Document:

Exhibit 10.2

 

EXECUTION VERSION

 

COLLATERAL MANAGEMENT AGREEMENT

 

 

 

 

 

dated as of April 7, 2022

 

by and between

 

 

 

 

 

MONROE CAPITAL INCOME PLUS ABS FUNDING, LLC,

 

as Issuer

 

 

 

 

 

and

 

 

 

 

 

MONROE CAPITAL BDC ADVISORS, LLC,

 

as Collateral Manager

 

     

     

    

 

		Table of Contents	 
		 	Page

 

	Section 1.	Definitions	1
	Section 2.	Duties of the COLLATERAL Manager	4
	Section 3.	Brokerage; Agency Cross Transactions	8
	Section 4.	Additional Activities of the COLLATERAL Manager	10
	Section 5.	Conflicts of Interest	13
	Section 6.	Records; Confidentiality	14
	Section 7.	Obligations Concerning Particular Matters	15
	Section 8.	Compensation	16
	Section 9.	Limits of COLLATERAL Manager Responsibility; Indemnification	19
	Section 10.	No Joint Venture	22
	Section 11.	Term; Removal and Resignation	22
	Section 12.	Obligations of Resigning or Removed COLLATERAL Manager; Effect of Termination, Resignation or Removal	24
	Section 13.	Delegation; Assignments	26
	Section 14.	Representations and Warranties	27
	Section 15.	No Petition; No Recourse	31
	Section 16.	Notices	31
	Section 17.	Binding Nature of Agreement; Successors and Assigns; Benefits of Agreement	32
	Section 18.	Entire Agreement; Amendments	32
	Section 19.	Third Party Beneficiaries	32
	Section 20.	17g-5; Other Agreements	32
	Section 21.	Governing Law	33
	Section 22.	Indulgences Not Waivers	33
	Section 23.	Titles Not to Affect Interpretation	33
	Section 24.	Execution in Counterparts	33
	Section 25.	Provisions Separable	34
	Section 26.	Number and Gender	34
	Section 27.	Collateral Assignment	34
	Section 28.	Written Disclosure Statement	34
	Section 29.	Survival	34

 

    -i-

     

    

 

		Table of Contents	 
		(continued)	 
		 	Page

 

 

	ANNEX A	FORM OF ASSIGNMENT AND ASSUMPTION	36
	ANNEX 1	TO FORM OF ASSIGNMENT AND ASSUMPTION	3

 

    -ii-

     

    

 

COLLATERAL MANAGEMENT AGREEMENT

 

This Collateral Management
Agreement (this "Agreement"), dated as of April 7, 2022 is entered into by and between Monroe Capital Income
Plus ABS Funding, LLC, a limited liability company organized under the laws of the State of Delaware (together with its successors and
assigns permitted hereunder, the "Issuer"), and Monroe Capital BDC Advisors, LLC, as collateral manager (together with
its successors and assigns permitted hereunder, the "Collateral Manager").

 

WITNESSETH:

 

WHEREAS, pursuant to
an Indenture, dated as of the date hereof (the "Indenture"), between the Issuer and U.S. Bank Trust Company, National
Association, as trustee (the "Trustee"), the Issuer intends to issue the Secured Notes (as defined in the Indenture)
and the Subordinated Notes (as defined in the Indenture);

 

WHEREAS, the Issuer
intends to pledge the Assets (as defined in the Indenture) to the Trustee;

 

WHEREAS, the Issuer
wishes to enter into this Agreement, pursuant to which the Collateral Manager agrees to perform, on behalf of the Issuer, certain duties
with respect to the Assets in the manner and on the terms set forth herein and to provide such additional services as are consistent with
the terms of this Agreement and the Indenture; and

 

WHEREAS, the Collateral
Manager has the capacity to provide the services required hereunder and is prepared to perform such services upon the terms and conditions
set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual agreements herein set forth, the parties hereto agree as follows:

 

Section 1.
Definitions.

 

Capitalized terms used but
not defined herein shall have the meanings set forth in the Indenture.

 

"Actions":
The meaning specified in Section 9(b).

 

"Advisers Act":
The U.S. Investment Advisers Act of 1940, as amended.

 

"Affiliate"
or "Affiliated": With respect to a Person, (i) any other Person who, directly or indirectly, is in control of, or
controlled by, or under common control with, such Person or (ii) any other Person who is a director, manager, member, partner, shareholder,
officer or employee (a) of such Person, (b) of any subsidiary or parent company of such Person or (c) of any Person described
in clause (i) above. For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (x) to
vote more than 50% of the securities having ordinary voting power for the election of directors of any such Person or (y) to direct
or cause the direction of the management and policies of such Person, whether by contract or otherwise. For purposes of this definition,
no entity to which the Collateral Manager provides investment management or advisory services will be deemed an Affiliate of the Collateral
Manager solely because the Collateral Manager acts in such capacity.

 

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"Aggregate Collateral
Management Fee": The meaning specified in Section 8(a).

 

"Cause":
The meaning specified in Section 11(c).

 

"Collateral Management
Fee": The meaning specified in Section 8(a).

 

"Collateral Management
Fee Shortfall Amount": The meaning specified in Section 8(a).

 

"Collateral Manager":
The meaning specified in the Preamble.

 

"Collateral Manager
Information": The meaning specified in Section 9(a).

 

"Collateral Manager
Notes": Any Notes owned by the Collateral Manager, an Affiliate thereof, or any account, fund, client or portfolio established
and controlled by the Collateral Manager or an Affiliate thereof or for which the Collateral Manager or an Affiliate thereof acts as the
investment adviser or with respect to which the Collateral Manager or an Affiliate thereof exercises discretionary control.

 

"Confidential Information":
The meaning specified in Section 6(b).

 

"Cumulative Deferred
Management Fee": The meaning specified in Section 8(a).

 

"Current Deferred
Management Fee": The meaning specified in Section 8(a).

 

"Expenses":
The meaning specified in Section 9(b).

 

"Indemnified Party":
The meaning specified in Section 9(d).

 

"Indemnifying Party":
The meaning specified in Section 9(d)(i).

 

"Indenture":
The meaning specified in the Recitals.

 

"Independent":
As to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any member
thereof, or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct
or any material indirect financial interest in such Person or in any Affiliate of such Person, and (ii) is not connected with such
Person as an officer, employee, promoter, underwriter, voting trustee, partner, manager, director or Person performing similar functions.
 "Independent" when used with respect to any accountant may include an accountant who audits the books of such Person if in addition
to satisfying the criteria set forth above, the accountant is independent with respect to such Person within the meaning of Rule 101
of the Code of Professional Conduct of the American Institute of Certified Public Accountants. For purposes of this definition, no manager
or director of any Person will fail to be Independent solely because such Person acts as an independent manager or independent director
thereof or of any such Person's Affiliates.

 

    2

     

    

 

"Independent Investment
Professional": A conflicts review board established by the Issuer or Collateral Manager on behalf of the Issuer or an independent
third party appointed by the Issuer or Collateral Manager on behalf of the Issuer to act on behalf of the Issuer with respect to affiliate
transactions.

 

"Issuer":
The meaning specified in the Preamble.

 

"Issuer Documents":
The meaning specified in Section 14(a)(i).

 

"Liabilities":
The meaning specified in Section 9(a).

 

"Manager Termination
Date": The meaning specified in Section 12(a).

 

"Organizational Instruments":
The memorandum and articles of association or certificate of incorporation and bylaws (or the comparable documents for the applicable
jurisdiction), in the case of a corporation, or the certificate of partnership and partnership agreement (or the comparable documents
for the applicable jurisdiction), in the case of a partnership, or the certificate of formation and limited liability company agreement
(or the comparable documents for the applicable jurisdiction), in the case of a limited liability company, or the certificate of trust
and trust agreement (or the comparable documents for the applicable jurisdiction), in the case of a statutory trust.

 

"Person":
An individual, corporation (including a business trust), partnership (general or limited), limited liability company, joint venture, association,
joint stock company, trust (including any beneficiary thereof), bank, unincorporated association or government or any agency or political
subdivision thereof or any other entity of similar nature.

 

"Registered Investment
Adviser": A Person duly registered as an investment adviser (including by being identified as a "relying adviser" in
its related "filing adviser's" Form ADV) in accordance with and pursuant to Section 203 of the Advisers Act.

 

"Successor Criteria":
The meaning specified in Section 12(a).

 

"Successor Manager":
The meaning specified in Section 12(a).

 

"Trustee":
The meaning specified in the Recitals.

 

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Section 2.
Duties of the COLLATERAL Manager.

 

Subject to and in accordance
with the Indenture and this Agreement, the Collateral Manager shall provide services to the Issuer as follows:

 

(a)            Duties
Specified Herein and in the Indenture; Power of Attorney. The Collateral Manager agrees to manage the investment and reinvestment
of the Assets and shall perform, on behalf of the Issuer, those investment-related duties that have been expressly delegated to the Collateral
Manager in this Agreement and in the Indenture. Any reference in this Agreement to the Collateral Manager's duties or obligations shall
also include those duties expressly delegated to it in the Indenture and the Collateral Administration Agreement and those duties of the
Issuer under the Indenture which the Collateral Manager, in its sole discretion, has agreed to perform on the Issuer's behalf; it being
understood that the Collateral Manager shall have no obligation to perform any duties other than its duties as specified herein or expressly
delegated to it in the Indenture and the Collateral Manager shall not be subject to any implied obligations of any kind.

 

In furtherance of the foregoing,
the Issuer hereby appoints the Collateral Manager as the Issuer's true and lawful agent and attorney-in-fact, with full power of substitution
and full authority in the Issuer's name, place and stead, and without any necessary further approval of the Issuer, in connection with
the performance of the Collateral Manager's duties provided for in this Agreement, including, without limitation, the following powers:
(i) to buy, sell, exchange, convert and otherwise trade Collateral Obligations, Eligible Investments, Restructured Obligations, Specified
Equity Securities and Equity Securities and (ii) to negotiate, execute and deliver all necessary and appropriate documents and instruments
on behalf of the Issuer to the extent necessary or appropriate to perform the services referred to in the first paragraph of this Section 2(a).
The foregoing power of attorney is a continuing power, coupled with an interest, and shall remain in full force and effect until revoked
by the Issuer in writing by virtue of the termination of this Agreement pursuant to Section 11 hereof or an assignment of this Agreement
pursuant to Section 13 hereof; provided that any such revocation shall not affect any transaction initiated prior to such
revocation. Nevertheless, if so requested by the Collateral Manager or a purchaser of a Collateral Obligation, Eligible Investment, Restructured
Obligation, Specified Equity Security or an Equity Security, the Issuer shall ratify and confirm any such sale or other disposition by
executing and delivering to the Collateral Manager or such purchaser all proper assignments, releases and other instruments as may be
designated in any such request.

 

(b)            Standard
of Care. The Collateral Manager shall perform its obligations hereunder and under, and in accordance with, the Indenture with reasonable
care and in good faith using a degree of skill and attention no less than that which the Collateral Manager exercises with respect to
comparable assets that it manages for itself and others having similar investment objectives and restrictions and in accordance with its
existing practices and procedures with respect to investing in assets of the nature and character of the Assets, except as expressly provided
otherwise in this Agreement or the Indenture; provided, however, that in no event shall the Collateral Manager be (i) liable
or responsible for the performance of the Assets, (ii) obligated to perform any other duties other than as expressly specified in
this Agreement or in the Indenture or (iii) obligated to pursue any particular investment strategy or opportunity with respect to
the Assets. To the extent not inconsistent with the foregoing, the Collateral Manager will follow its customary standards, policies and
procedures in performing its duties under this Agreement and the Indenture; provided that the Collateral Manager shall not be liable for
any loss or damages resulting from any failure to satisfy the standard of care set forth in this paragraph except to the extent such failure
would result in liability pursuant to Section 9 hereof. In providing services to the Issuer hereunder, the Collateral Manager shall
take into consideration the interests of the Holders of Notes as a whole. The Collateral Manager may, with respect to the affairs of the
Issuer, consult with counsel, accountants and other advisors as deemed necessary or appropriate, in their capacity as such, selected by
the Collateral Manager, and the Collateral Manager shall be fully protected, to the extent permitted by applicable law, in acting or failing
to act hereunder if such action or inaction is taken or not taken by the Collateral Manager in good faith in accordance with the advice
or opinion of such counsel, accountants or advisors.

 

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(c)            Compliance
with the Indenture; Amendments to the Indenture. The Collateral Manager shall comply with all the terms and conditions of the Indenture
applicable to the duties and functions the Collateral Manager has agreed to perform pursuant to this Agreement. If this Agreement requires
any action to be taken with respect to any matter and the Indenture requires that a different action be taken with respect to such matter,
and such actions are mutually exclusive, the provisions of the Indenture in respect thereof shall control. Notwithstanding the foregoing,
the Collateral Manager shall not be bound to follow any supplemental indenture until (i) the Collateral Manager has received written
notice and a copy thereof and (ii) the Collateral Manager shall have consented thereto in writing. The Issuer agrees not to execute
any such supplemental indenture unless the Collateral Manager has consented thereto in writing.

 

(d)            Monitoring
and Reporting. The Collateral Manager shall monitor the Assets, on behalf of the Issuer, on an ongoing basis and, consistent with
the Collateral Administration Agreement, cooperate with the Collateral Administrator in providing to or at the direction of the Issuer
all reports, schedules and other data which the Issuer is required to prepare, deliver or furnish under the Indenture in the form and
containing all information required thereby and in sufficient time for the Issuer to review such required reports, schedules and data
and to deliver them to the parties entitled thereto under the Indenture. The Collateral Manager shall also provide all reports, schedules
and other data which it is required to prepare, deliver or furnish under the Indenture, including pursuant to Section 10.6(a) of
the Indenture. The Collateral Manager shall, on behalf of the Issuer, be responsible for obtaining to the extent reasonably practicable
(and subject to any confidentiality restrictions) and from sources of information normally available to it any information concerning
whether a Collateral Obligation has become a Defaulted Obligation.

 

(e)            Selection
and Management of Assets; Optional Redemption. The Collateral Manager shall in accordance with the provisions of the Indenture, the
Loan Sale Agreement and this Agreement (1) select all Collateral Obligations and Eligible Investments to be acquired by the Issuer
and pledged to the Trustee pursuant to the Indenture and acquire on behalf of the Issuer all such Collateral Obligations and Eligible
Investments, (2) facilitate and manage the acquisition and settlement of Collateral Obligations, Restructured Obligations, Equity
Securities, Specified Equity Securities and Eligible Investments by the Issuer and (3) consistent with the Collateral Manager's standard
of care set forth in Section 2(b), take action on behalf of the Issuer in connection with effectuating any Optional Redemption (including
any Refinancing) in accordance with the Indenture, including directing the sale (and the manner thereof) of Assets to the extent necessary
to make payments in connection therewith. The Collateral Manager may, in accordance with the provisions of the Indenture and this Agreement,
take any of the following actions on behalf of the Issuer or, subject to and in accordance with the applicable provisions of the Indenture
and this Agreement, direct the Trustee in writing to take any of the following actions, with respect to a Collateral Obligation, Restructured
Obligation, Specified Equity Security, Equity Security or Eligible Investment:

 

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(i)             retain
such Collateral Obligation, Eligible Investment, Restructured Obligation, Specified Equity Security or Equity Security;

 

(ii)            sell
or dispose of such Collateral Obligation, Eligible Investment, Restructured Obligation, Specified Equity Security or Equity Security in
the open market or otherwise;

 

(iii)           acquire,
in substitution for or in addition to any one or more Collateral Obligations or Eligible Investments included in the Assets, one or more
additional Collateral Obligations or Eligible Investments;

 

(iv)           if
applicable, tender such Collateral Obligation, Eligible Investment, Equity Security or Specified Equity Security pursuant to an Offer;

 

(v)            if
applicable consent to any proposed amendment, extension, restatement, restructuring, modification or waiver;

 

(vi)           retain
or dispose of any securities or other property (if other than Cash) received pursuant to an Offer;

 

(vii)          vote
(by proxy or otherwise) or refrain from voting with respect to any Assets;

 

(viii)         waive
any default with respect to any Defaulted Obligation;

 

(ix)           vote
to accelerate (or rescind the acceleration of) the maturity of any Defaulted Obligation; and

 

(x)            exercise
any other rights or remedies with respect to a Collateral Obligation, Restructured Obligation, Specified Equity Security, Equity Security
or Eligible Investment as provided in the related Underlying Instruments or take any other action consistent with the terms of the Indenture.

 

In performing its duties hereunder
and when exercising its discretion and judgment in connection with any transactions involving the Assets, the Collateral Manager shall
make a good faith attempt to carry out any reasonable written directions of the Issuer for the purpose of the Issuer's compliance with
its Organizational Instruments and the Indenture; provided that such directions are not inconsistent with any provision of this
Agreement or the Indenture by which the Collateral Manager is bound or prohibited by applicable law.

 

    6

     

    

 

Notwithstanding anything herein
or any other Transaction Document to the contrary, the Collateral Manager shall have no authority to hold (directly or indirectly), or
otherwise take possession of, any funds or securities of the Issuer (including Collateral Obligations or Eligible Investments). Without
limiting the foregoing, the Collateral Manager shall have no authority to (i) sign checks on the Issuer's behalf, (ii) deduct
fees from any Account, (iii) withdraw funds or securities from any Account, or (iv) dispose of funds in any Account for any
purpose other than pursuant to transactions authorized by the Indenture; provided that, subject to Sections 2 and 3 hereof, the
foregoing clauses (i) through (iv) shall not limit the Collateral Manager's ability to acquire Collateral Obligations, Restructured
Obligations, Specified Equity Securities, Equity Securities and Eligible Investments pursuant to and in accordance with the Indenture
and this Agreement or to direct the sale of Collateral Obligations, Restructured Obligations, Specified Equity Securities, Equity Securities
and Eligible Investments pursuant to and in accordance with the Indenture and this Agreement. The Collateral Manager agrees that any requests
regarding the disbursement of any funds in any Account must be made in accordance with the Indenture and must be sent to the Trustee.
Nothing in this paragraph shall prohibit the Collateral Manager from issuing instructions to the Trustee or Collateral Administrator to
effect or to settle any bills of sale, assignments, agreements and other instruments in connection with any acquisition, sale or other
disposition of any Assets of the Issuer as permitted by the Indenture and the terms hereof.

 

(f)            With
respect to each Payment Date, the Collateral Manager (on behalf of the Issuer) shall make available to the Rating Agency, the Trustee,
the Collateral Manager, the Initial Purchasers and to any other Holder shown on the register of a Note, and any beneficial owner of a
Note who has delivered a Beneficial Ownership Certificate to the Trustee, the Distribution Report no later than the Business Day prior
to the related Payment Date. The Distribution Report shall be completed with the information specified in the form of Distribution Report
attached to the Collateral Management Agreement, in each case for the related Collection Period and Payment Date.

 

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Section 3.
Brokerage; Agency Cross Transactions.

 

(a)            Brokerage.
The Collateral Manager shall cause any purchase or sale of any Collateral Obligation to be conducted on arm's length terms, and shall
use commercially reasonable efforts to obtain the best execution (but shall have no obligation to obtain the lowest price available) of
all orders placed with respect to the Assets, considering all relevant circumstances. Subject to the preceding sentence, the Collateral
Manager may take into consideration research and other brokerage services furnished to the Collateral Manager or its Affiliates by brokers
and dealers in compliance with Section 28(e) of the Exchange Act. Such services may be used by the Collateral Manager or its
Affiliates in connection with their respective other advisory activities or investment operations. The Collateral Manager may, but shall
not be required to, aggregate sales and purchase orders of securities placed with respect to the Assets with similar orders being made
simultaneously for other accounts managed by the Collateral Manager or with similar orders being made simultaneously for its proprietary
accounts or accounts of its Affiliates. In accounting for such aggregate order price, commissions and other expenses may be apportioned
on a weighted average basis. In assessing the best execution available for any purchase or sale of any Collateral Obligation, the Collateral
Manager will consider all factors it deems relevant including, but not limited to, the requirements of the Indenture and of this Agreement,
the timing for such purchase or sale, the breadth of the market in the relevant security or loan, market conditions, price, the financial
condition and execution capability of the broker or dealer. When any aggregate sales or purchase orders occur, the Collateral Manager
(and any of its Affiliates involved in such transactions) shall allocate the executions among the accounts and shall execute or direct
the execution of all such transactions in a manner deemed equitable by the Collateral Manager in its sole discretion. In addition to the
foregoing and subject to the objective of obtaining best execution and to the extent permitted by applicable law and the Indenture, the
Collateral Manager may, on behalf of the Issuer, acquire or direct the Trustee in writing to acquire any and all of the Eligible Investments
or other Assets from, or sell Collateral Obligations or other Assets to, any of the Collateral Manager's Affiliates, the Initial Purchasers,
the Collateral Administrator and any of their respective Affiliates.

 

The Issuer acknowledges and
agrees that (i) the determination by the Collateral Manager of any benefit to the Issuer will be subjective and will represent the
Collateral Manager's evaluation at the time that the Issuer will be benefited by relatively better purchase or sales prices, lower brokerage
commissions, lower transaction costs and expenses and beneficial timing of transactions or any combination of any of these and/or other
factors and (ii) the Collateral Manager shall be fully protected with respect to any such determination to the extent the Collateral
Manager acts in accordance with Section 2(b) hereof. The Issuer further acknowledges and agrees that the Collateral Manager
or any of its Affiliates may acquire or sell obligations or securities, for its own account or for the accounts of its customers, without
either requiring or precluding the acquisition or sale of such obligations or securities for the account of the Issuer. Such investments
may be the same or different from those made on behalf of the Issuer. If, in light of market conditions and investment objectives, the
Collateral Manager determines that it would be advisable to sell or purchase the same item of Collateral Obligations both for the Issuer,
and either the proprietary account of the Collateral Manager or any Affiliate of the Collateral Manager or another client of the Collateral
Manager, the Collateral Manager shall allocate such investment opportunities across such entities for which such opportunities are appropriate
consistent with any applicable requirements of the Advisers Act. The Issuer agrees that, in the course of managing the Collateral Obligations
held by the Issuer, the Collateral Manager may consider its relationships with other clients (including obligors and issuers) and its
Affiliates. The Collateral Manager may decline to make a particular investment for the Issuer in view of such relationships.

