Document:

EX-10.3

 Exhibit 10.3 

TRADEMARK LICENSE AGREEMENT 

This TRADEMARK LICENSE AGREEMENT (this “Agreement”) is made and effective as of __, 2022 (the “Effective
Date”) by and between CM INVESTMENT PARTNERS LLC, a Delaware limited liability company (the “Licensor”), and INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND, a Delaware Statutory Trust (the
“Licensee”) (each a “party,” and collectively, the “parties”). 

RECITALS 
 WHEREAS,
the Licensor has certain common law rights in the trade name “Investcorp” (the “Licensed Mark”); 

WHEREAS, Investcorp S.A. (“Investcorp”), has registered the Licensed Mark as a trademark in the United States of
America (the “Territory”); 
 WHEREAS, Investcorp has entered into a license agreement with the Licensor under which
Investcorp has agreed to grant the Licensor a non-exclusive, royalty-free license to: (1) use the Licensed Mark, and (2) for any future fund whose investment adviser is the Licensor to use the
Licensed Mark; 
 WHEREAS, the Licensee is a closed-end investment company that has elected to be
regulated as a business development company under the Investment Company Act of 1940, as amended; 
 WHEREAS, pursuant to the Investment
Advisory Agreement, dated as of _________ __, 2022, by and between the Licensor and the Licensee (the “Advisory Agreement”), the Licensee has engaged the Licensor to act as the investment adviser to the Licensee; and 

WHEREAS, the Licensee desires to use the Licensed Mark in connection with the operation of its business, and the Licensor is willing to permit
the Licensee 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, the Licensor hereby grants to the Licensee, and the
Licensee hereby accepts from the Licensor, a personal, non-exclusive, royalty-free right and license to use the Licensed Mark solely and exclusively as an element of the Licensee’s own company name and in
connection with the conduct of its business. Except as provided above, neither the Licensee nor any affiliate, owner, director, officer, employee or agent thereof shall otherwise use the Licensed Mark or any derivative thereof without the prior
express written consent of the Licensor in its sole and absolute discretion. All rights not expressly granted to the Licensee hereunder shall remain the exclusive property of the Licensor. 

 1.2 Licensor’s Use. Nothing in this Agreement shall preclude the 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 Licensee’s business in any manner.

 ARTICLE 2 
 OWNERSHIP

 2.1 Ownership. The Licensee acknowledges and agrees that Investcorp 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 Investcorp. The Licensee shall not otherwise contest, dispute or challenge Investcorp’s right, title and interest in and to the Licensed Mark. 

2.2 Goodwill. All goodwill and reputation generated by the Licensee’s use of the Licensed Mark shall inure to the benefit of the
Licensor and Investcorp. The Licensee shall not by any act or omission use the Licensed Mark in any manner that disparages or reflects adversely on the Licensor, Investcorp or their businesses or reputations. 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. To preserve the inherent value of the Licensed Mark, the Licensee agrees to use reasonable efforts to ensure that
it maintains the quality of the Licensee’s business and the operation thereof equal to the standards prevailing in the operation of the Licensor’s and the Licensee’s business as of the date of this Agreement. The Licensee further
agrees to use the Licensed Mark in accordance with such quality standards as may be reasonably established by the Licensor and communicated to the Licensee from time to time in writing, or as may be agreed to by the Licensor and the Licensee from
time to time in writing. 
 3.2 Compliance with Laws. The Licensee agrees that the business operated by it 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 business, and shall
notify the Licensor of any action that must be taken by the Licensee to comply with such law, rules regulations or requirements. 
 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 (i) any registrations of, or applications for registration of, marks in
the Territory that do or may conflict with the Licensed Mark, and (ii) any infringements, imitations or illegal use or misuse of the Licensed Mark in the Territory. 

  
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 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES 

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

(a) Due Authorization. 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 party, 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. 

