Document:

Exhibit 10.3

 

TRADEMARK LICENSE AGREEMENT

 

This TRADEMARK LICENSE AGREEMENT (the “Agreement”)
is made and effective as of December 5, 2018 (the “Effective Date”) by and between Monroe Capital, LLC,
a Delaware limited liability company (“Licensor”), and Monroe Capital Income Plus Corporation, a Maryland corporation
(the “Company”).

 

RECITALS

 

WHEREAS, Licensor and its affiliates, including
Monroe Capital Management Advisors, LLC, a Delaware limited liability company (the “Administrator”) and Monroe Capital
BDC Advisors, LLC (the “Advisor”), have used the trademark “Monroe Capital” (the “Licensed
Mark”) in the United States of America (the “Territory”) in connection with the investment management,
investment consultation and investment advisory services they provide.

 

WHEREAS, the Company is a newly organized externally
managed, closed-end, non-diversified management investment company that intends to elect to be treated as a business development
company under the Investment Company Act of 1940, as amended;

 

WHEREAS, pursuant to the Investment Advisory
and Management Agreement dated as of December 5, 2018, between the Advisor and the Company (the “Advisory Agreement”),
the Company has engaged the Advisor to act as the investment advisor to the Company;

 

WHEREAS, pursuant to the Administration Agreement,
dated as of December 5, 2018, between the Administrator and the Company (the “Administration Agreement”),
the Company has engaged the Administrator to act as administrator to the Company;

 

WHEREAS, it is intended that the Advisor and
the Administrator be third party beneficiaries of this Agreement; and

 

WHEREAS, the Company desires to use the Licensed
Mark as part of its corporate name in connection with the operation of its business, and Licensor is willing to permit the Company
to use the Licensed Mark, subject to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:

 

ARTICLE 1

LICENSE GRANT

 

1.1 License. Subject to the terms and
conditions of this Agreement, Licensor hereby grants to the Company, and the Company hereby accepts from Licensor, a personal,
non-exclusive, royalty-free right and license to use the Licensed Mark solely and exclusively as an element of each of the Company’s
own company name and in connection with the marketing and operation of its business. During the term of this Agreement, the Company
shall use the Licensed Mark only to the extent permitted under this License and, except as provided above, neither the Company
nor any of its affiliates, owners, directors, officers, employees or agents thereof shall otherwise use the Licensed Mark or any
derivative thereof without the prior express written consent of Licensor in its sole and absolute discretion. All rights not expressly
granted to the Company hereunder shall remain the exclusive property of Licensor.

 

1.2 Licensor’s Use. Nothing in
this Agreement shall preclude Licensor, its affiliates, or any of their respective successors or assigns from using or permitting
other entities to use the Licensed Mark whether or not such entity directly or indirectly competes or conflicts with the Company’s
respective business in any manner.

 

    			 

     

    

 

ARTICLE 2

OWNERSHIP

 

2.1 Ownership. The Company acknowledges
and agrees that Licensor is the owner of all right, title, and interest in and to the Licensed Mark, and all such right, title,
and interest shall remain with the Licensor. The Company shall not otherwise contest, dispute, or challenge Licensor’s right,
title, and interest in and to the Licensed Mark.

 

2.2 Goodwill. All goodwill and reputation
generated by the Company and the Advisor’s use of the Licensed Mark shall inure to the benefit of Licensor. The Company and
the Advisor shall not by any act or omission use the Licensed Mark in any manner that disparages or reflects adversely on Licensor
or its business or reputation. Except as expressly provided herein, neither party may use any trademark or service mark of the
other party without that party’s prior written consent, which consent shall be given in that party’s sole discretion.

 

ARTICLE 3

COMPLIANCE

 

3.1 Quality Control. In order to preserve
the inherent value of the Licensed Mark, the Company agrees to use reasonable efforts to ensure that it maintains the quality of
its business and the operation thereof equal to the standards prevailing in the operation of the Licensor’s business as of
the date of this Agreement. The Company further agrees to use the Licensed Mark in accordance with such quality standards as may
be reasonably established by Licensor and communicated to each of them from time to time in writing, or as may be agreed to by
Licensor and the Company from time to time in writing.

 

3.2 Compliance With Laws. The Company
agrees that businesses operated in connection with the Licensed Mark shall comply in all material respects with all laws, rules,
regulations and requirements of any governmental body in the Territory or elsewhere as may be applicable to the operation, advertising
and promotion of the businesses.

