Document:

Exhibit
10.1

 

GLOBIS
ACQUISITION CORP. 

AMENDMENT
NO. 2 PROMISSORY NOTE

 

THIS
AMENDMENT NUMBER 2 OF NOTE (this “Amendment”) is entered into effective as of July 19, 2021, by Globis Acquisition
Corp., a Delaware corporation (“Maker”), and Globis SPAC LLC, a Delaware limited liability company (“Globis
SPAC”), or its designees.

 

RECITALS:

 

WHEREAS
that certain Promissory Note, dated January 11, 2021, in the original principal amount of $1,000,000.00 (the “Note”)
executed by Maker payable to Globis SPAC; and

 

WHEREAS
the parties desire to amend the Note to increase the principal amount of the Note to $2,000,000, and each party acknowledges the mutual
benefits of so amending the Note.

 

NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:

 

1.
The Principal Amount of the Note is hereby increased to $2,000,000.

 

All
other terms of the Note, as amended, shall remain in full force and effect.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

EXECUTED
as of the day and year first above written.

 

	 	GLOBIS
    ACQUISITION CORP. 
	 	a
    Delaware corporation 
	 	 	 
	 	By:	/s/
    Paul Packer
	 	Name:
    	Paul
    Packer 
	 	Title:
    	Chief
    Executive Officer and Chief Financial Officer 
	 	 	 
	 	GLOBIS
    SPAC LLC 
	 	a
    Delaware limited liability company 
	 	 	 
	 	By:	/s/
    Paul Packer
	 	Name:
    	Paul
    Packer
	 	Title:
    	Manager
    

 

SIGNATURE
PAGE TO AMENDMENT NO. 2 TO PROMISSORY NOTEExhibit 10.1

 

AUDAX
CREDIT BDC INC.

 

Subscription Documents

 

Administrator:

 

Audax Management Company, LLC

101 Huntington Avenue

Boston, Massachusetts 02199

 

     

     

    

 

DIRECTIONS FOR THE COMPLETION

OF THE SUBSCRIPTION DOCUMENTS

 

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

 

1.          Subscription
Agreement:

 

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

 

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

 

2.          Investor
Questionnaire:

 

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

 

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

 

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

 

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

 

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

 

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

 

3.          Tax
Forms:

 

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

 

     

     

    

 

4.          Evidence
of Authorization:

 

Each Investor must
provide satisfactory evidence of authorization.

 

For Corporations:

 

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

 

For Partnerships:

 

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

 

For Limited Liability Companies:

 

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

 

For Trusts:

 

Trusts must submit a copy of the trust
agreement.

 

For Employee Benefit Plans:

 

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

 

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

 

5.          Delivery
of Subscription Documents:

 

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

 

Audax Management Company, LLC

Attn: Investor Relations

101 Huntington
Avenue

Boston, MA 02199

 

     

     

    

 

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

 

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

 

6.          Acceptance
by the Company:

 

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

 

7.          Wire
Instructions:

 

Please wire funds to: Audax Senior BDC Inc.

 

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

 

[remainder of page intentionally left blank]

 

     

     

    

 

SUBSCRIPTION AGREEMENT

 

Audax Credit BDC Inc.

101 Huntington Avenue

Boston, Massachusetts 02199

 

Ladies and Gentlemen:

 

1.          Subscription.

 

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

 

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

 

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

 

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

 

     

     

    

 

2.          Closings.

 

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

 

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

 

3.          Drawdowns.

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

8.          Compliance
with Laws.

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

12.          Power
of Attorney.

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

     

     

    

 

 

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

 

	Date: May 28, 2021	Capital Commitment
	 	 
	 	USD ONLY
	 	 
	 	$8,900,000
	 	 
	 	INDIVIDUAL INVESTOR:
	 	 
	 	 
	 	(Print Name)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Witnessed By)
	 	 
	 	PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, OTHER INVESTOR:
	 	 
	 	Mercer Audax Credit Feeder Fund LP
	 	(Print Name of Entity)
	 	 
	 	By: 	 
	 	(Signature)
	 	 
	 	Harry Leggat – VP of Mercer Investments LLC, manager of the GP
	 	(Print Name and Title)
	 	 
	 	 
	 	(Witnessed By)

 

Agreed and accepted:

 

	AUDAX CREDIT BDC INC.	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

[Signature
Page to Subscription Agreement]

 

     

     

    

 

INVESTOR QUESTIONNAIRE

 