 

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(b)            Agency
Cross Transactions and Cross Trades.

 

(i)             The
Issuer hereby agrees that the Collateral Manager (or any Affiliated broker-dealer) shall be permitted to engage in agency cross transactions,
as defined in Rule 206(3)-2 under the Advisers Act; provided that the Collateral Manager complies with the requirements of
such Rule as specified in Section 3(b)(iii). The Issuer acknowledges that with respect to such agency cross transactions, the
Collateral Manager (or any Affiliated broker-dealer) will act as broker for the Issuer and for the other party to the transaction and
may be compensated by any or all participants in the transaction, to the extent permitted under applicable law.

 

(ii)            The
Issuer acknowledges and agrees that the Collateral Manager may direct the Issuer to acquire or dispose of Collateral Obligations in cross
trades between the Issuer and other clients of the Collateral Manager or any of its Affiliates in accordance with applicable legal and
regulatory requirements. In such case, the Collateral Manager and such Affiliates may have potentially conflicting division of loyalties
and responsibilities regarding the Issuer and the other parties to such trade. The Issuer acknowledges and agrees that the Collateral
Manager and its Affiliates may determine that it is appropriate to avoid such conflicts by selling a Collateral Obligation at a fair value
that has been calculated pursuant to the Collateral Manager's valuation procedures to another fund managed or advised by the Collateral
Manager or such Affiliates.

 

(iii)           To
the extent that any transactions set forth in the above Section 3(b)(i) or 3(b)(ii) are Affiliate transactions, the Collateral
Manager shall obtain the Issuer's consent to such transaction through the Independent Investment Professional, following written disclosure
thereto prior to settlement of such transaction which shall constitute the consent of the Issuer required under Section 206(3) of
the Advisers Act. The Issuer hereby authorizes and consents to the Collateral Manager engaging in transactions contemplated by the above
Sections 3(b)(i) or 3(b)(ii) and acting in such capacity as specified in this Section 3(b)(iii) so long as the Collateral
Manager presents such trade to the Independent Investment Professional for review and such trade is approved in writing by the Independent
Investment Professional.

 

(iv)           To
the extent that the Issuer acquires any Collateral Obligations directly from the Collateral Manager or its Affiliates, the Collateral
Manager shall cause such acquisition to be made pursuant to an assignment and assumption agreement that is in all material respects substantially
in the form of Annex A hereto.

 

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Section 4.
Additional Activities of the COLLATERAL Manager.

 

(a)            Other
Activities. Nothing herein shall prevent the Collateral Manager or any of its Affiliates from engaging in other businesses, or from
rendering services of any kind to the Issuer and its Affiliates, the Trustee, the Holders or any other Person to the extent permitted
by applicable law. Without limiting the generality of the foregoing, the Collateral Manager, its Affiliates and the individuals who are
partners, managers, members, shareholders, directors, officers, employees or agents of the Collateral Manager and its Affiliates may,
subject to any limits specified in the Indenture:

 

(i)            serve
as managers or directors (whether supervisory or managing), officers, partners, employees, agents, nominees or signatories for the Issuer
or any Affiliate thereof, or for any issuer or obligor of any obligations included in the Assets or their respective Affiliates, to the
extent permitted by their Underlying Instruments, as from time to time amended, or by any resolutions duly adopted by the Issuer, its
Affiliates or any issuer of any obligations included in the Assets or its Affiliates, pursuant to their respective Underlying Instruments;

 

(ii)            receive
fees for services of any nature rendered to the issuer or obligor of any obligations included in the Assets or their Affiliates;

 

(iii)           be
a secured or unsecured creditor of, or hold an equity interest (including a controlling interest) in, or own or hold securities issued
by, the Issuer (including any Notes), its Affiliates or any issuer or obligor of any obligation included in the Assets; and

 

(iv)           act
as collateral manager, portfolio manager, investment manager and/or investment advisers or subadviser in collateralized bond obligation
vehicles, collateralized loan obligation vehicles and other similar warehousing, financing or other investment vehicles.

 

As a result, such individuals
may possess information relating to obligors and issuers of Collateral Obligations that is (a) not known to or (b) known but
restricted as to its use by, the individuals at the Collateral Manager responsible for monitoring the Collateral Obligations and performing
the other obligations of the Collateral Manager under this Agreement. Each of such ownership and other relationships may result in securities
laws restrictions on transactions in such securities by the Issuer and otherwise create conflicts of interest for the Issuer. The Issuer
acknowledges and agrees that, in all such instances, the Collateral Manager and its Affiliates may in their discretion make investment
recommendations and decisions that may be the same as or different from those made with respect to the Issuer's investments and they have
no duty, in making or managing such investments, to act in a way that is favorable to the Issuer.

 

The Issuer acknowledges that
there are generally no ethical screens or information barriers among the Collateral Manager and certain of its Affiliates of the type
that many firms implement to separate Persons who make investment decisions from others who might possess material, non-public information
that could influence such decisions. The officers or Affiliates of the Collateral Manager may possess information relating to obligors
of Collateral Obligations that is not known to the individuals at the Collateral Manager responsible for monitoring the Collateral Obligations
and performing the other obligations under this Agreement.

 

(b)            Trading
on Behalf of Self and Others. The Issuer acknowledges and agrees that the Collateral Manager and its Affiliates may hold, purchase,
sell, trade or take other related actions both for their respective accounts and for the accounts of their respective clients, on a principal
or agency basis, with respect to loans, securities and other investments and financial instruments of all types. In addition, Affiliates
of the Collateral Manager may also engage in any other business, including private equity and capital markets-oriented investment activities,
and furnish investment management and advisory services and other types of services to others which may include, without limitation, serving
as collateral manager or asset manager for, investing in, lending to, or being Affiliated with, other entities organized to issue collateralized
loan obligations or asset-backed securities secured by debt obligations such as the Collateral Obligations, and as investment adviser
to other trusts and pooled investment vehicles that acquire interests in, provide financing to, or otherwise deal with debt obligations
issued by obligors that would be suitable investments for the Issuer. The Collateral Manager and any of its Affiliates will not be restricted
in their performance of any such services or in the types of debt or equity investments which they may make and will be free, in their
sole discretion, to make recommendations to others, or effect transactions on behalf of itself or for others, that may be the same as
or different from those effected on behalf of the Issuer.

 

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(c)            Advisory
Services to Others. The Issuer acknowledges and agrees that the Collateral Manager and any of its Affiliates may engage in any other
business and furnish lending, work-out, capital markets, investment and advisory services to others, including Persons that may have investment
policies similar to or different from those followed by the Collateral Manager with respect to the Issuer and that may own debt obligations
of the same class, or which are the same type, as the Collateral Obligations as well as other assets which are the same or similar to
other assets owned by the Issuer. The Collateral Manager will be free, in its sole discretion, to make recommendations to others, or effect
transactions on behalf of itself or for others, which may be the same as or different from those effected with respect to the Assets and
the Issuer.

 

(d)            Collateral
Manager to Other Transactions. The Issuer acknowledges and agrees that the Collateral Manager and/or its Affiliates may act as the
collateral manager, asset manager or other similar capacity of other collateralized loan obligation or asset-backed securities vehicles
that have similar investment objectives, policies and restrictions as the Issuer. The Issuer agrees that if a determination is made that
the Issuer and another client of the Collateral Manager and/or any Affiliate should trade in the same debt obligations on the same day,
the Collateral Manager shall allocate such debt obligations between the Issuer and other accounts in a manner that the Collateral Manager
and/or its Affiliates determine is fair and equitable over time and in accordance with their internal conflict of interest and allocation
policies and applicable law. Additionally, the Collateral Manager and/or an Affiliate may at certain times be seeking simultaneously to
purchase or dispose of investments for their respective accounts, the Issuer, any similar entity for which it serves as manager or advisor
and for its clients or Affiliates. The Issuer agrees that, in such circumstances, the Collateral Manager and/or the Affiliate may recommend
activities that compete with or otherwise adversely affect the Issuer.

 

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(e)            Relationships
with Obligors. The Issuer acknowledges and agrees that Affiliates of the Collateral Manager may have economic interests in or other
relationships with obligors in whose debt obligations or credit exposures the Issuer may invest. In particular, such Persons may make
and/or hold an investment in an obligor's debt obligations that may be pari passu, senior or junior in ranking to an investment
in such obligor's debt obligations made and/or held by the Issuer or in which partners, security holders, members, officers, directors,
agents or employees of such Persons serve on boards of directors or otherwise have ongoing relationships. In such instances, the Issuer
understands that Affiliates of the Collateral Manager may in their discretion make investment recommendations and decisions that may be
the same as or different from those made with respect to the Issuer's investments. In connection with any such activities described in
this Section 4(e), the Issuer agrees that Affiliates of the Collateral Manager may hold, purchase, sell, trade or take other related
actions in debt obligations or investments of a type that may be suitable to be included as Collateral Obligations. The Affiliates of
the Collateral Manager shall not be required to offer such debt obligations or investments to the Issuer or provide notice of such activities
to the Issuer. In addition, in servicing and administering the Collateral Obligations, the Issuer agrees that the Collateral Manager may
take into account its relationship or the relationships of its Affiliates with obligors and their respective Affiliates, but the foregoing
shall not excuse the Collateral Manager from performing its activities hereunder in accordance with the standard of care required in Section 2(b) hereof.
Furthermore, in connection with actions taken in the ordinary course of business of the Collateral Manager and its Affiliates in accordance
with its fiduciary duties to its other clients, the Issuer acknowledges and agrees that the Collateral Manager and its Affiliates may
take actions which adversely affect the interests of the Issuer in the Collateral Obligations.

 

(f)            Non-Public
Information. Unless the Collateral Manager determines in its sole discretion that such purchase or sale is appropriate and satisfies
the requirements of this Agreement, the Indenture and applicable law, the Collateral Manager may refrain from directing the purchase or
sale hereunder of securities or obligations issued by (i) Persons of which the Collateral Manager, its Affiliates or any of its or
their partners, members, officers, directors or employees are directors or officers, (ii) Persons for which the Collateral Manager
or any of its Affiliates acts as financial advisor, lender or underwriter, (iii) Persons about which the Collateral Manager or any
of its Affiliates has information that the Collateral Manager deems confidential or non-public or otherwise might prohibit it from trading
such securities or obligations in accordance with applicable law or (iv) the Collateral Manager or any of its Affiliates. The Collateral
Manager may refrain from directing the purchase or sale hereunder of securities or obligations that, as a result of ownership (including
a controlling interest) of securities or obligations of any issuer by the Collateral Manager or its Affiliates or accounts for which they
act as investment advisers, the Collateral Manager reasonably determines might prohibit it from trading such securities or obligations
in accordance with applicable law. The Collateral Manager will not be obligated to utilize with respect to the Collateral Obligations
any particular investment opportunity of which it becomes aware.

 

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(g)            Knowledge
in Collateral Manager's Possession. The Issuer acknowledges that (i) certain employees of the Collateral Manager and its Affiliates
may possess information relating to certain borrowers or issuers that have issued obligations included in the Collateral Obligations,
that is not known to employees of the Collateral Manager who are responsible for monitoring the Collateral Obligations and performing
the other obligations of the Collateral Manager hereunder and (ii) because the Collateral Manager and/or its Affiliates may trade
in the public equity or debt securities of certain borrowers or issuers that have issued obligations included in the Collateral Obligations
and receipt of material non-public information with respect to any such borrower or issuer could have adverse consequences with respect
to the Collateral Manager's or its Affiliates' other managed accounts, the Collateral Manager may refuse to receive, or may be restricted
from receiving, material non-public information with respect to any issuer. The Collateral Manager will be required to act hereunder with
respect to any information within its possession only if such information was known to those employees of the Collateral Manager responsible
for performing the obligations of the Collateral Manager hereunder in accordance with applicable confidentiality requirements, and only
to the extent not prohibited by applicable law or the Collateral Manager's internal policies and procedures.

 

Section 5.
Conflicts of Interest.

 

(a)            The
fees and expenses of the Independent Investment Professional related to work on behalf of the Issuer will be payable and/or reimbursable
by the Issuer as part of its expenses in accordance with the Priority of Payments (or, with respect to any amounts due on the Closing
Date, from the gross proceeds of the sale of the Notes). The Independent Investment Professional shall receive compensation as agreed
between the Independent Investment Professional and the Issuer. The Independent Investment Professional will also be entitled to indemnification
from the Issuer and broad exculpation provisions (i.e., no liability except for willful misconduct, fraud or gross negligence)
in relation to its performance of its services, which will be payable as an Administrative Expense (as part of the Issuer's expenses)
in accordance with the Priority of Payments.

 

(b)            The
Collateral Manager may from time to time come into possession of material non-public confidential information that may restrict the Collateral
Manager from purchasing securities or selling securities for itself or its clients (including the Issuer) or otherwise using such information
for the benefit of its clients or itself, and the Issuer's investment may be constrained as a consequence of the Collateral Manager's
inability to use such information for advisory purposes or otherwise to effect transactions that otherwise may have been initiated on
behalf of its clients (including the Issuer). The Collateral Manager shall have complete discretion to determine on a case-by-case basis
whether to refuse to accept material non-public information that would have the effect of imposing trading restrictions or to accept such
information on the understanding that trading restrictions will result therefrom until such information is disclosed to the public. The
Issuer acknowledges that receipt or nonreceipt of such information, including in connection with unrelated activities, could have an adverse
effect on the ability of the Collateral Manager to perform the services to be provided by it hereunder.

 

(c)            In
the event that, in light of market conditions and investment objectives, the Collateral Manager determines that it would be advisable
to (i) facilitate the sale of the same Collateral Obligation both for the Issuer and for either the proprietary account of the Collateral
Manager or any Collateral Manager Affiliate or for another client of the Collateral Manager or any Collateral Manager Affiliate or (ii) facilitate
the acquisition of the same Collateral Obligation both for the Issuer and for either the proprietary account of the Collateral Manager
or any Collateral Manager Affiliate or for another client of the Collateral Manager or any Collateral Manager Affiliate, then, in each
such case, the purchases or sales will be allocated in a manner believed by the Collateral Manager to be fair and equitable over time
and that is consistent with the Collateral Manager's obligations hereunder as set forth in Section 3, its standard practices and
applicable law.

 

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(d)            The
Issuer acknowledges that the Collateral Manager, Affiliates of the Collateral Manager, and/or funds or accounts for which the Collateral
Manager or its Affiliates acts as investment adviser may at times own Notes of one or more Classes. In certain circumstances, the interests
of the Issuer and/or the Holders with respect to matters as to which the Collateral Manager is advising the Issuer may conflict with the
foregoing interests of the Collateral Manager. The Issuer hereby acknowledges and consents to various potential and actual conflicts of
interest that may exist with respect to the Collateral Manager as described above.

 

(e)            The
Issuer acknowledges that the Collateral Manager and its Affiliates have certain conflicts of interest as detailed in the Section entitled
 "Risk Factors—Relating to Certain Conflicts of Interest—Certain Conflicts of Interest Relating to the Collateral Manager
and its Affiliates" in the Offering Circular.

 

Section 6.
Records; Confidentiality.

 

(a)            Maintenance
of Books and Records. The Collateral Manager shall maintain appropriate books of account and records relating to services performed
hereunder, and such books of account and records shall be accessible for inspection by a representative of the Issuer, the Trustee and
the Independent accountants appointed by the Issuer pursuant to the Indenture, at a mutually agreed-upon time during normal business hours
and upon not less than three Business Days' prior notice; provided that the Collateral Manager shall not be obligated to provide
access to any non-public information if it determines in good faith that the disclosure of such information would violate any applicable
law, regulation or (unless the recipient of such access agrees to maintain the confidentiality of such non-public information in a manner
satisfactory to the Collateral Manager) contractual arrangement.

 

(b)            Confidentiality.
The Collateral Manager shall keep confidential any and all information that is either (A) of a type that the Collateral Manager reasonably
believes would ordinarily be considered proprietary or confidential or (B) designated as confidential in writing (collectively, "Confidential
Information") obtained in connection with the services rendered hereunder and shall not disclose any such Confidential Information
to non-affiliated third parties except (i) with the prior written consent of the Issuer, (ii) such information as any Rating
Agency shall request in connection with such Rating Agency's rating (or confirmation of rating) or monitoring of any Class of Secured
Notes, (iii) as required by law, regulation, court order or rule, or by request or demand in connection with routine investigations,
of any regulatory or self-regulatory organization, body or official having jurisdiction over the Collateral Manager or any of its Affiliates,
(iv) to the Collateral Manager's and its Affiliates' professional advisers or to any member of the control, compliance or audit department
of the Collateral Manager and its Affiliates, (v) such information as shall have been publicly disclosed other than in violation
of this Agreement or the Indenture, (vi) such information that was or is obtained by the Collateral Manager on a non-confidential
basis or from a non-affiliated third party; provided that the Collateral Manager does not know or have reason to know of any breach
by such source of any confidentiality obligations with respect thereto, and provided, further, that the Collateral Manager may
follow its usual and customary procedures in carrying out the requirements of this Section 6(b), (vii) such information as is
necessary or appropriate to disclose so that the Collateral Manager may perform its duties hereunder, under the Indenture or any other
Transaction Document or (viii) information related to investment performance, any Collateral Obligation or general portfolio composition
data and statistics disclosed by the Collateral Manager pursuant to marketing, monitoring and reporting activities, as well as in offering
and related materials for future transactions (including information relating to the investment performance of the Assets and the Collateral
Manager's engagement to perform services hereunder as well as the identity and performance of any Collateral Obligation).

 

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(c)            The
Issuer shall keep confidential any and all information obtained by it from the Collateral Manager in connection with the services rendered
hereunder that is either (A) of a type that the Issuer reasonably believes would ordinarily be considered proprietary or confidential
or (B) designated as confidential in writing to the Issuer and shall not disclose any such information to non-affiliated third parties
except (i) with the prior written consent of the Collateral Manager, (ii) such information as any Rating Agency shall reasonably
request in connection with such Rating Agency's rating of any Class of Secured Notes, (iii) as required by law, regulation,
court order or rule, or by request or demand in connection with routine investigations, of any regulatory or self-regulatory organization,
body or official having jurisdiction over the Issuer or any of its Affiliates, (iv) to the Issuer's professional advisers, (v) such
information as shall have been publicly disclosed other than in violation of this Agreement or the Indenture or (vi) such information
that was or is obtained by the Issuer on a non-confidential basis or from a non-affiliated third party; provided that the Issuer
does not know or have reason to know of any breach by such source of any confidentiality obligations with respect thereto.

 

(d)            For
purposes of this Section 6, none of the Holders and beneficial owners of the Notes, the Trustee, the Collateral Administrator, the
Initial Purchasers or their respective agents shall be considered a "non-affiliated third party."

 

(e)            Notwithstanding
anything in this Agreement or the Indenture to the contrary, the Collateral Manager, the Trustee and the Holders and beneficial owners
of the Notes (and each of their respective employees, representatives or other agents) may disclose to any and all Persons, without limitation
of any kind, the U.S. tax treatment and U.S. tax structure (in each case, under applicable federal, state or local law) of the transactions
contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to them relating
to such U.S. tax treatment and U.S. tax structure that may be relevant to understanding such U.S. tax treatment and U.S. tax structure;
provided that such U.S. tax treatment and U.S. tax structure shall be kept confidential to the extent reasonably necessary to comply
with applicable U.S. federal or state laws.

 

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Section 7.
Obligations Concerning Particular Matters.

 

Unless otherwise specifically
required by any provision of the Indenture, this Agreement or by applicable law, the Collateral Manager shall not intentionally take any
action, which would (a) if such action is on behalf of the Issuer, not be permitted under the its Organizational Instruments, (b) violate
any law, rule or regulation (in each case, which is known to a senior officer of the Collateral Manager responsible for managing
the portfolio of the Assets) of any governmental body or agency having jurisdiction over the Issuer, including, without limitation, any
United States federal, state or other applicable securities law the violation of which would have a material adverse effect on any Holder,
on the business, operations, assets or financial condition of the Issuer, or on the ability of the Collateral Manager to perform its obligations
hereunder, (c) require registration of the Issuer or the pool of Assets as an "investment company" under the Investment
Company Act or (d) cause the Issuer to violate any material provision of the Indenture.

 

Section 8.
Compensation.

 

(a)            Collateral
Management Fees. Subject to the waiver of fees as described below, as compensation for its performance of its obligations as Collateral
Manager under this Agreement and the Indenture, the Collateral Manager will be entitled to receive on each Payment Date (in accordance
with the Priority of Payments) a fee, which will accrue quarterly in arrears on each Payment Date (prorated for the related Interest Accrual
Period), in an amount equal to 0.25% per annum (calculated on the basis of the actual number of days in the applicable Collection Period
divided by 360) of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment Date (the "Collateral
Management Fee"); provided that the Collateral Management Fee due on any Payment Date shall not include any such fee (or
any portion thereof) that has been waived or deferred by the Collateral Manager pursuant to Section 8(a) of this Agreement
no later than the Determination Date immediately prior to such Payment Date. The Collateral Management Fee will be payable on each Payment
Date to the extent of the funds available for such purpose in accordance with the Priority of Payments.