ARTICLE 5 
 TERM AND TERMINATION

 5.1 Term. Unless terminated pursuant to its terms, this Agreement shall remain in effect only for so long as the Licensor, or
one of its affiliates, remains the Licensee’s investment adviser. 
 5.2 Termination for Cause. If the Licensee fails to cure
any breach of Section 3.1 or 3.2 within thirty days following written notice thereof by the Licensor, the Licensor may terminate the license granted per Section 1.1. 

5.3 Upon Termination. Upon expiration or termination of this Agreement, all rights granted to the Licensee under this Agreement with
respect to the Licensed Mark shall cease and the Licensee 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. Neither 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 party. No assignment by either 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 

  
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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 Licensee under this Agreement shall be deemed to be assigned to a newly-formed entity in the event of the merger of the Licensee into, or conveyance of all of the assets of the Licensee 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 Licensee’s legal form into another limited liability entity. 

6.2 Independent Contractor. Except as expressly provided or authorized in advance in writing, neither party shall have, or shall
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 party. 

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
other party at its principal office. 
 6.4 Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York applicable to contracts formed and to be performed entirely within the State of New York, without regard to the conflicts of law principles or rules thereof, to the extent such principles would require application of
the laws of another jurisdiction. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of New York 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 either
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. 

  
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 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 shall be deemed to be an original, and all of which together shall be deemed to be one and the same instrument. Any party may deliver an executed copy of this Agreement
and of any documents contemplated hereby by facsimile or other electronic transmission to another party and such delivery shall have the same force and effect as any other delivery of a manually signed copy of this Agreement or of such other
documents. 
 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. Nothing in this Agreement, either express or implied, is intended to or shall confer upon any third
party any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 [Remainder of Page
Intentionally Blank] 

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

			
	LICENSEE:
	
	INVESTCORP US INSTITUTIONAL PRIVATE CREDIT FUND
		
	 By:
 Name:

Title:
	 	              

 

	
	LICENSOR:
	
	CM INVESTMENT PARTNERS LLC
		
	 By:
 Name:

Title:
	 	              

 

 [Signature page to Investcorp US Institutional Private Credit Fund trademark license agreement]EX-10.4

 Exhibit 10.4 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (the “Agreement”) is made and entered into this ___ day of ______, 2022, by and between
Investcorp US Institutional Private Credit Fund (the “Fund”), on behalf of itself and its Subsidiaries (as defined in Section 1(h) below), and ___________________________ (the “Indemnitee”). 

WHEREAS, it is essential to the Fund that it be able to retain and attract as trustees the most capable persons available; 

WHEREAS, increased corporate litigation has subjected trustees to litigation risks and expenses, and the limitations on the availability of
trustees and officers liability insurance have made it increasingly difficult to attract and retain such persons; 
 WHEREAS, the
Fund’s amended and restated agreement and declaration of trust provides that the Fund may indemnify its trustees; 
 WHEREAS,
the Fund desires to provide Indemnitee with specific contractual assurance of Indemnitee’s rights to full indemnification against litigation risks and expenses; and 

WHEREAS, Indemnitee is relying upon the rights afforded under this Agreement in becoming or continuing as a trustee of the Fund. 

NOW, THEREFORE, in consideration of the promises and the covenants contained herein, the Fund and Indemnitee do hereby covenant and agree as
follows: 
 1. Definitions. 

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

(b) “Corporate Status” describes the status of a person who is serving or has served (i) as a trustee of the Fund or
(ii) as a director/trustee of any other Entity at the request of the Fund. For purposes of subsection (ii) of this Section 1(b), if Indemnitee is serving or has served as a director, trustee, officer, partner, manager, managing
member, fiduciary, employee or agent of a Subsidiary (as defined below), Indemnitee shall be deemed to be serving at the request of the Fund. If Indemnitee is an officer of the Fund, Corporate Status shall not include actions taken by Indemnitee in
any capacity other than as a trustee (except as provided in subsection (ii) of this definition). 
 (c) “Entity” shall
mean any corporation, partnership, limited liability company, joint venture, trust, foundation, association, organization or other legal entity. 