		A.	General Information

 

		1.	Print Full Name of Investor:

 

	 	Individual:	 
	 		First	Middle	Last

 

	 	Entity:	Mercer Audax Credit Feeder Fund LP
	 		Name of Entity

 

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

 

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

 

	 	Jurisdiction of Organization:	 	Cayman Islands
	 	 	 	 
	 	Location of Domicile:	 	Cayman Islands*
	 	 	 	 
	2.	U.S. Taxpayer Identification or Social Security Number:	 	 N/A
	 	 	 	 
	3.	Date of Birth:	 	 
	 	 	 	 
	4.	Primary Contact Person for this Account and for General Notices:	 	 
	 	 	 	 
	 	Name:	 	 	 
	 	Address:	 	 	 
	 	 	 	 
	 	Telephone:	 	 	 
	 	Fax:	 	 	 

 

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

 

5._________________________________ Residence
(if an individual) or Principal Place of Business (if an entity) of the Investor (no P.O. Boxes, if any):

 

     

     

    

 

	Address:	c/o Mercer Investments LLC	 
	701 Market Street, Suite 1100 Saint. Louis, MO 63101	 
	Telephone:	(314) 588-2500	 
	Fax:	(314) 588-2525	 
	E-mail:	harry.leggat@mercer.com	 

 

	6.	For distributions of cash, please wire funds to the following bank account:
	 	 
	 	Bank Name:	 
	 	 	 
	 	Bank Location:	 
	 	 	 
	 	Account Number:	 
	 	 	 
	 	Account Name:	 
	 	 	 
	 	Bank’s Routing No.:	 
	 	 	 
	 	For further credit to:	 
	 	 	 
	 	(if any)	 
	 	 	 
	 	Reference:	 
	 	 	 
	 	SWIFT Code:	 

 

	7.	For distributions in-kind, please:
	 	 
	 	Credit securities to my brokerage account at the following firm:
	 	 	 
	 	Firm Name:	 
	 	 	 
	 	Address:	 
	 	 	 
	 	Account Name:	 
	 	 	 
	 	Account Number:	 
	 	 	 
	 	DTC Number:	 

 

     

     

    

 

		B.	Regulation D – Accredited Investor Status

 

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

 

The Investor is:

 

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

 

		 ̈	(ii)	an individual who has a net worth (or joint net worth with
his or her spouse) in excess of $1,000,000. For purposes of determining the Investor’s net worth, the Investor must exclude
the value of his or her primary residence and any indebtedness secured by the primary residence up to its fair market value (i.e., any
indebtedness secured by the residence that is in excess of the value of the home should be considered a liability and deducted from the
Investor’s net worth).  The Investor must also subtract from his or her net worth any indebtedness secured by his or her primary
residence that was obtained within the sixty days preceding the effective date of his or her subscription, unless such indebtedness was
used to acquire the residence (in which case, the rule set forth in the preceding sentence would govern the application of such
indebtedness when calculating the Investor’s net worth);

 

		 ̈	(iii)	a broker or dealer registered pursuant to Section 15 of the Exchange Act;

 

		 ̈	(iv)	a bank as defined in Section 3(a)(2) of the Securities Act or any savings and loan association as defined in Section 3(a)(5)(A) of
the Securities Act, whether acting in its individual or fiduciary capacity;

 

		 ̈	(v)	an insurance company as defined in Section 2(a)(13) of the Securities Act;

 

		 ̈	(vi)	an investment company registered under the 1940 Act;

 

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

 

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

 

		 ̈	(ix)	a pension plan which is not a self-directed plan and which has total assets in excess of $5,000,000;

 

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

 

     

     

    

 

	x	(xi)	a corporation, a partnership, a limited liability company or a Massachusetts or similar business trust, that was not formed for the specific purpose of acquiring an interest in the Company, with total assets in excess of $5,000,000;

 

	 ̈	(xii)	an organization described in Section 501(c) of the Code, and exempt from U.S. income tax pursuant to Section 501(a) of
the Code with total assets in excess of $5,000,000;

 

	 ̈	(xiii)	an entity in which all of the equity owners are accredited investors;

 

	 ̈	(xiv)	(A) a business development company as defined in Section 2(a)(48) of the 1940 Act or (B) a Small Business Investment Fund
licensed by the United States Small Business Administration under Section 301(c) or (d) of the Small Business Investment
Company Act of 1958;

 

	 ̈	(xv)	a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended;

 

	 ̈	(xvi)	a director or executive officer of the Company; or

 

	 ̈	(xvii)	none of the above applies (further information may be required).

