# EDGAR Filing Document

**Accession Number:** 0001935586
**File Stem:** 0000894579-23-000012
**Filing Date:** 2023-1
**Character Count:** 33079
**Document Hash:** 319953ed4fe3fa17b0bdd47c2a1a3162
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894579-23-000012.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0000894579-23-000012

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20230119

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Monroe Capital Private Credit Master Fund IV SCSp
- **CENTRAL INDEX KEY:** 0001935586
- **IRS NUMBER:** 981557343
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-06365
- **FILM NUMBER:** 23537230

**BUSINESS ADDRESS:**
- **STREET 1:** 311 SOUTH WACKER DRIVE
- **STREET 2:** SUITE 6400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 258-8300

**MAIL ADDRESS:**
- **STREET 1:** 311 SOUTH WACKER DRIVE
- **STREET 2:** SUITE 6400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Monroe Capital Private Credit Master Fund IV SCSp
- **CENTRAL INDEX KEY:** 0001935586
- **IRS NUMBER:** 981557343
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 311 SOUTH WACKER DRIVE
- **STREET 2:** SUITE 6400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 258-8300

**MAIL ADDRESS:**
- **STREET 1:** 311 SOUTH WACKER DRIVE
- **STREET 2:** SUITE 6400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Monroe Capital Private Credit Master Fund IV SCSp
- **CENTRAL INDEX KEY:** 0001935586
- **IRS NUMBER:** 981557343
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 311 SOUTH WACKER DRIVE
- **STREET 2:** SUITE 6400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 258-8300

**MAIL ADDRESS:**
- **STREET 1:** 311 SOUTH WACKER DRIVE
- **STREET 2:** SUITE 6400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549<br>FORM ABS-15G<br>ASSET-BACKED SECURITIZER<br> REPORT PURSUANT TO SECTION 15G<br> OF THE SECURITIES EXCHANGE ACT OF 1934**<br>

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Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

[_]<br> Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to __________.

Date of Report (Date of earliest event reported): ___________

Commission File Number of securitizer: ___________

Central Index Key Number of securitizer: ___________

  <br> (Name and telephone number, including area code,<br> of the person to contact in connection with this filing) <br>

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1): [_]<br>

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i): [_]<br>

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii): [_]<br>

[X]&nbsp;&nbsp;&nbsp;&nbsp; Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2).

Central Index Key Number of securitizer: 0001935586

<u> Monroe Capital ABS Funding II, LP </u> <br> (Exact name of issuing entity as specified in its charter) <br>

Central Index Key Number of issuing entity (if applicable): N/A

Central Index Key Number of underwriter (if applicable): N/A

<u> Theodore L. Koenig, (312) 258-8300 </u> <br> (Name and telephone number, including area code,<br> of the person to contact in connection with this filing) <br>

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#### INFORMATION TO BE INCLUDED IN THE REPORT

#### PART I: REPRESENTATION AND WARRANTY INFORMATION
N/A

#### PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

#### Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer
Attached as Exhibit 99.1 hereto is a Report of Independent Accountants on Applying Agreed-Upon Procedures, dated January 19, 2023, which report sets forth the findings of Ernst & Young LLP with respect to certain agreed-upon procedures performed by Ernst & Young LLP.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| Date: January 19, 2023 | &nbsp;&nbsp;&nbsp;&nbsp; Monroe Capital Private Credit Master Fund IV SCSp<br> (Securitizer)<br>By: <u>/s/</u> <u>Theodore L. Koenig</u> <br> Name: Theodore L. Koenig<br> Title: Authorized Signatory |

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#### EXHIBIT INDEX

Exhibit Number Description

Exhibit 99.1 Report of Independent Accountants on Applying Agreed-Upon Procedures, dated January 19, 2023.

