Document:

Exhibit 10.3

 

SUB-ADMINISTRATION
SERVICING AGREEMENT

 

THIS SUB-ADMINISTRATION
SERVICING AGREEMENT (this “Agreement”) is made and entered into as of the last date written on the signature block, by and
among BRIGHTWOOD CAPITAL CORPORATION I, a Maryland corporation (the “Fund”), BRIGHTWOOD CAPITAL ADVISORS, LLC,
a Delaware limited liabilty company, (the “Administrator”), and U.S. BANCORP FUND SERVICES, LLC d/b/a/ U.S. Bank Global
Fund Services, a Wisconsin limited liability company (“USBFS”).

 

WHEREAS, the Administrator
has entered into an Administration Agreement with the Fund, a closed-end management investment fund that has elected to be regulated
as a business development company under the Investment Company Act of 1940 (the “1940 Act”);

 

WHEREAS, the Administrator
desires to retain USBFS to provide sub-administrative services with respect to the Fund in the manner and on the terms hereinafter set
forth; and

 

WHEREAS, USBFS is
willing to provide sub-administrative services with respect to the Fund on the terms and conditions hereafter set forth.

 

NOW, THEREFORE,
in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which
is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

 

	1.	Engagement
                                            of USBFS as Administrator

 

The Administrator hereby engages
USBFS to act as sub-administrator with respect to the Fund on the terms and conditions set forth in this Agreement, and USBFS hereby
accepts such engagement and agrees to perform the services and duties set forth in this Agreement.

 

	2.	Services
                                            and Duties of USBFS

 

USBFS shall provide the following
fund administration services:

 

		A.	General Fund Management:

 

(1)            Act
as liaison among all Fund service providers, including, but not limited to, custodians, transfer agents and dividend reinvestment plan
administrators.

 

(2)           Coordinate
the Fund’s Board of Directors’ (the “Board of Directors” or     the “Directors”)
communication:

 

		a.	Prepare
                                            reports for the Board of Directors based on financial and administrative data provided by
                                            the Fund.

 

(3)            Attend
meetings and prepare minutes of meetings of the Board of Directors and fund shareholders.

 

     

     

    

 

(4)            Audits:

 

		a.	Prepare
                                            appropriate schedules and assist independent auditors.

 

		b.	Provide
                                            information to the Securities Exchange Commission (the “SEC”) if requested, and
                                            facilitate audit process.

 

		c.	Provide
                                            office facilities, if necessary, in connection with such audits.

 

		(5)	Keep
                                            the Fund’s governing documents, including its charter, bylaws and minute books, but
                                            only to the extent such documents are provided to USBFS by the Administrator, the Fund or
                                            its representatives for safe-keeping.

 

		B.	Compliance:

 

(1)            Regulatory
and Internal Revenue Service (the “IRS”) Compliance:

 

		a.	Monitor
                                            compliance with the 1940 Act requirements applicable to business development companies and
                                            the Fund’s status as a regulated investment company under Subchapter M, including:

 

		(i)	Maintenance
                                            of books and records under Rule 31a-3 of the 1940 Act.
		(ii)	IRC
                                            Section 851 - 90% Qualifying income
		(iii)	IRC
                                            Section 851 – Annual Distribution Requirement
		(iv)	IRC
                                            Section 851 - Fund Diversification
		(v)	Section 12(d)(1)(A) of
                                            the 1940 Act - Diversification Requirement
		(vi)	Section 55(a) of
                                            the 1940 Act - 70% Eligible Assets Requirement
		(vii)	Section 18
                                            of the 1940 Act, as modified by Section 61 of the 1940 Act –150% Asset Coverage
                                            Requirement

 

		b.	Maintain
                                            awareness of applicable regulatory and operational service issues.

 

		c.	Monitor
                                            Fund compliance with the policies and investment limitations as set forth in its registration
                                            statement.

 

		d.	Perform
                                            its duties hereunder in compliance with all applicable laws and regulations and provide any
                                            sub-certifications reasonably requested by the Administrator in connection with: (i) any
                                            certification required of the Fund pursuant to the Sarbanes-Oxley Act of 2002 (the “SOX
                                            Act”) or any rules or regulations promulgated by the SEC thereunder, and (ii) the
                                            operation of USBFS’s compliance program as it relates to the Fund, provided the same
                                            shall not be deemed to change USBFS’s standard of care as set forth herein.

 

     

     

    

 

		e.	In
                                            order to assist the Fund in satisfying the requirements of Rule 38a-1 under the 1940
                                            Act (the “Rule”), USBFS will provide the Fund’s Chief Compliance Officer
                                            with reasonable access to USBFS’ fund records relating to the services provided by
                                            it under this Agreement, and will provide quarterly compliance reports and related certifications
                                            regarding any Material Compliance Matter (as defined in the Rule) involving USBFS that affect
                                            or could affect the Fund.

 

		(2)	SEC
                                            Reporting:

 

		a.	Prepare
                                            financial statements for inclusion in Form 10-Q and Form 10-K filings, as applicable.

 

		b.	Prepare
                                            and file fidelity bond under Rule 17g-1 of the 1940 Act.

 

		c.	Prepare
                                            and file reports and other documents required by the SEC and any U.S. stock exchanges on
                                            which the Fund’s shares may be listed.

 

		C.	SEC
Inspections:

 

		(1)	Assist
                                            in producing materials requested by the SEC.

 

		(2)	Maintain
                                            records of all materials produced as requested by the SEC.

 

		D.	Financial
Reporting:

 

		(1)	Provide
                                            financial data for inclusion in the Fund’s registration statements filed under the
                                            Securities Act of 1933 and/or Securities Exchange Act of 1934.

 

		(2)	Supervise
                                            the maintenance of the Fund’s general ledger and the preparation of the Fund’s
                                            financial statements, including oversight of expense payments, of the determination of net
                                            asset value of the Fund’s shares, and of the declaration and payment of dividends and
                                            other distributions to shareholders.

 

		(3)	Compute
                                            the total return and expense ratio of the Fund and the Fund’s portfolio turnover rate.

 

     

     

    

 

		(4)	Prepare
                                            quarterly and annual financial statements, which include without limitation the following
                                            items:

 

		a.	Schedule
                                            of Investments.
		b.	Consolidated
                                            Balance Sheet.
		c.	Statement
                                            of Operations.
		d.	Statement
                                            of Changes in Net Assets.
		e.	Statement
                                            of Cash Flows.
		f.	Notes
                                            to the quarterly and annual financial statements.
		g.	Financial
                                            highlights.

 

		(5)	Coordinate
                                            certification requirements pursuant to the Sarbanes-Oxley Act of 2002 (the “SOX Act”).

 

		(6)	Compute
                                            Total return calculations for net asset value.