 

3.3 Notification of Infringement. Each
party shall immediately notify the other party and provide to the other party all relevant background facts upon becoming aware
of (a) any registrations of, or applications for registration of, marks in the Territory that do or may conflict with any
Licensed Mark; (b) any infringements, imitations, or illegal use or misuse of the Licensed Mark in the Territory; or (c) any
claim that the Company’s use of the Licensed Mark infringes the intellectual property rights of any third party (“Third
Party Claim”). Licensor hereby agrees to indemnify, release and hold harmless the Company, its employees, officers, agents,
successors and assigns, from and against any and all claims, expenses, costs, damages, losses and liabilities, whether accrued,
absolute, contingent or otherwise (including reasonable attorneys’ fees), which may at any time be asserted against or suffered
by the Company, its employees, officers, agents, successors and assigns, as a result of, on account of, or arising from use of
the Licensed Mark.

 

ARTICLE 4

REPRESENTATIONS AND WARRANTIES

 

4.1 Mutual Representations. Each party
hereby represents and warrants to the other party as follows:

 

(a) Due Authorization. Each party represents
and warrants that it has the right and authority to enter into and perform under this Agreement and that each such party is duly
formed and in good standing as of the Effective Date, and the execution, delivery and performance of this Agreement by such party
have been duly authorized by all necessary action on the part of such party.

 

(b) Due Execution. This Agreement has
been duly executed and delivered by such party and, with due authorization, execution and delivery by the other parties, constitutes
a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms.

 

(c) No Conflict. Such party’s
execution, delivery and performance of this Agreement do not: (i) violate, conflict with or result in the breach of any provision
of the organizational documents of such party; (ii) conflict with or violate any law or governmental order applicable to such
party or any of its assets, properties or businesses; or (iii) conflict with, result in any breach of, constitute a default
(or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent under,
or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of any contract, agreement,
lease, sublease, license, permit, franchise or other instrument or arrangement to which it is a party.

 

    			 

     

    

 

4.2 Licensor’s Representations.
Licensor has the right to license or sublicense the Licensed Mark and Licensor owns or has received all proprietary rights to the
text, graphics and images contained in the Licensed Mark.

 

ARTICLE 5

EFFECTIVENESS TERM AND TERMINATION

 

5.1 Term. This Agreement shall become
effective as of the first date written above. This Agreement shall remain in effect only for so long as the Advisor remains the
Company’s investment adviser.

 

5.2 Termination. This Agreement may
be terminated at anytime, without the payment of any penalty, upon 60 days’ written notice, by either party. This Agreement
may be terminated at anytime, upon written notice, by Licensor in the event that (a) Licensor receives notice of any Third
Party Claim arising out of the Company’s use of the Licensed Mark or (b) the Company assigns or attempts to assign or
sublicense this Agreement or any of the Company’s rights or duties hereunder without prior consent of Licensor.

 

5.3 Upon Termination. Upon expiration
or termination of this Agreement, all rights granted to the Company under this Agreement with respect to the Licensed Mark shall
cease, and the Company shall immediately discontinue use of the Licensed Mark.

 

ARTICLE 6

MISCELLANEOUS

 

6.1 Assignment. This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. No party
may assign, delegate or otherwise transfer this Agreement or any of its rights or obligations hereunder without the prior written
consent of the other parties. No assignment by any party permitted hereunder shall relieve the applicable party of its obligations
under this Agreement. Any assignment by either party in accordance with the terms of this Agreement shall be pursuant to a written
assignment agreement in which the assignee expressly assumes the assigning party’s rights and obligations hereunder. Notwithstanding
anything to the contrary contained in this Agreement, the rights and obligations of the Company under this Agreement shall be deemed
to be assigned to a newly-formed entity in the event of the merger of the Company into, or conveyance of all of the assets of the
Company to, such newly-formed entity; provided, further, however, that the sole purpose of that merger or conveyance
is to effect a mere change in the legal form of the Company into another corporate or limited liability entity.

 

6.2 Independent Contractor. This Agreement
does not give any party, or permit any party to represent that it has, any power, right or authority to bind the other party to
any obligation or liability, or to assume or create any obligation or liability on behalf of the other parties.

