Exhibit 10.3


 


EXECUTION VERSION



 




 


December 20, 2022


 


MC INCOME PLUS FINANCING SPV II LLC,

as Pledgor


 


MONROE CAPITAL INCOME PLUS CORPORATION,


 


as Collateral Manager


 


U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
as Collateral Agent

as Secured Party


 


and


 


U.S. BANK NATIONAL ASSOCIATION,

as Securities Intermediary


 


ACCOUNT CONTROL AGREEMENT


 


 






     


     


    

 


TABLE OF CONTENTS


 


	 	 	Page
	 	 	 
	ARTICLE I	INTERPRETATION	1
	 	 	 
	ARTICLE II	APPOINTMENT
    OF SECURITIES INTERMEDIARY	2
	 	 	 
	ARTICLE III	THE
    SECURED ACCOUNTS	2
	 	 	 
	ARTICLE IV	THE
    SECURITIES INTERMEDIARY	5
	 	 	 
	ARTICLE V	INDEMNITY;
    LIMITATION ON DAMAGES; EXPENSES; FEES	10
	 	 	 
	ARTICLE VI	REPRESENTATIONS
    AND AGREEMENTS	12
	 	 	 
	ARTICLE VII	ADVERSE
    CLAIMS	13
	 	 	 
	ARTICLE VIII	TRANSFER	13
	 	 	 
	ARTICLE IX	TERMINATION	13
	 	 	 
	ARTICLE X	MISCELLANEOUS	14
	 	 	 
	ARTICLE XI	NOTICES	16
	 	 	 
	ARTICLE XII	GOVERNING
    LAW AND JURISDICTION	16
	 	 	 
	ARTICLE XIII 	DEFINITIONS	17
	 	 	 
	LIMITED
    RECOURSE; NO BANKRUPTCY PETITION	14




 






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ACCOUNT CONTROL AGREEMENT (this
 “Agreement”), dated as of December 20, 2022, among MC INCOME PLUS FINANCING SPV II LLC (the “Pledgor”),
MONROE CAPITAL INCOME PLUS CORPORATION (the “Collateral Manager”), U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
as collateral agent (in such capacity, the “Collateral Agent”) on behalf of the Secured Parties to the Term Credit
and Security Agreement defined below (in such capacity, the “Secured Party”) and U.S. BANK NATIONAL ASSOCIATION, as
securities intermediary (in such capacity, the “Securities Intermediary”).


 


In consideration of the mutual
agreements hereinafter contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:


 


ARTICLE I


 


INTERPRETATION


 


Section 1.     (a)     Definitions.
The terms defined in Section 13 will have the meanings therein specified for the purpose of this Agreement. In addition,
all terms used herein which are defined in the Term Credit and Security Agreement, dated as of the date hereof (the “Term Credit
and Security Agreement”), among the Pledgor, as Borrower, the Collateral Manager, KeyBank National Association, as administrative
agent, the Collateral Agent, U.S. Bank Trust Company, National Association, as collateral administrator and U.S. Bank National Association,
as document custodian, or in Article 8 or Article 9 of the UCC and which are not otherwise defined herein are used herein as
so defined.


 


(b)            Rules of
Construction. Unless the context otherwise clearly requires: (i) the definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined, (ii) whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms, (iii) the words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”, (iv) the word “will” shall be construed
to have the same meaning and effect as the word “shall”, (v) any definition of or reference to any laws, agreement,
instrument or other document herein shall be construed as referring to such laws, agreement, instrument or other document as from time
to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set
forth herein), (vi) any reference herein to any Person shall be construed to include such Person’s successors and assigns,
(vii) the words “herein,” “hereof” and “hereunder”, and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof, (viii) all references herein to Sections
and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement and (ix) any reference to "execute",
 "executed", "sign", "signed", "signature" or any other like term hereunder shall include execution
by electronic signature (including, without limitation, any .pdf file, .jpeg file, or any other electronic or image file, or any "electronic
signature" as defined under the U.S. Electronic Signatures in Global and National Commerce Act ("E-SIGN") or the New York
Electronic Signatures and Records Act ("ESRA"), which includes any electronic signature provided using Orbit, Adobe Sign, DocuSign,
or any other similar platform identified by the Issuer and reasonably available at no undue burden or expense to the Securities Intermediary),
except to the extent the Securities Intermediary requests otherwise. Any such electronic signatures shall be valid, effective and legally
binding as if such electronic signatures were handwritten signatures and shall be deemed to have been duly and validly delivered for
all purposes hereunder.


 






     


     


    

 


ARTICLE II


 


APPOINTMENT
OF SECURITIES INTERMEDIARY


 


Section 2.     Each
of the Pledgor and the Secured Party hereby appoints the Securities Intermediary as securities intermediary hereunder. The Securities
Intermediary hereby accepts such appointment.