 

		(7)	Assist
                                            the Fund’s Chief Executive Officer and Chief Financial Officer in connection with establishing
                                            and maintaining internal control over financial reporting (as defined in Rules 13a-15(f) and
                                            15-d(f) under the Securities Exchange Act of 1934 (the “1934 Act”)) for
                                            the Fund.

 

E.            Tax
Reporting:

 

		(1)	File
                                            Form 1099 Miscellaneous for payments to Directors and other service providers.

 

		(2)	Prepare
                                            tax schedules, which include without limitation the following items:

 

		a.	Fiscal
                                            Distribution Schedule (including recorded ROSCOP journal entry to general ledger).

 

		b.	Excise
                                            Distribution Schedule.

 

		(3)	Prepare
                                            for the review of the independent accountants and/or Fund management the federal and state
                                            tax returns including without limitation, Form 1120 RIC and applicable state returns
                                            including any necessary schedules. USBFS will prepare annual Fund federal and state income
                                            tax return filings as authorized by and based on the instructions received by Fund management
                                            and/or its independent accountant. File on a timely basis appropriate federal and state tax
                                            returns including, without limitation, Forms 1120/8613, with any necessary schedules.

 

     

     

    

 

		(4)	Provide
                                            the Fund’s management and Fund’s independent accountant with tax reporting information
                                            pertaining to the Fund and available to USBFS as required in a timely manner.

 

		a.	Prepare
                                            Fund financial statement tax footnote disclosures for the review and approval of Fund management
                                            and/or the Fund’s independent accountant.

 

	3.	License
                                            of Data; Warranty; Termination of Rights

 

		A.	USBFS
                                            has entered into agreements with various data service providers (each, a “Data Provider”),
                                            including, without limitation, MSCI index data services (“MSCI”), Standard &
                                            Poor Financial Services LLC (“S&P”), Morningstar, Broadridge, FTSE, and ICE
                                            to provide data services that may include, without limitation, index returns and pricing
                                            information (collectively, the “Data”) to facilitate the services provided by
                                            USBFS to each Fund. These Data Providers have required USBFS to include certain provisions
                                            regarding the use of the Data in this Agreement attached hereto as Exhibit B.
                                            The Data is being licensed, not sold, to the Fund. The Fund acknowledges and agrees that
                                            certain Data Providers may also require the Fund or one or more Funds to enter into an agreement
                                            directly with the Data Provider for the use of that Data Provider’s Data. The provisions
                                            in Exhibit B shall not have any effect upon the standard of care and liability
                                            USBFS has set forth in Section 6 of this Agreement.

 

		B.	The
                                            Fund agrees to indemnify and hold harmless USBFS, its information providers, and any other
                                            third party involved in or related to the making or compiling of the Data, their affiliates
                                            and subsidiaries and their respective directors, officers, employees and agents from and
                                            against any claims, losses, damages, liabilities, costs and expenses, including reasonable
                                            attorneys’ fees and costs, as incurred, arising in and any manner out of the Fund’s
                                            or any third party’s use of, or inability to use, the Data or any breach by the Fund
                                            of any provision contained in this Agreement regarding the Data. The immediately preceding
                                            sentence shall not have any effect upon the standard of care and liability of USBFS as set
                                            forth in Section 6 of this Agreement.

 

	4.	Compensation

 

USBFS shall be compensated
for providing the services set forth in this Agreement in accordance with the fee schedule set forth on Exhibit A hereto
(as amended from time to time by consent of both parties to this agreement). USBFS shall also be reimbursed for such miscellaneous expenses
as set forth on Exhibit A hereto as are reasonably incurred by USBFS in performing its duties hereunder. The Administrator shall
pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except for any
fee or expense subject to a good faith dispute. The Administrator shall notify USBFS in writing within thirty (30) calendar days following
receipt of each invoice if the Administrator is disputing any amounts in good faith. The Administrator shall settle such disputed amounts
within ten (10) calendar days of the day on which the parties agree to the amount to be paid.

 

     

     

    

 

	5.	Representations
                                            and Warranties

 

		A.	The
                                            Administrator hereby represents and warrants to USBFS, which representations and warranties
                                            shall be deemed to be continuing throughout the term of this Agreement, that:

 

		(1)	It
                                            is duly organized and existing under the laws of the jurisdiction of its organization, with
                                            full power to carry on its business as now conducted, to enter into this Agreement and to
                                            perform its respective obligations hereunder;

 

		(2)	This
                                            Agreement has been duly authorized, executed and delivered by the Administrator in accordance
                                            with all requisite action and constitutes a valid and legally binding obligation of the Administrator,
                                            enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
                                            moratorium and other laws of general application affecting the rights and remedies of creditors
                                            and secured parties;

 

		(3)	It
                                            is conducting its business in compliance in all material respects with all applicable laws
                                            and regulations, both state and federal, and has obtained all regulatory approvals necessary
                                            to carry on its business as now conducted; there is no statute, rule, regulation, order or
                                            judgment binding on it and no provision of its organizational documents or any contract binding
                                            it or affecting its property which would prohibit its execution or performance of this Agreement;
                                            and

 

		(4)	All
                                            records of the Administrator provided to USBFS by the Administrator or by a prior service
                                            provider of the Administrator are accurate and complete and USBFS is entitled to rely on
                                            all such records in the form provided.

 

		B.	USBFS
                                            hereby represents and warrants to the Administrator, which representations and warranties
                                            shall be deemed to be continuing throughout the term of this Agreement, that:

 

		(1)	It
                                            is duly organized and existing under the laws of the jurisdiction of its organization, with
                                            full power to carry on its business as now conducted, to enter into this Agreement and to
                                            perform its obligations hereunder;

 

		(2)	This
                                            Agreement has been duly authorized, executed and delivered by USBFS in accordance with all
                                            requisite action and constitutes a valid and legally binding obligation of USBFS, enforceable
                                            in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium
                                            and other laws of general application affecting the rights and remedies of creditors and
                                            secured parties; and

 

     

     

    

 

		(3)	It
                                            is conducting its business in compliance in all material respects with all applicable laws
                                            and regulations, both state and federal, and has obtained all regulatory approvals necessary
                                            to carry on its business as now conducted; there is no statute, rule, regulation, order or
                                            judgment binding on it and no provision of its organizational documents or any contract binding
                                            it or affecting its property which would prohibit its execution or performance of this Agreement.