 

The Collateral Management
Fee is payable on each Payment Date only to the extent that sufficient Interest Proceeds or Principal Proceeds are available in accordance
with the Priority of Payments. To the extent the Collateral Management Fee is not paid on a Payment Date due to insufficient Interest
Proceeds or Principal Proceeds (and such fee was not voluntarily deferred or waived by the Collateral Manager), the unpaid portion of
the Collateral Management Fee due on such Payment Date (the "Collateral Management Fee Shortfall Amount") will be automatically
deferred for payment on the succeeding Payment Date, with interest, in accordance with the Priority of Payments. Interest on Collateral
Management Fee Shortfall Amounts shall accrue at the prime rate for the period beginning on the first Payment Date on which the related
Collateral Management Fee was due (and not paid) through the Payment Date on which such Collateral Management Fee Shortfall Amount (including
accrued interest) is paid.

 

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At the
option of the Collateral Manager, by written notice to the Trustee and the Collateral Administrator, no later than the Determination Date
immediately prior to such Payment Date, on each Payment Date, (i) all or a portion of the Collateral Management Fees or the Collateral
Management Fee Shortfall Amount (including accrued interest) due and owing on such Payment Date may be deferred for payment on a subsequent
Payment Date, without interest (the "Current Deferred Management Fee") and (ii) all or a portion of the previously
deferred Collateral Management Fees or Collateral Management Fee Shortfall Amounts (collectively, the "Cumulative Deferred Management
Fee") may be declared due and payable (to the extent there are sufficient Interest Proceeds and Principal Proceeds therefor).

 

At such
time as all of the Secured Notes are redeemed in connection with an Optional Redemption, Tax Redemption or Clean-Up Call Redemption without
duplication, all accrued and unpaid Collateral Management Fees, Current Deferred Management Fees, Collateral Management Fee Shortfall
Amounts (including accrued interest) and Cumulative Deferred Management Fees (collectively, the "Aggregate Collateral Management
Fee") shall be due and payable to the Collateral Manager.

 

The
initial Collateral Manager shall, and any successor Collateral Manager may, in its sole discretion (but shall not be obligated
to), elect to waive all or any portion of the Collateral Management Fee payable to the Collateral Manager on any Payment Date, notwithstanding
that the Collateral Manager may be entitled to such Collateral Management Fee. Any such election shall be made by the Collateral Manager
delivering written notice thereof to the Trustee and the Collateral Administrator no later than the Determination Date immediately prior
to such Payment Date; provided that no such notice shall be required with respect to the initial Collateral Manager. Any election to waive
the Collateral Management Fee may also be made by written standing instructions to the Trustee and the Collateral Administrator; provided
that such standing instructions may be rescinded by the Collateral Manager at any time,

 

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(b)            Expenses
of Collateral Manager. The Issuer shall pay or reimburse the Collateral Manager (at closing in the case of clause (i) below or
otherwise in accordance with the Indenture and payable in accordance with the Priority of Payments) for its payment of any and all commercially
reasonable and documented costs and expenses incurred on behalf of the Issuer, including, without limitation: (i) the costs and expenses
of the Collateral Manager incurred in connection with the negotiation and preparation of this Agreement and all other agreements and matters
related to the issuance of the Notes; (ii) any transfer fees necessary to register any Collateral Obligation in accordance with the
Indenture; (iii) any fees and expenses in connection with the acquisition, management or disposition of Assets or otherwise in connection
with the Notes or the Issuer (including, but not limited to (a) investment related travel, communications and related expenses, (b) loan
processing fees, legal fees and expenses and other expenses of professionals retained by the Collateral Manager on behalf of the Issuer
and (c) amounts in connection with the termination, cancellation or abandonment of a potential acquisition or disposition of any
Assets that is not consummated); (iv) any and all taxes and governmental charges that may be incurred or payable by the Issuer; (v) any
and all insurance premiums or expenses incurred in connection with the activities of the Issuer by the Collateral Manager (which insurance
premiums or expenses will be allocated in a commercially reasonable manner among the Issuer and all other clients of the Collateral Manager
for whose benefit such insurance is obtained); (vi) any and all costs, fees and expenses incurred in connection with the rating of
the Notes or obtaining ratings or credit estimates on Collateral Obligations, and communications with the Rating Agency; (vii) costs,
fees and expenses for services to the Issuer (excluding services provided by the Collateral Manager or its Affiliates, but including (without
limitation) the fees and expenses of the Independent Investment Professional) in respect of the Assets relating to asset pricing and rating
services and licensing and development fees for specialty database and applications software for the purpose of modeling, evaluating and
monitoring the Assets and the Notes (which services and software will be allocated in a commercially reasonable manner among the Issuer
and all other clients of the Collateral Manager for whose benefit such services and software are utilized); (viii) any and all expenses
incurred on behalf of the Issuer to comply with any law or regulation applicable to the activities of the Issuer and, to the extent relating
to the Issuer and the Assets and (ix) any fees and expenses in connection with compliance with the U.S. Risk Retention Rules, EU
Securitization Laws or UK Securitization Laws. Other than as stated above, the Issuer will bear, and will pay directly in accordance with
the Indenture, all other costs and expenses incurred by it or on its behalf in connection with the organization, operation or liquidation
of the Issuer.

 

(c)            Fees
Payable on Termination, Resignation or Removal. If this Agreement is terminated for any reason, or if the Collateral Manager resigns
or is removed, (i) Collateral Management Fees shall be prorated for any partial period elapsing from the last Payment Date on which
such Collateral Manager received the Collateral Management Fee to the effective date of such termination, resignation or removal and (ii) any
unpaid Cumulative Deferred Management Fees and Collateral Management Fee Shortfall Amounts (including related interest) shall be determined
as of the effective date of such termination, resignation or removal and, in each case, shall be due and payable on each Payment Date
following the effective date of such termination, resignation or removal in accordance with the Priority of Payments until paid in full.
Otherwise, such Collateral Manager shall not be entitled to any further compensation for further services but shall be entitled to receive
any expense reimbursement accrued to the effective date of termination, resignation or removal and any indemnity amounts owing (or that
may become owing) under this Agreement. Any Aggregate Collateral Management Fee, expense reimbursement and indemnities owed to such Collateral
Manager or owed to any successor Collateral Manager on any Payment Date shall be paid pro rata based on the amount thereof then
owing to each such Person, subject to the Priority of Payments.

 

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Section 9.
Limits of COLLATERAL Manager Responsibility; Indemnification.

 

(a)            Exculpation
of Collateral Manager. The Collateral Manager assumes no responsibility under this Agreement other than to perform the Collateral
Manager's duties called for hereunder and under the terms of the Indenture applicable to the Collateral Manager, and shall not be responsible
for any action of the Issuer or the Trustee in following or declining to follow any advice, recommendation or direction of the Collateral
Manager. The Collateral Manager (and its Affiliates, equityholders, members, managers, officers, directors, employees, agents and professionals)
shall not be liable to the Issuer, the Trustee, the Holders or any other Person for any decrease in the value of the Assets or any losses,
claims, damages, judgments, assessments, costs or other liabilities (collectively, "Liabilities") incurred by any such
Person which arise out of or in connection with the performance by the Collateral Manager of its duties hereunder, except, in the case
of the Collateral Manager only, (i) by reason of acts or omissions constituting bad faith, willful misconduct or gross negligence
in the performance of, or reckless disregard with respect to, the obligations of the Collateral Manager hereunder and under the terms
of the Indenture applicable to the Collateral Manager as determined by a final non-appealable judgment of a court of competent jurisdiction
or (ii) with respect to the "Collateral Manager Information" in the Offering Circular, to the extent such information contained
any untrue statement of material fact or omitted to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading, in each case, as determined by a court of competent jurisdiction in a
final, non-appealable judgment. The matters described in clauses (i) and (ii) above being referred to herein as "Collateral
Manager Breaches". Notwithstanding anything in this Agreement or the Indenture to the contrary, any obligation of the Collateral
Manager to apply commercially reasonable efforts in purchasing or disposing of Collateral Obligations, Restructured Obligations, Specified
Equity Securities, Equity Securities and Eligible Investments and the performance of its other duties under this Agreement and the Indenture
shall permit the Collateral Manager to take into account its investment decision-making process and any other considerations it deems
appropriate and consistent with the terms of this Agreement. The Collateral Manager and its directors, officers, stockholders, members,
partners, agents and employees, and its Affiliates and their trustees, directors, officers, stockholders, members, partners, agents and
employees shall be entitled to indemnification by the Issuer in accordance with Section 9(c) and the Priority of Payments, except
to the extent such indemnification would not be permitted under applicable law.

 

(b)            Indemnity
by Collateral Manager. The Collateral Manager shall indemnify, defend and hold harmless the Issuer and its members, managers, authorized
persons, directors, officers, stockholders, agents and employees from and against any and all Liabilities and shall reimburse each such
Person for all reasonable fees and expenses (including, without limitation, reasonable fees and expenses of counsel) (collectively, "Expenses")
in investigating, preparing, pursuing or defending any claim, action, proceeding or investigation with respect to any pending or threatened
litigation (collectively, "Actions"), to the extent that such Action is directly caused by any Collateral Manager Breach;
provided that no such indemnity shall be paid to the extent that such Action was caused by, or arose out of or in connection with,
bad faith, willful misconduct, gross negligence or reckless disregard of any such indemnified Persons; provided, further, that
the Collateral Manager shall not be liable (including under Section 9(a) hereof and this Section 9(b)) for any consequential,
special or punitive damages.

 

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(c)            Indemnity
by Issuer. The Issuer shall, to the extent that funds are available therefor under the Priority of Payments, indemnify and hold harmless
the Collateral Manager and its directors, officers, stockholders, members, partners, agents and employees, and its Affiliates and their
trustees, directors, officers, stockholders, members, partners, agents and employees from and against any and all Liabilities (as Administrative
Expenses) and shall reimburse each such Person for all Expenses (as Administrative Expenses) that are incurred in investigating, preparing,
pursuing or defending any Action related to (i) the issuance of the Notes, (ii) the transactions contemplated by the Offering
Circular, the Indenture or the performance of the Collateral Manager's duties under this Agreement or (iii) in respect of any untrue
statement or alleged untrue statement of a material fact contained in the Offering Circular other than Collateral Manager Information,
or any omission or alleged omission to state a material fact necessary to make the statements in the Offering Circular other than Collateral
Manager Information, in light of the circumstances under which they were made, not misleading; provided, however, that such Person
shall not be indemnified for any Liabilities or Expenses with respect to which the Collateral Manager indemnifies the Issuer pursuant
to Section 9(b) hereof. The obligations of the Issuer under this Section 9 to indemnify for any Liabilities will be payable
solely out of the Assets in accordance with the Priority of Payments. Notwithstanding the foregoing and for the avoidance of doubt, the
Collateral Manager will not be entitled to indemnification by the Issuer where such indemnification would not be allowed under applicable
law.

 

(d)            Indemnification
Procedures. With respect to any claim made or threatened against a party entitled to indemnification under this Section 9 (an
 "Indemnified Party"), or compulsory process or request or other notice of any loss, claim, damage or liability served
upon an Indemnified Party, for which such Indemnified Party is or may be entitled to indemnification under this Section 9, such Indemnified
Party shall (or with respect to Indemnified Parties that are directors, officers, stockholders, members, partners, agents or employees
of the Collateral Manager, the Collateral Manager shall cause such Indemnified Party to):

 

(i)            give
written notice to the party required to indemnify the Indemnified Party under this Section 9 (the "Indemnifying Party")
of such claim within 10 days after such claim is made or threatened, which notice shall specify in reasonable detail the nature of the
claim and the amount (or an estimate of the amount) of the claim; provided, however, that the failure of any Indemnified Party
to provide such notice to the Indemnifying Party shall not relieve the Indemnifying Party of its obligations under this Section 9
except to the extent that the Indemnifying Party is materially prejudiced or otherwise forfeits rights or defenses by reason of such failure;

 

(ii)           at
the expense of the Indemnifying Party, provide the Indemnifying Party such information and cooperation with respect to such claim as the
Indemnifying Party may reasonably require, including, without limitation, making appropriate personnel available to the Indemnifying Party
at such reasonable times as the Indemnifying Party may request;

 

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(iii)          in
the event suit is brought with respect to such claim, upon reasonable prior notice, afford to the Indemnifying Party the right, which
the Indemnifying Party may exercise in its sole discretion and at its expense, to participate in the investigation, defense and settlement
of such claim;

 

(iv)         subject
to clause (v) below, neither incur any material expense to defend against nor release or settle any such claim or make any admission
with respect thereto (other than routine or incontestable admissions or factual admissions the failure to make of which would expose such
Indemnified Party to unindemnified liability) nor permit a default or consent to the entry of any judgment in respect thereof, in each
case without the prior written consent of the Indemnifying Party; and

 

(v)          upon
reasonable prior notice, afford to the Indemnifying Party the right, in such Indemnifying Party's sole discretion and at such Indemnifying
Party's sole expense, to assume the defense of such claim, including, without limitation, the right to designate counsel and to control
all negotiations, litigation, arbitration, settlements, compromises and appeals of such claim; provided that, (1) if the Indemnifying
Party assumes the defense and appeals of such claim, the Indemnified Party must consent in writing to the entry of any settlement, compromise,
or entry of judgment in respect thereof (which consent shall not be unreasonably withheld); (2) if the Indemnifying Party assumes
the defense of such claim, the Indemnifying Party shall not be liable for any fees and expenses of counsel for any Indemnified Party incurred
thereafter in connection with such claim except that, if such Indemnified Party reasonably determines that counsel designated by the Indemnifying
Party has a conflict of interest due to the conflicting interests of the Indemnifying Party and the Indemnified Party or that either an
Indemnified Party or the Indemnifying Party has defenses that are not available to the other, such Indemnifying Party shall pay the reasonable
fees and disbursements of one counsel (in addition to any local counsel) separate from such Indemnifying Party's own counsel for all Indemnified
Parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances; (3) prior to entering into any final settlement or compromise, such Indemnifying Party shall
use its best reasonable efforts in the light of the then-prevailing circumstances to defend such claim; and (4) if any Indemnified
Party waives its right to indemnification hereunder, the Indemnifying Party shall not be entitled to appoint counsel to represent such
Indemnified Party nor shall the Indemnifying Party reimburse such Indemnified Party for any costs of counsel to such Indemnified Party.

 

(e)            Advancement
of Expenses. If any or all of the Collateral Manager, its Affiliates or their directors, managers, officers, stockholders, members,
partners, agents or employees become involved in any Action, to the extent that funds are available therefor under the Priority of Payments,
the Issuer will periodically reimburse each such Indemnified Party for his, her or its legal and other expenses (including the cost of
any investigation and preparation) incurred in connection therewith; provided, however, that such Indemnified Party shall execute
an undertaking to promptly repay to the Issuer the amount of any such reimbursed expenses paid to such Indemnified Party if it shall ultimately
be determined that such Indemnified Party is not entitled to be indemnified by the Issuer in connection with such action, proceeding or
investigation. The Indemnified Parties shall be entitled to rely on the written advice of counsel as to legal matters, which shall be
a nationally recognized law firm, or public accountants, as to accounting matters, which shall be a nationally recognized accounting firm,
and any act or omission by them in accordance with such advice shall in no event subject them to liability to the Issuer, the Trustee,
the Holders or to any other Person.

 

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(f)            No
Waiver of Statutory Rights. Nothing herein shall in any way constitute a waiver or limitation of any rights that the Issuer or the
Collateral Manager may have under any applicable law.

 

Section 10. No
Joint Venture.

 

The Issuer and the Collateral
Manager are not partners or joint venturers with each other, and nothing herein shall be construed to make them such partners or joint
venturers or impose any liability as such on either of them. The Collateral Manager shall be deemed, for all purposes herein, an independent
contractor and shall, except as otherwise provided herein or in the Indenture or authorized by the Issuer from time to time, have no authority
to act for or represent the Issuer in any way or otherwise be deemed an agent of the Issuer. It is acknowledged that neither the Collateral
Manager nor any of its Affiliates has provided or shall provide any tax, accounting or legal advice or assistance to the Issuer or any
other Person in connection with the transactions contemplated hereby.

 

Section 11. Term;
Removal and Resignation.

 

(a)            General.
This Agreement shall commence as of the date first set forth above and shall continue in force and effect until the earlier of (i) the
discharge of the Indenture in accordance with its terms, (ii) the liquidation of the Assets and the final distribution of the proceeds
pursuant to the Indenture or (iii) the effective date of a management agreement between the Issuer and a successor Collateral Manager.
The entity serving as Collateral Manager hereunder may resign or be removed as provided below in this Section 11 with the effect
specified in Section 12 hereof. This Agreement shall automatically terminate if the Collateral Manager determines in good faith that
the Issuer or the pool of Assets has become an investment company required to be registered under the Investment Company Act and the Collateral
Manager notifies the Issuer of such determination.

 

(b)            Resignation
of Collateral Manager. The Collateral Manager may resign or terminate its obligations hereunder upon 30 days' (or such shorter notice
as is acceptable to the Issuer) written notice to the Issuer and the Trustee (who will forward the notice to the Rating Agency and each
Holder of Notes); provided, however, that the Collateral Manager shall have the right to resign immediately upon the effectiveness
of any change in applicable law or regulations which renders the performance by the Collateral Manager of its duties under this Agreement
or under the Indenture to be a violation of such law or regulation, unless such violation can be reasonably remedied without adverse effect
or liability on the Collateral Manager (as determined by the Collateral Manager in its sole discretion).

 

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(c)            Removal
of Collateral Manager upon the Occurrence of Cause. The Collateral Manager may be removed upon the occurrence of Cause upon 30 days'
prior written notice by the Issuer or the Trustee, at the direction of a Supermajority of the Controlling Class (disregarding any
Collateral Manager Notes) or a Supermajority of the Subordinated Notes (disregarding any Collateral Manager Notes). Notice of such removal
for Cause will be given by or on behalf of the Issuer to the Holders of each Class of Notes. No such removal shall be effective (A) until
the date as of which a successor Collateral Manager has agreed in writing to assume all of the Collateral Manager's duties and obligations
pursuant to this Agreement and (B) unless the party seeking such termination (or a representative thereof), prior to delivering any
notice of termination to the Collateral Manager, shall have given three days' prior written notice to the Trustee (who shall forward such
notice to each of the Holders of Notes) of its decision that the Collateral Manager's services should be terminated. "Cause"
will mean the occurrence of one or more of the following:

 

(i)            willful
violation by the Collateral Manager of any material provision of this Agreement or the Indenture expressly applicable to the Collateral
Manager (not including a willful breach that results from a good faith dispute regarding reasonable alternative courses of action or interpretation
of instructions or provisions of this Agreement or the Indenture), which violation is not cured by the Collateral Manager within 30 Business
Days;

 

(ii)           other
than as covered by clause (i), violation in any material respect by the Collateral Manager of any provision of this Agreement or the Indenture
applicable to the Collateral Manager (except for any such violations that could not, either individually or in the aggregate, reasonably
be expected to have a material adverse effect on the Issuer, the Assets or any Holder; it being understood that any failure by the Issuer
to meet any Concentration Limitation, Borrowing Base Condition or Portfolio Tests, in each case, is not such a violation; provided
that the foregoing will not limit the Collateral Manager's or the Issuer's obligations in respect of such tests when purchasing or selling
Collateral Obligations on behalf of the Issuer) and, if capable of being cured, such violation is not cured within 30 days of the Collateral
Manager becoming aware of, or receiving notice from the Issuer or the Trustee of, such violation and if such violation was not capable
of being cured within the initial 45 days of the Collateral Manager becoming aware of, or receiving notice from the Issuer or the Trustee
of, such violation, such violation is not cured within 60 days of a responsible officer of the Collateral Manager becoming aware of, or
receiving notice from the Issuer or the Trustee of, such violation;

 

(iii)          the
failure of any representation, warranty, certification or statement made or delivered by the Collateral Manager pursuant to this Agreement
or the Indenture to be correct in any material respect when made (except for any such violations that could not, either individually or
in the aggregate, reasonably be expected to have a material adverse effect on the Issuer, the Assets or any Holder) which failure is not
corrected by the Collateral Manager within 45 days of its becoming aware of, or its receipt of notice from the Issuer or the Trustee of,
such failure or if such breach is not capable of cure within 45 days, the Collateral Manager fails to cure such breach within the period
in which a reasonably diligent person could cure such breach (but in no event more than 75 days);

 

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(iv)         the
Collateral Manager is wound up or dissolved or there is appointed over it or a substantial portion of its assets a receiver, administrator,
administrative receiver, trustee or similar officer; or the Collateral Manager (A) ceases to be able to, or admits in writing its
inability to, pay its debts as they become due and payable, or makes a general assignment for the benefit of, or enters into any composition
or arrangement with, its creditors generally, (B) applies for or consents (by admission of material allegations of a petition or
otherwise) to the appointment of a receiver, trustee, assignee, custodian, liquidator or sequestrator (or other similar official) of the
Collateral Manager or of any substantial part of its properties or assets, or authorizes such an application or consent, or proceedings
seeking such appointment are commenced without such authorization, consent or application against the Collateral Manager and continue
undismissed for 60 days, (C) authorizes or files a voluntary petition in bankruptcy, or applies for or consents (by admission of
material allegations of a petition or otherwise) to the application of any bankruptcy, reorganization, arrangement, readjustment of debt,
insolvency or dissolution, or authorizes such application or consent, or proceedings to such end are instituted against the Collateral
Manager without such authorization, application or consent and are approved as properly instituted and remain undismissed for 60 days
or result in adjudication of bankruptcy or insolvency, or (D) permits or suffers all or substantially all of its properties or assets
to be sequestered or attached by court order and the order remains undismissed for 60 days; or

 

(v)           (A) the
occurrence of any act by the Collateral Manager that constitutes fraud or criminal activity in the performance of its obligations under
this Agreement or the Indenture or the Collateral Manager being convicted for a criminal offense related to its business of providing
asset management services or (B) the conviction (and failure to remove within 20 Business Days of such conviction) of any director,
manager or executive officer of the Collateral Manager or any employee of the Collateral Manager who has primary responsibility for the
oversight and management of the Assets resulting from an act of fraud or criminal activity by such person in the performance of the Collateral
Manager's obligations under this Agreement or the Indenture.