 


ARTICLE III


 


THE
SECURED ACCOUNTS


 


Section 3.     (a)     Establishment
of Secured Accounts. The Securities Intermediary acknowledges and agrees that, at the direction and on behalf of the Pledgor, it
has established and is maintaining on its books and records, in the name of the Pledgor subject to the lien of the Secured Party, the
following: (i) the securities accounts designated as the “Collection Account” with account number 225888-300 (such account,
together with any replacements thereof or substitutions therefor, the “Collection Account”), (ii) the interest
collection subaccount designated as the “Interest Collection SubAccount)” with account number 225888-201 (such account, together
with any replacements thereof or substitutions therefore, the “Interest Collection SubAccount”), (iii) the principal
collection subaccount designated as the “Principal Collection SubAccount” with account number 225888-202 (such account, together
with any replacements thereof or substitutions therefore, the “Principal Collection SubAccount”), (iv) the payment
account designated as the “Payment Account” with account number 225888-200 (such account, together with any replacements
thereof or substitutions therefore, the “Payment Account”), and (v) the custodial account designated as the “Custodial
Account” with account number 225888-703 (such account, together with any replacements thereof or substitutions therefore, the “Custodial
Account” and together with the Collection Account, the Interest Collection SubAccount, the Principal Collection SubAccount
and the Payment Account, the “Secured Accounts”). For the avoidance of doubt, the parties hereto acknowledge that
the Secured Accounts may, in the sole discretion of the Securities Intermediary, continue to be utilized on and after the termination
of the Term Credit and Security Agreement and governed exclusively by an indenture, a new account control agreement and other governing
documents entered into on such date related to such indenture.


 






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(b)            Status
of Secured Accounts; Treatment of Property as Financial Assets; Relationship of Parties. The Securities Intermediary hereby agrees
with the Pledgor and Secured Party that: (i) each Secured Account is a “securities account” (within the meaning of Section 8-501(a) of
the UCC) in respect of which the Securities Intermediary is a “securities intermediary” (within the meaning of Section 8-102(a)(14)
of the UCC), (ii) each item of property (whether cash, a security, an instrument or any other property) credited to any Secured
Account shall be treated as a “financial asset” (within the meaning of Section 8-102(a)(9) of the UCC), provided
that nothing herein shall require the Securities Intermediary to credit to the Secured Accounts or to treat as a financial asset
(within the meaning of Section 8-102(a)(9) of the UCC) an asset in the nature of a general intangible (as defined in Section 9-102(a)(42)
of the UCC) or to “maintain” a sufficient quantity thereof (within the meaning of Section 8-504 of the UCC), and (iii) each
Secured Account and any rights or proceeds derived therefrom are subject to a security interest in favor of the Secured Party arising
under the Term Credit and Security Agreement. The Pledgor and Secured Party hereby direct the Securities Intermediary, subject to the
terms of this Agreement, to identify the Secured Party on its books and records as the “entitlement holder” (as defined in
Section 8-102(a)(7) of the UCC) with respect to each Secured Account and the property held therein and the Securities Intermediary
agrees to do the same. Notwithstanding any term hereof or elsewhere to the contrary, it is hereby expressly acknowledged that (a) interests
in bank loans or participations (collectively “Loan Assets”) may be acquired and delivered by the Pledgor to the Securities
Intermediary from time to time which are not evidenced by, or accompanied by delivery of, a security (as that term is defined in UCC
Section 8-102) or an instrument (as that term is defined in Section 9-102(a)(4a) of the UCC), and may be evidenced solely by
delivery to the Securities Intermediary of a facsimile or other electronic copy of an assignment agreement (“Loan Assignment
Agreement”) in favor of the Pledgor as assignee, (b) any such Loan Assignment Agreement (and the registration of the related
Loan Assets on the books and records of the applicable obligor or bank agent) shall be registered in the name of the Pledgor, and (c) any
duty on the part of the Securities Intermediary with respect to such Loan Asset (including in respect of any duty it might otherwise
have to maintain a sufficient quantity of such Loan Asset for purposes of UCC Section 8-504) shall be limited to the exercise of
reasonable care by the Securities Intermediary in the physical custody of any such Loan Assignment Agreement that may be delivered to
it. It is acknowledged and agreed that the Securities Intermediary is not under a duty to examine underlying credit agreements or loan
documents to determine the validity or sufficiency of any Loan Assignment Agreement (and shall have no responsibility for the genuineness
or completeness thereof), or for the Pledgor’s title to any related Loan Asset.


 


(c)            The
Securities Intermediary will, by book-entry notation, promptly credit to the applicable Secured Account all property (other than general
intangibles) to be credited thereto pursuant to the Term Credit and Security Agreement.


 


(d)            Form of
Securities, Instruments, etc. All securities and other financial assets credited to any Secured Account that are in registered
form or that are payable to or to the order of shall be (i) registered in the name of, or payable to or to the order of, the Securities
Intermediary, (ii) indorsed to or to the order of the Securities Intermediary or in blank, or (iii) credited to another securities
account maintained in the name of the Securities Intermediary; and in no case will any financial asset credited to any Secured Account
be registered in the name of, or payable to or to the order of, the Pledgor or any other person or indorsed to or to the order of the
Pledgor or any other person, except to the extent the foregoing have been specially indorsed to or to the order of the Securities Intermediary
or in blank.


 






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(e)            Securities
Intermediary’s Jurisdiction. The Securities Intermediary agrees that, for the purposes of the UCC, its “securities intermediary’s
jurisdiction” (within the meaning of Section 8-110(e) of the UCC) shall be the State of New York.


 


(f)            Conflicts
with other Agreements. The Securities Intermediary agrees that, if there is any conflict between this Agreement (or any portion thereof)
and any other agreement (whether now existing or hereafter entered into) relating to any Secured Account, the provisions of this Agreement
shall prevail.


 


(g)            No
Other Agreements. The Securities Intermediary hereby confirms and agrees that:


 


(i)            other
than this Agreement and all other account forms required by the Securities Intermediary (collectively, the “Account Agreement”),
there are no other agreements entered into between the Securities Intermediary and the Pledgor with respect to any Secured Account or
any financial asset or security entitlement credited thereto;


 


(ii)            other
than the Account Agreement, it has not entered into, and until the termination of this Agreement will not enter into, any other agreement
with any other Person (including the Pledgor) relating to any Secured Account and/or any financial asset or security entitlement thereto
(A) pursuant to which it has agreed or will agree to comply with entitlement orders (as defined in Section 8-102(a)(8) of
the UCC) of such other Person, or (B) with respect to the creation or perfection of any other security interest in any Secured Account
or any financial asset or security entitlement credited thereto; and


 


(iii)            it
has not entered into, and until the termination of this Agreement will not enter into, any agreement with the Pledgor or the Secured
Party purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in
Section 3(h).