 

	6.	Standard
                                            of Care; Indemnification; Limitation of Liability

 

		A.	USBFS
                                            shall exercise reasonable care in the performance of its duties under this Agreement. USBFS
                                            shall not be liable for any error of judgment or mistake of law or for any loss suffered
                                            by the Administrator or the Fund in connection with its duties under this Agreement, except
                                            a loss arising out of or relating to USBFS’ refusal or failure to comply with the terms
                                            of this Agreement or from its bad faith, negligence, or willful misconduct in the performance
                                            of its duties under this Agreement. Notwithstanding any other provision of this Agreement,
                                            if USBFS has exercised reasonable care in the performance of its duties under this Agreement,
                                            the Administrator shall indemnify and hold harmless USBFS from and against any and all claims,
                                            demands, losses, expenses, and liabilities of any and every nature (including reasonable
                                            and documented attorneys’ fees) that USBFS may sustain or incur or that may be asserted
                                            against USBFS by any person arising out of any action taken or omitted to be taken by it
                                            in performing the services hereunder (i) in accordance with the foregoing standards,
                                            or (ii) in reliance upon any written or oral instruction provided to USBFS by the Administrator
                                            or the Fund’s investment adviser or by any duly authorized officer of the the Fund,
                                            as approved by the Board of Directors of the Fund, except for any and all claims, demands,
                                            losses, expenses, and liabilities arising out of or relating to USBFS’ refusal or failure
                                            to comply with the terms of this Agreement or from its bad faith, negligence or willful misconduct
                                            in the performance of its duties under this Agreement. This indemnity shall be a continuing
                                            obligation of the the Administrator, its successors and assigns, notwithstanding the termination
                                            of this Agreement. As used in this paragraph, the term “USBFS” shall include
                                            USBFS’ directors, officers and employees.

 

USBFS shall indemnify and hold
the Administrator and the Fund harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every
nature (including reasonable attorneys’ fees) that the Administrator or the Fund may sustain or incur or that may be asserted against
the Administrator or the Fund by any person arising out of any action taken or omitted to be taken by USBFS as a result of USBFS’
refusal or failure to comply with the terms of this Agreement, or from its bad faith, negligence, or willful misconduct in the performance
of its duties under this Agreement. This indemnity shall be a continuing obligation of USBFS, its successors and assigns, notwithstanding
the termination of this Agreement. As used in this paragraph, the terms the “Administrator” and the “Fund” shall
include each entity’s directors, officers and employees.

 

     

     

    

 

In no case shall either party
be liable to the other for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the
possibility of such) under this Agreement; or (ii) any delay by reason of circumstances not reasonably foreseeable and beyond its
reasonable control, including acts of civil or military authority, national emergencies, labor difficulties, fire, flood or catastrophe,
acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply.

 

USBFS agrees that it shall,
at all times, have reasonable business continuity and disaster recovery contingency plans with appropriate parties, making reasonable
provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives
of the Administrator shall be entitled to inspect USBFS’ premises and operating capabilities, books and records maintained on behalf
of the Fund at any time during regular business hours of USBFS, upon reasonable notice to USBFS. Moreover, USBFS shall obtain and provide
the Administrator, at such times as they may reasonably require, copies of reports rendered by independent accountants on the internal
controls and procedures of USBFS relating to the services provided by USBFS under this Agreement.

 

Notwithstanding the above, USBFS
reserves the right to reprocess and correct administrative errors at its own expense. USBFS shall promptly notify the Administrator upon
discovery of any material administrative error, and shall consult with the Administrator about the actions it intends to take to correct
the error prior to taking such actions. A “material administrative error” means any error which the Administrator or the
Fund’s management, including its Chief Compliance Officer, would reasonably need to know to oversee Fund compliance.

 

		B.	In
                                            order that the indemnification provisions contained in this section shall apply, it is understood
                                            that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless,
                                            the indemnitor shall be fully and promptly advised of all pertinent facts concerning the
                                            situation in question, and it is further understood that the indemnitee will use all reasonable
                                            care to notify the indemnitor promptly concerning any situation that presents or appears
                                            likely to present the probability of a claim for indemnification. The indemnitor shall have
                                            the option to defend the indemnitee against any claim that may be the subject of this indemnification.
                                            In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon
                                            the indemnitor shall take over complete defense of the claim, and the indemnitee shall in
                                            such situation initiate no further legal or other expenses for which it shall seek indemnification
                                            under this section. The indemnitee shall in no case confess any claim or make any compromise
                                            in any case in which the indemnitor will be asked to indemnify the indemnitee except with
                                            the indemnitor’s prior written consent.

 

     

     

    

 

		C.	The
                                            indemnity and defense provisions set forth in this Section 6 shall indefinitely survive
                                            the termination and/or assignment of this Agreement.

 

		D.	If
                                            USBFS is acting in another capacity for the Administrator or the Fund pursuant to a separate
                                            agreement, nothing herein shall be deemed to relieve USBFS of any of its obligations in such
                                            other capacity.

 

	7.	Proprietary
                                            and Confidential Information

 

USBFS agrees on behalf of
itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Administrator and the
Fund all records and other information relative to the Administrator and the Fund and prior, present, or potential shareholders of the
Fund (and clients of said shareholders) including all shareholder trading information, and not to use such records and information for
any purpose other than the performance of its responsibilities and duties hereunder, except after prior notification to and approval
in writing by the Administrator, which approval shall not be unreasonably withheld and may not be withheld where USBFS may be exposed
to civil or criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted authorities,
provided that to the extent permitted by law, USBFS shall provide the Administrator prior notice to such disclosure or when so requested
by the Administrator. USBFS acknowledges that it may come into possession of material nonpublic information with respect to the Adminstrator
or the Fund and confirms that it has in place effective procedures to prevent the use of such information in violation of applicable
insider trading laws.

 

Further, USBFS will adhere
to the privacy policies adopted by the Fund pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time
(the “Act”). In this regard, USBFS shall have in place and maintain physical, electronic and procedural safeguards reasonably
designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information
relating to the Fund and its shareholders. In addition, USBFS has implemented and will maintain an effective information security program
reasonably designed to protect information relating to shareholders (such information, “Personal Information”), which program
includes sufficient administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) insure
the security and confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security
or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized access to or use of such
Personal Information that could result in substantial harm or inconvenience to the Fund or any Shareholder (the “Information Security
Program”). The Information Security Program complies and shall comply with reasonable information security practices within the
industry. Upon written request from the Administrator, USBFS shall provide a written description of its Information Security Program.
USBFS shall promptly notify the Administrator in writing of any breach of security, misuse or misappropriation of, or unauthorized access
to, (in each case, whether actual or alleged) any information of the Fund (any or all of the foregoing referred to individually and collectively
for purposes of this provision as a “Security Breach”). USBFS shall promptly investigate and remedy, and bear the cost of
the measures (including notification to any affected parties), if any, to address any Security Breach. USBFS shall bear the cost of the
Security Breach only if USBFS is determined to be responsible for such Security Breach. In addition to, and without limiting the foregoing,
USBFS promptly cooperate with the Administrator, the Fund or any of their affiliates’ regulators at USBFS’s expense (only
if USBFS is determined to be responsible for such Security Breach) to prevent, investigate, cease or mitigate any Security Breach, including
but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision
in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.