(d) “Expenses” shall mean all reasonable and
out-of-pocket fees, costs and expenses incurred by Indemnitee in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or
preparing to be a witness in or otherwise participating in any Proceeding (as defined below), including, without limitation, attorneys’ fees, disbursements and retainers (including, without limitation, any such fees, disbursements and retainers
incurred by Indemnitee pursuant to Sections 11 and 12(c)), fees and disbursements of expert witnesses, private investigators, professional advisors (including, without limitation, accountants and investment bankers), court costs, transcript
costs, fees of experts, travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges, postage, delivery services, secretarial services, and other disbursements and expenses. 

  
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 (e) “Indemnifiable Expenses,” “Indemnifiable Liabilities”
and “Indemnifiable Amounts” shall have the meanings ascribed to those terms in Section 3(a). 
 (f)
“Independent Trustee” shall mean a trustee of the Fund who is not an “interested person” as that term is defined under Section 2(a)(19) of the 1940 Act. 

(g) “Liabilities” shall mean judgments, damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in
settlement. 
 (h) “Proceeding” shall mean any threatened, pending or completed claim, action, suit, arbitration, alternate
dispute resolution process, investigation, administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative, arbitrative or investigative, whether formal or informal, including a proceeding initiated by Indemnitee
pursuant to Section 11 to enforce Indemnitee’s rights hereunder. 
 (i) “Subsidiary” shall mean any Entity of
which the Fund owns (either directly or through or together with another Subsidiary of the Fund) either (i) a general partner, managing member or other similar interest or (ii) (A) 50% or more of the voting power of the voting capital equity
interests of such Entity, and/or (B) 50% or more of the outstanding voting capital stock or other voting equity interests of such Entity. 

2. Services of Indemnitee. In consideration of the Fund’s covenants and commitments hereunder, Indemnitee agrees to serve or
continue to serve as a trustee of the Fund. However, this Agreement shall not impose any obligation on Indemnitee or the Fund to continue Indemnitee’s service to the Fund beyond any period otherwise required by law or by other agreements or
commitments of the parties, if any. 
 3. Agreement to Indemnify. The Fund agrees to indemnify Indemnitee as follows: 

(a) Proceedings Other Than by or in the Right of the Fund. Subject to the exceptions contained in Section 4(a) and in a manner
consistent with applicable law, including the 1940 Act, if Indemnitee was or is a party or is threatened to be made a party to any Proceeding (other than an action by or in the right of the Fund) by reason of Indemnitee’s Corporate Status,
Indemnitee shall be indemnified by the Fund against all Expenses and Liabilities incurred or paid by Indemnitee in connection with such Proceeding (referred to herein as “Indemnifiable Expenses” and “Indemnifiable
Liabilities,” respectively, and collectively as “Indemnifiable Amounts”). Notwithstanding the foregoing, no Indemnitee shall be entitled to indemnification under this Section 3(a) for liability which arose as a result
of Indemnitee’s willful misfeasance, bad faith or gross negligence of the duties involved in the conduct of his or her office. 
 (b)
Proceedings by or in the Right of the Fund. Subject to the exceptions contained in Section 4(b) and in a manner consistent with applicable law, including the 1940 Act, if Indemnitee was or is a party or is threatened to be made a party
to any Proceeding by or in the right of the Fund by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the Fund against all Indemnifiable Expenses. Notwithstanding the foregoing, no Indemnitee shall be entitled to
indemnification under this Section 3(b) for liability which arose as a result of such Indemnitee’s gross negligence, bad faith or willful misfeasance. 