## Exhibit 99.1

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| |
|:---|
| **Exhibit 99.1** |
| Monroe Capital ABS Funding II, LP <br>Report to: <br> Monroe Capital ABS Funding II, LP <br>19 January 2023<br>|

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![](graphic1.jpg)

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|:---|:---|:---|
| ![](graphic2.jpg) | Ernst & Young LLP <br>One Manhattan West<br>New York, NY 10001  | Tel: +1 212 773 3000<br> Fax: +1 212 773 6350<br> ey.com<br>|

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Report of Independent Accountants

on Applying Agreed-Upon Procedures

Monroe Capital ABS Funding II, LP

c/o The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, Delaware 19801

Re: Monroe Capital ABS Funding II, LP

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the addressee of this report, Monroe Capital Management Advisors, LLC (the "Collateral Manager"), Jefferies LLC ("Jefferies") and KeyBanc Capital Markets Inc. ("Keybanc" and, collectively, the "Specified Parties"), for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to Monroe Capital ABS Funding II, LP's (the "Issuer" or "Engaging Party") portfolio of middle market loans, broadly syndicated loans, recurring revenue loans and participation interests (the "Collateral Obligations") on an electronic data file and related decodes prepared by Jefferies pursuant to the Draft Governing Documents (as defined herein). This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the "AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. No other party acknowledged the appropriateness of the procedures. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. We make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

We are required to be independent of the Issuer and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. Independence requirements for agreed-upon procedures engagements are less restrictive than independence requirements for audit and other attestation services.

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Draft Governing Documents (as defined herein).

The procedures performed and our associated findings are included in Attachment A.

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|:---|:---|
| ![](graphic2.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;Page 2<br>|

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For the purpose of the procedures described in this report, Jefferies, on behalf of the Issuer, provided us with us with the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An electronic data file labeled as "MCAF 2023-1 Loan Tape - 1.12.23 (EY Tape).xlsx" and related decodes (the "Data File") that contains certain information on the Collateral Obligations as of 26 January 2023 (the "Pricing Cut-off
 Date") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A copy of a preliminary offering circular (the "Preliminary Offering Circular"), a draft copy of which we received dated 17 January 2023 related to the offering of certain of the Issuer's Notes (as defined below).

For the purpose of the procedures described in this report, the Collateral Manager, on behalf of the Issuer, provided us with the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An electronic data file labeled as "Fund IV Loan Contract Positions Report v2.xlsx" (the "Loan Report") which the Collateral Manager indicated was internally generated from their books and records and contains certain loan level
 information for the Collateral Obligations as of the Pricing Cut-Off Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. An electronic data file labeled as "MCAF 2023-1 Loan Tape - 11.16.22 KBRA ABS Selection and Stats v2.xlsx" (the "Loan Tape") which the Collateral Manager indicated was internally generated from their books and records and
 contains certain loan level information for the Collateral Obligations as of the Pricing Cut-Off Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A copy of an indenture to be entered into between the Issuer, and U.S. Bank Trust Company, National Association (the "Trustee"), a draft copy of which we received dated 23 December 2022 (the "Draft Indenture" and, together with
 the Preliminary Offering Circular, the "Draft Governing Documents"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Copies of certain Collateral Obligations' asset monitoring reports which the Collateral Manager indicated was internally generated from their books and records and contains certain loan level information for such Collateral
 Obligations as well as certain financial information of the obligor of such Collateral Obligations (each, an "Asset Monitoring Report"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Copies of certain Collateral Obligations' internally generated closing memoranda which the Collateral Manager indicated contain certain loan level information for such Collateral Obligations as well as certain financial
 information of the obligor of such Collateral Obligations (each, a "Closing Memo"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Copies of certain business presentations prepared by the Collateral Manager for such Collateral Obligations (each, a "Business Presentation"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Copies of certain screenshots that the Collateral Manager obtained from an internal system that contain certain loan level information for such Collateral Obligations (each, an "Internal System Screenshot"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Copies of preliminary or final credit agreements and amendments or supplements thereto (each, a "Credit Agreement") for the Sample Collateral Obligations (as defined herein),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Copies of funding memoranda (each, a "Funding Memorandum") for certain Sample Collateral Obligations (as defined herein),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Copies of financial statement reports (each, a "Financial Statement") for the obligors of the Sample Collateral Obligations (as defined herein) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Instructions, assumptions and methodologies (the "Assumptions"), which are shown on the attached Exhibit 1 of Attachment A.