 

     

     

    

 

USBFS will provide the Administrator
with certain copies of third party audit reports (e.g., SSAE 16 or SOC 1) through access to USBFS’s CCO Portal (limited to two
persons) to the extent such reports are available and related to services performed or made available by USBFS under this Agreement.
The Administrator acknowledges and agrees that such reports are confidential and that it will not disclose such reports except to its
employees and service providers who have a need to know and have agreed to obligations of confidentiality applicable to such reports.

 

Notwithstanding the foregoing,
USBFS will not share any nonpublic personal information concerning any of the Fund’s shareholders to any third party unless specifically
directed by the Administrator or allowed under one of the exceptions noted under the Act.

 

	8.	Term
                                            of Agreement; Amendment

 

This Agreement shall become
effective as of the last date written in the signature block below and will continue in effect for a period of three (3) years.
However, this Agreement may be terminated by either party upon giving ninety (90) days’ prior written notice to the other party
or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by
any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within fifteen (15) days
of notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement
executed by the parties.

 

	9.	Records

 

USBFS shall keep records relating
to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the
Administrator, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31
of the 1940 Act and the rules thereunder. USBFS agrees that all such records prepared or maintained by USBFS relating to the services
to be performed by USBFS hereunder are the property of the Administrator and/or the Fund, as applicable, and will be preserved, maintained,
and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the
Administrator and/or the Fund on and in accordance with its request. USBFS agrees to provide any records necessary to the Fund to comply
with the Fund’s disclosure controls and procedures and internal control over financial reporting adopted in accordance with the
SOX Act. Without limiting the generality of the foregoing, USBFS shall cooperate with the Administrator and assist the Fund, as necessary,
by providing information to enable the appropriate officers of the Fund to (i) execute any required certifications and (ii) provide
a report of management on the Fund’s internal control over financial reporing (as defined in Sections 13a-15(f) or 15a-15(f) of
the 1934 Act). Notwithstanding the foregoing, USBFS may retain such copies of such records in such form as may be required to comply
with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction.

 

     

     

    

 

	10.	Governing
                                            Law

 

This Agreement shall be construed
in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable
laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall
control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

 

	11.	Duties
                                            in the Event of Termination

 

In the event that, in connection
with termination, a successor to any of USBFS’ duties or responsibilities hereunder is designated by the Administrator by written
notice to USBFS, USBFS will promptly, upon such termination, except in the case of a material breach by USBFS, in which case all expenses
shall be borne by USBFS, and at the expense of the Administrator, transfer to such successor all relevant books, records, correspondence,
and other data established or maintained by USBFS under this Agreement in a form reasonably acceptable to the Administrator (if such
form differs from the form in which USBFS has maintained the same, the Administrator shall pay any reasonable and documented expenses
associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including
provision for assistance from USBFS’ personnel in the establishment of books, records, and other data by such successor. If no
such successor is designated, then such books, records and other data shall be returned to the Administrator.

 

	12.	No
                                            Agency Relationship

 

USBFS shall for all purposes
herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized herein, have no authority
to act for or represent the Administrator or the Fund in any way or otherwise be deemed an agent of the Administrator or the Fund, or
conduct business in the name, or for the account, of the Administrator or the Fund.

 

     

     

    

 

	13.	Data
                                            Necessary to Perform Services

 

The Administrator or its agents
shall furnish to USBFS the data necessary to perform the services described herein at such times and in such form as mutually agreed
upon. If USBFS is also acting in another capacity for the Administrator or the Fund, nothing herein shall be deemed to relieve USBFS
of any of its obligations in such capacity.

 

	14.	Assignment

 

This Agreement may not be
assigned by either party without the prior written consent of the other party.

 

	15.	Compliance
                                            with Laws

 

The Administrator has and
retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940
Act, the Internal Revenue Code of 1986, as amended, the SOX Act, the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism of 2001 and the policies and limitations of the Fund related to its portfolio investments
as set forth in its registration statement. USBFS’ services hereunder shall not relieve the Administrator of its responsibilities
for assuring such compliance or the Board of Directors’ oversight responsibility with respect thereto.

 

The foregoing shall not affect
USBFS’ responsibilities for compliance and related matters delegated to USBFS as expressly provided herein. USBFS shall comply
with changes to all regulatory requirements affecting its services hereunder and shall implement any necessary modifications to the services
prior to the deadline imposed, or extensions authorized by, the regulatory or other governmental body having jurisdiction for such regulatory
requirements.

 

	16.	Legal-Related
                                            Services

 

Nothing in this Agreement
shall be deemed to appoint USBFS and its officers, directors and employees as the Administrator’s or the Fund’ attorneys,
form attorney-client relationships or require the provision of legal advice. The Administrator acknowledges that in-house USBFS attorneys
exclusively represent USBFS and rely on outside counsel retained by the Administrator or the Fund to review all services provided by
in-house USBFS attorneys and to provide independent judgment on the Administrator’s or the Fund’s behalf. Because no attorney-client
relationship exists between in-house USBFS attorneys and the Administrator or the Fund, any information provided to USBFS attorneys may
not be privileged and may be subject to compulsory disclosure under certain circumstances. USBFS represents that it will maintain the
confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

 

     

     

    

 

	17.	Notices

 

Any notice required or permitted
to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally
or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the
date sent and confirmed received by facsimile transmission to the other party’s address set forth below:

 

Notice to USBFS shall be sent
to:

 

U.S. Bancorp Fund Services,
LLC

777 East Wisconsin Avenue

MK-WI-J1S

Milwaukee, WI 53202

 

and notice to the Administrator
shall be sent to:

 

Brightwood
Capital Corporation

c/o Brightwood
Capital Advisors, LLC

810 Seventh
Avenue

New York,
New York 10019

Attention:
Darilyn T. Olidge, Esq.

Email:
olidge@brightwoodlp.com

 

	18.	Multiple
                                            Originals

 

This Agreement may be executed
in two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute
but one and the same instrument.

 

	19.	Entire
                                            Agreement

 

This Agreement, together with
any exhibits, attachments, appendices or schedules expressly referenced herein, constitutes the entire agreement of the parties with
respect to the subject matter hereof and supersedes all prior agreements, arrangements and understandings, whether written or oral.

 

     

     

    

 

SIGNATURES ON
NEXT PAGE

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date
written below.