  
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 (c) Conclusive Presumption Regarding Standard of Care. In making any determination
required to be made under Delaware law with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee
submitted a request therefor in accordance with Section 5, and the Fund shall have the burden of rebutting that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption in a
manner consistent with the 1940 Act. 
 4. Exceptions to Indemnification. Subject to Section 20, Indemnitee shall be entitled to
indemnification under Sections 3(a) and 3(b) above in all circumstances and with respect to each and every specific claim, issue or matter involved in the Proceeding out of which Indemnitee’s claim for indemnification has arisen, except as
follows: 
 (a) Proceedings Other Than by or in the Right of the Fund. If indemnification is requested under Section 3(a), 

(i) and it has been finally adjudicated by a court of competent jurisdiction that, in connection with such specific claim, issue or matter,
Indemnitee failed to act (i) in good faith and (ii) in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Fund, or, with respect to any criminal Proceeding, Indemnitee had reasonable cause to
believe that Indemnitee’s conduct was unlawful, Indemnitee shall not be entitled to payment of Indemnifiable Amounts hereunder to the extent that they arise out of such claim, issue or matter; or 

(ii) the Fund shall not provide any indemnification of an Indemnitee for any Expenses and Liabilities arising from or out of an alleged
violation of federal or state securities laws by such Indemnitee unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to
the Indemnitee, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee, or (iii) a court of competent jurisdiction approves a settlement of the claims against the
Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the
published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws. 

(b) Proceedings by or in the Right of the Fund. If indemnification is requested under Section 3(b) and 

(i) it has been finally adjudicated by a court of competent jurisdiction that, in connection with such specific claim, issue or matter,
Indemnitee failed to act (A) in good faith and (B) in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Fund, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder to the
extent that they arise out of such claim, issue or matter; 
 (ii) it has been finally adjudicated by a court of competent jurisdiction
that Indemnitee is liable to the Fund with respect to such specific claim, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder with respect to such claim, issue or matter unless the district court or another court in
which such Proceeding was brought shall determine upon application that, despite the adjudication of liability, but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such Indemnifiable
Expenses that such court shall deem proper; or 
 (iii) it has been finally adjudicated by a court of competent jurisdiction that
Indemnitee is liable to the Fund for an accounting of profits made from the purchase or sale by Indemnitee of securities of the Fund pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended, the rules and
regulations promulgated thereunder and amendments thereto or similar provisions of any federal, state or local statutory law, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder. 

  
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 (c) Insurance Proceeds. To the extent payment is actually made to Indemnitee under a
valid and collectible insurance policy maintained at the expense of the Fund in respect of Indemnifiable Amounts in connection with such specific claim, issue or matter, Indemnitee shall not be entitled to payment of Indemnifiable Amounts hereunder
except in respect of any excess of such Indemnifiable Amounts beyond the amount of payment under such insurance. 
 5. Procedure for
Payment of Indemnifiable Amounts. Indemnitee shall submit to the Fund a written request specifying the Indemnifiable Amounts for which Indemnitee seeks payment under Section 3 and the basis for the claim. The Fund shall pay such
Indemnifiable Amounts to Indemnitee promptly, but in no event later than ten (10) calendar days after receipt of such request. At the request of the Fund, Indemnitee shall furnish such documentation and information as are reasonably available
to Indemnitee and necessary to establish that Indemnitee is entitled to indemnification hereunder. 
 6. Indemnification for Expenses of
a Party Who is Wholly or Partially Successful. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is
successful, on the merits or otherwise, in any Proceeding, Indemnitee shall be indemnified against all Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding
but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Fund shall indemnify Indemnitee against all Expenses incurred by Indemnitee or on Indemnitee’s behalf in
connection with each successfully resolved claim, issue or matter. For purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, by reason of settlement, judgment, order
or otherwise, shall be deemed to be a successful result as to such claim, issue or matter. For the avoidance of doubt, in the event that Indemnitee is not wholly successful and is adjudged liable, the Fund shall indemnify Indemnitee to the maximum
extent not prohibited by (and not merely to the extent affirmatively permitted by) Delaware law and as permitted by this Agreement. 
 7.
Effect of Certain Resolutions. Neither the settlement nor termination of any Proceeding nor the failure of the Fund to award indemnification or to determine that indemnification is payable shall create a presumption that Indemnitee is not
entitled to indemnification hereunder. In addition, the termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not create a presumption that Indemnitee did not meet the
requisite standard of conduct described herein for indemnification. 
 8. Agreement to Advance Expenses; Undertaking. In a manner
consistent with applicable law, including the 1940 Act, the Fund shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding, including a Proceeding by or in the right of the Fund, in which Indemnitee is
involved by reason of such Indemnitee’s Corporate Status within ten (10) calendar days after the receipt by the Fund of a written statement from Indemnitee requesting such advance or advances from time to time, whether prior to or after
final disposition of such Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the expenses and without regard to Indemnitee’s ultimate entitlement to
indemnification under the other provisions of this Agreement. To the extent required by Delaware law and the 1940 Act, Indemnitee hereby undertakes to repay any and all of the amount of Indemnifiable Expenses paid to Indemnitee if it is finally
determined by a court of competent jurisdiction that Indemnitee is not entitled under this Agreement to indemnification with respect to such Expenses. This undertaking is an unlimited general obligation of Indemnitee. 