 


(h)            Transfer
Orders, Standing Instructions.


 


(i)            The
Pledgor, the Collateral Manager, the Secured Party, the Administrative Agent and the Securities Intermediary each agree that if at any
time a Responsible Officer of the Securities Intermediary shall receive an “entitlement order” (within the meaning of Section 8-102(a)(8) of
the New York UCC) or any other order originated by the Secured Party and relating to any Secured Account or any financial assets
or security entitlements credited thereto (collectively, a “Transfer Order”), the Securities Intermediary shall comply
with such Transfer Order without further consent by the Pledgor (or the Collateral Manager on its behalf) or any other Person. The Securities
Intermediary shall have no obligation to act and shall be fully protected in refraining from acting, in respect of any such Collateral
in the absence of such Transfer Order.


 


(ii)            At
any time prior to the delivery to and receipt by the Securities Intermediary of a Notice of Exclusive Control, the Securities Intermediary
shall comply with each Transfer Order it receives from the Pledgor (or the Collateral Manager on its behalf) without the further consent
of the Secured Party or any other Person; provided that, in the event the Securities Intermediary receives conflicting Transfer Orders
from the Secured Party and the Pledgor (or the Collateral Manager on behalf of the Pledgor), and such conflict is not otherwise resolved
by the Secured Party and the Pledgor (or the Collateral Manager on behalf of the Pledgor) with written notice to the Securities Intermediary,
the Securities Intermediary shall follow the Transfer Order of the Secured Party and not the Pledgor (or the Collateral Manager on behalf
of the Pledgor).


 






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(iii)            Upon
the opening of business on the Business Day immediately following the Business Day on which a Notice of Exclusive Control is actually
received by the Securities Intermediary in accordance with the notice requirements hereunder, and until such Notice of Exclusive Control
is withdrawn or rescinded by the Secured Party in writing, the Securities Intermediary shall not comply with any instructions it receives
from the Pledgor (or the Collateral Manager on behalf of the Pledgor) and shall act solely upon Transfer Orders received from the Secured
Party.


 


(iv)            The
Secured Party and the Administrative Agent hereby agrees with the Pledgor that it shall not deliver a Notice of Exclusive Control or
Transfer Order except after the occurrence and during the continuation of an Event of Default.


 


ARTICLE IV


 


THE
SECURITIES INTERMEDIARY


 


Section 4.     (a)     Performance
of Duties. The Securities Intermediary may execute any of the powers hereunder or perform any of its duties hereunder directly or
by or through agents, attorneys or employees, provided that the Securities Intermediary shall not be responsible for any misconduct
or negligence on the part of any non-Affiliated agent or non-Affiliated attorney appointed by it with due care. The Securities Intermediary
shall be entitled to consult with counsel selected with due care and to act in reliance upon the written opinion of such counsel concerning
matters pertaining to its duties hereunder, and shall not be liable for any action taken or omitted to be taken by it in good faith in
reliance upon and in accordance with the advice or opinion of such counsel. Except as expressly provided herein, the Securities Intermediary
shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement at the request or direction
of the Pledgor, the Collateral Manager, the Secured Party, the Administrative Agent or any other Person.


 


(b)            No
Change to Secured Accounts. Without the prior written consent of the Pledgor and, so long as any Obligations remain unpaid, the Secured
Party and the Administrative Agent, the Securities Intermediary will not change the account number or designation of any Secured Account
provided, however, that the Securities Intermediary shall be entitled to establish sub-accounts of the Secured Accounts without the prior
consent of the Secured Party.


 


(c)            Certain
Information. The Securities Intermediary shall promptly notify the Pledgor and the Secured Party if a Responsible Officer of the
Securities Intermediary with direct responsibility for administration of this Agreement has actual knowledge of or receives written notice
that any Person asserts or seeks to assert a lien, encumbrance or adverse claim against any portion or all of the property credited to
any Secured Account. The Securities Intermediary will send copies of all statements, confirmations and other correspondence relating
to each Secured Account (and/or any financial assets credited thereto) simultaneously to the Pledgor and the Secured Party. The Securities
Intermediary will furnish to the Secured Party and the Pledgor, upon written request, an account statement with respect to each Secured
Account.


 






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(d)            Subordination.
In the event that the Securities Intermediary has or subsequently obtains by agreement, by operation of law or otherwise a security interest
in any of the Secured Accounts, or any financial asset credited thereto, the Securities Intermediary hereby subordinates any such security
interest therein to the security interest of the Collateral Agent in the Secured Accounts, in all property credited thereto and in all
security entitlements with respect to such property. Without limitation of the foregoing, the Securities Intermediary hereby subordinates
to such security interest of the Collateral Agent any and all statutory, regulatory, contractual or other rights now or hereafter existing
in favor of the Securities Intermediary over or with respect to any Secured Account, all property credited thereto and all security entitlements
to such property (including (i) any and all contractual rights of set-off, lien or compensation, (ii) any and all statutory
or regulatory rights of pledge, lien, set-off or compensation, (iii) any and all statutory, regulatory, contractual or other rights
to put on hold, block transfers from or fail to honor instructions of the Pledgor with respect to any Secured Account, or (iv) any
and all statutory or other rights to prohibit or otherwise limit the pledge, assignment, collateral assignment or granting of any type
of security interest in any Secured Account), except the Securities Intermediary may set off ((i) the face amount of any payments
made by check, wire transfer, ACH or otherwise that have been credited to any Secured Account but are subsequently returned unpaid because
of uncollected or insufficient funds, (ii) reversals or cancellations of payment orders and other electronic fund transfers and
(iii) all amounts due to the Securities Intermediary in respect of fees, expenses and indemnities owing hereunder or under the other
Loan Documents).