 

	Brightwood Capital Corporation I	 	U.S. Bancorp Fund Services, LLC
	 	 	 
	By:	/s/ Russell Zomback	 	By:	/s/ Jason Hadler
	 	 	 	 	 
	Name:	Russell Zomback	 	Name:	Jason Hadler
	 	 	 	 	 
	Title:	Chief Financial Officer	 	Title:	SVP
	 	 	 	 	 
	Date:	July 25, 2022	 	Date:	July 25, 2022

 

	Brightwood Capital Advisors, LLC	 
	 	 
	By:	/s/ Sengal Selassie	 
	 	 	 
	Name:	Sengal Selassie	 
	 	 	 
	Title:	Managing Member	 
	 	 	 
	Date:	July 25, 2022	 

 

     

     

    

 

Exhibit A
to the Fund Administration Servicing Agreement –

 

Fund Administration & Fund
Accounting Services Fee Schedule

 

Annual Fee Based Upon Average Gross
Assets per Fund*

 

Basis Points

8 on the first $ 250 million

6 on the next $ 250 million

4 on the balance

 

$180,000 – per fund, Minimum Annual
Fee First 9 Months from the effective date of the Fund’s Registration Statement on Form 10 filed with the U.S. Securities
and Exchange Commission.

 

$ 250,000 - per fund, Minimum Annual
Fee

 

Flat fee per feeder (if required): $2,000
monthly, plus $6,000 yearly annual audit

 

SPV/Blocker fee (if required): $8,000
yearly

 

Services Included in Annual Fee per
Fund

 

All schedules subject to change depending
upon the use of unique security type requiring special pricing or accounting arrangements.

 

Chief Compliance Officer Support Fee

 

		■	$
                                            6,000 per year

 

Data Services

 

Pricing Services

 

		■	$
                                            0.08 - Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates,
                                            Total Return Swaps
		■	$
                                            0.50 - Domestic Corporates, Domestic Convertibles, Domestic Governments and Agencies, Mortgage
                                            Backed, and Municipal Bonds
		■	$
                                            0.80 - CMOs, Money Market Instruments, Foreign Corporates, Foreign Convertibles, Foreign
                                            Governments, Foreign Agencies, Asset Backed, and High Yield Bonds
		■	$
                                            0.90 - Interest Rate Swaps, Foreign Currency Swaps
		■	$
                                            1.00 - Bank Loans
		■	$
                                            1.50 - Swaptions
		■	$
                                            1.50 - Intraday money market funds pricing, up to 3 times per day
		■	$
                                            3.00 - Credit Default Swaps
		■	$
                                            500 per Month Manual Security Pricing (>25per day)

 

NOTE: Prices above are based on using
U.S. Bank primary pricing service which may vary by security type and are subject to change. Use of alternative and/or additional sources
may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security type,
such as CLOs and CDOs, which may result in additional fees.

 

     

     

    

 

Corporate Action and Factor Services
(security paydown)

 

		■	$
                                            2.00 per Foreign Equity Security per Month
		■	$
                                            1.00 per Domestic Equity Security per Month
		■	$
                                            2.00 per CMOs, Asset Backed, Mortgage Backed Security per Month

 

Third Party Administrative Data Charges
(descriptive data for each security)

 

		■	$
                                            1 per security per month for fund administrative data (based upon U.S. Bancorp standard data
                                            services and are subject to change)

 

Annual 10-K & 10-Q Document
Management Fee

 

Included in the basis point service
fee schedule above, we will provide final drafts of required financial statements, schedule of investments and tabular data included
in footnotes.

 

Form 10-Q and Form 10-K filings
with financial data and includes:

 

		■	Shell
                                            of 10-Q/10-K provided prior to quarter/year end (Includes prior period comparative data).
		■	Post-valuation
                                            financial statements / document (requires valuation sign-off).
		■	Final
                                            financial statements / document

 

Additional report drafts beyond these
three will be an additional $ 5,000.

 

Miscellaneous Expenses

 

All other miscellaneous fees and expenses,
including but not limited to the following, will be separately billed as incurred:

 

Fair Value Services, SWIFT processing,
customized reporting, third-party data provider costs,(including Bloomberg, S&P, Moody's, Morningstar, GICS, MSCI, Lipper, etc.),
postage, stationery, programming, special reports, proxies, insurance, EDGAR/XBRL filing, tax e-filing, PFIC monitoring, wash sale reporting
(Gainskeeper), retention of records, federal and state regulatory filing fees, expenses from Board of directors meetings, third party
auditing and legal expenses, and conversion expenses (if necessary).

 

Additional services not included above
shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be
charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services
provided (e.g., compliance with new liquidity risk management and reporting requirements).

 

*Subject to annual CPI increase-All
Urban Consumers - U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative
CPI rate at any point in time is negative).

 

Fees are calculated pro rata and billed
monthly.

 

     

     

    

 

Exhibit B
to the Sub-Fund Administration Servicing Agreement

 

REQUIRED PROVISIONS OF DATA SERVICE
PROVIDERS

 

		●	The
                                            Administrator shall use the Data solely for internal purposes and will not redistribute the
                                            Data in any form or manner to any third party, except as may otherwise be expressly agreed
                                            to by the Data Provider.

 

		●	The
                                            Administrator will not use or permit anyone else to use the Data in connection with creating,
                                            managing, advising, writing, trading, marketing or promoting any securities or financial
                                            instruments or products, including, but not limited to, funds, synthetic or derivative securities
                                            (e.g., options, warrants, swaps, and futures), whether listed on an exchange or traded over
                                            the counter or on a private-placement basis or otherwise or to create any indices (custom
                                            or otherwise).

 

		●	The
                                            Administrator shall will treat the Data as proprietary to the Data Provider. Further, the
                                            Administrator shall acknowledge that the Data Provider is the sole and exclusive owners of
                                            the Data and all trade secrets, copyrights, trademarks and other intellectual property rights
                                            in or to the Data.

 

		●	The
                                            Administrator will not (i) copy any component of the Data, (ii) alter, modify or
                                            adapt any component of the Data, including, but not limited to, translating, decompiling,
                                            disassembling, reverse engineering or creating derivative works, or (iii) make any component
                                            of the Data available to any other person or organization (including, without limitation,
                                            the Administrator’s present and future parents, subsidiaries or affiliates) directly
                                            or indirectly, for any of the foregoing or for any other use, including, without limitation,
                                            by loan, rental, service bureau, external time sharing or similar arrangement.

 

		●	The
                                            Administrator shall reproduce on all permitted copies of the Data all copyright, proprietary
                                            rights and restrictive legends appearing on the Data.

 

		●	The
                                            Administrator shall assume the entire risk of using the Data and shall agree to hold the
                                            Data Providers harmless from any claims that may arise in connection with any use of the
                                            Data by the Administrator.

 

		●	The
                                            Administrator acknowledges that the Data Providers may, in their sole and absolute discretion
                                            and at any time, terminate USBGFS’ right to receive and/or use the Data.

 

		●	The
                                            Administrator acknowledges and agrees that the Data Providers are third party beneficiaries
                                            of the agreements between the Data Providers and USBGFS with respect to the provision of
                                            the Data, entitled to enforce all provisions of such agreement relating to the Data.