  
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 9. Procedure for Advance Payment of Expenses. Indemnitee shall submit to the Fund a
written request specifying the Indemnifiable Expenses for which Indemnitee seeks an advancement under Section 8, together with documentation evidencing that Indemnitee has incurred such Indemnifiable Expenses. 

10. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is,
by reason of his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by him or her on his or her behalf in connection
therewith. 
 11. Remedies of Indemnitee. 

(a) Right to Petition Court. In the event that Indemnitee makes a request for payment of Indemnifiable Amounts under Sections 3
and 5 or a request for an advancement of Indemnifiable Expenses under Sections 8 and 9 and the Fund fails to make such payment or advancement in a timely manner pursuant to the terms of this Agreement, Indemnitee may petition the district
court to enforce the Fund’s obligations under this Agreement. 
 (b) Burden of Proof. In any judicial proceeding brought under
Section 11(a), the Fund shall have the burden of proving that Indemnitee is not entitled to payment of Indemnifiable Amounts hereunder. 

(c) Expenses. In a manner consistent with applicable law, including the 1940 Act, the Fund agrees to reimburse Indemnitee in full for
any Expenses incurred by Indemnitee in connection with investigating, preparing for, litigating, defending or settling any action brought by Indemnitee under Section 11(a), or in connection with any claim or counterclaim brought by the Fund in
connection therewith, whether or not Indemnitee is successful in whole or in part in connection with any such action, except to the extent that it has been finally adjudicated by a court of competent jurisdiction that such reimbursement would be
unlawful. 
 (d) Failure to Act Not a Defense. The failure of the Fund (including its Board of Trustees or any committee thereof,
independent legal counsel, or shareholders) to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses under this Agreement shall not be a defense in any action brought
under Section 11(a), and shall not create a presumption that such payment or advancement is not permissible. 
 12. Defense of the
Underlying Proceeding. 
 (a) Notice by Indemnitee. Indemnitee agrees to notify the Fund promptly upon being served with any
summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding which may result in the payment of Indemnifiable Amounts or the advancement of Indemnifiable 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 receive payments of Indemnifiable Amounts or advancements of Indemnifiable Expenses unless the
Fund’s ability to defend in such Proceeding is materially and adversely prejudiced thereby. 

  
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 (b) Defense by the Fund. Subject to the provisions of the last sentence of this
Section 12(b) and of Section 12(c), the Fund shall have the right to defend Indemnitee in any Proceeding which may give rise to the payment of Indemnifiable Amounts hereunder; provided, however that the Fund shall notify Indemnitee of any
such decision to defend within ten (10) calendar days of receipt of notice of any such Proceeding under Section 12(a). The Fund shall not, without the prior written consent of Indemnitee, 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(a) or pursuant to Section 20. 