 

(d)            If
any of the events specified in Section 11(c) hereof shall occur, the Collateral Manager shall give prompt written notice thereof
to the Issuer, the Rating Agency and the Trustee upon the Collateral Manager's becoming aware of the occurrence of such event. In no event
shall the Trustee be required to determine whether Cause exists under this Agreement.

 

(e)            Notwithstanding
anything in this Section 11 to the contrary, any event described in clause (i), (ii), (iii) or (v) of Section 11(c) hereof
may be waived as a basis for removal of the Collateral Manager by a Majority of the Controlling Class (disregarding any Collateral
Manager Notes) or a Majority of the Subordinated Notes (disregarding any Collateral Manager Notes), that, in either case, were a part
of the Supermajority that directed removal of the Collateral Manager.

 

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Section 12. Obligations
of Resigning or Removed COLLATERAL Manager; Effect of Termination, Resignation or Removal.

 

(a)            Appointment
of Successor Collateral Manager. Notwithstanding the provisions of Section 11, no resignation or removal of the Collateral Manager
or termination of this Agreement shall become effective until the acceptance of appointment by a successor Collateral Manager (the "Successor
Manager") satisfying the Successor Criteria described below and notice of which has been given to the Rating Agency. Within 30
days after the removal or resignation of the Collateral Manager (the "Manager Termination Date"), by written notice to
the Issuer and the Trustee, the Holders of a Majority of the Subordinated Notes (Collateral Manager Notes will not be disregarded for
this purpose) may propose a Successor Manager. The Issuer will appoint such Successor Manager if it satisfies the Successor Criteria,
subject to the approval of the Holders of a Majority of the Controlling Class. If no Successor Manager has been selected within 60 days
of the Manager Termination Date, the Issuer, the resigning Collateral Manager, the Trustee or any Holder of Notes may petition a court
of competent jurisdiction for the appointment of a Successor Manager that satisfies the Successor Criteria.

 

A Successor Manager will satisfy
the "Successor Criteria" if: (i) that Successor Manager has demonstrated an ability to professionally and competently
perform duties similar to those imposed upon the Collateral Manager under this Agreement; (ii) that Successor Manager is legally
qualified and has the capacity to act as Collateral Manager and has agreed in writing to assume all of the responsibilities, duties and
obligations of the Collateral Manager under this Agreement and the Indenture; (iii) its appointment would not cause or result in
the Issuer becoming, or require the pool of Assets to be registered as, an investment company under the Investment Company Act; and (iv) the
Rating Agency has been notified of such Successor Manager.

 

For the avoidance of doubt,
Collateral Manager Notes will be disregarded and have no voting rights with respect to any vote in respect of any of the following actions:
(i) the removal of the Collateral Manager as a result of Cause and (ii) the waiver of any event constituting Cause, and such
Notes will be deemed not to be Outstanding in connection with any such vote. For any such action, if the Notes of the Controlling Class or
the Subordinated Notes consist entirely of Collateral Manager Notes, such action must be undertaken by the required percentage of the
most senior Class of Notes that is not comprised entirely of Collateral Manager Notes, disregarding any Collateral Manager Notes.

 

No compensation payable to
a successor Collateral Manager from payments on the Collateral will be greater than that permitted to the Collateral Manager under this
Agreement without (a) the prior written consent of a Majority of each Class of Notes (each Class voting separately) and
(b) prior notice to the Rating Agency. Upon expiration of the applicable notice periods with respect to termination specified in
this Agreement, all authority and power of the Collateral Manager under this Agreement, whether with respect to the Assets or otherwise,
will automatically and without action by any Person pass to and be vested in the successor institution upon the acceptance by such institution
of its appointment under this Agreement. The Issuer and the successor will take such action (or cause the outgoing Collateral Manager
to take such action) consistent with this Agreement and as will be necessary to effect any such succession.

 

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(b)            Effect
of Termination, Resignation or Removal. From and after the effective date of the termination of this Agreement or the resignation
or removal of the Collateral Manager hereunder the Collateral Manager (or, in the case of resignation or removal, the resigning or removed
Collateral Manager) (1) shall be paid all compensation accrued and expenses incurred to the effective date of the termination of
this Agreement or the resignation or removal of the Collateral Manager, as provided in Section 8 hereof, shall be entitled to receive
any amounts, to which the Collateral Manager is or becomes entitled under Section 9 hereof (without regard to whether such amounts
have been determined on the date of termination) and shall be entitled to retain any Notes issued or sold to it and (2) shall reasonably
cooperate in any Proceeding arising in connection with this Agreement, the Indenture or any of the Assets (excluding any such Proceeding
in which claims are asserted against the Collateral Manager or any Affiliate of the Collateral Manager) upon receipt of indemnification
and expense reimbursement, in each case, satisfactory to the Collateral Manager in its sole discretion. Upon any such termination of this
Agreement, or resignation or removal of the Collateral Manager, the Collateral Manager shall, as soon as practicable:

 

(i)            deliver
to the Issuer all property and documents of the Issuer or otherwise relating to the Assets then in the custody of the Collateral Manager,
but shall be entitled to keep a copy of any such documents; and

 

(ii)           deliver
to the Trustee an internally prepared accounting with respect to the books and records delivered to the Issuer pursuant to clause (i) above.

 

Section 13.
Delegation; Assignments.

 

(a)            (i) The
Collateral Manager may delegate to or employ third parties (including its Affiliates) to perform any or all of the obligations of the
Collateral Manager under this Agreement (other than investment decision making responsibilities); provided, that (A) the Collateral
Manager will not be relieved of any of its duties hereunder as a result of such delegation to or employment of third parties and (B) the
Collateral Manager will be solely responsible for the fees and expenses payable to any such third party except to the extent such expenses
are payable by the Issuer hereunder. The parties hereto acknowledge and agree that pursuant to the Collateral Administration Agreement
the Issuer has retained the Collateral Administrator to perform certain services to assist the Collateral Manager in the performance of
its duties hereunder.

 

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(ii)            Subject
to any consent required for an assignment under the Advisers Act, the Collateral Manager may assign its rights or responsibilities (including
its asset selection, credit review, trade execution and/or related asset management duties) under this Agreement (A) with, except
as set forth in clause (B), the consent of a Majority of the Controlling Class or (B) without obtaining consent of any Holder,
the Trustee or any other Person, (1) to the surviving entity of a merger, consolidation or restructuring of the Collateral Manager,
or (2) to an Affiliate of the Collateral Manager, or (3) to any other entity to which all or substantially all of the assets,
or at the time of such transfer, the asset management business, of the Collateral Manager has been transferred, so long as, in each case,
the successor, surviving entity or assignee satisfies the Successor Criteria and so long as in each case the surviving entity or assignee
becomes by operation of law, or agrees in writing to be, bound by the provisions of this Agreement and the Collateral Manager's obligations
hereunder; provided that, in addition to the conditions set forth above, after giving effect to any merger, consolidation or restructuring,
if the surviving entity is not the Collateral Manager, the surviving entity has demonstrated an ability to professionally and competently
perform duties similar to those imposed upon the Collateral Manager hereunder (including through (a) experience substantially similar
to that of the Collateral Manager at the time of such merger, consolidation or restructuring and (b) employing principal personnel
responsible for managing the Assets with experience managing substantially similar middle market loans and collateralized loan obligation
vehicles).

 

In addition, notwithstanding
anything herein to the contrary, neither the consent of any Holder nor satisfaction of the Rating Agency Confirmation shall be required
in the case of a change of control transaction with respect to the Collateral Manager, including a change in control resulting from a
direct or indirect transfer or hypothecation of voting securities of the Collateral Manager, that is deemed to be an assignment within
the meaning of Section 202(a)(1) of the Advisers Act at the time of any such transaction; provided that the Collateral
Manager shall if required by applicable law, and otherwise in its discretion may, obtain the consent of the Issuer to any such transaction
upon approval by the Issuer's manager in a manner consistent with SEC Staff interpretations of Section 205(a)(2) of the Advisers
Act.

 

(b)            Assignment
by Issuer. This Agreement shall not be assigned by the Issuer without the prior written consent of the Collateral Manager and Rating
Agency Confirmation, except in the case of assignment by the Issuer to (i) an entity that is a successor to the Issuer permitted
under the Indenture (pursuant to Section 7.11 of the Indenture), in which case such successor organization shall be bound hereunder
and by the terms of said assignment in the same manner as the Issuer is bound thereunder or (ii) the Trustee as contemplated by the
Granting Clauses of the Indenture. In the event of any assignment by the Issuer, the Issuer shall use its best efforts to cause its successor
to execute and deliver to the Collateral Manager such documents as the Collateral Manager shall consider reasonably necessary to effect
fully such assignment.

 

Section 14. Representations
and Warranties.

 

(a)            The
Issuer hereby represents and warrants to the Collateral Manager as follows:

 

(i)            The
Issuer (A) has been duly formed as a limited liability company and is validly existing under the laws of the State of Delaware, (B) has
the full limited liability company power and authority to own its assets and the securities proposed to be owned by it and included in
the Collateral and to engage in the transactions contemplated herein and in the Indenture and (C) is duly qualified under the laws
of each jurisdiction where the Issuer's ownership or lease of property or the conduct of the Issuer's business requires, or the performance
of the Issuer's obligations under this Agreement, the Notes or under the Indenture and the Collateral Administration Agreement (collectively,
the "Issuer Documents") would require, such qualification, except for failures to be so qualified, authorized or licensed
that would not in the aggregate have a material adverse effect on the business, operations, assets or financial condition of the Issuer,
or on the Issuer's ability to perform its obligations, or on the validity or enforceability of this Agreement.

 

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(ii)           The
Issuer has the necessary limited liability company power and authority to execute, deliver and perform the Issuer's obligations under
the Issuer Documents and has taken all necessary action to authorize the execution, delivery and performance of the Issuer Documents.
The Issuer has duly executed all of the Issuer Documents. No consent of any other Person, including, without limitation, members and creditors
of the Issuer, and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration
with, any governmental authority, other than those that may be required under state securities or "blue sky" laws and those
that have been or will be obtained in connection with the Indenture and the issuance of the Notes, is required by the Issuer in connection
with the execution, delivery, performance, validity or enforceability of the Issuer Documents. This Agreement constitutes, and each instrument
or document required hereunder, when executed and delivered hereunder, will constitute, the legally valid and binding obligation of the
Issuer enforceable against the Issuer in accordance with their respective terms, subject, as to enforcement, to (A) the effect of
bankruptcy, insolvency, or similar laws affecting generally the enforcement of creditors' rights, as such laws would apply in the event
of any bankruptcy, receivership, insolvency or similar event applicable to the Issuer and (B) general equitable principles (whether
enforceability of such principles is considered in a proceeding at law or in equity).

 

(iii)          The
execution, delivery and performance of the Issuer Documents (A) do not violate any provision of any existing law or regulation binding
on the Issuer, any order, judgment, award or decree of any court, arbitrator or governmental authority binding on the Issuer, any securities
issued by the Issuer or any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Issuer is
a party or by which the Issuer or any of its assets may be bound, the violation of which would have a material adverse effect on the business,
operations, assets or financial condition of the Issuer or its ability to perform its obligations under the Issuer Documents, (B) do
not result in or require the creation or imposition of any lien on any of the Issuer's property, assets or revenues pursuant to the provisions
of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking (other than the lien of the Indenture)
and (C) do not violate any provision of the Issuer’s Organizational Instruments.

 

(iv)          No
consent, approval, authorization or order of or declaration or filing with any governmental instrumentality or court or other Person is
required for the performance by it of its duties hereunder and under the Indenture, except such as have been duly made or obtained.

 

(v)          The
Issuer is not required to register as an "investment company" under the Investment Company Act.

 

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(vi)         The
Issuer (A) is not in breach or violation of or in default under the Indenture or any other contract or agreement to which the Issuer
is a party or by which it or any of its assets may be bound, any applicable statute or any rule, regulation or order of any court, government
agency or body having jurisdiction over the Issuer or its properties, the breach or violation of which or default under which would have
a material adverse effect on the validity or enforceability of this Agreement or its Organizational Instruments or the performance by
the Issuer of its duties hereunder or thereunder and (B) is not in violation of its Organizational Instruments.

 

(vii)        There
is no charge, investigation, action, suit or proceeding before or by any court pending or, to the best knowledge of the Issuer, threatened
that, if determined adversely to the Issuer, would have a material adverse effect upon the performance by the Issuer of its duties under,
or on the validity or enforceability of, this Agreement.

 

(viii)       A
complete copy of the Issuer’s Organizational Instruments has been delivered to the Collateral Manager (and the Issuer will deliver
promptly any amendment or modification made thereof to the Collateral Manager).

 

(b)            The
Collateral Manager hereby represents and warrants to the Issuer as follows:

 

(i)            The
Collateral Manager (A) is a Delaware limited liability company that has been duly formed and is validly existing and in good standing
under the laws of the State of Delaware, (B) has full power and authority to own its assets and to transact the business in which
it is currently engaged, (C) is duly qualified and in good standing under the laws of each jurisdiction where the Collateral Manager's
ownership or lease of property or the conduct of its business requires, or the performance of its obligations under this Agreement would
require, such qualification, except for those jurisdictions in which the failure to be so qualified, authorized or licensed would not
have a material adverse effect on the business, operations, assets or financial condition of the Collateral Manager or on the ability
of the Collateral Manager to perform its obligations hereunder, or on the validity or enforceability of this Agreement and (D) is
a Registered Investment Adviser.

 

(ii)           The
Collateral Manager has the necessary power and authority to execute, deliver and perform this Agreement and all obligations required hereunder,
and has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the performance of all of
the Collateral Manager's obligations imposed on it hereunder. The Collateral Manager has duly executed this Agreement. No consent of any
other Person, including, without limitation, creditors of the Collateral Manager, and no license, permit, approval or authorization of,
exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required by the Collateral
Manager in connection with the execution, delivery, performance, validity or enforceability of this Agreement or the performance by the
Collateral Manager of its obligations hereunder. This Agreement has been, and each instrument and document required hereunder or under
the terms of the Indenture to be executed by the Collateral Manager shall be, executed and delivered by a duly authorized officer of the
Collateral Manager, and this Agreement constitutes, and each instrument and document required hereunder or under the terms of the Indenture
to be executed by the Collateral Manager when executed and delivered by the Collateral Manager hereunder or under the terms of the Indenture
shall constitute, the valid and legally binding obligations of the Collateral Manager enforceable against the Collateral Manager in accordance
with their respective terms, subject to (A) the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement
of creditors' rights and (B) general equitable principles (whether enforceability of such principles is considered in a proceeding
at law or in equity).

 

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(iii)          The
execution, delivery and performance of this Agreement and the documents and instruments required to be executed by the Collateral Manager
hereunder or under the terms of the Indenture (A) do not violate any provision of any law or regulation binding on the Collateral
Manager, any order, judgment, award or decree of any court, arbitrator or governmental authority binding on the Collateral Manager, any
securities issued by the Collateral Manager or any mortgage, indenture, lease, contract or other agreement, instrument or undertaking
to which the Collateral Manager is a party or by which the Collateral Manager or any of its assets may be bound, the violation of which
would have a material adverse effect on the business, operations, assets or financial condition of the Collateral Manager or its ability
to perform its obligations under this Agreement, (B) do not result in or require the creation or imposition of any lien on any of
the Collateral Manager's property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other
agreement, instrument or undertaking, the existence of which would have a material adverse effect on the business, operations, assets
or financial condition of the Collateral Manager or its ability to perform its obligations under this Agreement and (C) do not violate
any provision of the Collateral Manager's articles of incorporation or by-laws.

 

(iv)         There
is no charge, investigation, action, suit or proceeding before or by any court pending or, to the best knowledge of the Collateral Manager,
threatened that, if determined adversely to the Collateral Manager, would have a material adverse effect upon the performance by the Collateral
Manager of its duties under, or on the validity or enforceability of, this Agreement.

 

(v)          The
Collateral Manager (A) is not in breach or violation of or in default under any contract or agreement to which it is a party or by
which it or any of its property may be bound, any applicable statute or any rule, regulation or order of any court, government agency
or body having jurisdiction over the Collateral Manager or its properties, the breach or violation of which or default under which would
have a material adverse effect on the validity or enforceability of this Agreement or the performance by the Collateral Manager of its
duties hereunder and (B) is not in violation of its certificate of formation or operating agreement.

 

(vi)         No
consent, approval, authorization or order of or declaration or filing with any governmental instrumentality or court or other Person is
required for the performance by it of its duties hereunder and under the Indenture, except such as have been duly made or obtained.

 

(vii)        The
Collateral Manager Information in each Offering Circular, as of its date and as of the Closing Date, does not contain any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.

 

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Section 15. No
Petition; No Recourse.

 

(a)            No-Petition
Covenant. The Collateral Manager agrees not to institute against, or join any other Person in instituting against, the Issuer any
bankruptcy, reorganization, arrangement, insolvency, moratorium, winding-up or liquidation Proceedings or other Proceedings under U.S.
federal or state bankruptcy or similar laws, or the similar laws of any other applicable jurisdiction until at least one year (or, if
longer, the applicable preference period then in effect) plus one day after the payment in full of all Notes issued under the Indenture.
Nothing in this Section 15(a) shall preclude, or be deemed to stop, the Collateral Manager (i) from taking any action prior
to the expiration of the aforementioned period in connection with (A) any insolvency case or Proceeding voluntarily filed or commenced
by the Issuer or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Collateral Manager or (ii) from
commencing against the Issuer or any of its respective properties any legal action that is not a bankruptcy, reorganization, arrangement,
insolvency, moratorium winding-up or liquidation Proceeding.

 

(b)            Limited
Recourse. Notwithstanding any other provision of this Agreement to the contrary, the Collateral Manager hereby acknowledges and agrees
that the Issuer's obligations hereunder are from time to time and at any time limited recourse obligations of the Issuer payable solely
from the Assets available at such time in accordance with the Priority of Payments and that the Collateral Manager will not have any recourse
to any other asset of the Issuer or any of the members, managers, authorized persons, directors, officers, employees, shareholders, incorporators,
partners or Affiliates of the Issuer with respect to any amounts owing hereunder or any claims, losses, damages, liabilities, indemnities
or other obligations in connection with any transactions contemplated hereby. On the exhaustion of the Assets, all obligations of, and
all claims against, the Issuer arising from this Agreement or any transactions contemplated hereby shall be extinguished and shall not
thereafter revive. It is further understood that the foregoing provisions of this Section 15(b) shall not limit the right of
the Collateral Manager to name the Issuer as a party defendant in any action or suit or in the exercise of any other remedy under the
Notes or this Indenture, so long as no judgment in the nature of a bankruptcy, reorganization, arrangement, insolvency, moratorium, winding-up
or liquidation Proceeding, deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against the
Issuer.

 

Section 16. Notices.

 

Unless expressly provided
otherwise herein, all notices, requests, demands and other communications required or permitted under this Agreement shall be in writing
(including, without limitation, by email or fax) and shall be deemed to have been duly given, made and received when delivered against
receipt or upon actual receipt of registered or certified mail, postage prepaid, return receipt requested, in the case of email, when
received or, in the case of fax notice, when received in legible form, addressed as set forth in Section 14.3 of the Indenture.

 

    31

     

    

 

Section 17. Binding
Nature of Agreement; Successors and Assigns; Benefits of Agreement.

 

The Collateral Manager agrees
that its obligations hereunder shall be enforceable, at the insistence of the Issuer, on behalf of the Issuer by the Trustee under the
Indenture, as provided in the Indenture (subject to the rights and defenses of the Collateral Manager and the provisions of Section 15
hereunder). The Collateral Manager agrees and consents to the provisions contained in Article XV of the Indenture. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors
and permitted assigns as provided herein.

 

Section 18. Entire
Agreement; Amendments.

 

This Agreement contains the
entire agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes all prior and contemporaneous
agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to
the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent
with any of the terms hereof. No amendment to this Agreement may, without the prior written consent of a Majority of the Controlling Class and
a Majority of the Subordinated Notes and notice to the Rating Agency, (i) modify the definition of the term "Cause," (ii) increase
the Collateral Management Fee, (iii) modify the method for calculation of any component of the Collateral Management Fee or any definition
in this Agreement related to the Collateral Management Fee or (iv) modify the Class or Classes or the percentage of the Aggregate
Outstanding Amount of any Class that has the right to remove the Collateral Manager, consent to any assignment of this Agreement
or nominate or approve any successor portfolio manager; provided that (i) the prior written consent of a Majority of the Subordinated
Notes shall be required if any such amendment would have a material adverse effect on the Subordinated Notes and (ii) the prior written
consent of a Majority of the Controlling Class shall be required if any such amendment would have a material adverse effect on the
Controlling Class. This Agreement may be amended for any other purpose without the consent of any Class of Notes upon notice to the
Rating Agency. The Issuer shall provide the Holders with notice of any amendment to this Agreement.

 

Section 19. Third
Party Beneficiaries.

 

The Issuer and the Collateral
Manager agree that the Trustee on behalf of the Secured Parties is intended to be a third party beneficiary of this Agreement, and shall
be entitled to rely upon and enforce such provisions of this Agreement to the same extent as if the Trustee was a party hereto.