 


(e)            Limitation
on Liability. The Securities Intermediary shall not have any duties or obligations except those expressly set forth herein and shall
satisfy those duties expressly set forth herein so long as it acts without gross negligence, willful misconduct or bad faith. Without
limiting the generality of the foregoing, the Securities Intermediary shall not be subject to any fiduciary or other implied duties,
and the Securities Intermediary shall not have any duty to take any discretionary action or exercise any discretionary powers. None of
the Securities Intermediary, any Affiliate of the Securities Intermediary, or any officer, agent, stockholder, partner, member, director
or employee of the Securities Intermediary or any Affiliate of the Securities Intermediary shall have any liability, whether direct or
indirect and whether in contract, tort or otherwise (i) for any action taken or omitted to be taken by any of them hereunder or
in connection herewith unless such act or omission constituted gross negligence, willful misconduct or bad faith, or (ii) for any
action taken or omitted to be taken by the Securities Intermediary in accordance with the terms hereof at the express direction of the
Secured Party or the Pledgor (or the Collateral Manager on its behalf). In addition, the Securities Intermediary shall have no liability
for making any investment or reinvestment of any cash balance in any Secured Account, or holding amounts uninvested in such accounts,
pursuant to the terms of this Agreement. The liabilities of the Securities Intermediary shall be limited to those expressly set forth
in this Agreement. The Securities Intermediary shall not be liable for any action a Responsible Officer of the Securities Intermediary
takes or omits to take in good faith that it reasonably believes to be authorized or within its rights or powers hereunder. The Securities
Intermediary shall not be deemed to have notice or knowledge of any Event of Default unless a Responsible Officer of the Securities Intermediary
has actual knowledge thereof or unless written notice thereof is received by a Responsible Officer of the Securities Intermediary. For
the avoidance of doubt, to the extent permitted by applicable law, the Securities Intermediary shall not be responsible for complying
with Section 8-505(a) of the UCC. With the exception of this Agreement (and relevant terms used herein and expressly defined
in the Term Credit and Security Agreement), the Securities Intermediary is not responsible for or chargeable with knowledge of any terms
or conditions contained in any agreement referred to herein, including, but not limited to, the Revolving Credit and Security Agreement.
The Securities Intermediary shall in no event be liable for the application or misapplication of funds by any other person, or for the
acts or omissions of any other person (including, without limitation, those of the Pledgor). The Securities Intermediary shall not be
bound to make any investigation into the facts or matters stated in any certificate, report or other document.


 






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(f)            Reliance.
The Securities Intermediary shall be entitled to conclusively rely upon, and shall not incur any liability for relying upon, any notice,
request, opinion, report, certificate, consent, statement, instrument, document, electronic communication or other writing including,
but not limited to, an electronic mail communication delivered to the Securities Intermediary under or in connection with this Agreement
and in good faith and believed by it to be genuine and to have been signed or sent by the proper Person. The Securities Intermediary
shall not be bound to make any investigation into the facts or matters stated in any notice, request, opinion, report, certificate, consent,
statement, instrument, document, electronic communication or other writing. Any electronically signed document delivered via email from
a person purporting to be a Responsible Officer shall be considered signed or executed by such Responsible Officer on behalf of the applicable
Person. The Custodian and the Securities Intermediary shall have no duty to inquire into or investigate the authenticity or authorization
of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with
respect thereto. The Securities Intermediary may consult with legal counsel, independent accountants and other experts with a national
reputation selected by it with due care and shall be entitled to act in reliance upon the written opinion of any such legal counsel,
independent accountants and other experts concerning matters pertaining to the Securities Intermediary's duties hereunder, and shall
not be liable for any action taken or not taken by the Securities Intermediary in good faith and in accordance with the advice of any
such legal counsel, accountants or experts. If at any time the Securities Intermediary requests instruction with respect to any action
or omission in connection with this Agreement, the Securities Intermediary shall be entitled (without incurring any liability therefor
to any person) to refrain from taking such action and continue to refrain from acting unless and until the Securities Intermediary shall
have received written instruction from the party from whom instruction was requested.


 


(g)            Court
Orders, etc. If at any time the Securities Intermediary is served with any judicial or administrative order, judgment, decree,
writ or other form of judicial or administrative process which in any way affects any Secured Account (including, but not limited to,
orders of attachment or garnishment or other forms of levies or injunctions or stays relating to the transfer of any Secured Account
or any financial asset in any Secured Account), the Securities Intermediary is authorized to take such action as legal counsel of its
own choosing advises appropriate to comply therewith; and if the Securities Intermediary complies with any such judicial or administrative
order, judgment, decree, writ or other form of judicial or administrative process, the Securities Intermediary will not be liable to
any of the parties hereto or to any other person or entity even though such order, judgment, decree, writ or process may be subsequently
modified or vacated or otherwise determined to have been without legal force or effect.


 






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(h)            Successor
Securities Intermediary.