(c) Indemnitee’s Right to Counsel. Notwithstanding the provisions of Section 12(b), if in a Proceeding to which
Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes that he or she may have separate defenses or counterclaims to assert with respect to any issue that may not be consistent with the
position of other defendants in such Proceeding, (ii) a conflict of interest or potential conflict of interest exists between Indemnitee and the Fund, or (iii) if the Fund 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 at the expense of the Fund. In addition, if the Fund fails to comply with any of its obligations under this Agreement or in the event that the Fund
or any other person takes any action to declare this Agreement void or unenforceable, or institutes any action, suit or 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, at the expense of the Fund, to represent Indemnitee in connection with any such matter and the Expenses incurred by Indemnitee in any such matter shall constitute Indemnifiable Expenses.

 13. Representations and Warranties of the Fund. The Fund hereby represents and warrants to Indemnitee as follows: 

(a) Authority. The Fund has all necessary power and authority to enter into, and be bound by the terms of, this Agreement, and the execution,
delivery and performance of the undertakings contemplated by this Agreement have been duly authorized by the Fund. 
 (b) Enforceability.
This Agreement, when executed and delivered by the Fund in accordance with the provisions hereof, shall be a legal, valid and binding obligation of the Fund, enforceable against the Fund in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws affecting the enforcement of creditors’ rights generally. 

14. Insurance. The Fund will use its reasonable best efforts to acquire trustees and officers liability insurance, on terms and
conditions deemed appropriate by the Board of Trustees, with a reputable insurance company providing Indemnitee with coverage for losses from wrongful acts. For so long as Indemnitee shall have Corporate Status, Indemnitee shall be named as an
insured in all policies of trustee and officer liability insurance in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Fund’s officers and trustees. If, at the time of the
receipt of a notice of a claim pursuant to the terms of this Agreement, the Fund has trustee and officer liability insurance in effect, the Fund shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the
procedures set forth in the respective policies. The Fund shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms
of such policies. 

  
 6 

 15. Contract Rights Not Exclusive. The rights to payment of Indemnifiable Amounts and
advancement of Indemnifiable Expenses provided by this Agreement shall be in addition to, but not exclusive of, any other rights which Indemnitee may have at any time under applicable law, any governing documents of the Fund or any other agreement,
vote of shareholders or trustees (or a committee of trustees), or otherwise, both as to action in Indemnitee’s official capacity and as to action in any other capacity as a result of Indemnitee’s serving as a trustee of the Fund. 

16. Successors. This Agreement shall be (a) binding upon all successors and assigns of the Fund (including any transferee of all
or a substantial portion of the business, shares and/or assets of the Fund and any direct or indirect successor by merger or consolidation or otherwise by operation of law) and (b) binding on and shall inure to the benefit of the heirs,
personal representatives, executors and administrators of Indemnitee. This Agreement shall continue for the benefit of Indemnitee and such heirs, personal representatives, executors and administrators after Indemnitee has ceased to have Corporate
Status. 
 17. Subrogation. In the event of any payment of Indemnifiable Amounts under this Agreement, the Fund shall be
subrogated to the extent of such payment to all of the rights of contribution or recovery of Indemnitee against other persons, and Indemnitee shall take, at the request of the Fund, all reasonable action necessary to secure such rights, including
the execution of such documents as are necessary to enable the Fund to bring suit to enforce such rights. 
 18. Change in Law. To
the extent that a change in Delaware law or the 1940 Act (whether by statute or judicial decision) shall permit broader indemnification or advancement of expenses than is provided under the terms of this Agreement, Indemnitee shall be entitled to
such broader indemnification and advancements, and this Agreement shall be deemed to be amended to such extent. 
 19. Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement, or any clause thereof, shall be determined by a court of competent
jurisdiction to be illegal, invalid or unenforceable, in whole or in part, such provision or clause shall be limited or modified in its application to the minimum extent necessary to make such provision or clause valid, legal and enforceable, and
the remaining provisions and clauses of this Agreement shall remain fully enforceable and binding on the parties. 
 20. Indemnitee as
Plaintiff. Except as provided in Section 11(b), Indemnitee shall not be entitled to payment of Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect to any Proceeding brought by Indemnitee against the Fund, any Entity
which it controls, any trustee or officer thereof, or any third party, unless the Board of Trustees of the Fund has consented to the initiation of such Proceeding or the Fund provides indemnification, in its sole discretion, pursuant to the powers
vested in the Fund. 
 21. Duration. This Agreement shall continue until and terminate on the later of (i) the date that
Indemnitee shall have ceased to serve as a trustee of the Fund or as a trustee of the Fund and as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other Entity that such person is or
was serving in such capacity at the request of the Fund and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to
this Agreement). 
 22. Modifications and Waivers; Counterparts. Except as provided in Section 18 with respect to changes in
Delaware law which broaden the right of Indemnitee to be indemnified by the Fund or to receive advancements, no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No
waiver of any of the provisions of this 