The information provided by Jefferies and the Collateral Manager, each on behalf of the Issuer, is collectively referred to herein as the "Source Documents".

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|:---|:---|
| ![](graphic2.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;Page 3<br>|

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The procedures in Attachment A were limited to comparing certain information that is further described in Attachment A. We performed no procedures on any other information on the Data File and Pricing Date Data File (as defined on Attachment A). The Issuer is responsible for the information contained in the Data File, Pricing Date Data File (as defined on Attachment A), Source Documents, Exhibit 1 to Attachment A and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any further procedures than those listed in Attachment A with respect to the preparation or verification of any of the information set forth on the Data File or Pricing Date Data File (as defined on Attachment A). We have not verified and we make no representations as to the accuracy, completeness or reasonableness of the Source Documents, or any other information obtained or provided to us. We make no representations and express no opinion or conclusion as to: (a) the existence of the Collateral Obligations, (b) questions of legal or tax interpretation, (c) the appropriateness of the requirements of the Draft Governing Documents, (d) the accuracy, completeness or reasonableness of the assumptions and methodologies set forth in the Draft Governing Documents, (e) the accuracy, completeness or reasonableness of the information provided to us by the Jefferies, on behalf of the Issuer or (f) the accuracy, completeness or reasonableness of the information provided to us by the Collateral Manager, on behalf of the Issuer.

This report does not constitute a legal determination as to the Issuer's compliance with the Draft Governing Documents' specified requirements. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA, on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

This agreed-upon procedures engagement was not conducted for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Making any findings with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Whether the origination of the Collateral Obligations conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The value of the collateral securing the Collateral Obligations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Whether the originator of the Collateral Obligations complied with federal, state or local laws or regulations or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any other factor or characteristic of the Collateral Obligations that would be material to the likelihood that the issuer of the asset-backed security will pay interest and principal in accordance with applicable terms and conditions.

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| ![](graphic2.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;Page 4 <br>|

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This report is intended solely for the use of the Specified Parties and is not intended to be, and should not be, used by anyone other than these Specified Parties. It is not intended to be, and should not be, used by any other person or entity, including investors and credit rating agencies, who are not identified in this report as Specified Parties.

/s/ Ernst & Young LLP

19 January 2023

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| ![](graphic2.jpg) | **Attachment A**<br>Page 1 of 5<br>|

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#### Background

For the purpose of the procedures described in this Attachment A, the Draft Governing Documents relate to the Issuer's Class A-1 Senior Secured Floating Rate Notes (the "Class A-1 Notes"), Class A-L Senior Secured Floating Rate Loans (the "Class A-L Loans" and, together with the Class A-1 Notes, the "Class A Debt"), Class B Senior Secured Fixed Rate Notes (the "Class B Notes"), Class C Senior Secured Fixed Rate Notes (the "Class C Notes" and, collectively with the Class A-1 Notes and the Class B Notes, the "Secured Notes", and the Secured Notes together with the Class A-L Loans, the "Secured Debt") and Subordinated Notes (the "Subordinated Notes" and, together with the Secured Debt, the "Debt").

The Collateral Manager, on behalf of the Issuer, indicated that the Collateral Obligations on the Pricing Date Data File (as defined herein) represent the Collateral Obligations and the anticipated Principal Balance for each Collateral Obligation that the Issuer is expected to own or acquire by the Closing Date (as defined in the Draft Governing Documents). Furthermore, the Collateral Manager, on behalf of the Issuer, indicated that the Collateral Obligations ultimately owned or acquired on the Closing Date (as defined in the Draft Governing Documents) may not include all the Collateral Obligations listed on the Pricing Date Data File (as defined herein) and may include other Collateral Obligations acquired after the Pricing Cut-off Date (as defined herein). The procedures we performed were limited to comparing certain information on the Collateral Obligations on the Pricing Date Data File (as defined herein).