 

    32

     

    

 

Section 20. 17g-5;
Other Agreements.

 

(a)            The
Collateral Manager shall use commercially reasonable efforts to assist the Issuer in complying with its obligation under Rule 17g-5
and to assist the Issuer and the Trustee in performing its respective obligations under Section 14.18 of the Indenture in respect
of Rule 17g-5.

 

(b)            The
Collateral Manager shall deliver to the Trustee duplicate copies of all written notices, statements, communications and instruments delivered
to the Issuer pursuant to this Agreement. If the Collateral Manager obtains knowledge that an Event of Default has occurred and is continuing
(other than by reason of its receipt of notice thereof from the Trustee), the Collateral Manager shall promptly notify the Issuer and
the Trustee thereof.

 

(c)            Upon
each acquisition or disposition of a Collateral Obligation, the Collateral Manager shall deliver to the Trustee the applicable certification
required by Article XII of the Indenture.

 

Section 21. Governing
Law.

 

THIS AGREEMENT AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT (WHETHER IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 22. Indulgences
Not Waivers.

 

Neither the failure nor any
delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the
same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to
any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall
be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 

Section 23. Titles
Not to Affect Interpretation.

 

The titles of Sections and
subsections of this Agreement are for convenience only. They neither form a part of this Agreement nor are to be used in the construction
or interpretation hereof.

 

Section 24. Execution
in Counterparts.

 

This Agreement may be executed
in any number of counterparts by facsimile or other written form of communication, each of which shall be deemed to be an original as
against any party the signature of which appears thereon, and all of which shall together constitute one and the same instrument. This
Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all
of the parties reflected hereon as the signatories.

 

    33

     

    

 

Section 25. Provisions
Separable.

 

To the fullest extent permitted
by law, in case any provision in this Agreement shall be invalid, illegal or unenforceable as written, such provision shall be construed
in the manner most closely resembling the apparent intent of the parties with respect to such provision so as to be valid, legal and enforceable;
provided, however, that, if there is no basis for such a construction, to the fullest extent permitted by law such provision shall
be ineffective only to the extent of such invalidity, illegality or unenforceability and, unless the ineffectiveness of such provision
destroys the basis of the bargain for one of the parties to this Agreement, the validity, legality and enforceability of the remaining
provisions hereof or thereof shall not in any way be affected or impaired thereby.

 

Section 26. Number
and Gender.

 

Words used herein, regardless
of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other
gender, masculine, feminine or neuter, as the context requires.

 

Section 27. Collateral
Assignment.

 

The Collateral Manager hereby
acknowledges and consents to the collateral assignment by the Issuer to the Trustee, on behalf of the Secured Parties, pursuant to the
Indenture of all of the Issuer's right, title and interest in and to this Agreement and agrees that all of the representations, covenants
and agreements made by the Collateral Manager herein are also for the benefit of the Trustee.

 

Section 28. Written
Disclosure Statement.

 

The Issuer acknowledges receipt
of Part 2A of the Collateral Manager's Form ADV, as required by Rule 204-3 under the Advisers Act, more than 48 hours prior
to the date of execution of this Agreement.

 

Section 29. Survival.

 

(a)            Sections
6, 7, 8, 9, 12(b), 13, 14, 15, 17, 18, 19 and 21 shall survive the execution and delivery and any termination or assignment of this Agreement
or resignation or removal of the Collateral Manager.

 

(b)            Each
representation and warranty made or deemed to be made herein or pursuant hereto, and each indemnity provided for hereby, shall survive
until two years after the earliest to occur of the termination or assignment of this Agreement or the resignation or removal of the Collateral
Manager and then be of no further force or effect except with respect to claims relating to events which occurred prior to the expiration
of such survival period.

 

[signature page follows]

 

    34

     

    

 

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

 

		EXECUTED AS A DEED BY:
	 	 
	 	MONROE CAPITAL INCOME PLUS ABS FUNDING, LLC
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	In the presence of the following Witness:
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	MONROE CAPITAL BDC ADVISORS, LLC
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 

 

Signature Page to the Collateral 

Management Agreement

 

     

     

    

 

ANNEX A

 

FORM OF ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption
(this "Assignment and Assumption") is dated as of the Effective Date set forth in item 6 below and is entered into by
and between the Assignor identified in item 1 below the "Assignor" and Monroe Capital Income Plus ABS Funding, LLC (the "Assignee").
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified in item 4 below
(the "Credit Agreement"), receipt of a copy of which is hereby acknowledged by the Assignee. The standard terms and conditions
set forth in Annex 1 attached hereto (the "Standard Terms and Conditions") are hereby agreed to and incorporated herein
by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration
as specified in item 5 below, the Assignor hereby irrevocably sells and assigns to the Assignee, without recourse, and the Assignee hereby
irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit
Agreement, as of the Effective Date (i) all of the Assignor's rights and obligations in its capacity as a [Lender] (as defined in
the Credit Agreement) and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage
interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified
below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right
of the Assignor (in its capacity as a [Lender]) against any person or entity, whether known or unknown, arising under or in connection
with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or
in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims,
statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above
(the rights and obligations sold and assigned by the Assignor to the Assignee pursuant to clauses (i) and (ii) above being referred
to herein collectively as the "Assigned Interest"). Such sale and assignment is without recourse to the Assignor and,
except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

 

1.         Assignor:         [●]

 

2.         Borrower(s):         [●]

 

3.         Facility
Agent: [●], as the facility agent under the Credit Agreement

 

4.         Credit
Agreement: Credit Agreement dated as of [●] (as amended, restated, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among [●] (the "Borrower"), various financial institutions, [●], as Facility Agent, and [●],
as [Servicing Agent]

 

     

     

    

 

5.            Assigned
Interest:

 

	Assignor	Facility 

Assigned	Aggregate 

Amount of

 Commitment/ 

Loans for all

 [Lenders] 

under Credit

 Agreement	Amount of

 Commitment/Loans 

Assigned	Percentage 

Assigned of

 Commitment/Loans	Aggregate

 Purchase 

Price for

 Assigned

 Interest
	[●]	[Senior Secured Term Loan] / [Second Lien Term Loan] / [●]	$[●]	$[●]	[●]%	$[●] (includes $[●] of accrued and unpaid interest)

 

    
	 	Annex A – Page 2	 

     

    

 

6.            Effective
Date: [●] [●], 20[●]

 

The terms set forth in this
Assignment and Assumption are hereby agreed to:

 

		As Assignor:
	 	[●]
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	As Assignee:
	 	MONROE CAPITAL INCOME PLUS ABS FUNDING,
LLC,
	 	As Assignee
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

[Accepted:

[●], as Facility Agent 

 

	 	 
	By:	 	 
	Name:	 	 
	Title:]	 	 

 

    
	 	Annex A – Page 3	 

     

    

 

ANNEX 1 TO FORM OF ASSIGNMENT AND ASSUMPTION

 

[●] and its Subsidiaries

 

STANDARD TERMS AND CONDITIONS FOR

 

ASSIGNMENT AND ASSUMPTION

 

1.            General
Representations and Warranties.

 

1.1            Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and
has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection
with the Credit Agreement or any other [Loan Document], (ii) the execution, legality, validity, enforceability, genuineness, sufficiency
or value of the [Loan Documents] or any collateral thereunder, (iii) the financial condition of Borrower, any of its subsidiaries
or affiliates or any other person or entity obligated in respect of any Loan Document or (iv) the performance or observance by Borrower,
any of its subsidiaries or affiliates or any other person or entity of any of their respective obligations under any [Loan Document].

 

1.2            Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a [Lender] under the Credit
Agreement, (ii) it meets all the requirements to be an assignee under the Credit Agreement (subject to such consents, if any, as
may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the
Credit Agreement as a [Lender] thereunder and, to the extent of the Assigned Interest, shall have the obligations of a [Lender] thereunder,
(iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either
it, or its asset manager making the investment decision on its behalf to acquire such Assigned Interest, is experienced in acquiring assets
of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive
copies of the most recent financial statements delivered pursuant to Section [●] thereof, as applicable, and such other documents
and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and
to purchase the Assigned Interest, and (vi) it has, independently and without reliance upon [Facility Agent], [Servicing Agent] or
any other [Lender] and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Assignment and Assumption and to purchase the Assigned Interest; and (b) agrees that (i) it will, independently
and without reliance upon [Facility Agent], [Servicing Agent], the Assignor or any other [Lender], and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the [Loan Documents],
and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the [Loan Documents] are required
to be performed by it as a [Lender].

 

    
	 	Annex A – Page 4	 

     

    

 

2.            Payments.
From and after the Effective Date, [Facility Agent] shall make all payments in respect of the Assigned Interest (including payments of
principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to
the Assignee for amounts which have accrued from and after the Effective Date.

 

3.            Solvency.
The Assignor represents and warrants that (a) at the time of and after giving effect to each conveyance of any Assigned Interest
hereunder, it is solvent and is not aware of any pending insolvency of the Assignor, (b) it will not be rendered insolvent as a result
of any transfer of any Assigned Interest, (c) it will not be left with an unreasonably small remaining capital as a result of any
such transfer and (d) the sale and transfer of any Assigned Interest by the Assignor constitutes a reasonable and practicable action
in the Assignor's business.

 

4.            Sale
Treatment.

 

4.1            Assignor's
Representations and Warranties. The Assignor represents and warrants that (a) it properly treats, and will continue to treat,
the transfer of any Assigned Interest to the Assignee for all purposes as a sale on all of its relevant books and records (including for
tax and accounting purposes), (b) after the Effective Date hereof, any balance sheet or financial statement that identifies or itemizes
any Assigned Interest will properly note that such Assigned Interest is not available to satisfy the claims of any of the Assignor's or
any other person's or entity's creditors and (c) it has not made any transfer of the Assigned Interest or entered into any other
transaction in connection therewith with the intent to hinder, delay or defraud its creditors.

 

4.2            Assignee's
Representations and Warranties. The Assignee represents and warrants that it properly treats, and will continue to treat, the transfer
of any Assigned Interest to the Assignee for all purposes as a purchase on all of its relevant books and records (including for tax and
accounting purposes).

 

5.            Value
Given. The Assignor represents and warrants that (i) the cash payment received by the Assignor in respect of the purchase
price of the Assigned Interests conveyed hereunder constitutes fair consideration and fair market value in consideration for the transfer
to the Assignee of such Assigned Interests under this Assignment and Assumption, (ii) such transfer was not made for or on account
of an antecedent debt owed by the Assignee to the Assignor and (iii) such transfer was not and is not voidable or subject to avoidance
under any insolvency or bankruptcy laws.

 

6.            Miscellaneous
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute
one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective
as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by,
and construed in accordance with, the law of the State of Illinois, without regard to conflict of laws principles of such State.

 

    
	 	Annex A – Page 5	 

     

    

 

7.            Limited
Recourse. The obligations of the Assignee and the Assignor under this Assignment and Assumption are solely the limited liability
company or corporate obligations, as applicable, of the Assignee and the Assignor, respectively. No recourse shall be had for the payment
of any amount owing by the Assignee or the Assignor under this Assignment and Assumption or any other obligation or claim of or against
the Assignee or the Assignor arising out of or based upon this Assignment and Assumption, against any employee, officer, director, shareholder,
partner, member or manager of the Assignee or the Assignor or of any affiliate of such person or entity (other than the Assignor or the
Assignee, as applicable). Notwithstanding any other provisions of this Assignment and Assumption, the obligations of the Assignee hereunder
are payable subject to and in accordance with the Priority of Payments (as defined in the Indenture, dated as of April 7, 2022, between
the Assignee, as Issuer and U.S. Bank Trust Company, National Association, as trustee (the "Indenture")) and are from
time to time and at any time limited in recourse to the Assets (as defined in the Indenture) of the Assignee available at such time, and
following application of the Assets (as defined in the Indenture) in accordance with the provisions of the Indenture, all obligations
of and all claims against the Assignee will be extinguished and shall not thereafter revive.

 

8.            No
Bankruptcy Petition. The Assignor covenants and agrees that, prior to the date that is one year and one day (or, if longer, the
applicable preference period then in effect plus one day) after the payment in full of all Notes (as defined in the Indenture) and the
satisfaction and discharge of the Indenture, it will not institute against the Assignee or join any other person or entity in instituting
against the Assignee any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under
the laws of the United States or any state of the United States.

 

    
	 	Annex A – Page 6Exhibit 10.3

 

EXECUTION VERSION

 

 

 

LOAN SALE AND CONTRIBUTION AGREEMENT

 

by and between

 

MONROE CAPITAL INCOME PLUS CORPORATION,

as the Seller,

 

and

 

MONROE CAPITAL INCOME PLUS ABS FUNDING, LLC,

as the Buyer

 

Dated as of April 7, 2022

 

 

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I
    DEFINITIONS	1
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other
    Terms	4
	Section 1.03	Computation
    of Time Periods	4
	Section 1.04	Interpretation	4
	Section 1.05	References	5
	Section 1.06	Calculations	5
	 	 	 
	ARTICLE II
    TRANSFER OF LOAN ASSETS	5
	 	 	 
	Section 2.01	Sale,
    Transfer and Assignment	5
	Section 2.02	Purchase
    Price	8
	Section 2.03	Payment
    of Purchase Price	8
	 	 	 
	ARTICLE III
    CONDITIONS PRECEDENT	9
	 	 	 
	Section 3.01	Conditions
    Precedent	9
	Section 3.02	Conditions
    Precedent to all Purchases	10
	Section 3.03	Release
    of Excluded Amounts	10
	 	 	 
	ARTICLE IV
    REPRESENTATIONS AND WARRANTIES	10
	 	 	 
	Section 4.01	Representations
    and Warranties Regarding the Seller	10
	Section 4.02	Representations
    and Warranties of the Seller Relating to the Agreement and the Collateral	14
	Section 4.03	Representations
    and Warranties Regarding the Buyer	15
	Section 4.04	Ordinary
    Course of Business	16
	 	 	 
	ARTICLE V
    COVENANTS	16
	 	 
	Section 5.01	Affirmative
    Covenants of the Seller	16
	Section 5.02	Negative
    Covenants of the Seller	19
	 	 	 
	ARTICLE VI
    Option to repurchase AND Substitute Collateral Obligations	19
	 	 	 
	Section 6.01	Optional
    Repurchases or Substitution of Collateral Obligations	19
	Section 6.02	Reassignment
    of Substituted or Repurchased Collateral Obligations	20
	 	 	 
	ARTICLE VII
    INDEMNIFICATION BY THE SELLER	20
	 	 	 
	Section 7.01	Indemnification	20
	Section 7.02	Liabilities
    to Obligors	21
	Section 7.03	Operation
    of Indemnities	21
	Section 7.04	Limitation
    on Liability	21

 

    -i- 

     

    

 

Table of Contents
(continued)

 

	 	Page
	 	 
	ARTICLE
    VIII MISCELLANEOUS	22
	 	 	 
	Section 8.01	Amendments
    and Waivers	22
	Section 8.02	Notices,
    Etc	23
	Section 8.03	Binding
    Effect; Benefit of Agreement	23
	Section 8.04	GOVERNING
    LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE SERVICE OF PROCESS	23
	Section 8.05	WAIVER
    OF JURY TRIAL	24
	Section 8.06	Certain
    Taxes	24
	Section 8.07	Non-Petition	24
	Section 8.08	Recourse
    Against Certain Parties	25
	Section 8.09	Protection
    of Right, Title and Interest in the Collateral; Further Action Evidencing Purchases	25
	Section 8.10	Execution
    in Counterparts; Severability; Integration	26
	Section 8.11	Headings,
    Exhibits and Schedules	26
	Section 8.12	Assignment	26
	Section 8.13	Duration
    of Agreement	27
	Section 8.14	Acts
    of Buyer	27
	Section 8.15	No
    Partnership	27
	 	 	 
	Exhibit A	Formof
    Assignment	 
	Schedule
    I	Collateral
    Obligations	 

 

    -ii- 

     

    

 

LOAN SALE AND CONTRIBUTION AGREEMENT

 

THIS LOAN SALE AND CONTRIBUTION
AGREEMENT, dated as of April 7, 2022 (as amended, modified, supplemented or restated from time to time, this “Agreement”),
is between MONROE capital income plus corporation, a Maryland corporation (together with
its successors and assigns, “Fund,” and in its capacity as seller hereunder, together with its successors and assigns,
the “Seller”), and MONROE CAPITAL INCOME PLUS ABS FUNDING, llc, a Delaware
limited liability company (together with its successors and assigns, the “Buyer”).

 

WHEREAS, in the regular
course of its business, the Seller originates and/or otherwise acquires Collateral Obligations; and

 

WHEREAS, the Seller
desires to acquire certain of the Collateral Obligations (the “Initial Collateral Obligations”) and the Buyer desires
to acquire the Initial Collateral Obligations from the Seller on the Closing Date, and from time to time after the Closing Date acquire
from the Seller additional or substitute Collateral Obligations hereunder, together with certain related property as more fully described
herein and included as part of the “Assets” in the Indenture, dated as of April 7, 2022 (as amended, modified, restated
or supplemented from time to time, the “Indenture”), between the Buyer, as Issuer and U.S. Bank Trust Company, National
Association, as Trustee.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally
bound, hereby agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.01     Definitions.

 

Capitalized terms used but
not defined in this Agreement shall have the meanings attributed to such terms in the Indenture unless the context otherwise requires.
In addition, as used herein, the following defined terms shall have the following meanings:

 

“Agreement”
shall have the meaning provided in the first paragraph of this Agreement.

 

“Authority”
means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory
body, public body, administrative tribunal, central bank, public office, court, arbitration or mediation panel, or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of government, including the FINRA, the SEC,
the stock exchanges, any Federal, state, territorial, county, municipal or other government or governmental agency, arbitrator, board,
body, branch, bureau, commission, court, department, instrumentality, master, mediator, panel, referee, system or other political unit
or subdivision or other entity of any of the foregoing, whether domestic or foreign.

 

    	 	 	 

     

    

 

“Buyer”
shall have the meaning provided in the first paragraph of this Agreement.

 

“Collateral”
shall have the meaning provided in Section 2.01(a).

 

“Dodd-Frank”
means the Dodd-Frank Wall Street Reform and Consumer Protection Act.

 

“Excluded Amounts”
means (a) any amount received by, on or with respect to any Collateral Obligation in the Collateral, which amount is attributable
to the payment of any tax, fee or other charge imposed by any Authority on such Collateral Obligation, (b) any amount representing
escrows relating to taxes, insurance and other amounts in connection with any Collateral Obligation which is held in an escrow account
for the benefit of the related Obligor and the secured party (other than the Seller in its capacity as lender with respect to such Collateral
Obligation) pursuant to escrow arrangements, (c) any amount with respect to any Collateral Obligation repurchased or substituted
by the Seller under Article VI hereof to the extent such amount is attributable to a time after the effective date of such
repurchase or substitution, (d) any Retained Fee retained by the Person(s) entitled thereto in connection with the origination
of any Collateral Obligation, (e) any accrued and unpaid interest on any Collateral Obligation with respect to the period of time
prior to and excluding the Closing Date and (f) any Equity Security related to any Collateral Obligation that the Seller determines
will not be transferred by the Seller in connection with the sale of any related Collateral Obligation hereunder.

 

“Financing Facility”
means any credit facility or collateral obligation transaction entered into by the Seller or any Affiliate thereof pursuant to which
any Collateral Obligation may be released from the lien thereof and sold by the Seller as a Collateral Obligation hereunder.

 

“Fund”
shall have the meaning provided in the first paragraph of this Agreement.

 

“Governmental Authorizations”
means all franchises, permits, licenses, approvals, consents, orders and other authorizations of all Authorities.

 

“Governmental Filings”
means all filings, including franchise and similar tax filings, and the payment of all fees, assessments, interests and penalties associated
with such fillings with all Authorities.

 

“Indemnified Party”
shall have the meaning provided in Section 7.01.

 

“Indenture”
shall have the meaning provided in the Preamble to this Agreement.

 

“Lien”
means any security interest, mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory
or other), preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including,
without limitation, any conditional sale or other title retention agreement, and any financing lease having substantially the same economic
effect as any of the foregoing (including any UCC financing statement or any similar instrument filed against a Person’s assets
or properties).

 

    		-2-	 

     

    

 

“Loan List”
means the list, attached as Schedule I to this Agreement, of Collateral Obligations provided by the Seller to the Buyer on the Closing
Date, as supplemented on each Purchase Date following the Closing Date, by incorporating each additional Collateral Obligation listed
in an assignment of such Collateral Obligation substantially in the form of Exhibit A to this Agreement, as such list may be further
amended, supplemented or modified from time to time in accordance with this Agreement.

 

“Material Adverse
Effect” means, with respect to the Person making the related representation and warranty or agreeing to the related covenant,
any event that has, or could reasonably be expected to have, a material adverse effect on (a) the business, assets, financial condition
or operations of such Person, (b) the ability of such Person to perform its obligations under the Transaction Documents to which
it is a party or (c) the rights, interests, remedies or benefits (taken as a whole) available to the Trustee under the Transaction
Documents.

 

“Payment in Full
Date” means the date on which the Indenture is satisfied and discharged in accordance with its terms.

 

“Permitted Liens”
means (i) with respect to the Collateral, security interests, Liens and other encumbrances created pursuant to the Transaction Documents,
(ii) with respect to agented Collateral Obligations, security interests, liens and other encumbrances in favor of the lead agent,
the collateral agent or the paying agent on behalf of all holders of indebtedness of such Obligor under the related facility (including
the Buyer), (iii) with respect to any Equity Security in an Obligor, any security interests, liens and other encumbrances granted
on such Equity Security to secure indebtedness of the related Obligor and/or any security interests, liens and other rights or encumbrances
granted under any governing documents or other agreement between or among or binding upon the Issuer as the holder of equity in such
Obligor and (iv) with respect to the Collateral Obligations, security interests, liens and other encumbrances, if any, which have
priority over first priority perfected security interests in the Collateral Obligations or any portion thereof under the UCC or any other
applicable law.