 

		●	THE
                                            DATA IS PROVIDED TO THE ADMINISTRATOR ON AN "AS IS" BASIS. USBGFS, ITS INFORMATION
                                            PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF
                                            THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH
                                            RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). USBGFS, ITS
                                            INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING
                                            OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS,
                                            NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

 

		●	THE
                                            ADMINISTRATOR ASSUMES THE ENTIRE RISK OF ANY USE THE ADMINISTRATOR MAY MAKE OF THE DATA.
                                            IN NO EVENT SHALL USBGFS, ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR
                                            RELATED TO THE MAKING OR COMPILING OF THE DATA, BE LIABLE TO THE ADMINISTRATOR, OR ANY OTHER
                                            THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY
                                            LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS
                                            AGREEMENT OR THE INABILITY OF THE ADMINISTRATOR TO USE THE DATA, REGARDLESS OF THE FORM OF
                                            ACTION, EVEN IF USBGFS, ANY OF ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED
                                            IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT
                                            HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.Exhibit 10.4

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (“Agreement”)
is made and entered into as of the _____ day of _________, 2022, by and between Brightwood Capital Corporation I, a Maryland corporation
(the “Company”) , and ________________________ (“Indemnitee”).

 

WHEREAS, at the request of the Company, Indemnitee
currently serves as [a director] [and] [an officer] of the Company and may, therefore, be subjected to claims, suits or proceedings
arising as a result of such service;

 

WHEREAS, as an inducement to Indemnitee to serve
or continue to serve in such capacity, the Company has agreed to indemnify Indemnitee and to advance expenses and costs incurred by Indemnitee
in connection with any such claims, suits or proceedings, to the maximum extent permitted by law; and

 

WHEREAS, the parties by this Agreement desire to
set forth their agreement regarding indemnification and advance of expenses;

 

NOW, THEREFORE, in consideration of the premises
and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.     Definitions.
For purposes of this Agreement:

 

(a)            “Change
in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required to be
reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or
form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company
is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to
have occurred if, after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of
the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing 15% or more of the combined voting power of all of the Company’s then-outstanding
securities entitled to vote generally in the election of directors without the prior approval of at least two-thirds of the members of
the Board of Directors in office immediately prior to such person’s attaining such percentage interest; (ii) the Company is
a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of
the members of the Board of Directors then in office, as a consequence of which members of the Board of Directors in office immediately
prior to such transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) at any time, a
majority of the members of the Board of Directors are not individuals (A) who were directors as of the Effective Date or (B) whose
election by the Board of Directors or nomination for election by the Company’s stockholders was approved by the affirmative vote
of at least two-thirds of the directors then in office who were directors as of the Effective Date or whose election or nomination for
election was previously so approved.

 

     

     

    

 

(b)            “Corporate
Status” means the status of a person as a present or former director, officer, employee or agent of the Company or as a director,
trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such
capacity at the request of the Company. As a clarification and without limiting the circumstances in which Indemnitee may be serving at
the request of the Company, service by Indemnitee shall be deemed to be at the request of the Company: (i) if Indemnitee serves or
served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation, partnership,
limited liability company, joint venture, trust or other enterprise (1) of which a majority of the voting power or equity interest
is or was owned directly or indirectly by the Company or (2) the management of which is controlled directly or indirectly by the
Company and (ii) if, as a result of Indemnitee’s service to the Company or any of its affiliated entities, Indemnitee
is subject to duties by, or required to perform services for, an employee benefit plan or its participants or beneficiaries, including
as deemed fiduciary thereof.

 

(c)            "Disabling
Conduct" means, as to a director or officer of the Company, willful misfeasance, bad faith, gross negligence or reckless disregard
of the duties involved in the conduct of the director's or officer's office as set forth in Section 17(h) of the Investment
Company Act.

 

(d)            “Disinterested
Director” means a director of the Company who is not an “interested person” of the Company as defined in the Investment
Company Act and was not a party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee.

 

(e)            “Effective
Date” means the date set forth in the first paragraph of this Agreement.

 

(f)            “Expenses”
means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal,
state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement,
ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding. Expenses shall
also include Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium,
security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent.

 

(g)            “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and the Investment Company
Act, is “independent legal counsel” within the meaning of Rule 0-1(a)(6) under the Investment Company Act, and neither
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such
party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification
agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or
advance of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person
who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either
the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

    -2-

     

    

 

(h)            “Investment
Company Act” means the Investment Company Act of 1940, as amended.

 

(i)            “Proceeding”
means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise
and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal)
nature, including any appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically
agreed in writing by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate in
the institution of a Proceeding, such situation shall also be considered a Proceeding.

 

Section 2.     Services
by Indemnitee. Indemnitee will serve in the capacity or capacities set forth in the first WHEREAS clause above. However, this Agreement
shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement
shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

 

Section 3.     General.
The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to
the maximum extent permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that
no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in
effect immediately prior to the date of such change in Maryland law. The rights of Indemnitee provided in this Section 3 shall include,
without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by
the Maryland General Corporation Law (the “MGCL”), including, without limitation, Section 2-418 of the MGCL.

 

Section 4.     Standard
for Indemnification. If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party
to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all
Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless
it is established by clear and convincing evidence that (a) the act or omission of Indemnitee was material to the matter giving rise
to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty or Disabling
Conduct, (b) Indemnitee actually received an improper personal benefit in money, property or services or (c) in the case of
any criminal Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

    -3-

     

    

 

Section 5.     Certain
Limits on Indemnification. Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall
not be entitled to:

 

(a)            indemnification
hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged, in a final adjudication of the Proceeding
not subject to further appeal, to be liable to the Company;

 

(b)            indemnification
hereunder if Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable on the basis
that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving
action in the Indemnitee’s Corporate Status; or

 

(c)            indemnification
or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce indemnification
under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the
Company’s charter or Bylaws, a resolution of the stockholders entitled to vote generally in the election of directors or of the
Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise.

 

Section 6.     Court-Ordered
Indemnification. Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee
and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances:

 

(a)            if
such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order
indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

 

(b)            if
such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances,
whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has
been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such
indemnification as the court shall deem proper without regard to any limitation on such court-ordered indemnification contemplated by
Section 2-418(d)(2)(ii) of the MGCL.

 

Section 7.     Indemnification
for Expenses of an Indemnitee Who is Wholly or Partially Successful. Notwithstanding any other provision of this Agreement, and without
limiting any such provision, to the extent that Indemnitee was or is, by reason of his or her Corporate Status, made a party to (or otherwise
becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, the Company
shall indemnify Indemnitee for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more
but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all
Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or matter,
allocated on a reasonable and proportionate basis. For purposes of this Section 7 and, without limitation, the termination of any
claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such
claim, issue or matter.