 

Check all applicable categories.

 

     

     

    

 

		C.	Qualified Purchaser Status

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

 

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

 

     

     

    

 

D.       
     Required Supplemental Data

 

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

 

 ̈
Yes          x No

 

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

 

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

 

	 	 ̈	(a)	an “employee benefit plan” or trust that is subject to Part 4, Subtitle B of Title I of ERISA;
	 	 	 	 
	 	 ̈	(b)	a “plan” to which Section 4975 of the Code applies;
	 	 	 	 
	 	 ̈	(c)	an entity (other than an insurance company generasl account) whose underlying assets include “plan assets” by reason of an employee benefit plan’s or other plan’s investment in the entity or otherwise for purposes of ERISA or Section 4975 of the Code;
	 	 	 	 
	 	 	 	If Item 2(c) above is applicable, insert the maximum percentage of the assets of the entity that constitutes or may in the future constitute “plan assets” during the period of its investment in the Company:
	 	 	 	 
	 	 	 	_________%
	 	 	 	 
	 	 ̈	(d)	An insurance company using assets of its general account (directly or through subsidiaries) that are subject to ERISA or Section 4975 of the Code (including, without limitation, by virtue of Section 401(c) of ERISA).
	 	 	 	 
	 	 	 	If Item 2(d) above is applicable, insert the maximum percentage of the general account as a whole that constitutes or may in the future constitute “plan assets” during the period of its investment in the Company:
	 	 	 	 
	 	 	 	_________%

 

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

 

    

    

    

 

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

 

  ̈
Yes          x No

 

E.            Certain
Unregistered Private Investment Companies:

 

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

 

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

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

 

F.            Controlling
Persons:

 

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

 

 ̈
Yes         x No

 

G.           Related
Parties/Other Beneficial Interests:

 

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

 

 ̈
Yes          x No

 

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

 

____________________________________

 

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

 

 ̈
Yes          x No

 

    

    

    

 

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

 

H.            BHC
Investor Status:

 

Is the Investor a “BHC Investor”?1

 

 ̈
Yes          x No

 

[remainder of page intentionally
left blank]

 

 

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

 

    

    

    

 

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

 

    

    

    

 

APPENDIX A

 

[CERTIFICATE OF INCORPORATION]

 

    

    

    

 

APPENDIX B

 

[BYLAWS]

 

    

    

    

 

APPENDIX C

 

[FORM OF ADVISORY AGREEMENT]

 

    

    

    

 

APPENDIX D

 

[FORM OF ADMINISTRATION AGREEMENT]

 

    

    

    

 

APPENDIX E

 

TRANSFER RESTRICTIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

    

    

    

 

EXHIBIT A

 

CIP MATRIX

 

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

 

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

 

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

 

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

     

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

     

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

     

 

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

 

	Type of Investor	Identification Information	Verification Information
	
    Individual

     

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

    2.         Physical
    address and mailing address (if different)

    3.         Date
    of Birth

    4.         Social
    Security Number

    5.         Signed
    subscription document

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

    7.         Source
    of Wealth*

    8.         Telephone
    number*

    9.         Occupation
    *

    10.       Employer
    *

    11.       Email
    address/website *

     
	
    Copy of either:

    1.  Passport OR

    2.  Photo Drivers license OR

    3.  Other government–issued photo
    ID

     

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

     

 

    

    

    

 

	Type of Investor	Identification Information	Verification Information
	
    Private Corporation

     

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

    2.         Beneficial
    Owners with more than 20% interest

    3.         Physical
    address & mailing address (if different)

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

    5.         Signed
    subscription document

    6.         List
    of Authorized Signers

    7.         Nature
    of business

    8.         Source
    of Wealth*

    9.         Telephone
    number*

    10.       Email
    address/website *

     
	
    Copy of either:

    1.  Certificate of Incorporation OR

    2.  Certificate of good standing OR

    3.  Government issued business license

     

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

     

    Foreign
    Banks: a Shell Bank certification must be supplied

     

	U.S. Public Corporation	
    1.         Name
    of corporation

    2.         Physical
    address & mailing address (if different)

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

    4.         Signed
    subscription document

    5.         List
    of Authorized Signers

    6.         Source
    of Wealth*

    7.         Telephone
    number*

    8.         Email
    address/website *

     
	
    Obtain:

