings relating
to this Agreement (“Proceedings”), each party hereto irrevocably: (i) submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of
Manhattan, New York County, and of the United States District Court for the Southern District of New York, and any appellate court therefrom; and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings
brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party.
Nothing in this Agreement precludes any party hereto from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings by any party hereto in any one or more jurisdictions preclude the bringing of Proceedings by such party in
any other jurisdiction. Each party hereto hereby agrees that a final judgment in any such Proceedings shall be conclusive and 

  
 10 

 
may be enforced in other jurisdictions otherwise having jurisdiction over such party by suit on such final judgment or in any other manner provided by law. Each party hereto hereby agrees that
service of process in any Proceeding may be effected by mailing a copy thereof by registered or certified mail or by overnight courier service, postage prepaid, to it at its address specified herein. Nothing in this Agreement will affect the right
of any party hereto to serve process in any other manner permitted by applicable law. 
 (The remainder of this page is left intentionally
blank. The signature page follows.) 

  
 11 

 IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have caused this
instrument to be executed by their authorized persons designated below on the day and year first above written. 
  

			
	SCP PRIVATE CREDIT INCOME BDC LLC 
		
	By:	 	  

		 	Name: Michael Gross
		 	Title: Managing Member
	
	 SOLAR CAPITAL PARTNERS, LLC, in its capacity as Investment Manager and Administrative Coordinator

BY: SC CAPITAL, LLC, its managing member

		
	By:	 	  

		 	Name: Michael Gross
		 	Title: Managing Member

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