 

    -4-

     

    

 

Section 8.     Advance
of Expenses for Indemnitee. If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made
a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement
to indemnification hereunder, advance all Expenses incurred by or on behalf of Indemnitee in connection with such Proceeding. The Company
shall make such advance within ten days after the receipt by the Company of a statement or statements requesting such advance from time
to time, whether prior to or after final disposition of such Proceeding (each, a “Request”) and may be in the form of, in
the reasonable discretion of the Indemnitee (but without duplication) (a) payment of such Expenses directly to third parties on behalf
of Indemnitee, (b) advance of funds to Indemnitee in an amount sufficient to pay such Expenses or (c) reimbursement to Indemnitee
for Indemnitee’s payment of such Expenses. Such Request shall reasonably evidence the Expenses incurred by Indemnitee and shall
include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard
of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking
by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under
applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating
to claims, issues or matters in the Proceeding as to which it shall ultimately be established that the standard of conduct has not been
met by Indemnitee and which have not been successfully resolved as described in Section 7 of this Agreement. Such advances shall
be made within ten days (or 30 days if an opinion of Independent Counsel is required) after receipt by the Company of the Request if any
one of the following conditions shall have been met: (1) the Indemnitee shall provide security for his undertaking; (2) the
Company shall be insured against losses arising by reason of any lawful advances; or (3) a majority of a quorum of Disinterested
Directors of the Company who are not party to the proceedings giving rise to the Request, or an Independent Counsel in a written opinion,
shall determine, based on review of the readily available facts (as opposed to a trial-type inquiry), that there is reason to believe
that the Indemnitee ultimately will be found entitled to indemnification. If the Indemnitee seeks satisfaction of condition (3), the Indemnitee
may require the Company to have the determination as to the advances made by Independent Counsel to be selected in the manner provided
by Section 1(g) of this Agreement, and the Company and the Indemnitee shall cooperate to cause the Independent Counsel to complete
the determination within 30 days after the Company's receipt of the Request. To the extent that Expenses advanced to Indemnitee do not
relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis.
The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted
without reference to Indemnitee’s financial ability to repay such advanced Expenses and, except as provided above, without any requirement
to post security therefor. After an Indemnitee's eligibility for advances as to a Proceeding has been established, as above provided,
additional advances shall be made, as expenses are incurred by the Indemnitee, upon receipt by the Company of further Requests supported
by the aforesaid written affirmation of the Indemnitee, but without the need for a further determination of Indemnitee's entitlement thereto
by Directors (or a committee thereof) or an Independent Counsel with respect to the Proceeding.

 

    -5-

     

    

 

Section 9.     Indemnification
and Advance of Expenses as a Witness or Other Participant. Notwithstanding any other provision of this Agreement, to the extent that
Indemnitee is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding,
whether instituted by the Company or any other person, and to which Indemnitee is not a party, Indemnitee shall be advanced and indemnified
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith within ten
days after the receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether
prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by
Indemnitee. In connection with any such advance of Expenses, the Company may require Indemnitee to provide an undertaking and affirmation
substantially in the form attached hereto as Exhibit A.

 

Section 10.     Procedure
for Determination of Entitlement to Indemnification.

 

(a)            To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what
extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests from time to time and at such time(s) as
Indemnitee deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving any such request from Indemnitee
shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested
indemnification.

 

(b)            Upon
written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable
law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control
has occurred, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee,
which Independent Counsel shall be selected by the Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of
the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control has not occurred, (A) by a majority
vote of the Disinterested Directors or, by the majority vote of a group of Disinterested Directors designated by the Disinterested Directors
to make the determination, (B) if Independent Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of
the MGCL and approved by the Indemnitee, which approval shall not be unreasonably withheld or delayed, by Independent Counsel, in a written
opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by a majority of the members
of the Board of Directors, by the stockholders of the Company, other than directors or officers who are parties to the Proceeding. If
it is so determined that Indemnitee is entitled to indemnification, the Company shall make payment to Indemnitee within ten days after
such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably
necessary or appropriate to such determination in the discretion of the Board of Directors or Independent Counsel if retained pursuant
to clause (ii)(B) of this Section 10(b). Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity
making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification)
and the Company shall indemnify and hold Indemnitee harmless therefrom.

 

    -6-

     

    

 

(c)            The
Company shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed.

 

Section 11.     Presumptions
and Effect of Certain Proceedings.

 

(a)            In
making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 10(a) of this Agreement, and the Company shall have the burden of overcoming that presumption in
connection with the making of any determination contrary to that presumption.

 

(b)            The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea of nolo
contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did
not meet the requisite standard of conduct described herein for indemnification.

 

(c)            The
knowledge and/or actions, or failure to act, of any other director, officer, employee or agent of the Company or any other director, trustee,
officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited
liability company, joint venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of
determining any other right to indemnification under this Agreement.

 

(d)            If
Independent Counsel is engaged to make a determination regarding advance of expenses in accordance with Section 8, there shall be
a rebuttable presumption by Independent Counsel that the Indemnitee did not engage in Disabling Conduct if the Indemnitee shall be a Disinterested
Director, or such other person who may be entitled to such a rebuttable presumption under Section 17(h) of the Investment Company
Act and judicial interpretations thereof, or interpretations thereof by the Securities and Exchange Commission or its Staff.

 

Section 12.     Remedies
of Indemnitee.

 

(a)            If
(i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advance of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination
of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt
by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this
Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant
to any other section of this Agreement or the charter or Bylaws of the Company is not made within ten days after a determination has been
made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located
in the State of Maryland, or in any other court of competent jurisdiction, or in an arbitration conducted by a single arbitrator pursuant
to the Commercial Arbitration Rules of the American Arbitration Association, of Indemnitee’s entitlement to indemnification
or advance of Expenses. Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days following
the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that
the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 7 of
this Agreement. Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply
to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

    -7-

     

    

 

(b)            In
any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled to
indemnification or advance of Expenses, as the case may be, under this Agreement, and the Company shall have the burden of proving that
Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. If Indemnitee commences a judicial proceeding
or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant
to Section 8 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement to indemnification
(as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded
from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions
of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the
Company is bound by all of the provisions of this Agreement.

 

(c)            If
a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12,
absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification that was not disclosed in connection with the determination.

 

(d)            In
the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of, or an award in arbitration
to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to
recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by Indemnitee
in such adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled
to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with
such judicial adjudication or arbitration shall be appropriately prorated.

 

(e)            Interest
shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial Proceedings
Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing
with either the tenth day after the date on which the Company was requested to advance Expenses in accordance with Sections 8 or 9 of
this Agreement or the 60th day after the date on which the Company was requested to make the determination of entitlement to
indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made
to Indemnitee by the Company.

 

    -8-

     

    

 

Section 13.     Defense
of the Underlying Proceeding.

 

(a)            Indemnitee
shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, request or
other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall
include with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding. The failure
to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to
indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to
obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is
thereby actually so prejudiced.