 

“Purchase”
means a purchase or other acquisition of Collateral by the Buyer from or as directed or referred by the Seller pursuant to Section 2.01.

 

“Purchase Date”
means any day on which any Collateral Obligation is acquired by the Buyer from the Seller pursuant to the terms of this Agreement (including
any Substitution Date).

 

“Purchase Price”
shall have the meaning provided in Section 2.02.

 

“Repurchase Price”
means, on any date of determination with respect to any Collateral Obligation with respect to which the Seller elects to exercise its
option to purchase or repurchase pursuant to Section 6.01 of this Agreement, an amount at least equal to the Market Value
of such Collateral Obligation.

 

“Retained Fee”
means any reasonable origination, structuring or similar closing fee charged by the Person originating a loan on behalf of its lenders
for services it has performed in connection with such origination, which is not customarily made available to the lenders as part of
their return with respect to such loan, and provided such Person is entitled to retain the same in accordance with applicable law.

 

    		-3-	 

     

    

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, all as from time to time in
effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provisions shall be deemed
to be a reference to any successor statutory or regulatory provision.

 

“Seller”
shall have the meaning provided in the first paragraph of this Agreement.

 

“Substitution Date”
means any date on which the Seller transfers a substitute Collateral Obligation to the Buyer.

 

“Trustee”
shall have the meaning provided in the Preamble to this Agreement.

 

“Volcker Rule”
means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.

 

Section 1.02     Other
Terms.

 

All accounting terms used
but not specifically defined herein shall be construed in accordance with generally accepted accounting principles in the United States.
The symbol “$” shall mean the lawful currency of the United States of America. All terms used in Article 9 of the UCC
in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9.

 

Section 1.03     Computation
of Time Periods.

 

Unless otherwise stated in
this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means
 “from and including,” the words “to” and “until” each mean “to but excluding”.

 

Section 1.04     Interpretation.

 

In this Agreement, unless
a contrary intention appears:

 

		(i)	the singular number includes the plural
                                            number and vice versa;

 

		(ii)	reference to any Person includes such Person’s
                                            successors and assigns but, if applicable, only if such successors and assigns are permitted
                                            by the Transaction Documents;

 

		(iii)	references to “including”
means “including, without limitation”;

 

		(iv)	reference to day or days without
further qualification means calendar days;

 

		(v)	unless otherwise stated, reference
to any time means New York, New York time;

 

		(vi)	references to “writing”
include printing, typing, lithography, electronic or other means of reproducing words in a visible form;

 

    		-4-	 

     

    

 

(vii)         reference
to any agreement (including any Transaction Document), document or instrument means such agreement, document or instrument as amended,
modified, supplemented, replaced, restated, waived or extended and in effect from time to time in accordance with the terms thereof and,
if applicable, the terms of the other Transaction Documents, and reference to any promissory note includes any promissory note that is
an extension or renewal thereof or a substitute or replacement therefore;

 

(viii)        reference
to any applicable law means such applicable law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect
from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of
any applicable law means that provision of such applicable law from time to time in effect and constituting the substantive amendment,
modification, codification, replacement or reenactment of such Section or other provision; and

 

(ix)          reference
to any gender includes each other gender.

 

Section 1.05     References.

 

All section references (including
references to the preamble), unless otherwise indicated, shall be to Sections (and the preamble) in this Agreement.

 

Section 1.06    Calculations.

 

Except as otherwise provided
herein, all interest rate and basis point calculations hereunder will be made on the basis of a 360-day year consisting of twelve 30-days
months and the actual days elapsed in the relevant period and will be carried out to at least three decimal places.

 

ARTICLE II

 

TRANSFER
OF LOAN ASSETS

 

Section 2.01    Sale,
Transfer and Assignment.

 

(a)            Transfer
from the Seller to the Buyer. Subject to and upon the terms and conditions set forth in this Agreement (including the conditions
to purchase set forth in Article III), on each Purchase Date, the Seller hereby sells, transfers, assigns, sets over and
otherwise conveys to the Buyer, and the Buyer hereby Purchases and takes from the Seller all right, title and interest (whether now owned
or hereafter acquired or arising and wherever located) of the Seller (including all obligations of the Seller as lender to fund any Revolving
Loan or Delayed Draw Loan conveyed by the Seller to the Buyer hereunder which obligations the Buyer hereby assumes) in the property identified
in clauses (i)-(v) below and all accounts, cash and currency, chattel paper, tangible chattel paper, electronic chattel
paper, copyrights, copyright licenses, equipment, fixtures, financial assets, general intangibles, payment intangibles, instruments,
commercial tort claims, deposit accounts, inventory, investment property, letter-of-credit rights, securities, money, documents, goods,
accessions, proceeds and other property consisting of, arising out of, or related to any of the following (in each case excluding the
Excluded Amounts) (collectively, the “Collateral”):

 

(i)            the
Collateral Obligations listed on the Loan List delivered by the Seller to the Buyer from time to time pursuant to this Agreement, all
payments paid in respect thereof and all monies due, to become due or paid in respect of such Collateral Obligations on and after the
related Purchase Date, including but not limited to all collections on the Collateral Obligations and other recoveries thereon, in each
case as they arise after the related Purchase Date;

 

    		-5-	 

     

    

 

(ii)            all
Liens with respect to the Collateral Obligations referred to in clause (i) above;

 

(iii)           all
Underlying Instruments with respect to the Collateral Obligations referred to in clause (i) above;

 

(iv)          all
collateral security granted under any Underlying Instruments; and

 

(v)           all
income, payments and proceeds and other supporting obligations of the foregoing.

 

(b)           In
addition to the rights of the Buyer to acquire Collateral Obligations from the Seller hereunder after the Closing Date, the Buyer may
acquire Collateral Obligations from certain other entities managed by the Collateral Manager or an affiliate of the Collateral Manager,
each of which shall be (or be deemed to be) a Collateral Obligation referred by the Seller to the Buyer and sold by the Seller to the
Buyer hereunder.

 

(c)            [Reserved].

 

(d)           From
and after each Purchase Date, the Collateral listed on the Loan List shall be deemed to be Collateral hereunder.

 

(e)            On
any Purchase Date with respect to the Collateral to be acquired by the Buyer on that date, the Seller shall be deemed to, and hereby
does, certify to the Buyer and to the Trustee, on behalf of the Secured Parties, as of such Purchase Date, that each of the representations
and warranties in Section 4.02 is true and correct in all material respects as of such Purchase Date.

 

(f)            Except
as specifically provided in this Agreement, the sale and purchase of Collateral under this Agreement shall be without recourse to the
Seller; it being understood that the Seller shall be liable to the Buyer for all representations, warranties, covenants and indemnities
made by the Seller pursuant to the terms of this Agreement, all of which obligations are limited so as not to constitute recourse to
the Seller for the credit risk of the Obligors.

 

(g)           In
connection with each Purchase of Collateral as contemplated by this Agreement, the Buyer hereby directs the Seller to, and the Seller
agrees that it will, deliver in accordance with the Indenture, or cause to be delivered in accordance with the Indenture (on behalf of
the Buyer), to the Trustee, each Collateral Obligation being transferred to the Buyer on such Purchase Date in accordance with the applicable
provisions of the Indenture.

 

(h)           The
Seller shall take such action requested by the Buyer, from time to time hereafter, that may be necessary or appropriate to ensure that
the Buyer has an enforceable ownership interest and its assigns under the Indenture have an enforceable and perfected security interest
in the Collateral Purchased by the Buyer as contemplated by this Agreement.

 

    		-6-	 

     

    

 

(i)            In
connection with the Purchase by the Buyer of the Collateral as contemplated by this Agreement, the Seller agrees that it will, at its
own expense, indicate clearly and unambiguously in its computer files on and after each such Purchase that such Collateral has been Purchased
by the Buyer and the Seller agrees that it will indicate clearly and unambiguously on and after the related Purchase Date in its financial
statements that such Collateral is owned by the Buyer and is not available to pay creditors of the Seller.

 

(j)            The
Seller agrees to deliver to the Buyer on or before each Purchase Date a computer file containing a true, complete and correct Loan List
(which shall contain the related Principal Balance, outstanding principal balance and Obligor name for each Collateral Obligation) as
of the related Purchase Date. Such file or list shall be marked as Schedule I to this Agreement, shall be delivered to the Buyer
as confidential and proprietary (subject to the exceptions set forth herein and in the other Transaction Documents), and is hereby incorporated
into and made a part of this Agreement, as such Schedule I may be supplemented and amended from time to time. In addition, with
respect to each Collateral Obligation sold by the Seller to the Buyer hereunder, the Seller shall deliver to the Buyer an assignment
of such Collateral Obligation substantially in the form of Exhibit A hereto.

 

(k)            [Reserved].

 

(l)            [Reserved].

 

(m)          It
is the intention of the parties hereto that the conveyance of all right, title and interest in and to the Collateral to the Buyer by
the Seller on each Purchase Date, as provided in this Section 2.01 shall constitute an absolute sale, conveyance and transfer
of ownership of such Collateral conveying good title, free and clear of any Lien (other than Permitted Liens), rather than the mere granting
of a security interest to secure a borrowing, and that the Collateral shall not be part of the Seller’s bankruptcy estate in the
event of any bankruptcy or insolvency proceedings with respect to the Seller. Furthermore, it is not intended that any such conveyance
be deemed a pledge of the Collateral Obligations and the other Collateral to the Buyer to secure a debt or other obligation of the Seller.

 

(n)           If,
however, notwithstanding the intention of the parties set forth in Section 2.01(m), the conveyances provided for in this
Section 2.01 by the Seller are determined to be a transfer for security, then this Agreement shall also be deemed to be,
and hereby is, a “security agreement” within the meaning of Article 9 of the UCC. With respect to the Collateral transferred
on any Purchase Date hereunder, (A) the Seller hereby grants to the Buyer a duly perfected, first priority “security interest”
within the meaning of Article 9 of the UCC in all of its right, title and interest in and to such Collateral, now existing and hereafter
created, to secure the prompt and complete payment of a loan deemed to have been made in an amount equal to the aggregate Purchase Price
of such Collateral and all other obligations hereunder, (B) the Buyer shall have, in addition to the rights and remedies which it
may have under this Agreement, all other rights and remedies provided to a secured creditor under the UCC and other applicable law with
respect thereto, which rights and remedies shall be cumulative, and (C) the Seller authorizes the Buyer and, so long as the Payment
in Full Date has not occurred, the Trustee on behalf of the Secured Parties to file UCC financing statements and amendments, as necessary,
naming the Seller as “debtor,” the Buyer as “assignor secured party,” and the Trustee, as “assignee secured
party,” or similar applicable designations, each describing such Collateral, in each jurisdiction that the Buyer deems necessary
in order to protect the security interests in the Collateral granted under this Section 2.01(n).

 

    		-7-	 

     

    

 

Section 2.02     Purchase
Price.

 

The purchase price with respect
to the Collateral sold on any Purchase Date by the Seller to the Buyer shall be a dollar amount equal to the Market Value thereof as
determined by the Seller and the Buyer, and such transaction shall be on terms no less favorable to the Buyer than it would obtain in
a comparable arm’s length transaction with a Person that is not an Affiliate (in each case, the “Purchase Price”).

 

Section 2.03     Payment
of Purchase Price.

 

(a)            The
Purchase Price for any Collateral acquired by the Buyer from the Seller on any Purchase Date pursuant to this Agreement shall be paid
in a combination of (A) immediately available funds in cash and (B) if the Buyer does not have sufficient funds in cash to
pay the full amount of the Purchase Price, by means of a contribution by the Seller to the Buyer.

 

(b)            [Reserved].

 

(c)            The
Purchase Price for any Collateral Purchased by the Buyer to be settled directly with a third party on any Purchase Date shall be paid
in immediately available funds, which may comprise, if the Buyer does not have sufficient funds in cash to pay the full amount of the
Purchase Price, amounts contributed by the Seller to the Buyer to be paid to such third party.

 

(d)            Notwithstanding
any provision herein to the contrary, the Seller may on any Purchase Date elect to designate all or a portion of the Collateral proposed
to be transferred to the Buyer on such date as a contribution to the Buyer. In such event, the cash portion of the Purchase Price payable
with respect to such transfer shall be reduced by that portion of the Purchase Price of the Collateral that was so contributed; provided
that Collateral contributed to the Buyer as shall constitute Collateral for all purposes of this Agreement. To the extent the fair
market value of any Collateral purchased or acquired by replacement and substitution by the Buyer pursuant to this Agreement exceeds
the amount of cash paid or other consideration exchanged therefore, such excess shall be deemed to be a contribution from the Seller
to the Buyer. In addition, the Seller may also elect to contribute cash or Collateral to the Buyer for any other purpose.

 

(e)            The
Seller, in connection with each Purchase hereunder relating to any Collateral, shall be deemed to have certified, and hereby does certify,
with respect to the Collateral to be Purchased by the Buyer on such day, that its representations and warranties contained in Article IV
are true and correct in all material respects on and as of such day, with the same effect as though made on and as of such day.

 

    		-8-	 

     

    

 

(f)            Upon
the payment of the Purchase Price for any Purchase, title to the Collateral included in such Purchase shall vest in the Buyer, as provided
herein, whether or not the conditions precedent to such Purchase and the other covenants and agreements contained herein were in fact
satisfied; provided that the Buyer shall not be deemed to have waived any claim it may have under this Agreement for the failure
by the Seller in fact to satisfy any such condition precedent, covenant or agreement.

 

(g)           The
Seller and the Buyer acknowledge and agree that, solely for administrative convenience, any transfer or assignment agreement (or, in
the case of any underlying promissory note, any chain of endorsement) required to be executed and delivered in connection with the transfer
of a Collateral Obligation in accordance with the terms of any Underlying Instruments may reflect that the Seller is transferring and/or
assigning such Collateral Obligation directly to the Buyer. Nothing in any such documents or transfer or assignment agreements shall
be deemed to impair the transfers of the Collateral Obligations by the Seller to the Buyer in accordance with the terms of this Agreement.
Any such Collateral Obligation so transferred or assigned for administrative convenience shall be deemed sold and transferred by the
related seller to the Seller and, pursuant to this Agreement, shall be sold and transferred directly or indirectly, as applicable, by
the Seller to the Buyer. For the avoidance of doubt, all of the applicable provisions of this Agreement, including without limitation
the conditions precedent to all purchases, the representations and warranties of the Seller, the covenants of the Seller and the indemnity
of the Seller, contained in Section 3.02, Article IV, Article V and Article VII hereof,
respectively, shall apply to the Seller with equal force with respect to any sales and assignments for administrative convenience under
this Agreement (whether in connection with any sale or assignment by any related seller to the Buyer) as if such sale and assignment
was directly or indirectly, as applicable, from the Seller to the Buyer as provided herein.

 

(h)           Collateral
Obligations may be purchased or acquired from time to time by the Buyer from the Seller or any of its Affiliates hereunder only if (i) the
terms and conditions thereof are no less favorable to the Buyer than the terms it would obtain in a comparable, timely purchase or acquisition
with a non-Affiliate and (ii) the transactions are effected in accordance with all applicable laws.

 

ARTICLE III

 

CONDITIONS
PRECEDENT

 

Section 3.01     Conditions
Precedent

 

This Agreement is subject
to the conditions precedent that on or prior to the Closing Date each of the conditions precedent to the execution, delivery and effectiveness
of each other Transaction Document (other than a condition precedent in any such other Transaction Document relating to the effectiveness
of this Agreement) shall have been fulfilled, and:

 

(a)            Counterparts
of this Agreement shall have been executed and delivered by or on behalf of the Seller and the Buyer; and

 

(b)           Seller
shall have delivered to Buyer draft UCC-1 financing statements to be filed on the Closing Date as required by Section 2.01(n) describing
the applicable Collateral and meeting the requirements of the laws of each jurisdiction in which it is necessary or reasonably desirable,
or in which the Seller is required by applicable law, and in such manner as is necessary or reasonably desirable, to perfect the back-up
security interest granted under Section 2.01(n).

 

    		-9-	 

     

    

 

Section 3.02      Conditions
Precedent to all Purchases.

 

(a)            The
obligations of the Buyer to Purchase the Collateral from the Seller on any Purchase Date shall be subject to the satisfaction of the
following conditions precedent that:

 

(i)            all
representations and warranties of the Seller contained in Sections 4.01 and 4.02 shall be true and correct in all material
respects on and as of such date as though made on and as of such date and shall be deemed to have been made on and as of such date (unless
stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material
respects as of such earlier date);

 

(ii)            the
Seller shall have delivered to the Buyer a duly completed Loan List that is true, accurate and complete in all respects as of the related
Purchase Date, which list shall be as of such date incorporated into and made a part of this Agreement and an assignment substantially
in the form of Exhibit A hereto;

 

(iii)            on
and as of such Purchase Date, the Seller shall have performed all of the obligations, covenants and agreements required to be performed
by it with respect to the related Collateral on or prior to such date pursuant to the provisions of this Agreement, including ensuring
that all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate
jurisdictions to perfect the Buyer’s ownership interest in the related Collateral Obligations have been duly filed; and

 

(iv)            such
Purchase Date occurs during the Prefunding Period or the Reinvestment Period.

 

Section 3.03     Release
of Excluded Amounts.

 

The parties acknowledge and
agree that the Buyer has no interest in the Excluded Amounts. Promptly upon the receipt by or release to the Buyer of any Excluded Amounts,
the Buyer hereby irrevocably agrees to deliver and release to (or as directed by) the Seller such Excluded Amounts, which release shall
be automatic and shall require no further act by the Buyer; provided that the Buyer agrees that it will execute and deliver such
instruments of release and assignment or other documents, or otherwise confirm the foregoing release of such Excluded Amounts, as may
be reasonably requested by the Seller in writing.

 

ARTICLE IV

 

REPRESENTATIONS
AND WARRANTIES

 

Section 4.01     Representations
and Warranties Regarding the Seller.

 

As of the Closing Date and
as of each Purchase Date after the Closing Date, the Seller represents and warrants to the Buyer for the benefit of the Buyer and each
of its successors and assigns, that:

 

(a)            Due
Organization. The Seller is a corporation duly incorporated and validly existing under the laws of the State of Maryland, with full
power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and
deliver and perform its obligations under this Agreement and the other Transaction Documents to which it is a party.

 

(b)           Due
Qualification and Good Standing. The Seller is in good standing in the State of Maryland. The Seller is duly qualified to do business
and, to the extent applicable, is in good standing and has obtained all material governmental licenses and approvals as required in Delaware
and each other jurisdiction in which the failure to be so qualified, maintain good standing or obtain such license or approval, is likely
to have a Material Adverse Effect.

 

(c)           Due
Authorization; Execution and Delivery; Legal, Value and Binding; Enforceability; Valid Sale. The execution and delivery by the Seller
of, and the performance of its obligations under this Agreement and the other Transaction Documents to which it is a party and the other
instruments, certificates and agreements contemplated hereby and thereby are within its powers and have been duly authorized by all requisite
action by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against
it in accordance with their respective terms, subject, as to enforcement, (A) to the effect of bankruptcy, insolvency or similar
laws affecting generally the enforcement of creditors’ rights as such laws would apply in the event of any bankruptcy, receivership,
insolvency or similar event applicable to the Seller and (B) to general equitable principles (whether enforceability of such principles
is considered in a proceeding at law or in equity). This Agreement shall effect a valid sale, transfer and assignment of or grant of
a security interest by the Seller to the Buyer of its right, title and interest in the Collateral Obligations as set forth herein, enforceable
against the Seller, its creditors and purchasers from the Seller, subject, as to enforcement, (A) to the effect of bankruptcy, insolvency
or similar laws affecting generally the enforcement of creditors’ rights as such laws would apply in the event of any bankruptcy,
receivership, insolvency or similar event applicable to the Seller and (B) to general equitable principles (whether enforceability
of such principles is considered in a proceeding at law or in equity).

 

(d)            Non-Contravention.
None of the execution and delivery by the Seller of this Agreement or the other Transaction Documents to which it is a party, the consummation
of the transactions herein or therein contemplated, or performance and compliance by it with the terms, conditions and provisions hereof
or thereof, will (i) contravene in any material respect the terms of the certificate of incorporation of the Seller or its bylaws,
or any amendment of either thereof, (ii) (A) contravene in any material respect any applicable law, (B) conflict in any
material respect, with or result in any breach of, any of the terms and provisions of, or constitute a default under, any indenture,
loan, agreement, mortgage, deed of trust or other contractual restriction binding on or affecting it or any of its assets, or (C) contravene
in any material respect any order, writ, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result
in a breach or violation of, or constitute a default under, any contractual obligation or any agreement or document to which it is a
party or by which it or any of its assets are bound (or to which any such obligation, agreement or document relates), in each case under
this clause (d) which would have a Material Adverse Effect.

 

    		-10-	 

     

    

 

(e)            Governmental
Authorizations; Governmental Filings. The Seller has obtained, maintained and kept in full force and effect all Governmental Authorizations
which are necessary for it to properly carry out its business, and has made all Governmental Filings necessary for the execution and
delivery by it of the Transaction Documents to which it is a party and the performance by the Seller of its obligations under this Agreement
and the other Transaction Documents to which it is a party, and no Governmental Authorization or Governmental Filing which has not been
obtained or made is required to be obtained or made by it in connection with the execution and delivery by it of any Transaction Document
to which it is a party or the performance of its obligations under this Agreement and the other Transaction Documents to which it is
a party.