 


(i)            Merger.
Any Person into whom the Securities Intermediary may be converted or merged, or with whom it may be consolidated, or to whom it may sell
or transfer its trust or other business and assets as a whole or substantially as a whole, or any Person resulting from any such conversion,
sale, merger, consolidation or transfer to which the Securities Intermediary is a party, shall (provided it is otherwise qualified
to serve as the Securities Intermediary hereunder) be and become a successor Securities Intermediary hereunder and be vested with all
of the powers, immunities, privileges and other matters as was its predecessor without the execution or filing of any instrument or any
further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstanding.


 


(ii)            Resignation.
The Securities Intermediary and any successor thereto may at any time resign by giving forty-five (45) days’ written notice
by registered, certified or express mail to the Secured Party, the Administrative Agent and the Pledgor; provided that such resignation
shall take effect only upon the date which is the later of the effective date of the appointment of a successor Securities Intermediary
acceptable to the Secured Party, the Administrative Agent and the Pledgor, as evidenced by their written consent and the acceptance in
writing by such successor Securities Intermediary of such appointment and of its obligation to perform its duties hereunder in accordance
with the provisions hereof. Subject to the preceding sentence, if on the 45th day after written notice of resignation
is delivered by a resigning party as described above no successor party or temporary successor Securities Intermediary has been appointed
in accordance herewith, the resigning party may petition a court of competent jurisdiction in New York City for the appointment
of a successor.


 


(i)            Compensation
and Reimbursement. The Pledgor agrees: (i) to pay to the Securities Intermediary from time to time, reasonable compensation
for all services rendered by it hereunder; and (ii) to reimburse the Securities Intermediary upon its request for all reasonable
out-of-pocket expenses, disbursements and advances incurred or made by the Securities Intermediary in accordance with any provision of,
or carrying out its duties and obligations under, this Agreement (including the compensation and fees and the reasonable out-of-pocket
expenses and disbursements of its agents, experts, any independent accountants and counsel), except any expense, disbursement or advance
as may be attributable to gross negligence, fraud, bad faith or willful misconduct on the part of the Securities Intermediary. Notwithstanding
anything to the contrary provided herein, all amounts payable by the Pledgor to the Securities Intermediary under this Agreement shall
be payable only in accordance with, and subject to, Section 9.01(a) of the Term Credit and Security Agreement.


 


(j)            Securities
Intermediary and their Affiliates. U.S. Bank National Association and any of its affiliates providing services in connection with
the transactions contemplated in the Facility Documents shall have only the rights, duties and responsibilities expressly provided in
its various capacities and shall not, by virtue of it or any Affiliate acting in any other capacity be deemed to have rights, duties
or responsibilities other than as expressly provided with respect to each such capacity. U.S. Bank National Association (or its Affiliates),
in its various capacities in connection with the transactions contemplated in the Facility Documents, including as Securities Intermediary,
may enter into business transactions, including the acquisition of investment securities as contemplated by the Facility Documents, from
which it and/or such Affiliates may derive revenues and profits in addition to the fees stated in the various Facility Documents, without
any duty to account therefor.


 






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(k)            Force
Majeure. In no event shall the Securities Intermediary be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts
of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood
that the Securities Intermediary shall use commercially reasonable efforts which are consistent with accepted practices in the banking
industry to maintain performance and, if necessary, resume performance as soon as practicable under the circumstances


 


(l)            Perfection.
The Securities Intermediary shall have no responsibility or liability for (i) preparing, recording, filing, re-recording or refiling
any financing statement, continuation statement, document, instrument or other notice in any public office at any time or times, (ii) the
correctness of any such financing statement, continuation statement, document or instrument or other such notice, (iii) taking any
action to perfect or maintain the perfection of any security interest granted to the Secured Party or otherwise, or (iv) the validity
or perfection of any such lien or security interest.


 


(m)            Facsimile
and Electronic Transmissions. The Securities Intermediary agrees to accept and act upon instructions or directions pursuant to this
Agreement sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods, provided that any person
providing such instructions or directions shall provide to the Securities Intermediary an incumbency certificate listing such designated
persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing.
If the Pledgor elects to give the Securities Intermediary e-mail or facsimile instructions (or instructions by a similar electronic method),
the Securities Intermediary’s understanding of such instructions shall be deemed controlling. The Securities Intermediary shall
not be liable for any losses, costs or expenses arising directly or indirectly from the Securities Intermediary’s reliance upon
and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction.
Each of the Pledgor and the Collateral Manager agrees to assume all risks arising out of the use of such electronic methods to submit
instructions and directions to the Securities Intermediary, including without limitation the risk of the Securities Intermediary acting
on unauthorized instructions, and the risk of interception and misuse by third parties. The Pledgor acknowledges and agrees that there
may be more secure methods of transmitting such instructions than the method(s) selected by it and agrees that the security procedures
(if any) to be followed in connection with its transmission of such instructions provide to the Securities Intermediary with a commercially
reasonable degree of protection in light of its particular needs and circumstances.


 






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(n)            Rights.
U.S. Bank Trust Company, National Association, in its capacity as Secured Party hereunder shall be afforded all of the rights, powers,
immunities and indemnities that are afforded to the Collateral Agent under the Term Credit and Security Agreement as if such rights,
powers, immunities and indemnities were specifically set forth herein. The Secured Party shall have no duties under this Agreement other
than those expressly set forth herein.


 


(o)            Whenever
in the administration of the provisions of this Agreement the Securities Intermediary shall deem it necessary or desirable that a matter
be proved or established prior to taking or suffering any action to be taken hereunder, such matter (unless other evidence in respect
thereof be herein specifically prescribed) may, in the absence of gross negligence or willful misconduct on the part of the Securities
Intermediary, be deemed to be conclusively provided and established by a certificate signed by one of the Secured Party's officers and
delivered to the Securities Intermediary, and such certificate, in the absence of gross negligence or willful misconduct on the part
of the Securities Intermediary, shall be full warrant to the Securities Intermediary for any action taken, suffered or omitted by it
under the provisions of this Agreement upon the faith thereof.