  
 7 

 
Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement (whether or not similar), nor shall such waiver constitute a continuing waiver. This Agreement may
be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 23.
General Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered by hand, (b) when transmitted by facsimile and receipt is
acknowledged during normal business hours, and if not, the next business day after transmission, or (c) if mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 

 

	 	(i)	 If to Indemnitee, to: 

                       
                          

                       
                          

                       
                          

                       
                          

Facsimile: _________________________ 
  

	 	(ii)	 If to the Fund, to: 

Investcorp US Institutional Private Credit Fund 

280 Park Avenue 
 39th Floor 
 New York, NY 10017 

Email: rdelguercio@investcorp.com 

and 
 Dechert LLP 

1900 K Street, NW 
 Washington,
DC 20006-1110 
 Attention: Harry S. Pangas 

Email: Harry.Pangas@dechert.com 
 or to such
other address as may have been furnished in the same manner by any party to the others. 
 24. Governing Law; Consent to Jurisdiction;
Service of Process. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its rules of conflict of laws. Each of the Fund and Indemnitee hereby irrevocably and unconditionally
consents to submit to the exclusive jurisdiction of the courts of the State of Delaware and the courts of the United States of America located in the State of Delaware (the “Delaware Courts”) for any litigation arising out of or
relating to this Agreement and the transactions contemplated hereby (and agrees not to commence any litigation relating thereto except in such courts), waives any objection to the laying of venue of any such litigation in the Delaware Courts and
agrees not to plead or claim in any Delaware Court that such litigation brought therein has been brought in an inconvenient forum. Each of the parties hereto agrees, (a) to the extent such party is not otherwise subject to service of process in
the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (b) 

  
 8 

 
that service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid
service. Service made pursuant to (a) or (b) above shall have the same legal force and effect as if served upon such party personally within the State of Delaware. For purposes of implementing the parties’ agreement to appoint and maintain
an agent for service of process in the State of Delaware, each such party does hereby appoint Wilmington Trust, National Association, as such agent and each such party hereby agrees to complete all actions necessary for such appointment. If and to
the extent that any provision of the laws of the State of Delaware or any provision of this Agreement shall conflict with any provision of the 1940 Act or The Employee Retirement Income Security Act of 1974 (“ERISA”), the applicable
provision of the 1940 Act or ERISA shall control. 
 25. Joinders. Subsidiaries of the Fund may from time to time join this Agreement
by signing a joinder to this Agreement. The Fund and all Subsidiaries that have joined this Agreement shall be jointly and severally liable for all obligations of the Fund under this Agreement. 

[The remainder of this page is intentionally blank] 

  
 9 

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

			
	Investcorp US Institutional Private Credit Fund
		
	By:	 	          

	Name:
	Title:
	
	INDEMNITEE
	
	          

	Name:

 [Signature Page to Indemnification Agreement]

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