 

6.3 Notices. All notices, requests,
claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have
been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by facsimile,
or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses:

 

If to Licensor:

 

Monroe Capital, LLC

311 South Wacker Drive

Suite 6400

Chicago, Illinois 60606

Tel. No.: (312) 258-8300

Attention: Theodore L. Koenig

 

If to Company:

 

Monroe Capital Income Plus Corporation

311 South Wacker Drive

Suite 6400

Chicago, Illinois 60606

Tel. No.: (312) 258-8300

Attention: Theodore L. Koenig

 

    			 

     

    

 

6.4 Governing Law. This Agreement shall
be governed by, and construed in accordance with, the laws of the State of Illinois without giving effect to the principles of
conflicts of law rules. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located
in the State of Illinois and waive any objection with respect thereto, for the purpose of any action, suit or proceeding arising
out of or relating to this Agreement or the transactions contemplated hereby.

 

6.5 Amendment. This Agreement may not
be amended or modified except by an instrument in writing signed by all parties hereto.

 

6.6 No Waiver. The failure of any party
to enforce at any time for any period the provisions of or any rights deriving from this Agreement shall not be construed to be
a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and no waiver shall be
binding unless executed in writing by all parties hereto.

 

6.7 Severability. If any term or other
provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and
provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to
modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order
that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

6.8 Headings. The descriptive headings
contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

6.9 Counterparts. This Agreement may
be executed in one or more counterparts, each of which when executed shall be deemed to be an original instrument and all of which
taken together shall constitute one and the same agreement.

 

6.10 Entire Agreement. This Agreement
constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements and
undertakings, both written and oral, between the parties with respect to such subject matter.

 

6.11 Third Party Beneficiaries. The
parties agree that the Advisor and the Administrator shall be third party beneficiaries of this Agreement, and shall have the obligations,
rights and protections provided to the Company under this Agreement. Nothing in this Agreement, either express or implied, is intended
to or shall confer upon any third party other than the Advisor and the Administrator any legal or equitable right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement.

 

Remainder of Page Intentionally Blank

 

    			 

     

    

 

IN WITNESS WHEREOF, each party has caused this
Agreement to be executed as of the Effective Date, as defined on the first page of this Agreement, by its duly authorized officer.

 

	 	LICENSOR:
	 	 
	 	MONROE CAPITAL, LLC
	 	 
	 	By:	/s/ Theodore L. Koenig
	 	Name:	Theodore L. Koenig
	 	Title:	President and Chief Executive Officer

 

	 	COMPANY:
	 	 
	 	MONROE CAPITAL INCOME PLUS CORPORATION
	 	 
	 	By:	/s/ Theodore L. Koenig
	 	Name:	Theodore L. Koenig
	 	Title:	Chief Executive Officer

 

	ACKNOWLEDGED AND AGREED:	 
	 	 
	 	 
	MONROE CAPITAL BDC ADVISORS, LLC	 
	 	 	 
	By:	/s/ Theodore L. Koenig	 
	Name:	Theodore L. Koenig	 
	Title:	President and Chief Executive Officer	 

 

	MONROE CAPITAL MANAGEMENT ADVISORS, LLC	 
	 	 	 
	By:	/s/ Theodore L. Koenig	 
	Name:	Theodore L. Koenig	 
	Title:	President and Chief Executive OfficerExhibit 10.4

 

FORM OF INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”)
is made and entered into this __ day of __, by and between Monroe Capital Income Plus Corporation, a Maryland corporation (the
“Company”), and the undersigned (“Indemnitee”).

 

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

 

WHEREAS, as an inducement to Indemnitee to continue
to serve as such director, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection
with any such claims, suits or proceedings, to the fullest extent permitted by law, except as otherwise expressly provided for
herein; and

 

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

 

NOW, THEREFORE, in consideration of the premises
and the covenants contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1. Definitions. 

 

For purposes of this Agreement:

 

(a)       “Change
of Control” shall mean the occurrence of any of the following events after the Effective Date of this Agreement:

 

(i)        the
sale or other disposition of all or substantially all of the Company’s assets; or

 

(ii)       the
acquisition, whether directly, indirectly, beneficially (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934,
as amended (the “1934 Act”)) or of record, as a result of a merger, consolidation or otherwise, of securities
of the Company representing twenty percent (20%) or more of the aggregate voting power of the Company’s then-outstanding
common stock by any “person” (within the meaning of Sections 13(d) and 14(d) of the 1934 Act), including, but not limited
to, any corporation or group of persons acting in concert, other than (i) the Company or its subsidiaries and/or (ii) any
employee pension benefit plan (within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974)
of the Company or its subsidiaries, including a trust established pursuant to any such plan; or

 

    			 

     

    

 

(iii)      the
individuals who were members of the Board of Directors as of the Effective Date (the “Incumbent Board”)
cease to constitute at least two-thirds (2/3) of the Board; provided, however, that any director appointed by at least
two-thirds (2/3) of the then Incumbent Board or nominated by at least two-thirds (2/3) of the Nominating and Corporate
Governance Committee of the Board of Directors (a majority of the members of the Nominating and Corporate Governance Committee
shall be members of the then Incumbent Board or appointees thereof), other than any director appointed or nominated in connection
with, or as a result of, a threatened or actual proxy or control contest, shall be deemed to constitute a member of the Incumbent
Board.