    Ticker Symbol

     

	
    Partnerships

     

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

    2.         Partners
    with more than 20% interest

    3.         Physical
    address & mailing address (if different)

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

    5.         Signed
    subscription document

    6.         List
    of Authorized Signers

    7.         Nature
    of business

    8.         Source
    of Wealth*

    9.         Telephone
    number*

    10.       Email
    address/website *

     
	
    Copy of:

    1. Partnership/Membership Agreement

     

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

     

    Non-U.S.-Based
    Partnerships:

    Copy of:

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

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

     

 

    

    

    

 

	Type of Investor	Identification Information	Verification Information

	U.S. Non-Profit	
    1.         Name
    of entity

    2.         Physical
    address & mailing address (if different)

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

    4.         Signed
    subscription document

    5.         List
    of Authorized Signers

    6.         Nature
    of business

    7.         Source
    of Wealth*

    8.         Telephone
    number*

    9.         Email
    address/website *

     
	
    Copy of:

    1. IRS Determination Letter

     

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

    

	Trust	
    1.         Name
    of trust

    2.         List
    of Trustee(s)

    3.         Physical
    address & mailing address (if different)

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

    5.         Signed
    subscription document

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

    7.         List
    of principal beneficiaries

    8.         Source
    of Wealth*

    9.         Telephone
    number of Trust*

    10.       Successor
    Trustee*

    11.       Email
    address/website *

     
	
    Copy of:

    1. Trust deed

     

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

     

	
    Investor declared as exempt from CIP

     

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

    2.         Physical
    address & mailing address (if different)

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

    4.         Signed
    subscription document

    5.         List
    of authorized signers

    6.         Telephone
    number *

    7.         Email
    address/website *

     
	
    Copy of:

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

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

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

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

 

    

    

    

 

Individuals Associated with U.S. Entities

 

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

 

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

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

		·	Trustees

 

	Identification Information	Verification Information
	
    1.          Name

    2.         Physical
    address & mailing address (if different)

    3.         Date
    of birth

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

     

    1.   Passport OR

    2.   Photo drivers license OR

    3.   Other government-issued photo ID

     

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

 

    

    

    

 

Exhibit C

 

Contact
Information Sheet for Mercer Audax Credit Feeder Fund, LP

 

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

 

Harry Leggat

Mercer

701 Market Street

Suite 1100

St. Louis, MO 63101

Phone: (314) 588-2500

Email: harry.leggat@mercer.com

Mercer US PIP Operations Team: Kristin Ferrer, Zoya Filippova, Geraldine
Arnold, Maxwell Bauer, David Greenberg, David Kowalczyk, Philip Stobie, Marcus Winston, Jeff Wagner, Steven Coots, Troy Tallman, Sam
Sheridan and Emily O’Meara

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

Phone: (314) 588-2500

MercerUSPIPFunds@mercer.com

 

Mercer Alternatives Document Management Team: Stephanie Perry, Roy
Cheng, Tammie Taylor, Mike Cottone and Bryan Garland

4370 Town Center Blvd, Suite 300, El Dorado Hills, CA 95762

Phone: (916) 231-3900

MercerAlts_DocMgmt@mercer.com

MercerAltsFOF-PE@mercer.com

 

Mercer Private Equity Team: Eric Rudy and Justin Straatman

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

Phone: (314) 588-2500

Email: SLH-PrivateEquity@mercer.com

 

IFS, A State Street Company

Attn: Melanie Klepper

100 Summer Street, Boston, MA 02110

Phone: (617) 662-7136

	Email: 	MercerNAV@ifs.statestreet.com
	 	IFSPricingTeam@statestreet.com

 

Data Services

The Burgiss Group

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

Phone: (201) 724-9600

Email: dsdata@burgiss.com

 

    

    

    

 

EXHIBIT D

 

WIRE INSTRUCTIONS FOR MERCER AUDAX CREDIT FEEDER
FUND, LP

 

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

 

	
    USD Cash Instructions

     

    State Street Bank and Trust Company,
    Boston

    One Lincoln Street

    Boston, MA, USA

    02111

     

    ABA#: 011000028

    DDA#: 10631877

    Acct Name: Mercer Audax Credit Feeder
    Fund, LP

    Ref: MEP2

 

	
    DTC Settlement Instructions

     

    State Street Bank

    Participant #: 997

    Agent Bank #: 26022

    FINS ID#: 58873

    FFC: SSC Fund MEP2

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