 


ARTICLE V


 


INDEMNITY;
LIMITATION ON DAMAGES; EXPENSES; FEES


 


Section 5.     (a)     Indemnity.
(i)  Subject to Section 5(a)(ii), the Pledgor hereby indemnifies and holds harmless the Securities Intermediary,
its Affiliates and their respective officers, directors, employees, representatives and agents (collectively referred to for the purposes
of this Section 5(a) as the Securities Intermediary), against any loss, claim (whether brought by or involving the Pledgor
or any third party), damage, expense or liability (including the costs and expenses (including the reasonable out-of-pocket fees and
disbursements of counsel) of defending against any claim of liability), or any action in respect thereof, to which the Securities Intermediary
may become subject, whether commenced or threatened, insofar as such loss, claim, damage, expense, liability or action arises out of
or is based upon the execution, delivery, performance or enforcement of this Agreement, including the costs and expenses of enforcing
its rights hereunder against the Pledgor, but excluding any such loss, claim, damage, expense, liability or action arising out of the
fraud, bad faith, gross negligence or willful misconduct of the Securities Intermediary, and shall reimburse the Securities Intermediary
promptly upon demand for any reasonable and documented out-of-pocket legal or other expenses reasonably incurred by the Securities Intermediary
in connection with investigating or preparing to defend or defending against or appearing as a third party witness in connection with
any such loss, claim, damage, expense, liability or action as such expenses are incurred (collectively, the “Losses”).
No provision of this Agreement shall require the Securities Intermediary to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to
it. The obligations of the Pledgor under this clause (a) are referred to as the “Securities Intermediary Indemnity”.
The provisions of this section will survive the termination of this Agreement and the resignation or removal of the Securities Intermediary.


 






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(ii)            The
obligation of the Pledgor to pay any amounts in respect of the Securities Intermediary Indemnity shall be subject to the Priority of
Payments set forth in the Term Credit and Security Agreement and shall survive the termination of this Agreement and the resignation
or removal of the Securities Intermediary.


 


(iii)            Without
limiting the foregoing, after the delivery of a Notice of Exclusive Control, the Lenders agree to indemnify and hold harmless the Securities
Intermediary and its directors, officers, employees and agents, from and against any and all Losses incurred in connection with this
Agreement or the Accounts (except to the extent due to the Securities Intermediary’s bad faith, willful misconduct or gross negligence)
and the Securities Intermediary shall be entitled to the benefit of the indemnities in Section 12.04 of the Term Credit and Security
Agreement to the same extent as the Collateral Agent; provided that such Losses shall not have been reimbursed by the Pledgor.


 


(b)            Expenses
and Fees. The Pledgor shall be responsible for, and hereby agrees to pay, all reasonable out-of-pocket costs and expenses incurred
by the Securities Intermediary in connection with the establishment and maintenance of each Secured Account, including the Securities
Intermediary’s reasonable out-of-pocket fees and expenses, any reasonable out-of-pocket costs or expenses incurred by the Securities
Intermediary as a result of conflicting claims or notices involving the parties hereto, including the reasonable fees and expenses of
its external legal counsel, and all other reasonable out-of-pocket costs and expenses incurred in connection with the execution, administration
or enforcement of this Agreement including reasonable out-of-pocket fees and costs of agents, experts and attorneys, whether or not such
enforcement includes the filing of a lawsuit. Notwithstanding anything to the contrary provided herein, all amounts payable by the Pledgor
to the Securities Intermediary under this Agreement shall be payable only in accordance with, and subject to, Section 9.01(a) of
the Term Credit and Security Agreement.


 


(c)            No
Consequential Damages. Notwithstanding anything in this Agreement to the contrary, in no event shall the Securities Intermediary
be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits),
even if the Securities Intermediary has been advised of such loss or damage and regardless of the form of action; provided, however,
that if the Securities Intermediary is assessed special, punitive, indirect, incidental or consequential damages by a court of competent
jurisdiction in connection with a third party claim for which the Securities Intermediary is entitled to indemnity pursuant to clause
(a) above, such special, punitive, indirect, incidental or consequential damages so assessed shall constitute actual damages for
purposes of this clause (c) and the Securities Intermediary shall be indemnified for such damages by the Pledgor pursuant to Section 5(a).


 






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ARTICLE VI


 


REPRESENTATIONS
AND AGREEMENTS


 


Section 6.     The
Securities Intermediary represents to and agrees with the Pledgor and the Secured Party that:


 


(a)            Status.
It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and, if relevant under
such laws, in good standing.


 


(b)            Powers.
It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver
this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform
its obligations under this Agreement and has taken all necessary action to authorize such execution, delivery and performance; and this
Agreement has been, and each other such document will be, duly executed and delivered by it.


 


(c)            Obligations
Binding. Its obligations under this Agreement constitute its legal, valid and binding obligations, enforceable in accordance with
their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’
rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement
is sought in a proceeding in equity or at law)).


 


(d)            Waiver
of Setoffs. The Securities Intermediary hereby expressly waives any and all rights of setoff that such party may otherwise at any
time have under Applicable Law with respect to any Secured Account except as otherwise set forth herein.


 


(e)            Ordinary
Course. The Securities Intermediary, in the ordinary course of its business, maintains securities accounts for others and is acting
in such capacity in respect of any Secured Account.