 

(b)       “Corporate
Status” means the status of a person who is or was a director, trustee, officer, employee or agent of the Company
or any of its subsidiaries, or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
for which such person is or was serving at the request of the Company.

 

(c)       “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

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

 

(e)       “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
or being or preparing to be a witness in a Proceeding.

 

(f)    
   “Independent Counsel” means a law firm, or a member of a law firm, that is
experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent:
(i) the Company or Indemnitee in any matter material to either such party; or (ii) any other party to the
Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing,
would have a conflict of interest in representing either the Company or Indemnitee in an action to
determine Indemnitee’s rights under this Agreement. If a Change of Control has not occurred, Independent Counsel shall
be selected by the Board of Directors, with the approval of Indemnitee, which approval will not be unreasonably withheld. If
a Change of Control has occurred, Independent Counsel shall be selected by Indemnitee, with the approval of the Board of
Directors, which approval will not be unreasonably withheld.

 

(g)       “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative (including on appeal),
except one (i) initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement
or (ii) pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company
and Indemnitee.

 

    	 	2	 

     

    

 

Section 2. Services by Indemnitee. 

 

Indemnitee will serve as a director of the Company.
However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to
the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

Section 3. Indemnification — General. 

 

The Company shall indemnify, and advance Expenses
to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the fullest extent permitted by Maryland law in
effect on the date hereof and as amended from time to time; provided, however, that no change in Maryland law shall have
the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the date hereof. The
rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections
of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation
Law (“MGCL”). Notwithstanding anything to the contrary in this Section 3 or any other section of
this Agreement, for so long as the Company is subject to the Investment Company Act of 1940, as amended, and the regulations promulgated
thereunder (the “Investment Company Act”), the Company shall not indemnify or advance Expenses to Indemnitee
to the extent such indemnification or advance would violate the Investment Company Act.

 

Section 4. Proceedings Other Than Proceedings by or in the
Right of the Company. 

 

Indemnitee shall be entitled to the rights of
indemnification provided in this Section 4 if, by reason of his Corporate Status, he is, or is threatened to be, made a party
to or a witness in any threatened, pending, or completed Proceeding, other than a Proceeding by or in the right of the Company.
Pursuant to this Section 4, Indemnitee shall be indemnified against all judgments, penalties, fines and amounts paid in settlement
and all Expenses actually and reasonably incurred by him or on his behalf in connection with a Proceeding by reason of his Corporate
Status unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding
and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (ii) Indemnitee actually
received an improper personal benefit in money, property or services, or (iii) in the case of any criminal Proceeding, Indemnitee
had reasonable cause to believe that his conduct was unlawful.

 

Section 5. Proceedings by or in the Right of the Company.

 

Indemnitee shall be entitled to the rights of
indemnification provided in this Section 5 if, by reason of his Corporate Status, he is, or is threatened to be, made a party
to or a witness in any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment
in its favor. Pursuant to this Section 5, Indemnitee shall be indemnified against all amounts paid in settlement and all Expenses
actually and reasonably incurred by him or on his behalf in connection with such Proceeding unless it is established that (i) the
act or omission of Indemnitee was material to the matter giving rise to such a Proceeding and (a) was committed in bad faith
or (b) was the result of active and deliberate dishonesty or (ii) Indemnitee actually received an improper personal benefit
in money, property or services.

 

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Section 6. Court-Ordered Indemnification. 

 

Notwithstanding any other provision of this
Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may
order indemnification in the following circumstances:

 

(a)       if
it determines Indemnitee is entitled to reimbursement under Section 

2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the expenses
of securing such reimbursement; or

 

(b)       if
it determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether
or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been
adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification
as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in
which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to
Expenses.

 

Section 7. Indemnification for Expenses of a Party Who is
Wholly or Partly Successful. 

 

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

 

    	 	4	 

     

    

 

Section 8. Advance of Expenses.