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| ![](graphic2.jpg) | **Attachment A**<br>Page 2 of 5<br>|

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#### Procedures we performed and our associated findings

The procedures we performed and our associated findings were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We obtained from Jefferies, on behalf of the Issuer, the Data File containing information on the Collateral Obligations as of the Pricing Cut-off Date. We compared the Characteristics (as defined herein) and Sample
 Characteristics (as defined herein) indicated below, as shown on the Data File, for the corresponding Collateral Obligations as indicated below, to the corresponding information on the Source Documents, Data Sources (as defined
 herein) and Additional Data Sources (as defined herein) as indicated below and Jefferies adjusted the information on the Data File to correct for differences we noted in performing the procedures described below, subject to any
 qualifications and exceptions stated in the Assumptions on Exhibit 1 to Attachment A. The Data File, as so adjusted, is herein referred to as the "Pricing Date Data File."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Issuer instructed us to randomly select a sample of three Collateral Obligations as shown in the Pricing Date Data File (each, a "Sample Collateral Obligation"), on which to perform the procedures as indicated in Item 4.
 below. The resulting Sample Collateral Obligations, as identified on the Pricing Date Data File, are:

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|:---|
| **Sample Collateral Obligations**  |
| [REDACTED] <br>|
| [REDACTED] |
| [REDACTED] |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For each Collateral Obligation included in the Pricing Date Data File, we compared the following characteristics, if applicable, (the "Characteristics") listed in the table below, and as shown on the Pricing Date Data File, with
 the corresponding information we obtained or derived on or after the Pricing Cut-off Date using certain Assumptions on Exhibit 1 to Attachment A and the following data sources (each, a "Data Source"), as applicable: (a) the Loan
 Report, (b) the Loan Tape, (c) Asset Monitoring Reports, (d) Closing Memos, (e) Business Presentations and (f) Internal System Screenshots. Where more than one Data Source is listed for a Characteristic, the Issuer instructed us to
 note agreement if the value on the Pricing Date Data File for the Characteristic agreed with the corresponding information on at least one of the Data Sources that are listed for such Characteristic. We performed no procedures to
 reconcile any differences that may exist between various Data Sources for any of the Characteristics.

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| | |
|:---|:---|
| **Characteristics**  | **Data Sources**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer<br> (labeled as "Issuer" on the Pricing Date Data File) | Asset Monitoring Reports, Closing Memos, Business Presentations, Internal System Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Balance<br> (labeled as "Principal Balance" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lien Position<br> (labeled as "Lien Position" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring Revenue Loan (y/n)<br> (labeled as "RRL" on the Pricing Date Data File) | Asset Monitoring Reports, Closing Memos, Business Presentations |

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|:---|:---|
| ![](graphic2.jpg) | **Attachment A**<br>Page 3 of 5<br>|

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3. (continued)

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| | |
|:---|:---|
| **Characteristics (continued)**  | **Data Sources (continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity Date<br> (labeled as "Maturity" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Country<br> (labeled as "Country" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industry<br> (labeled as "Moody's Industry" on the Pricing Date Data File | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupon Type<br> (labeled as "Coupon Type" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LIBOR / SOFR Spread<br> (labeled as "Cash Spread" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LIBOR / SOFR Floor Rate<br> (labeled as "LIBOR / SOFR Floor" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK Spread<br> (labeled as "PIK %" on the Pricing Date Data File) | Loan Tape, Asset Monitoring Reports |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment frequency<br> (labeled as "Frequency" on the Pricing Date Data File) | Loan Report, Internal System Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenants (y/n)<br> (labeled as "Covenants" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe Rating<br> (labeled as "Monroe Rating" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current LTV<br> (labeled as "Current LTV" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of Date for Financials<br> (labeled as "As of Date for Financials" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Indebtedness<br> (labeled as "Senior Indebtedness ($MMs)" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Indebtedness<br> (labeled as "Total Indebtedness ($MMs)" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTM Adjusted 1st Lien EBITDA Debt Multiple (current)<br> (labeled as "LTM Adj 1st Lien EBITDA Debt Mult (current)" on the Pricing Date Data File) | Asset Monitoring Reports, Closing Memos |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTM Adjusted 1st Lien RR Debt Multiple (current)<br> (labeled as "LTM Adj 1st Lien RR Debt Mult (current)" on the Pricing Date Data File) | Asset Monitoring Reports, Closing Memos, Business Presentations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTM EBITDA Adjusted<br> (labeled as "LTM EBITDA Adj" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTM Recurring Revenue<br> (labeled as "LTM Recurring Revenue" on the Pricing Date Data File) | Asset Monitoring Reports, Closing Memos, Business Presentations |