 


(f)            Comply
with Duties. The Securities Intermediary will comply at all times with the duties of a “securities intermediary” under
Article 8 of the UCC.


 


(g)            Participant
of the Federal Reserve Bank of New York. The Securities Intermediary is a member of the Federal Reserve System.


 


(h)            Consents.
All governmental and other consents that are required to have been obtained by the Securities Intermediary with respect to the execution,
delivery and performance by the Securities Intermediary of this Agreement have been obtained and are in full force and effect and all
conditions of any such consents have been complied with.


 






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ARTICLE VII


 


ADVERSE
CLAIMS


 


Section 7.     Except
for the claims and interest set forth in this Agreement, no Responsible Officer of the Securities Intermediary actually knows (without
any obligation of independent inquiry or investigation) of any claim to, or interest in, any Secured Account or in any “financial
asset” (as defined in Section 8-102(a) of the UCC) credited thereto. If a Responsible Officer of the Securities Intermediary
with direct responsibility for administration of this Agreement has actual knowledge of or receives written notice that any Person asserts
or seeks to assert a lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution
or similar process) against any Secured Account or in any financial asset carried therein, the Securities Intermediary will promptly
notify the Pledgor thereof (and the Pledgor shall promptly notify the Secured Party thereof).


 


ARTICLE VIII


 


TRANSFER


 


Section 8.     Neither
this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise)
by any party without the prior written consent of each other party. Any purported transfer that is not in compliance with this Section 8
will be void.


 


ARTICLE IX


 


TERMINATION


 


Section 9.     The
rights and powers granted herein to the Secured Party have been granted in order to perfect its security interest in each Secured Account
and the financial assets credited thereto, are powers coupled with an interest and will be affected neither by the bankruptcy of the
Pledgor nor by the lapse of time. The obligations of the Securities Intermediary hereunder shall continue in effect until the earlier
of (a) that date upon which the security interest of the Secured Party in each Secured Account has been terminated pursuant to the
terms of the Term Credit and Security Agreement and the Secured Party has notified the Securities Intermediary of such termination in
writing, and (b) that date on which the Secured Party releases or terminates its security interest in each Secured Account and the
Secured Party has notified the Securities Intermediary of such termination in writing. The Securities Intermediary shall thereafter take
such steps as the Pledgor may reasonably request to vest control of the Secured Accounts in the Pledgor.


 






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ARTICLE X


 


MISCELLANEOUS


 


Section 10.     (a)     Entire
Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and
supersedes all oral communication and prior writings with respect thereto.


 


(b)            Amendments.
No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced
by a facsimile or other electronic transmission), executed by each of the parties hereto.


 


(c)            Survival.
All representations and warranties made in this Agreement or in any certificate or other document delivered pursuant to or in connection
with this Agreement shall survive the execution and delivery of this Agreement or such certificate or other document (as the case may
be) or any deemed repetition of any such representation or warranty. In addition, the rights of the Securities Intermediary under Sections 4
and 5, and the obligations of the Pledgor under Section 5, shall survive the termination of this Agreement.


 


(d)            Benefit
of Agreement. Subject to Section 8, this Agreement shall be binding upon and inure to the benefit of the Pledgor, the
Secured Party and the Securities Intermediary and their respective successors and permitted assigns. The Securities Intermediary acknowledges
and consents to the assignment of this Agreement by the Pledgor to the Collateral Agent for the benefit of the Secured Parties under
the Term Credit and Security Agreement.


 


(e)            Counterparts.
This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including
by facsimile transmission and e-mail correspondence), each of which will be deemed an original. Counterparts may be executed and delivered
via facsimile, electronic mail or other transmission method and may be executed by electronic signature (including, without limitation,
any .pdf file, .jpeg file, or any other electronic or image file, or any "electronic signature" as defined under the U.S. Electronic
Signatures in Global and National Commerce Act or the New York Electronic Signatures and Records Act, which includes any electronic signature
provided using Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the Issuer and reasonably available at no undue
burden or expense to the Collateral Administrator) and any counterpart so delivered shall be valid, effective and legally binding as
if such electronic signatures were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes
hereunder. Delivery of an executed counterpart of this instrument by facsimile, electronic mail or other transmission method shall be
effective as delivery of a manually executed counterpart of this instrument.


 


(f)            No
Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed
to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent
or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege.


 






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(g)            Headings.
The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.


 


(h)            Severability.
If any provision of this Agreement, or the application thereof to any party or any circumstance, is held to be unenforceable, invalid
or illegal (in whole or in part) for any reason (in any jurisdiction), the remaining terms of this Agreement, modified by the deletion
of the unenforceable, invalid or illegal portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability,
invalidity, or illegality will not otherwise affect the enforceability, validity or legality of the remaining terms of this Agreement
so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to
the subject matter hereof and the deletion of such portion of this Agreement will not substantially impair the respective expectations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties.


 


(i)            No
Agency. Notwithstanding anything that may be construed to the contrary, it is understood and agreed that the Securities Intermediary
is not, nor shall it be considered to be, an agent, of the Secured Party. In addition, the Securities Intermediary shall not act or represent
itself, directly or by implication, as an agent of the Secured Party or in any manner assume or create any obligation whatsoever on behalf
of, or in the name of, the Secured Party.


 


(j)            Payments
by Pledgor. Any amounts required to be paid pursuant to this Agreement by the Pledgor shall be paid or caused to be paid by the Pledgor
to the applicable Person on the Payment Date following such Person’s demand therefor in accordance with Section 9.01
of the Term Credit and Security Agreement, provided that such demand is made no later than two (2) Business Days prior to
the applicable Payment Date.