 

The Company shall advance all reasonable Expenses
incurred by or on behalf of Indemnitee in connection with any Proceeding to which Indemnitee is, or is threatened to be, made a
party or a witness, within ten days after the receipt by the Company of a statement or statements from Indemnitee requesting such
advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements
shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation
by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company
as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially
the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of
the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in
the Proceeding as to which it shall ultimately be established that the standard of conduct has not been met and which have not
been successfully resolved as described in Section 7. For so long as the Company is subject to the Investment Company Act,
any advancement of Expenses shall be subject to at least one of the following as a condition of the advancement: (a) Indemnitee
shall provide a security for his or her undertaking; (b) the Company shall be insured against losses arising by reason of
any lawful advances; or (c) a majority of a quorum of the Disinterested Directors of the Company, or Independent Counsel in
a written opinion, shall determine, based on a review of readily available facts (as opposed to a full-trial-type inquiry), that
there is reason to believe that Indemnitee ultimately will be found entitled to indemnification. To the extent that Expenses advanced
to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable
and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf
of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and
without any requirement to post security therefor.

 

Section 9. Procedure for Determination of Entitlement to
Indemnification. 

 

(a)       To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and
to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request
for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification.

 

(b)       Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 9(a) hereof, a determination,
if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case:
(i) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy
of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall not have occurred, (A) by the Board of
Directors (or a duly authorized committee thereof) by a majority vote of a quorum consisting of Disinterested Directors, or (B) if
a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum
of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall
be delivered to Indemnitee, or (C) if so directed by a majority of the members of the Board of Directors, by the stockholders
of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made
within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination
with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses incurred by Indemnitee in so cooperating
with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as
to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.

 

    	 	5	 

     

    

 

Section 10. Presumptions and Effect of Certain Proceedings.

 

(a)       In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption
in connection with the making of any determination contrary to that presumption.

 

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

 

Section 11. Remedies of Indemnitee. 

 

(a)       If
(i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) no
determination of entitlement to indemnification shall have been made pursuant to Section 9(b) of this Agreement within 30
days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant
to Section 7 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment
of indemnification is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification,
Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Maryland, or in any other court of competent
jurisdiction, of his entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at his option, may
seek an award in arbitration to be conducted by a single arbitrator pursuant to the commercial Arbitration Rules of the American
Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180
days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 11(a);
provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce his rights
under Section 7 of this Agreement.

 

(b)       In
any judicial proceeding or arbitration commenced pursuant to this Section 11 the Company shall have the burden of proving
that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be.

 

(c)       If
a determination shall have been made pursuant to Section 9(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 11,
absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification.

 

    	 	6	 

     

    

 

(d)       In
the event that Indemnitee, pursuant to this Section 11, seeks a judicial adjudication of or an award in arbitration to enforce
his rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company,
and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by him in such judicial adjudication
or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part
but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial
adjudication or arbitration shall be appropriately prorated.

 

Section 12. Defense of the Underlying Proceeding. 

 

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

 

(b)       Subject
to the provisions of the last sentence of this Section 12(b) and of Section 12(c) below, the Company shall have the right
to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company
shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding
under Section 12(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably
withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes
an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee
from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee.
This Section 12(b) shall not apply to a Proceeding brought by Indemnitee under Section 11 above or Section 18 below.

 

    	 	7	 

     

    

 

(c)       Notwithstanding
the provisions of Section 12(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate
Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall
not be unreasonably withheld, that he may have separate defenses or counterclaims to assert with respect to any issue which may
not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of
counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest
or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense
of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s
choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company.
In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or
any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover
from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel
of Indemnitee’s choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense
of the Company (subject to Section 11(d)), to represent Indemnitee in connection with any such matter.

 

Section 13. Non-Exclusivity;
Survival of Rights; Subrogation; Insurance; Investment Company Act. 

 

(a)       The
rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights
to which Indemnitee may at any time be entitled under applicable law, the Amended and Restated Articles of Incorporation of the
Company (as amended from time to time, the “Charter”) or the Amended and Restated Bylaws of the Company
(as amended from time to time, the “Bylaws”), any agreement or a resolution of the stockholders entitled
to vote generally in the election of directors or of the Board of Directors, or otherwise. No amendment, alteration or repeal of
this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any
action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.

 

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

 

(c)       The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable
as expenses hereunder if and to the extent that (i) Indemnitee has otherwise actually received such payment under any insurance
policy, contract, agreement or otherwise, or (ii) for so long as the Company is subject to the Investment Company Act, indemnification
or payment or reimbursement of expenses would not be permissible under the Investment Company Act.

 

    	 	8	 

     

    

  

Section 14. Insurance.