 

(b)            Subject
to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Company shall have the
right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall
notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section 13(a) above.
The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to
the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault
of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect
of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee, or (iii) would impose any
Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding brought by
Indemnitee under Section 12 of this Agreement.

 

(c)            Notwithstanding
the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate
Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be
unreasonably withheld or delayed, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which
may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel
approved by the Company, which approval shall not be unreasonably withheld or delayed, that an actual or apparent conflict of interest
or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense
of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s
choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of
the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company
or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover
from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of
Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed,
at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such
matter.

 

    -9-

     

    

 

Section 14.     Non-Exclusivity;
Survival of Rights; Subrogation.

 

(a)            The
rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which
Indemnitee may at any time be entitled under applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the
stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. Unless consented to in
writing by Indemnitee, no amendment, alteration or repeal of the charter or Bylaws of the Company, this Agreement or of any provision
hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee
in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such
action or inaction is raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended
to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right
or remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder,
or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.

 

(b)            In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such
documents as are necessary to enable the Company to bring suit to enforce such rights.

 

Section 15.     Insurance.

 

(a)            The
Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate
by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of Indemnitee’s
Corporate Status and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims
made against Indemnitee by reason of Indemnitee’s Corporate Status. In the event of a Change in Control, the Company shall maintain
in force any and all directors and officers liability insurance policies that were maintained by the Company immediately prior to the
Change in Control for a period of six years with the insurance carrier or carriers and through the insurance broker in place at the time
of the Change in Control; provided, however, (i) if the carriers will not offer the same policy and an expiring policy needs to be
replaced, a policy substantially comparable in scope and amount shall be obtained and (ii) if any replacement insurance carrier is
necessary to obtain a policy substantially comparable in scope and amount, such insurance carrier shall have an AM Best rating that is
the same or better than the AM Best rating of the existing insurance carrier; provided, further, however, in no event shall the Company
be required to expend in the aggregate in excess of 250% of the annual premium or premiums paid by the Company for directors and officers
liability insurance in effect on the date of the Change in Control. In the event that 250% of the annual premium paid by the Company for
such existing directors and officers liability insurance is insufficient for such coverage, the Company shall spend up to that amount
to purchase such lesser coverage as may be obtained with such amount.

 

    -10-

     

    

 

(b)            Without
in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee which
would otherwise be indemnifiable hereunder arising out of the amount of any deductible or retention and the amount of any excess of the
aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the
coverage of any insurance referred to in Section 15(a). The purchase, establishment and maintenance of any such insurance shall not
in any way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except as expressly provided herein,
and the execution and delivery of this Agreement by the Company and the Indemnitee shall not in any way limit or affect the rights or
obligations of the Company under any such insurance policies. If, at the time the Company receives notice from any source of a Proceeding
to which Indemnitee is a party or a participant (as a witness or otherwise) the Company has director and officer liability insurance in
effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective
policies.

 

(c)            The
Indemnitee shall cooperate with the Company or any insurance carrier of the Company with respect to any Proceeding.

 

Section 16.     Coordination
of Payments. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable
or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance
policy, contract, agreement or otherwise.

 

Section 17.     Contribution.
If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to Indemnitee for any reason,
other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 5, then,
in respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be joined in such Proceeding), to the fullest
extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first
instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement,
in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes
any right of contribution it may have at any time against Indemnitee.

 

Section 18.     Reports
to Stockholders. To the extent required by the MGCL, the Company shall report in writing to its stockholders the payment of any amounts
for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right
of the Company with the notice of the meeting of stockholders of the Company next following the date of the payment of any such indemnification
or advance of Expenses or prior to such meeting.

 

    -11-

     

    

 

Section 19.     Duration
of Agreement; Binding Effect.

 

(a)            This
Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a director,
officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary,
employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of
the Company and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of
appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).

 

(b)            The
indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by
the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased
to be a director, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary,
employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure to
the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

(c)            The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place.

 

(d)            The
Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable
and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree
that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing
actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded
from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled to such specific
performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without
the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges that, in the absence of a waiver,
a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or undertaking.

 

    -12-

     

    

 

Section 20.     Severability.
If any provision or provisions of this Agreement shall be held to be invalid, void, illegal or otherwise unenforceable for any reason
whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation,
each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable
to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed
so as to give effect to the intent manifested thereby.

 

Section 21.     Counterparts.
This Agreement may be executed in one or more counterparts, (delivery of which may be by facsimile, or via e-mail as a portable document
format (.pdf) or other electronic format), each of which will be deemed to be an original, and it will not be necessary in making proof
of this agreement or the terms of this Agreement to produce or account for more than one such counterpart. One such counterpart signed
by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

 

Section 22.     Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction thereof.

 

Section 23.     Modification
and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the
parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute a continuing waiver.

 

Section 24.     Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered
by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery,
or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

 

(a)          If
to Indemnitee, to the address set forth on the signature page hereto.

 

(b)          If
to the Company, to:

 

Brightwood Capital Corporation I

810 Seventh Avenue, 26th Floor

New York, NY 10019

 

or to such other address as may have been furnished in writing to Indemnitee
by the Company or to the Company by Indemnitee, as the case may be.

 

    -13-

     

    

 

Section 25.     Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without
regard to its conflicts of laws rules.

 

[SIGNATURE PAGE FOLLOWS]

 

    -14-

     

    

 

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

 

	 	BRIGHTWOOD CAPITAL CORPORATION I
	 	 
	 	   
	 	By:	                    
	 	Name:	 
	 	Title:	 
	 	 
	 	 
	 	INDEMNITEE
	 	 
	 	 
	 	Name:	 
	 	Address:	 

 

    

     

    

 

EXHIBIT A

 

AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED

 

To: The Board of Directors of Brightwood Capital Corporation I

 

Re: Affirmation and Undertaking

 

Ladies and Gentlemen:

 

This Affirmation and Undertaking is being provided
pursuant to that certain Indemnification Agreement dated the _____ day of ______________, 2022, by and between Brightwood Capital Corporation
I, a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant
to which I am entitled to advance of Expenses in connection with [Description of Proceeding] (the “Proceeding”).

 

Terms used herein and not otherwise defined shall
have the meanings specified in the Indemnification Agreement.

 

I am subject to the Proceeding by reason of my
Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief that at all
times, insofar as I was involved as [a director] [and] [an officer] of the Company, in any of the facts or events giving rise to
the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, and did not engage in Disabling Conduct,
(2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding,
had no reasonable cause to believe that any act or omission by me was unlawful.

 

In consideration of the advance by the Company
for Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection
with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding
and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or Disabling Conduct or (2) I
actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I
had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses
relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.

 

IN WITNESS WHEREOF, I have executed this Affirmation
and Undertaking on this ___ day of ____________________, 2022.

 

	 	Name:

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