 


(k)            Non-Petition.
The Securities Intermediary hereby agrees not to institute against, or join, cooperate with or encourage any other Person in instituting
against, the Pledgor any bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceedings or
other proceedings under federal or state bankruptcy or similar laws until at least one year and one day, or if longer the applicable
preference period then in effect plus one day, after the payment in full of the Advances and the termination of all Commitments under
the Term Credit and Security Agreement. The provisions of this Section 10(k) shall survive the termination of this Agreement.


 


(l)            USA
PATRIOT Act. In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking
institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326
of the USA PATRIOT Act of the United States, the Bank is required to obtain, verify, record and update certain information relating to
individuals and entities which maintain a business relationship with the Bank. Accordingly, each of the parties agrees to provide to
the Bank upon its request from time to time such identifying information and documentation as may be available for such party in order
to enable the Bank to comply with such applicable law.


 






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ARTICLE XI


 


NOTICES


 


Section 11.     (a)     Effectiveness.
Any notice or other communication in respect of this Agreement may be given in any manner set forth in Section 16.02 of the Term
Credit and Security Agreement; provided that a Notice of Exclusive Control shall be in writing (and if delivered by facsimile or electronic
transmission, shall also be sent by overnight mail delivery) and shall not be effective until and unless actually received by the Securities
Intermediary (including for the avoidance of doubt, notices or other communications sent by facsimile or electronic transmission).


 


(b)            Change
of Addresses. Any party hereto may by written notice to each other party hereto, change the address or facsimile number at which
notices or other communications are to be given to it hereunder.


 


ARTICLE XII


 


GOVERNING
LAW AND JURISDICTION


 


Section 12.     (a)     Governing
Law. This Agreement, each Secured Account and any matter arising among the parties under or in connection with this Agreement or
any Secured Account, will be governed by and construed in accordance with the laws of the State of New York.


 


(b)            Jurisdiction.
With respect to any suit, action or proceedings relating to this Agreement or any matter among the parties arising under or in connection
with this Agreement (“Proceedings”), each party irrevocably: (i) submits to the non-exclusive jurisdiction of
the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City,
and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court,
waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect
to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement precludes either party
from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude the
bringing of Proceedings in any other jurisdiction.


 


(c)            Waiver
of Jury Trial Right. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING. Each party hereby (i) certifies that no representative,
agent or attorney of any other party has represented, expressly or otherwise, that any other party would not, in the event of a Proceeding,
seek to enforce the foregoing waiver, and (ii) acknowledges that it has been induced to enter into this Agreement by, among other
things, the mutual waivers and certifications in this paragraph (c).


 






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ARTICLE XIII


 


DEFINITIONS


 


Section 13.     As
used in this Agreement:


 


“Agreement”
has the meaning specified in the Recitals.


 


“consent”
includes a consent, approval, action, authorization, exemption, notice, filing, registration or exchange control consent.


 


“law” includes
any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental revenue
authority) and “lawful” and “unlawful” will be construed accordingly.


 


“Notice of Exclusive
Control” means a notice delivered to and received by the Securities Intermediary by the Secured Party in accordance with Section 11(a) stating
that the Secured Party is exercising exclusive control over the Secured Accounts.


 


“Person”
means any natural person or legal entity, including with out limitation any corporation, partnership, limited liability company, statutory
or common law trust, or governmental entity or unit.


 


“Pledgor”
has the meaning specified in the Recitals.


 


“Proceedings”
has the meaning specified in Section 12(b).


 


“Responsible Officer”
means any vice president, assistant secretary or any other officer or other Person within the corporate trust office of the Securities
Intermediary having direct responsibility for the administration of this Agreement or to whom any matter is referred because of his or
her knowledge of and familiarity with the particular situation, who is authorized to act for the Securities Intermediary in matters relating
to, and binding upon, the Securities Intermediary and who has direct responsibility for the administration of this Agreement.


 


“Secured Accounts”
has the meaning specified in Section 3(a).


 


“Secured Party”
has the meaning specified in the Recitals.


 


“Securities Intermediary”
has the meaning specified in the Recitals.


 


“Securities Intermediary
Indemnity” has the meaning specified in Section 5(a).


 


“Term Credit and Security
Agreement” has the meaning specified in Section 1(a).


 


“UCC” means
the Uniform Commercial Code as in effect in the State of New York.


 






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IN WITNESS WHEREOF the parties
have executed this Agreement on the date first set forth above with effect from such date.


 


	 	Pledgor:
	 	 
	 	MC INCOME PLUS FINANCING SPV
    II LLC
	 	 
	 	By: Monroe Capital Income Plus Corporation,
    as Designated Manager
	 	 
	 	By:	                      
	 	 	Name:
	 	 	Title:
	 	 
	 	Collateral Manager:
	 	 
	 	MONROE CAPITAL INCOME PLUS CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






 


[Signature Page to Account Control Agreement]


 






     


     


    

 


	 	Secured Party:
	 	 
	 	U.S.
    BANK TRUST COMPANY,

    NATIONAL ASSOCIATION, as Collateral Agent
	 	 
	 	By:	                           
	 	 	Name:
	 	 	Title:
	 	 
	 	Securities Intermediary:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
    as Securities Intermediary
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






 


[Signature Page to Account Control Agreement]


 






     


     


    

 


	ACKNOWLEDGED AND AGREED TO BY:	 
	 	 
	KEYBANK NATIONAL ASSOCIATION,
    as Administrative Agent	 
	 	 
	 	 
	By:	                           	 
	 	Name:	 
	 	Title:	 




 


[Signature Page to Account Control Agreement]