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|:---|:---|
| ![](graphic2.jpg) | **Attachment A**<br>Page 4 of 5<br>|

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3. (continued)

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| | |
|:---|:---|
| **Characteristics (continued)**  | **Data Sources (continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring Revenue Loan > 90% (Yes/No)<br> (labeled as "Net Revenue Retention is greater than 90%?" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring Revenue Loan > $50M (Yes/No)<br> (labeled as "TTM Revenue is Greater than $50M?" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTV Ratio <= 35% (True/False)<br> (labeled as "LTV < 35%?" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twelve-month Annualized Revenue > $0 (Yes/No)<br> (labeled as "TTM Revenue Growth Positive?" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring Revenue Loan < $75M (True/False)<br> (labeled as "ARR Less Than $75mm?" on the Pricing Date Data File) | Loan Tape |

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All Characteristics were in agreement. In performing this procedure, we were instructed by the Issuer to ignore differences that appeared to be due to abbreviation, truncation or punctuation or differences that are within (i) +/- $100.00 or less, (ii) +/- 0.1x or less, (iii) +/- 0.01% or less or (iv) +/- 30 days or less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For each Sample Collateral Obligation included in the Pricing Date Data File, we compared the following characteristics, if applicable, (the "Sample Characteristics") listed in the table below, and as shown on the Pricing Date
 Data File, with the corresponding information we obtained or derived on or after the Pricing Cut-off Date using certain Assumptions on Exhibit 1 to Attachment A, information on the Pricing Date Data File and the following data
 sources (each, an "Additional Data Source"), as applicable: (a) Credit Agreements, (b) Funding Memoranda and (c) Financial Statements. Where more than one Additional Data Source is listed for a Sample Characteristic, the Issuer
 instructed us to note agreement if the value on the Pricing Date Data File for the Sample Characteristic agreed with the corresponding information on at least one of the Additional Data Sources that are listed for such Sample
 Characteristic. We performed no procedures to reconcile any differences that may exist between various Additional Data Sources to the Data Sources for any of the Sample Characteristics for any of the Sample Collateral Obligations.

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| | |
|:---|:---|
| **Sample Characteristics**  | **Additional Data Sources**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer<br> (labeled as "Issuer" on the Pricing Date Data File) | Credit Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lien Position<br> (labeled as "Lien Position" on the Pricing Date Data File) | Credit Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring Revenue Loan (y/n)<br> (labeled as "RRL" on the Pricing Date Data File) | Credit Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity Date<br> (labeled as "Maturity" on the Pricing Date Data File) | Credit Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Country<br> (labeled as "Country" on the Pricing Date Data File) | Credit Agreements |

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|:---|:---|
| ![](graphic2.jpg) | **Attachment A**<br>Page 5 of 5<br>|

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4. (continued)