 

(f)            Compliance
with Applicable Law. The Seller has duly observed and complied with all applicable laws, including the Securities Act and the 1940
Act, relating to the conduct of its business and its assets except where the failure to do so could not reasonably be expected to result
in a Material Adverse Effect.

 

(g)           Solvency.
The Seller, at the time of and after giving effect to each conveyance of Collateral Obligations hereunder and the transactions contemplated
hereunder and under the Indenture and the other Transaction Documents, is solvent on and as of the date thereof.

 

(h)           Taxes.
The Seller has filed or caused to be filed all tax returns which, to its knowledge, are required to be filed and has paid all taxes shown
to be due and payable on such returns or on any assessments made against it or any of its property and all other taxes, fees or other
charges imposed on it or any of its property by any applicable Authority (other than any amount of tax due, the validity of which is
currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with generally accepted
accounting principles have been provided on the books of the Seller); no tax Lien has been filed and, to the Seller’s knowledge,
no claim is being asserted, with respect to any such tax, fee or other charge.

 

(i)            Place
of Business; No Changes. The Seller’s location (within the meaning of Article 9 of the UCC) is the State of Maryland.
The Seller has not changed its name, whether by amendment of its certificate of incorporation, by reorganization or otherwise, and has
not changed its location within the four months preceding the Closing Date.

 

(j)            [Reserved]

 

    		-11-	 

     

    

 

(k)            Sale
Treatment. Other than for accounting and tax purposes, the Seller has treated the transfer of Collateral Obligations to the Buyer
hereunder for all purposes as a sale and/or contribution by the Seller and purchase by the Buyer on all of its relevant books and records.

 

(l)            Security
Interest.

 

(i)            As
described in Section 2.01(n) hereof, it is the intention of the parties hereto that the conveyance of the Collateral
by the Seller to or the Buyer be, and be construed as, an absolute sale without recourse. If, however, notwithstanding the intention
of the parties, such conveyance is determined for any reason not to be an absolute sale, this Agreement creates a valid and continuing
security interest (as defined in the applicable UCC) granted by the Seller in favor of the Buyer in all right, title and interest of
the Seller in, to and under the Collateral transferred by the Seller thereto, as applicable, which security interest shall be a first
priority perfected security interest prior to all other Liens (except for Permitted Liens), and is enforceable as such against creditors
of and purchasers from the Seller upon execution and delivery of this Agreement, subject, as to enforcement, (A) to the effect of
bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors’ rights as such laws would apply in the
event of any bankruptcy, receivership, insolvency or similar event applicable to the Seller and (B) to general equitable principles
(whether enforceability of such principles is considered in a proceeding at law or in equity);

 

(ii)           the
Collateral Obligations, along with the Underlying Instruments, constitute “general intangibles,” “instruments,”
 “accounts,” “investment property,” or “chattel paper,” within the meaning of the applicable UCC;

 

(iii)          the
Seller owns and has, and upon the sale and transfer thereof by the Seller to the Buyer, the Buyer will have, good and marketable title
to such Collateral Obligations free and clear of any Lien (other than Permitted Liens), claim or encumbrance of any Person;

 

(iv)         the
Seller has received all consents and approvals, if any, required by the terms of the Collateral Obligations to the sale of the Collateral
Obligations hereunder to the Buyer (except (A) to the extent that the requirement for such consent is rendered ineffective under
Section 9-406 of the UCC and (B) for any customary procedural requirements and agents’ and/or Obligors’ consents
expected to be obtained in due course in connection with the transfer of the Collateral Obligations to the Buyer (except, in the case
of clause (B), for any such agents’ consents where the Seller or any of its Affiliates is the agent which the Seller has or will
obtain));

 

(v)          the
Seller has caused the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under
applicable law in order to perfect the security interest in the Collateral Obligations granted by the Seller to the Buyer under this
Agreement to the extent perfection can be achieved by filing a financing statement;

 

    		-12-	 

     

    

 

(vi)         other
than the sale by the Seller to the Buyer hereunder and the back up security interest granted by the Seller to the Buyer pursuant to this
Agreement, the Seller has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral Obligations,
except in connection with any Financing Facility, if any, which security interests, if any, with respect to such Collateral Obligations
will be released on the applicable Purchase Date. The Seller has not authorized the filing of and is not aware of any financing statements
naming the Seller as debtor that include a description of collateral covering the Collateral Obligations constituting Collateral hereunder
other than any financing statement (A) relating to the security interest granted to the Buyer under this Agreement, or (B) that
has been or will be terminated as of the related Purchase Date or for which a release or partial release has been or will be timely filed.
The Seller is not aware of the filing of any judgment or tax Lien filings against the Seller;

 

(vii)        except
with respect to any Collateral Obligation for which there is no promissory note, all original executed copies of each promissory note
that constitutes or evidences the Collateral Obligations sold by the Seller hereunder have been delivered by the Seller at the direction
of the Buyer, as required hereunder; and

 

(viii)        none
of the promissory notes, if any that constitute or evidence any Collateral Obligations sold by the Seller hereunder has any marks or
notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Buyer.

 

(m)          Value
Given. The cash payments, if any, received by the Seller, and the increase in the value of the Seller’s interest in the Buyer
as a result of any contribution by the Seller to the Buyer in respect of the Purchase Price of the Collateral Obligations sold by the
Seller hereunder constitute reasonably equivalent value in consideration for the transfer by the Seller to the Buyer of such Collateral
Obligations under this Agreement, such transfer was not made for or on account of an antecedent debt owed by the Seller to the Buyer
and such transfer was not and is not voidable or subject to avoidance under any applicable bankruptcy laws.

 

(n)           Bulk
Transfer Laws. The transfer, assignment and conveyance of the Collateral Obligations by the Seller pursuant to this Agreement are
not subject to the bulk transfer laws or any similar statutory provisions in effect in any applicable jurisdiction.

 

(o)           Lack
of Intent to Hinder, Delay or Defraud. Neither the Seller nor any of its Affiliates has sold, or will sell, any interest in any Collateral
Obligations conveyed to the Buyer hereunder with any intent to hinder, delay or defraud any of their respective creditors.

 

(p)           No
Proceedings. There is no action, suit or proceeding pending against or, to the actual knowledge of an Authorized Officer of the Seller
after due inquiry, threatened against or adversely affecting (i) the Seller or (ii) the transactions contemplated by this Agreement,
before any court, arbitrator or any governmental body, agency or official, in each case, which has had or would reasonably be expected
to have a Material Adverse Effect.

 

    		-13-	 

     

    

 

(q)           Accuracy
of Information. All written factual information heretofore furnished by the Seller for purposes of or in connection with this Agreement
or the other Transaction Documents to which the Seller is a party, or any transaction contemplated hereby or thereby is, and all such
written factual information hereafter furnished by the Seller to any party to the Transaction Documents will be, accurate in all material
respects, on or as of the date such information is stated or certified; provided that the Seller shall not be responsible for,
nor have any liability with respect to, any factual information furnished to it by any third party, except to the extent that an Authorized
Officer of the Seller has actual knowledge that such factual information is inaccurate in any material respect.

 

The representations and warranties
set forth in this Section 4.01 shall survive the sale, transfer and assignment of the Collateral Obligations to the Buyer
and be for the benefit of the Buyer and the Trustee, on behalf of the Secured Parties, and the Seller acknowledges that the Buyer and
the Trustee may enforce directly any obligations of the Seller with respect to breaches of such representations and warranties that materially
and adversely affect the interests of the Noteholders.

 

Section 4.02     Representations
and Warranties of the Seller Relating to the Agreement and the Collateral.

 

The Seller hereby represents
and warrants to the Buyer, as of the Closing Date and as of each Purchase Date after the Closing Date:

 

(a)           Valid
Transfer and Security Interest. This Agreement constitutes a valid transfer to the Buyer of all right, title and interest of the
Seller in, to and under all of the Collateral sold thereto by the Seller on the related Purchase Date, free and clear of any Lien of
any Person claiming through or under the Seller or its Affiliates, except for Permitted Liens. If the conveyances contemplated by this
Agreement are determined to be a transfer for security, then this Agreement constitutes a grant of a security interest by the Seller
in all of the Collateral sold by the Seller on the related Purchase Date to the Buyer, which security interest is a valid and first priority
perfected security interest in all Collateral, subject only to Permitted Liens. Neither the Seller nor any Person claiming through the
Seller shall have any claim to or interest in the Collection Accounts and if this Agreement constitutes the grant of a security interest
in such property, except for the interest of the Seller in such property as a debtor for purposes of the UCC.

 

(b)           Eligibility
of Collateral. As of each Purchase Date, (i) the Loan List is an accurate and complete listing of all Collateral as of the related
Purchase Date and the information contained therein with respect to the identity of such Collateral and the amounts owing thereunder
is true and correct as of the related Purchase Date, (ii) as of the related Purchase Date, each such loan asset sold by the Seller
hereunder satisfies or satisfied, as applicable, the definition of Collateral Obligation, and (iii) the representations and warranties
set forth in Section 4.02(a) are true and correct with respect to each item of Collateral.

 

(c)            No
Fraud. Each Collateral Obligation sold by the Seller hereunder was originated without any fraud or material misrepresentation by
the Seller or, to the best of the Seller’s knowledge, on the part of the Obligor.

 

    		-14-	 

     

    

 

(d)           Ordinary
Course of Business. Any sale of Collateral Obligations by the Seller to the Buyer, as applicable, pursuant to this Agreement is in
the ordinary course of business and financial affairs of the Seller. Each remittance of collections on such Collateral Obligations by
the Seller to the Buyer, as transferee thereof under this Agreement, will have been made in the ordinary course of business or financial
affairs of the Seller.

 

Section 4.03     Representations
and Warranties Regarding the Buyer.

 

By its execution of this
Agreement, the Buyer represents and warrants to the Seller that:

 

(a)            Due
Organization. The Buyer is a limited liability company duly formed and validly existing under the laws of the State of Delaware,
with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute
and deliver and perform its obligations under this Agreement and the other Transaction Documents to which it is a party.

 

(b)           Due
Qualification and Good Standing. The Buyer is in good standing under the laws of the State of Delaware. The Buyer is duly qualified
to do business and, to the extent applicable, is in good standing and has obtained or will obtain all material governmental licenses
and approval in the State of Delaware and in each other jurisdiction in which the nature of its business, assets and properties, including
the performance of its obligations under this Agreement and the other Transaction Documents to which it is a party requires such qualification,
except where the failure to be so qualified, maintain good standing or obtain such license or approval would not reasonably be expected
to have a Material Adverse Effect.

 

(c)            Due
Authorization; Execution and Delivery; Legal, Valid and Binding; Enforceability. The execution and delivery by the Buyer of, and
the performance of its obligations under this Agreement, the other Transaction Documents to which it is a party and the other instruments,
certificates and agreements contemplated hereby or thereby are within its powers and have been duly authorized by all requisite action
by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it
in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally or general principles of equity, regardless of whether considered
in a proceeding in equity or at law.

 

(d)           Non-Contravention.
None of the execution and delivery by the Buyer of this Agreement or the other Transaction Documents to which it is a party, the consummation
of the transactions herein or therein contemplated, or performance and compliance by it with the terms, conditions and provisions hereof
or thereof, will (i) contravene in any material respect or result in any breach of, any of the terms and provisions of, its certificate
of formation and limited liability company agreement, (ii) conflict with or contravene (A) any applicable law, (B) any
indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, including any Underlying Instrument,
or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result
in a breach or violation of, or constitute a default under, or permit the acceleration of any obligation or liability in, or but for
any requirement of the giving of notice or the passage of time (or both) would constitute such a conflict with, breach or violation of,
or default under, or permit any such acceleration in, any contractual obligation or any agreement or document to which it is a party
or by which it or any of its assets are bound (or to which any such obligation, agreement or document relates), in each case under this
clause (d) which would have a Material Adverse Effect.

 

    		-15-	 

     

    

 

(e)            Governmental
Authorizations; Private Authorizations; Governmental Filings. No order, consent, approval, license, authorization, or validation
of, or filing, recording or registration with, or exemption by, any governmental or public body or authority, or any subdivision thereof,
is required to authorize, or is required in connection with the execution, delivery and performance of any Transaction Documents to which
the Buyer is a party or the consummation of any of the transactions contemplated thereby other than those that have already been duly
made or obtained and remain in full force and effect or those recordings and filings in connection with the Liens granted to the Trustee
under the Transaction Documents, except for any order, consent, approval, license, authorization, or validation of, or filing, recording
or registration with, or exemption, that, if not obtained, would not, either individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

(f)            Sale
Treatment. Other than for accounting and tax purposes, the Buyer has treated the transfer of Collateral Obligations hereunder to
the Buyer for all purposes as a sale by the Seller and purchase by the Buyer on all of its relevant books and records and other applicable
documents.

 

Section 4.04     Ordinary
Course of Business.

 

Each of the Seller and the
Buyer represents and warrants to the other as to itself that in the event the conveyances of the Collateral provided for in Section 2.01(a) are
determined by a court of competent jurisdiction to be a transfer for security purposes, each remittance of payments, if any, by the Seller
under this Agreement will have been (i) in payment of an obligation incurred by the Seller in the ordinary course of business or
financial affairs of the Seller and the Buyer, as the case may be, and (ii) made in the ordinary course of business or financial
affairs of the Seller and the Buyer.

 

ARTICLE V

 

COVENANTS

 

Section 5.01     Affirmative
Covenants of the Seller.

 

From the date hereof until
the Payment in Full Date:

 

(a)            Compliance
with Laws. The Seller will comply in all material respects with all applicable requirements of law with respect to the Collateral
Obligations except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 

(b)           Preservation
of Corporate Existence. The Seller will preserve and maintain its corporate existence, rights, franchises and privileges in the jurisdiction
of its incorporation, and qualify and remain qualified in good standing as a foreign corporation in each jurisdiction where the failure
to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to
have, a Material Adverse Effect on the business operations, assets or financial condition of the Seller or on the validity or enforceability
of this Agreement or the provisions of any other Transaction Document applicable to the Seller, or the performance by the Seller of its
duties hereunder or thereunder.

 

    		-16-	 

     

    

 

(c)            Performance
and Compliance with Collateral. The Seller will, at its expense, timely and fully perform and comply in all material respects with
all provisions, covenants and other promises required to be observed by it under all agreements related to such Collateral.

 

(d)           Protection
of Interest in Collateral. With respect to the Collateral Purchased by the Buyer from the Seller, the Seller will (i) sell such
Collateral pursuant to and in accordance with the terms of this Agreement, (ii) (at the Seller’s expense) take all action
necessary to perfect, protect and more fully evidence the Buyer’s, or its assignee’s, ownership of or security interest in
such Collateral free and clear of any Lien, other than the Lien created hereunder and Permitted Liens, as provided in Section 2.01(n) including,
without limitation (a) filing and maintaining (at the Seller’s expense) effective financing statements in all necessary or
appropriate filing offices and filing all continuation statements, amendments or assignments with respect thereto in the appropriate
filing offices, and (b) executing or causing to be executed such other instruments or notices as may be necessary or appropriate,
and (iii) take all additional action that the Buyer or the Trustee, as applicable, may reasonably request to perfect, protect and
more fully evidence the respective interests of the parties to this Agreement in the Collateral and of the Trustee, for the benefit of
the Secured Parties under the Indenture.

 

(e)            Delivery
of Collections. The Seller will cause all payments relating to all Collateral to be remitted directly to the Collection Account.
In the event any payments relating to any Collateral are remitted directly to the Seller or any Affiliate of the Seller, the Seller will
remit (or will cause all such payments to be remitted) directly to the applicable Collection Account as set forth in the immediately
preceding sentence within two (2) Business Days following receipt thereof, and, at all times prior to such remittance, the Seller
will itself hold or, if applicable, will cause such payments to be held in trust for the exclusive benefit of the Buyer (and its assignees).

 

(f)            Separate
Identity. The Seller acknowledges that the Buyer, the Trustee and the other Secured Parties are entering into the transactions contemplated
by the Indenture in reliance upon the Buyer’s identity as a legal entity that is separate from the Seller (except as otherwise
required under GAAP or applicable tax law). Therefore, from and after the date hereof, the Seller will take all reasonable steps to maintain
the Buyer’s identity as a legal entity that is separate from the Seller and to make it manifest to third parties that the Buyer
is an entity with assets and liabilities distinct from those of the Seller and not just a division of the Seller (except as otherwise
required under GAAP or applicable tax law). Without limiting the generality of the foregoing and in addition to the other covenants set
forth herein, the Seller agrees that:

 

(i)            the
Seller shall maintain corporate records and books of account separate from those of the Buyer;

 

    		-17-	 

     

    

 

(ii)           the
annual financial statements of the Seller shall disclose the effects of the Seller’s transactions in accordance with GAAP and the
annual financial statements of the Seller shall not reflect in any way that the assets of the Buyer, including, without limitation, the
Collateral, could be available to pay creditors of the Seller;

 

(iii)          the
resolutions, agreements and other instruments underlying the transactions described in this Agreement shall be continuously maintained
by the Seller as official records;

 

(iv)         except
as otherwise expressly permitted or required by the Transaction Documents, the Seller shall maintain an arm’s–length relationship
with the Buyer;

 

(v)           the
Seller will not hold itself out as being liable for the debts of the Buyer;

 

(vi)          except
as otherwise permitted under the Transaction Documents, the Seller shall keep its assets and its liabilities wholly separate from those
of the Buyer;

 

(vii)         the
Seller will avoid the appearance, and promptly correct any known misperception of any of the Seller’s creditors, that the assets
of the Buyer are available to pay the obligations and debts of the Seller;

 

(viii)        to
the extent that the Seller performs any services on the Buyer’s behalf, the Seller will clearly identify itself as an agent for
the Buyer in the performance of such duties; provided, however, that the Seller will not be required to so identify itself when
communicating with the Obligors not in its capacity as agent for the Buyer but rather in its capacity as agent for a group of lenders;
and

 

(ix)          the
Seller shall take or refrain from taking, as applicable, each of the activities specified or assumed in the true sale opinion of Dechert
LLP delivered on the Closing Date, upon which the conclusions expressed therein are based.

 

(g)           Cooperation
with Requests for Information or Documents. The Seller will cooperate fully with all reasonable requests of the Buyer regarding the
provision of any information or documents in the possession of or reasonably obtainable by the Seller without undue burden or expense
which are necessary or desirable, including the provision of such information or documents in electronic or machine–readable format,
to allow each of the Buyer and its assignees (including, without limitation, the Trustee) to carry out their responsibilities under the
Transaction Documents.

 

(h)     Merger
or Consolidation of Seller.     Any Person into which the Seller
may be merged or consolidated, or any Person resulting from such merger, conversion or consolidation to which the Seller is a party,
or any Person succeeding to substantially all of the business of the Seller, shall be the successor to the Seller hereunder, without
execution or filing of any paper or any further act on the part of any of the parties hereto, notwithstanding anything herein to the
contrary.

 

    		-18-	 

     

    

 

Section 5.02     Negative
Covenants of the Seller.

 

From the date hereof until
the Payment in Full Date:

 

(a)            Security
Interests. Except for the transfers hereunder, the Seller will not sell, pledge, assign or transfer to any other Person, or grant,
create, incur, assume or suffer to exist any Lien other than Permitted Liens on any Collateral Obligation that constitutes part of the
Collateral, whether now existing or hereafter transferred hereunder, or any interest therein. The Seller will promptly notify the Buyer
of the existence of any Lien on any such Collateral Obligation and the Seller shall defend to right, title and interest of the Buyer
and its assignees in, to and under such Collateral Obligations, against all claims of third parties; provided that nothing in
this Section 5.02(a) shall prevent or be deemed to prevent the Seller from suffering to exist Permitted Liens upon any
of the Collateral.

 

(b)           Change
of Name or Location of Loan Files. After the Closing Date, the Seller shall not change its name, move the location of its principal
place of business and chief executive office, or change the jurisdiction of its formation, unless the Seller gives thirty (30) days’
prior written notice thereof to the Buyer and the Trustee and takes all actions required under the UCC of each relevant jurisdiction
in order to continue the first priority perfected security interest of the Buyer and the Trustee, for the benefit of the Secured Parties,
in the Collateral.

 

(c)           Accounting
of Purchases. Other than for tax and consolidated accounting purposes, the Seller will not account for or treat (whether in financial
statements or otherwise) the transactions contemplated hereby in any manner other than as a sale of the Collateral by the Seller to the
Buyer; provided that, for federal income tax reporting purposes, the Buyer may be treated as a “disregarded entity”
and, therefore, the transfer of Collateral by the Seller to the Buyer hereunder will not be recognized.

 

(d)           Changes
in Payment Instructions. Except in connection with a repurchase or substitution as set forth in Article VI, the Seller shall
not make any change in its instructions to Obligors regarding payments to be made to any Collection Account, unless the Trustee shall
have given its prior written consent to such change.

 

ARTICLE VI

 

Option
to repurchase AND Substitute Collateral Obligations

 

Section 6.01     Optional
Repurchases or Substitution of Collateral Obligations.

 

(a)            The
Seller shall have the right, but not the obligation, to substitute or repurchase from the Buyer certain Collateral Obligations sold or
substituted by the Issuer as provided in Article XII of the Indenture and subject to the limitations therein and other applicable
provisions set forth in Article XII of the Indenture.

 

    		-19-	 

     

    

 

Section 6.02     Reassignment
of Substituted or Repurchased Collateral Obligations.