 

The Company will use its reasonable best efforts
to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors of
the Company, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee for service as a director or
officer of the Company and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee
for any claims made against Indemnitee for service as a director or officer of the Company. Without in any way limiting any other
obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount
of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and
reasonable Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the
previous sentence.

 

Section 15. Indemnification for Expenses of a Witness. 

 

Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding, whether instituted
by the Company or any other party, and to which Indemnitee is not a party, he shall be advanced all reasonable Expenses and indemnified
against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

 

Section 16. Duration of Agreement; Binding Effect. 

 

(a)       This
Agreement shall continue until and terminate ten years after the date that Indemnitee’s Corporate Status shall have ceased;
provided, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending
in respect of which Indemnitee is granted rights of indemnification or advance of Expenses hereunder and of any proceeding commenced
by Indemnitee pursuant to Section 11 of this Agreement relating thereto.

 

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

 

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

 

    	 	9	 

     

    

 

Section 17. Severability.

 

If any provision or provisions of this Agreement
shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability
of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing
any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not
in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested
thereby.

 

Section 18. Exception to Right of Indemnification or Advance
of Expenses. 

 

Notwithstanding any other provision of this
Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement with respect to any
Proceeding brought by Indemnitee, unless (a) the Proceeding is brought to enforce indemnification under this Agreement or
otherwise or (b) the Company’s Bylaws, the Charter, a resolution of the stockholders entitled to vote generally in the
election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a
party expressly provide otherwise.

 

Section 19. Identical Counterparts. 

 

This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and
the same Agreement. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence
the existence of this Agreement.

 

Section 20. Headings. 

 

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

 

Section 21. Modification and Waiver. 

 

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

 

Section 22. Notices. 

 

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

 

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

 

    	 	10	 

     

    

 

		(b)	If to the Company, to:

 

Monroe Capital Income Plus Corporation

311 South Wacker Drive, Suite 6400

Chicago, Illinois 60606

 

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

 

Section 23. Governing Law. 

 

The parties agree that this Agreement shall
be governed by, and construed and enforced in accordance with, (i) the laws of the State of Maryland applicable to contracts
formed and to be performed entirely within the State of Maryland, without regard to its conflicts of laws rules, to the extent
such rules would require or permit the application of the laws of another jurisdiction, and (ii) the Investment Company Act.
To the extent the applicable laws of the State of Maryland or any applicable provision of this Agreement shall conflict with the
applicable provisions of the Investment Company Act, the latter shall control.

 

Section 24. Miscellaneous. 

 

Use of the masculine pronoun shall be deemed
to include usage of the feminine pronoun where appropriate.

 

[SIGNATURE PAGE FOLLOWS] 

 

    	 	11	 

     

    

 

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

 

	ATTEST:	 	MONROE CAPITAL INCOME PLUS CORPORATION
	 	 	 	 	 
	 	 	By:	 	(SEAL)
	 	 	Name:	 	 
	 	 	Title:	 	 

 

	WITNESS:	 	INDEMNITEE
	 	 	 	 	 
	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Address:	 	 

 

    	 	12	 

     

    

 

EXHIBIT A

 

FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED

 

The Board of Directors of Monroe Capital Income Plus Corporation

 

Re:Undertaking to Repay Expenses Advanced 

 

Ladies and Gentlemen:

 

This undertaking is being provided pursuant
to that certain Indemnification Agreement (the “Indemnification Agreement”) dated the         
day of                     ,
20        , by and between Monroe Capital Income Plus Corporation (the “Company”)
and the undersigned Indemnitee (“Indemnitee”), pursuant to which I am entitled to advance of expenses
in connection with [Description of Proceeding] (the “Proceeding”).

 

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

 

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

 

In consideration of the advance of Expenses
by the Company for reasonable attorneys’ fees and related expenses incurred by me in connection with the Proceeding (the
“Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that
(1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith
or (b) was the result of active and deliberate dishonesty, or (2) I actually received an improper personal benefit in
money, property or services, or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act
or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or
matters in the Proceeding as to which the foregoing findings have been established and which have not been successfully resolved
as described in Section 7 of the Indemnification Agreement. To the extent that Advanced Expenses do not relate to a specific
claim, issue or matter in the Proceeding, I agree that such Expenses shall be allocated on a reasonable and proportionate basis.

 

    			 

     

    

 

IN WITNESS WHEREOF, I have executed this Affirmation
and Undertaking on this         day of             ,
20        .

 

	WITNESS:	 	 	 
	 	 	 	 
	 	 	 	(SEAL)

 

    	 	2

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