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| | |
|:---|:---|
| **Sample Characteristics (continued)**  | **Additional Data Sources (continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupon Type<br> (labeled as "Coupon Type" on the Pricing Date Data File) | Credit Agreements, Funding Memoranda |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LIBOR / SOFR Spread<br> (labeled as "Cash Spread" on the Pricing Date Data File) | Funding Memoranda |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LIBOR / SOFR Floor Rate<br> (labeled as "LIBOR / SOFR Floor" on the Pricing Date Data File) | Credit Agreements |
| PIK Spread<br> (labeled as "PIK %" on the Pricing Date Data File) | Credit Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenants (y/n)<br> (labeled as "Covenants" on the Pricing Date Data File) | Credit Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current LTV<br> (labeled as "Current LTV" on the Pricing Date Data File) | Financial Statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of Date for Financials<br> (labeled as "As of Date for Financials" on the Pricing Date Data File) | Financial Statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Indebtedness<br> (labeled as "Senior Indebtedness ($MMs)" on the Pricing Date Data File) | Financial Statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Indebtedness<br> (labeled as "Total Indebtedness ($MMs)" on the Pricing Date Data File) | Financial Statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTM Adjusted 1st Lien EBITDA Debt Multiple (current)<br> (labeled as "LTM Adj 1st Lien EBITDA Debt Mult (current)" on the Pricing Date Data File) | Financial Statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTM Adjusted 1st Lien RR Debt Multiple (current)<br> (labeled as "LTM Adj 1st Lien RR Debt Mult (current)" on the Pricing Date Data File) | Financial Statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTM EBITDA Adjusted<br> (labeled as "LTM EBITDA Adj" on the Pricing Date Data File) | Financial Statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTM Recurring Revenue<br> (labeled as "LTM Recurring Revenue" on the Pricing Date Data File) | Financial Statements |

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All Sample Characteristics were in agreement. In performing this procedure, we were instructed by the Issuer to ignore differences that appeared to be due to abbreviation, truncation or punctuation or differences that are within (i) +/- $100.00 or less, (ii) +/- 0.1x or less, (iii) +/- 0.01% or less or (iv) +/- 30 days or less.

We performed no other procedures on any other information on the Pricing Date Data File. <br>

------

#### Exhibit 1 to Attachment A<br>

#### Assumptions

(refer to Items 1., 3. and 4.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For the purpose of comparing the "Issuer" Characteristic and the "Issuer" Sample Characteristic, the Collateral Manager, on behalf of the Issuer, instructed us to use either the obligor, the parent company of the obligor or a
 co-borrower with the obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For the purpose of comparing the "LTM Recurring Revenue" Characteristic and "LTM Recurring Revenue" Sample Characteristic, the Collateral Manager, on behalf of the Issuer, indicated that the corresponding values shown on the
 Asset Monitoring Reports, Business Presentations, Financial Statements and Closing Memos are shown in thousands ('000s) for all Collateral Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Collateral Manager, on behalf of the Issuer, indicated that the "LTM Adjusted 1st Lien EBITDA Debt Multiple (current)" Characteristic, "LTM EBITDA Adjusted" Characteristic, "LTM Adjusted 1st Lien EBITDA Debt Multiple
 (current)" Sample Characteristic and "LTM EBITDA Adjusted" Sample Characteristic are only applicable to Collateral Obligations that are not identified as Recurring Revenue Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Collateral Manager, on behalf of the Issuer, indicated that the "LTM Adjusted 1st Lien RR Debt Multiple (current)" Characteristic, "LTM Recurring Revenue" Characteristic, "Recurring Revenue Loan > 90% (Yes/No)"
 Characteristic, "Recurring Revenue Loan > $50M (Yes/No)" Characteristic, "LTV Ratio <= 35% (True/False)" Characteristic, "Twelve-month Annualized Revenue > $0 (Yes/No)" Characteristic, "Recurring Revenue Loan < $75M
 (True/False)" Characteristic, "LTM Adjusted 1st Lien RR Debt Multiple (current)" Sample Characteristic and "LTM Recurring Revenue" Sample Characteristic are only applicable to Collateral Obligations that are identified as Recurring
 Revenue Loans.

<br>