 

Upon (a) receipt by
the Trustee for deposit in the applicable Collection Account of amounts required to be paid by the Seller in the case of any repurchased
Collateral Obligation (which shall not be less than the Repurchase Price thereof) pursuant to Article XII of the Indenture (including
as a result of any loan asset sold by the Seller hereunder failing to satisfy the definition of Collateral Obligation) or (b) upon
the Purchase Date related to a substitute Collateral Obligation delivered by the Seller to the Buyer in accordance herewith and with
the applicable provisions of the Indenture, the Buyer hereby assigns to the Seller all of the Buyer’s right, title and interest
in the Collateral Obligation being repurchased or substituted (together with the Collateral and any other Assets related thereto) without
recourse, representation or warranty and the Buyer will cause the Trustee to release the Lien of the Indenture with respect thereto.
Such reassigned Collateral Obligation (together with the Collateral and any other Assets related thereto) shall no longer thereafter
be deemed a part of the Collateral or of the Assets and shall be deemed released from the security interests created by this Agreement
and by the Indenture. The Seller may amend and modify the Loan List as applicable in connection with any such repurchase or substitution
by providing an updated copy thereof to the Buyer and to the Trustee. To the extent any Repurchase Price exceeds the fair market value
(as determined by the Seller) of the related Collateral Obligation, such excess shall be deemed a contribution by the Seller to the Buyer.

 

ARTICLE VII

 

INDEMNIFICATION
BY THE SELLER

 

Section 7.01     Indemnification.

 

The Seller agrees to indemnify,
defend and hold harmless the Buyer, the Trustee and any of their respective members, managers, authorized persons, officers, directors,
employees, personnel and agents (any one of which is an “Indemnified Party”) from and against any and all claims,
losses, penalties, fines, forfeitures, judgments, reasonable legal fees and related costs, and any other reasonable costs, fees and expenses
that such Person may sustain as a result of the Seller’s fraud or the failure of the Seller to perform its duties in compliance
in all material respects with the terms of this Agreement, except to the extent arising from gross negligence, willful misconduct or
fraud by the Person claiming indemnification, provided that the Seller shall not be liable for any consequential (including loss of profit),
indirect, special or punitive damages hereunder. Any Person seeking indemnification hereunder shall promptly notify the Seller if such
Person receives a complaint, claim, compulsory process or other notice of any loss, claim, damage or liability giving rise to a claim
of indemnification hereunder but failure to provide such notice shall not relieve the Seller of its indemnification obligations hereunder
unless and to the extent the Seller is deprived of material substantive or procedural rights or defenses as a result thereof. The Seller
shall assume (with the consent of the Indemnified Party, such consent not to be unreasonably withheld) the defense and any settlement
of any such claim and pay all expenses in connection therewith, including reasonable counsel fees, and promptly pay, discharge and satisfy
any judgment or decree which may be entered against the Indemnified Party in respect of such claim. The parties agree that the provisions
of this Section 7.01 shall not be interpreted to provide recourse to the Seller against loss by reason of the bankruptcy,
insolvency or lack of creditworthiness of an Obligor with respect to a Collateral Obligation and that the Seller does not hereby agree
to maintain the solvency of the Buyer. The Seller shall have no liability for making indemnification hereunder to the extent any such
indemnification constitutes recourse for any uncollectible or uncollected Collateral Obligation.

 

    		-20-	 

     

    

 

Section 7.02     Liabilities
to Obligors.

 

Except with respect to the
funding commitment assumed by the Buyer with respect to any Delayed Draw Loan or Revolving Loan, no obligation or liability to any Obligor
under any of the Collateral Obligations is intended to be assumed by the Buyer, the Trustee or any of the other the Secured Parties under
or as a result of this Agreement and the transactions contemplated hereby.

 

Section 7.03     Operation
of Indemnities.

 

If the Seller has made any
indemnity payments to an Indemnified Party pursuant to this Article VII and such Indemnified Party thereafter collects any
amounts from others in connection with the same matter or matters that gave rise to such indemnity payments, such Indemnified Party will
repay such amounts collected to the Seller up to and including the amount of such indemnity payments.

 

Section 7.04     Limitation
on Liability.

 

The Seller shall be liable
under this Agreement only to the extent of the obligations specifically undertaken by it under this Agreement. Each of the Seller and
any stockholder, partner, member, manager, director, officer, employee, personnel or agent thereof may rely in good faith on any document
of any kind, prima facie properly executed and submitted by any Person respecting any matters arising hereunder. Each of the Seller and
any stockholder, partner, member, manager, director, officer, employee, personnel or agent thereof, as applicable, shall be reimbursed
by the Buyer (which shall constitute “Administrative Expenses” under the Indenture) (subject to the availability of funds
in accordance with the Priority of Payments), as applicable, for any liability or expense incurred by reason of the Buyer’s willful
misfeasance, bad faith or negligence (except errors in judgment) in the performance of its respective duties hereunder, or by reason
of reckless disregard of its obligations and duties hereunder; provided, however that so long as it is the Collateral Manager, any such
liability or expense relating to acts or omissions of the Buyer caused by reason of acts or omissions constituting bad faith, willful
misconduct or gross negligence in the performance of the Collateral Manager’s duties under the Collateral Management Agreement
and under the terms of the Indenture shall not be reimbursable hereunder. The Seller shall not be under any obligation to appear in,
prosecute or defend any legal action that shall not be required by its obligations under this Agreement or the other Transaction Documents
and that in its opinion may involve it in any expense or liability.

 

    		-21-	 

     

    

 

ARTICLE VIII

MISCELLANEOUS

 

Section 8.01     Amendments
and Waivers.

 

(a)           This
Agreement may be amended or waived from time to time by the parties hereto by written agreement, with prior written notice to the Trustee,
but without consent of the Holders, to (i) cure any ambiguity or to correct or supplement any provisions herein, (ii) comply
with any changes in the Code, (iii) enable the Buyer to rely upon any exemption from registration under the Securities Act or the
1940 Act, (iv) enable the Buyer or the Seller to comply with any applicable securities law or U.S. Risk Retention Rules (including
the regulations or interpretive guidance provided by applicable regulators implementing or interpreting any such laws or regulations),
(v) conform this Agreement to the final Offering Circular, (vi) comply with any statute, rule, regulation, or technical or
interpretive guidance enacted, effective, or issued by regulatory agencies of the United States federal government or any Member State
of the European Economic Area or otherwise under European law, after the Closing Date that are applicable to the Seller, the Retention
Provider, the Buyer, the Obligations or the transactions contemplated by the Indenture or by the final Offering Circular, including,
without limitation, the U.S. Risk Retention Rules, securities laws or Dodd-Frank and all rules, regulations, and technical or interpretive
guidance thereunder, or as may otherwise be required so that the Buyer is not a “covered fund” as defined in the Volcker
Rule; and (vii) evidence the succession of another Person to the Buyer or the Seller, as applicable, and the assumption by any such
successor Person of the covenants of the Buyer or the Seller, as applicable herein to the extent permitted hereunder and under the Indenture.
Any other amendment or waiver to this Agreement shall be subject to the consent of a Majority of the Controlling Class; provided
that no such amendment or waiver shall reduce the amount of, or delay the timing of, any amounts received on Collateral Obligations which
are required to be distributed with respect to any Class of Notes or otherwise materially and adversely affect any Holders of Notes
without the consent of the Holders of each Class materially and adversely affected thereby, or change the rights or obligations
of any other party hereto without the consent of such party. Notwithstanding the foregoing, the Loan List may be amended and modified
by the Seller at any time in accordance with this Agreement by providing an updated Loan List to the Buyer and the Trustee.

 

(b)           Prior
to the execution of any such amendment or waiver, the Buyer shall furnish to the Trustee (and the Trustee shall furnish to the Rating
Agency and each Holder) written notification of the substance of such proposed amendment or waiver, together with a copy thereof.

 

(c)            Promptly
after the execution of any such amendment or waiver, the Trustee shall furnish a copy of such amendment or waiver to the Rating Agency
and to each Holder. It shall not be necessary for the consent of any Holders pursuant to Section 8.01(a) to approve
the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.
The manner of obtaining such consents and of evidencing the authorization by Holders of the execution thereof shall be subject to such
reasonable requirements as the Trustee may prescribe.

 

(d)           Prior
to the execution of any amendment to this Agreement, the Buyer and the Trustee shall be entitled to receive and rely upon an Opinion
of Counsel (which Opinion of Counsel may rely upon one or more certificates from an Authorized Officer of the Seller, the Buyer and/or
of the Collateral Manager with respect to factual matters and of the Buyer and/or the Collateral Manager with respect to the effect of
any such amendment or waiver on the economic interests of the Buyer or the Holders) stating that the execution of such amendment is authorized
or permitted by this Agreement. The Trustee may, but shall not be obligated to, consent to any such amendment that affects such Trustee’s
own rights, duties or immunities under this Agreement or otherwise.

 

    		-22-	 

     

    

 

(e)            The
Trustee, by its signature below, acknowledges and agrees to be bound by the provisions of this Section 8.01.

 

Section 8.02     Notices,
Etc.

 

All notices and other communications
provided for hereunder shall, unless otherwise stated herein, be in writing and mailed, e-mailed, transmitted or delivered, to the Seller
at its addresses set forth below and as to the Buyer, the Trustee or the Rating Agency, at its address set forth in the Indenture or
at such other address as shall be designated by such Person in a written notice to the other parties hereto. All such notices and communications
shall be effective, upon receipt, or in the case of (a) notice by mail, five (5) days after being deposited in the United States
mail, first class postage prepaid, (b) notice by e-mail or by facsimile mail, when electronic confirmation or verbal communication
of receipt is obtained. Notices and other communications relating to this Agreement to be delivered by the Trustee to any Holder shall
be delivered as provided in the Indenture.

 

The address for the Seller
is the following unless the Seller shall designate another address in a written notice to the Buyer and the Trustee.

 

Monroe Capital Income Plus Corporation

c/o Monroe Capital, LLC

311 South Wacker Drive

Suite 6400

Chicago, IL 60606

Attention: Michael J. Furr

Email: mfurr@monroecap.com

Telephone: 312-523-2383

 

Section 8.03     Binding
Effect; Benefit of Agreement.

 

This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Except as otherwise expressly
provided herein, no third party (other than the Trustee on behalf of the Secured Parties) shall be a third party beneficiary hereof.

 

Section 8.04     GOVERNING
LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE SERVICE OF PROCESS.

 

THIS AGREEMENT AND ALL MATTERS
ARISING OUT OF OR RELATING IN ANY WAY WHATSOEVER (WHETHER IN CONTRACT, TORT OR OTHERWISE) TO THE FOREGOING SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY AGREES TO THE NON–EXCLUSIVE JURISDICTION
OF THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK. EACH OF THE PARTIES
HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY
OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.

 

    		-23-	 

     

    

 

Each of the Buyer and the
Seller agrees that service of process may be effected by mailing a copy thereof by registered or certified mail, postage prepaid, to
the Buyer or the Seller, as applicable, at its address specified in the signature pages to this Agreement or at such other address(es)
as the Buyer or the Seller shall have notified the other in accordance with Section 8.02. Nothing in this Agreement precludes
any of the parties 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.

 

Section 8.05     WAIVER
OF JURY TRIAL.

 

TO THE EXTENT PERMITTED BY
APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING
IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP
BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN
COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

 

Section 8.06     Certain
Taxes. The Seller shall pay on demand any and all stamp, sales, excise and other taxes and
fees payable or determined to be payable to any applicable Authority in connection with the execution, delivery, filing and recording
of this Agreement and the other documents to be delivered hereunder.

 

Section 8.07     Non-Petition.

 

(a)            The
Seller hereby agrees not to institute against, or join, cooperate with or encourage any other Person in instituting against the Buyer
any bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium, winding-up 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 payment in full of all Notes issued under the Indenture, provided that nothing in this Section 8.07
shall preclude, or be deemed to stop, the Seller (i) from taking any action prior to the expiration of the aforementioned one
year and one day period, or if longer the applicable preference period then in effect plus one day, in (A) any case or proceeding
voluntarily filed or commenced by the Buyer or (B) any involuntary insolvency proceeding filed or commenced against the Buyer by
a Person other than the Seller or its Affiliates, or (ii) from commencing against the Buyer or any properties of the Buyer any legal
action which is not a bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium, winding-up or liquidation proceeding
or other proceeding under federal or state bankruptcy or similar laws.

 

(b)            The
provisions of this Section 8.07 shall survive the termination of this Agreement.

 

    		-24-	 

     

    

 

Section 8.08     Recourse
Against Certain Parties.

 

(a)            The
obligations of the Seller and the Buyer under this Agreement and the other Transaction Documents are solely the corporate or limited
liability company obligations, as applicable, of the Seller and the Buyer, respectively. No recourse shall be had for the payment of
any amount owing by the Buyer or the Seller under this Agreement, any other Transaction Document or for the payment by the Buyer or the
Seller of any fee in respect hereof or any other obligation or claim of or against the Buyer or the Seller arising out of or based upon
this Agreement or any other Transaction Document, against any employee, personnel, officer, director, shareholder, partner, authorized
person, member or manager of the Buyer or the Seller or of any Affiliate of such Person (other than the Seller or the Buyer, as applicable).
The provisions of this Section 8.08(a) shall survive the termination of this Agreement.

 

(b)            Notwithstanding
any other provision of this Agreement, the obligations of the Buyer hereunder are from time to time and at any time limited recourse
obligations of the Buyer payable solely from the Assets available at such time and following realization of the Assets, and application
of the proceeds thereof in accordance with the Indenture, all obligations of and any claims against Buyer hereunder or in connection
herewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any Officer,
member, manager, director, employee, shareholder, authorized person or incorporator of the Buyer or its Affiliates, successors or assigns
for any amounts payable hereunder. The provisions of this Section 8.08(b) shall survive the termination of this Agreement.

 

Section 8.09     Protection
of Right, Title and Interest in the Collateral; Further Action Evidencing Purchases.

 

(a)            The
Seller shall cause all financing statements and continuation statements and any other necessary documents perfecting the Buyer’s
back up security interest in the applicable Collateral to be promptly recorded, registered and filed as required under this Agreement,
and at all times to be kept recorded, registered and filed, all in such manner and in such places as may be required by law fully to
preserve and protect the perfection and priority of the security interest granted to the Buyer in all property comprising the related
Collateral. The Seller shall deliver to the Buyer the file–stamped copies of, or filing receipts for, any document recorded, registered
or filed as provided above, as soon as available following such recording, registration or filing. The Seller shall cooperate fully with
the Buyer in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the
intent of this Section 8.09(a).

 

(b)            The
Seller agrees that from time to time, at its or the Seller’s expense, it will promptly execute and deliver all instruments and
documents, and take all actions, that the Buyer or the Trustee on behalf of the Secured Parties, may reasonably request in order to perfect,
protect or more fully evidence the applicable Purchases hereunder and the ownership and/or backup security interest granted by it in
the related Collateral, as applicable.

 

    		-25-	 

     

    

 

(c)            If
the Seller fails to perform any of its obligations under this Section 8.09, the Buyer or the Trustee on behalf of the Secured
Parties, as applicable, may (but shall not be required to) perform, or cause performance of, such obligation; and the Buyer’s and/or
the Trustee’s costs and expenses incurred in connection therewith shall be payable by the Seller. The Seller irrevocably authorizes
the Buyer and/or the Trustee at any time (so long as it has failed to perform its obligations hereunder) at the sole discretion thereof,
and appoints each of the Buyer and the Trustee as its attorney–in–fact to act on behalf of the Seller (i) to execute
on behalf of the Seller and to file financing statements on behalf of the Seller, as debtor, necessary or desirable in the sole discretion
of the Buyer or the Trustee, as applicable, to perfect and to maintain the perfection and priority of the security interest of the Buyer
(and its assignees) in the Collateral and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing
statement with respect to the Collateral as a financing statement in such offices as the Buyer or the Trustee, as applicable, in its
sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the security interest of the Buyer
(and its assignees) in the Collateral. This appointment is coupled with an interest and is irrevocable.

 

Section 8.10     Execution
in Counterparts; Severability; Integration.

 

This Agreement may be executed
in any number of counterparts and by different parties hereto in separate counterparts (including by facsimile), each of which when so
executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. In case
any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality
and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not
in any way be affected or impaired thereby. This Agreement, together with the Indenture and the other Transaction Documents, to the extent
that a party is a signatory thereto, and any other agreements executed in connection herewith contains the final and complete integration
of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among
the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings.

 

Section 8.11     Headings,
Exhibits and Schedules.

 

The headings herein are for
purposes of references only and shall not otherwise affect the meaning or interpretation of any provision hereof. The exhibits and schedules
attached hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement for all purposes.

 

Section 8.12     Assignment.

 

Notwithstanding anything
to the contrary contained herein, this Agreement may not be assigned by the Buyer or the Seller except as permitted by this Section 8.12
or by the Indenture or in connection with an assignment as a matter of law to the successors in interest to the Buyer or the Seller,
as applicable. Simultaneously with the execution and delivery of this Agreement, the Buyer shall assign all of its right, title and interest
herein to the Trustee for the benefit of the Secured Parties, to which assignment the Seller hereby expressly consents. Upon such assignment,
the Seller agrees to perform its obligations hereunder that are for the benefit of the Buyer both for the benefit of the Buyer and for
the benefit of the Trustee for the benefit of the Secured Parties, and the Trustee, in such capacity, shall be a third party beneficiary
hereof. The Trustee on behalf of the Secured Parties after an Event of Default under and in accordance with the Indenture may enforce
the provisions of this Agreement that are for the benefit of the Buyer, exercise the rights of the Buyer and enforce such obligations
of the Seller hereunder without joinder of the Buyer.

 

    		-26-	 

     

    

 

Section 8.13     Duration
of Agreement.

 

This Agreement shall continue
in existence and effect until the satisfaction and discharge of the Indenture.

 

Section 8.14     Acts
of Buyer.

 

Any information, communication,
request, demand, authorization, direction, notice, consent, waiver, report or other action provided by this Agreement to be given or
performed by the Buyer shall be effective if given or performed by the Buyer or by the Collateral Manager on the Buyer’s behalf.

 

Section 8.15     No
Partnership.

 

Nothing herein contained
shall be deemed or construed to create a co-partnership or joint venture between the parties hereto.

 

[Remainder of Page Intentionally
Left Blank.]

 

    		-27-	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their respective officers as of the day and year first above written.

 

	 	MONROE CAPITAL INCOME PLUS CORPORATION,
 as
    the Seller
	 	 
	 	By:	                       
	 	Name:
	 	Title:

 

    		-28-	 

     

    

 

	 	MONROE CAPITAL INCOME PLUS ABS FUNDING, LLC,

    as the Buyer
	 	 
	 	By:	                       
	 	Name:
	 	Title:

 

    		-29-	 

     

    

 

	ACKNOWLEDGED AND AGREED	 
	SOLELY WITH RESPECT TO SECTION 8.01	 
	 	 
	u.s. bank TRUST COMPANY, national association,

    as the Trustee	 
	 	 
	By:	                        	 
	Name:	 
	Title:	 

 

    		-30-	 

     

    

 

Exhibit A

 

Form of Assignment

 

[Date]

 

In accordance with the Loan
Sale and Contribution Agreement (together with all amendments and modifications from time to time thereto, the “Agreement”),
dated as of April 7, 2022, made by and among the undersigned, MONROE CAPITAL INCOME PLUS CORPORATION, as the Seller (together with
its successors and permitted assigns, the “Seller”) and MONROE CAPITAL INCOME
PLUS ABS FUNDING, llc, as the Buyer (together with its successors and permitted assigns, the “Buyer”), as assignee
thereunder, the undersigned does hereby sell, transfer, convey and assign, set over and otherwise convey to the Buyer, all of the Seller’s
right, title and interest in and to the following (including, without limitation, all obligations of the lender to fund any Revolving
Loan or Delayed Draw Loan conveyed by the undersigned to Buyer hereunder which obligations Buyer hereby assumes):

 

(i)            the
Collateral Obligations listed on Schedule I, all payments paid in respect thereof and all monies due, to become due or paid in respect
thereof accruing on and after the Purchase Date and all collections on the Collateral Obligations and other recoveries thereon, in each
case as they arise after the Purchase Date;

 

(ii)            all
Liens with respect to the Collateral Obligations referred to in clause (i) above;

 

(iii)            all
Underlying Instruments with respect to the Collateral Obligations referred to in clause (i) above;

 

(iv)            all
collateral security granted under any Underlying Instruments; and

 

(v)            all
income, payments, proceeds and other supporting obligations of any and all of the foregoing, including but not limited to, all accounts,
cash and currency, chattel paper, electronic chattel paper, tangible chattel paper, copyrights, copyright licenses, equipment, fixtures,
financial assets, general intangibles, payment intangibles, instruments, commercial tort claims, deposit accounts, inventory, investment
property, letter of credit rights, securities, money, documents, goods, accessions, proceeds and other property consisting of, arising
out of, or related to the foregoing, but excluding any Excluded Amount with respect thereto.

 

Capitalized terms used herein
have the meaning given such terms in the Agreement.

 

This Assignment is made pursuant
to and in reliance upon the representations and warranties on the part of the undersigned contained in Article IV of the Agreement
and no others.

 

THIS ASSIGNMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

    	 	 	 

     

    

 

 IN WITNESS
WHEREOF, the undersigned has caused this Assignment to be duly executed on the date written above.

 

	 	MONROE CAPITAL INCOME PLUS CORPORATION
	 	 
	 	By:	                       
	 	Name:	 
	 	Title:	 

 

	 	MONROE CAPITAL INCOME PLUS ABS FUNDING, LLC
	 	 
	 	By:	                       
	 	Name:	 
	 	Title:	 

 

    	 	A-2	 

     

    

 

Schedule I

 

Loan List

 

[To be attached]

 

    	 	 	 

     

    

 

Schedule I

 

[To be attached]

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